logo

Principles Of Marketing | McDonald's Report

   

Added on  2020-02-14

17 Pages6059 Words60 Views
MARKETINGPRINCIPLES

Table of ContentsINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................1AC 1.1 various elements of marketing process.....................................................................1AC 1.2 Evaluation of benefits and costs of marketing orientation for McDonald................2AC 2.1 Impact of Micro and Macro environmental factors on McDonald's marketing........3decisions................................................................................................................................3AC 2.2 Segmentation criteria available for McDonald.........................................................4AC 2.3 Selection of a target strategy for McDonald.............................................................4AC 2.4 Impact of buyer behaviour on McDonald's marketing activities in different buying...............................................................................................................................................5Situations...............................................................................................................................5AC 2.5 Propose a new positioning for a selected product/service........................................5AC 3.1 Development of products/services to sustain competitive advantages.....................6AC 3.2 Arrangement of distribution to provide customer convenience................................6AC 3.3 Setting the prices to reflect organization's objectives and market conditions...........7AC 3.4 Integration of promotional activities to achieve marketing objectives.....................7AC 3.5 Additional elements of extended marketing mix......................................................7TASK 2......................................................................................................................................8AC 4.1 plan and recommend marketing mix for different segments in consumer markets..8AC 4.2 Illustration of differences in marketing products and services to business ratherthan consumer-......................................................................................................................9AC 4.3 Differentiate between domestic marketing and international marketing-.................9CONCLUSION........................................................................................................................11REFERENCES.........................................................................................................................11

INTRODUCTIONMarketing is a process of communication between customers and organization tobring consumer awareness about the offered products and services. Every organization isrequired to follow some principles and guidelines while making marketing campaign to sellproducts in the market. Marketing manager plays a vital role as they formulate market planand take necessary decisions. McDonald is world's largest fast food restaurants servingmillion of customers in 119 countries with 36000 outlets across world. It was established inthe year 1940 in US and is headquartered in Oak Brook, Illinois, US. It is offering a widerange of food products such as hamburgers, chicken, French fries, soft drinks, desserts,milkshakes and other breakfast items. In the present report, marketing analysis of McDonald's will be carried out in detail.The report will explain marketing process, market segmentation, targeting and positioningconcept. Furthermore, various elements of extended marketing mix will also be analyzed. Atlast, appropriate marketing approach will be recommended to McDonald on the basis offindings and analysis. In addition to it, difference between domestic and internationalmarketing will be explained. It will help to develop an effective marketing strategy at theglobal level. TASK 1AC 1.1 various elements of marketing processMarketing process of McDonald encompasses a number of elements that aredescribed below:Research: At the primary stage, when McDonald is considering to launch its productinto the new market than it will be the primarily need to conduct a market research(Homburg, Kuester and Krohmer, 2013). In this, McDonald's needs to understand customerneeds so that business can identify the most appropriate medium to communicate with thecustomers. Strategy: After the research, McDonald is required to formulate strategy to beat itscompetitors and achieve target market. Strategy must comply with the McDonald's missionand vision statement. Planning: An effective marketing plan will greatly contribute to achieve target marketand vice versa. McDonald's marketing department needs to develop a marketing plan throughsales forecasting, financial planning and best way of communication with the consumers

(Hair and Lukas, 2014). It is necessary for McDonald to develop a marketing plan whichcontributes towards accomplishment of its strategic goals. Monitoring and controlling: After the execution, marketing department must assurethat all the planned activities must be encountered from time to time. Thus, regularmonitoring of the actual performance with the standards helps to identify deviances andcontrol the adverse variances through taking remedial actions. AC 1.2 Evaluation of benefits and costs of marketing orientation for McDonaldMarketing orientation: Looking at the present age, customer is primary focus ofMcDonald's marketing functions. Marketing orientation is the process of delivering foodproducts and services as per consumer desires and their need (Rashid, 2013). It is an effectiveway to get high level of consumer satisfaction. Benefits of marketing orientation:Costs of marketing orientation:Responding to demand: It enablesMcDonald to fulfil consumer's requirementcontinuously without the need of forecasting(Denis and et.al., 2015). Moreover, it helpsto eliminate production of such products forwhich demand does not exists. Extensive and expensive: In order toimplement marketing orientation, it becamenecessary for McDonald to invest hugeamount in marketing research so as to gaugeconsumer needs. Services of privatemarketing agency or firm may be require forthat purpose. Moreover, in-depth researchmay take long time and monetary sources aswell. Customer value: Fulfilling the consumerneeds regularly results in repeated purchasingand builds customer value. In turn,McDonald can gain high brand loyalty. High cost: High production cost may incur toincrease customer value (Maraz and et.al.,2015). For instance, high administration costmay incur for maintaining McDonald's staff. AC 2.1 Impact of Micro and Macro environmental factors on McDonald's marketingdecisionsMicro environment: Competitors, suppliers and customers are the part of microenvironment which influence McDonald's marketing decisions to a great extent. Forinstance, if supplier provides their services at high prices than it will result in high fundrequirement and affect food prices as well (Ahmed, 2014). This in turn, marketing decisions

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Benefits and Costs of Market Orientation of Mcdonalds
|18
|4848
|37

Marketing Principles McDonald's
|16
|5427
|73

Marketing Principles of McDonald's : Report
|16
|4060
|156

Assignment on marketing principles mcdonald
|23
|5454
|213

MARKETING PINCIPLES TABLE OF CONTENTS Introduction 1 Task 11
|21
|5709
|237

Research Report On McDonald's Marketing Elements
|17
|5812
|39