Assignment on Marketing Principles - McDonald
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Added on 2020-01-28
Assignment on Marketing Principles - McDonald
Added on 2020-01-28
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MARKETING PRINCIPLES
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Elements of the marketing process........................................................................................11.2 Benefits and costs of marketing orientation for McDonalds.................................................3TASK 2............................................................................................................................................42.1 Macro and micro environmental factors................................................................................42.2 Segmentation criteria to be used for products in different market........................................52.3 Targeting strategy for selected product.................................................................................62.4 Impact of buyer behaviour on marketing activities...............................................................72.5 Positioning for a new food beverage crunchy cold shake.....................................................7TASK 3............................................................................................................................................83.1 Development of products in McDonalds...............................................................................83.2 Distribution strategies used by McDonalds...........................................................................83.3 Pricing strategy used by McDonalds.....................................................................................93.4 Promotional activities of McDonalds....................................................................................93.5 Additional elements of marketing mix of McDonalds..........................................................9TASK 4..........................................................................................................................................104.1 Plan marketing mixes for two different segments in consumer markets.............................104.2 Differences in marketing products and services to businesses rather than consumers........114.3 Show how and why international marketing differs from domestic marketing..................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing is considered as the most important part of any organization. In this regard,most of the companies require setting of effective marketing principles. With the help of this,they are able to achieve their target market objectives. One of the common goals of anyassociation is to identify the needs and demands of their customers and then develop services tofulfil those requirements. However, most of the firms are acquiring different strategies toenhance their competitive advantage. According to the American Marketing Association (AMA),marketing is a crucial element for the success of every business organization and it is havingdirect relation with performance of company (Brassington and Pettitt, 2006). With this respect,there are several aspects that have to take into consideration at the time of planning strategies forbusiness in order to attain desired results. Here, the present study covers the important aspects of marketing principles. For this,McDonald’s is taken into consideration. It is one of the best known brands worldwide. Theyalways put their customer’s needs first. It is the world’s largest chain of hamburger fast foodrestaurants having their stores worldwide. Due to their best food quality they always stand asrecognized brand and serve around 68 million customers daily. Potential start-up of company isto find out their likely customers and enhance their market share. With respect of McDonalds,this study presents the overall concept and process of marketing as well as its segmentation,targeting and positioning strategies. Here, this study gives appropriate description about theindividual elements of extended marketing mix within different context and changing buyerbehaviour with respect to food industry as well. TASK 11.1 Elements of the marketing process One of the most essential business strategies of company is to identify most appropriateand effective elements of marketing. With the help of this, they are able to identify and set bettermarketing strategies than their competitors. It helps them in attracting huge base of customersand enhances their profit margin as well. Objective of McDonalds is to identify the changing needs of their customers and providethem high quality services as per their demands. For this, their whole marketing process startswith the situational analysis through which company is able to do the complete investigation of1
their internal and external marketing situation (Esopo and Almquist, 2007). On the very nextstep, they can set their marketing strategy by developing best marketing plan. In this stage ofmarketing strategy, McDonalds need to focus on the Segmentation, Targeting and Positioning.At the last stage of overall marketing process, company requires to set their Marketing Mix. It isa process through which they are able to identify their customer’s needs regarding price,promotion and product as well. McDonalds is serving their fast food chain in more than 119countries in more than 36,000 outlets (Cass and Julian, 2003). Some of the most commonmarketing process elements used by them are as follows:SWOT Analysis: It is the most effective technique or a process which is also known asinternal analysis of company. With the help of this firm can easily identify all the pointsregarding their internal situation. It helps them in evaluating strengths, weaknesses, opportunitiesand threats of the company. Further, McDonalds is able to identify their favourable andunfavourable conditions for their firm. StrengthLargest food chain all around theworldGlobal brand recognitionAs per the geographical locationscustomization of products WeaknessesHigh tax rate and VAT servicesBlame for unhealthy food leadstowards the negative brand imageConflict situation by PETA for killingChicken in profuseOpportunitiesThere are wide range of opportunitiesto bring healthy and organic foodThreatsIncreasing competitors in foodindustryBanned in few countriesMarket Opportunities: It is another most important element of marketing process. Withthis, McDonalds can forecast for its specific product or a service with respect to its present aswell as future condition. Through this, they are able to attain all the market opportunities as pertheir customer’s needs.Integrated Marketing: This concept is highly focused with the enhanced brand image ofcompany. By acquiring this concept in their business strategy, McDonalds can easily able toprovide consistent brand experience to all their customers (Geyer, Van and Atasu, 2007). Target Marketing: At the time of developing appropriate marketing process, companyneed to select their target customers to which they want to satisfy. It can be determine as a2
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