Assignment on Marketing Principles - McDonald's
Added on 2020-01-28
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Marketing Principles1
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................31.1 Various elements of marketing process.................................................................................31.2 Evaluating benefits and costs of marketing orientation.........................................................4TASK 2............................................................................................................................................52.1 Micro and macro environmental factors influencing marketing decisions in McDonald's...52.2 Proposing segmentation criteria to be used for McDonald's products in different markets..62.3 Targeting strategy for McDonald's products.........................................................................72.4 Impact of buying behavior on marketing activities in different buying situations................72.5 New positioning for selected service or product....................................................................8TASK 3............................................................................................................................................93.1 Ways in which products are developed to sustain competitive advantage............................93.2 Ways in which distribution is arranged to provide customer convenience...........................93.3 Explanation to how prices are set to reflect an organization's objectives and marketconditions...................................................................................................................................103.4 Ways in which promotional activity is integrated to attain marketing objectives...............103.5 Additional elements of extended marketing mix.................................................................11TASK 4..........................................................................................................................................114.1 Plan marketing mixes for two different segments in consumer markets.............................114.2 Differences in marketing products and services to business rather than consumers...........114.3 International marketing differs from domestic marketing...................................................12CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................132
INTRODUCTION Marketing principles is referred to as ideas that forms widely agreed upon basis relatedwith promotional strategies of product. Various businesses makes use of marketing principleswith the aim to optimize market performance of existing products as well as successfully launchproducts into new market. Marketing principles involve set of strategies, processes and methodsthat facilitates the organization in attaining its marketing objectives such as customersatisfaction, development of new products as well as increasing customer base (Doyle, 2009).The role of marketing is effective in increasing awareness among the customers with respect toproducts and services. With this, it can attract large customer base in an effective manner. Therole of marketing is majorly towards increasing the image of brand in the market. In the present report, marketing principle has been discussed with respect to McDonald's.The company is one of the best known brands across the globe. The present study entails tounderstand the concept and process of marketing. Further, it focuses on the concepts ofsegmentation, targeting as well as positioning. In addition to this, the study also coversunderstanding of both traditional and extended elements of marketing mix which is referred to asthe heart of all marketing strategies. TASK 11.1 Various elements of marketing processMarketing is considered as orientation of firm that aims at satisfying the requirements ofconsumers and achieve satisfaction. Various elements of marketing process of McDonald's havebeen enumerated below:Analysis of market and environment: At this stage, management of McDonald's isrequired to perform proper analysis through adoption of strategic tools such as Pestle,Swot, Porter's Five Forces as well as Value chain analysis (Ennew and Waite, 2013). Assuch, this assists in carrying out proper evaluation of market. Identification of target market: At this stage, the firm needs to define its target marketsegment in UK as well as other countries in order to offer suitable products. For example,it has been determined that UK's people prefer Chicken burger rather than any other3
variety. Thus, the company has to lay emphasis on production of particular product inorder to increase its sales and satisfaction among customers. Setting marketing objectives: The marketing objectives of McDonald's includemaximization of profit both in long term and short term perspectives. Further, it enhancesthe sales so as to increase brand image (Hung and Lin, 2015). Moreover, the companyalso pays attention towards corporate social responsibility so as to achieve desiredobjectives. Dealing with different marketing mix elements: The importance to deal with severalmarketing mix elements presents that needs and wants of the target audiences is requiredto be determined and fulfilled by McDonald's. Implementation and control: It is the last element that assists in making assessment ofeffectiveness of marketing tactics. Further, it determines the improvements needed inrelation with marketing strategy that needs alteration in internal and external businessenvironment. 1.2 Evaluating benefits and costs of marketing orientationIt has been determined that firm is required to produce its product and services on eitherproduct oriented approach or on marketing oriented approach. With later one, the aim of thebusiness relates with responding towards the needs of customers. Therefore, management ofMcDonald's need to develop suitable decisions based upon the needs and wants of customers inorder to achieve satisfaction. The major benefit relating with other one is associated with focusof firm on customer centric approach (Julian, 2003). This implies that firm aims at determiningneeds of customers and then offer products that are desirable by them in order to gain expectedset of outcomes. Moreover, the aim of the business is to increase brand value that assists inenhancing the loyalty of the customers. This would assist in achieving sound reputation in fastfood market. The focus of McDonald's is on development of products and services in accordancewith the needs and requirement of customers as such this assist in giving tough competition tothe rivalries. On the other hand, marketing orientation involves certain disadvantages. This is inrelation with the enhancement in the cost of organization. This is because; it involves greaterinvestigation of the market. McDonald can make use of marketing approach in case where it4
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