Elements of Marketing Process: Doc
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Added on 2019-12-04
Elements of Marketing Process: Doc
Added on 2019-12-04
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Marketing Principles
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explaining various elements of marketing process..........................................................11.2 Benefits and costs of marketing orientation to McDonald...............................................2TASK 2............................................................................................................................................32.1 Micro and macro environmental factors that are influencing the marketing decisions...32.2 Proposing a segmentation criteria for McDonald's products in different markets...........52.3 A range of products and services McDonald's offer choose a targeting strategy for them62.4 Buying behavior affects marketing activities in different buying situations....................62.5 Proposing a new positioning for selected product of McDonald's...................................7TASK 3............................................................................................................................................73.1 Product development for sustainable competitive advantage..........................................73.2 Distribution strategies used by McDonald's as per customer's convenience and satisfaction................................................................................................................................................93.3 Pricing strategies used by McDonald's as per objectives and market conditions.............93.4 Promotional activities used by McDonald's to achieve the marketing objectives..........103.5 Additional elements of extended marketing mix for McDonald's.................................11TASK 4..........................................................................................................................................124.1 Marketing mix for two different customer segments in consumer markets...................124.2 Difference in marketing products and service to business rather than customers..........134.3 International marketing is different from domestic marketing.......................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONMarketing includes a range of procedures that are concerned with searching theconsumer’s needs and making initiatives in order to fulfill those needs. Marketing principlesinvolve four key elements such as product, price, place and promotion. Almost all the businessesutilize range of marketing principles for modifying the market performance of existing productsand for the successful establishment of new product in the new market (Deshpande and Rundle-Thiele, 2011). Present report is developed as per the case study of McDonald which is the largestfast-food restaurant chain in the world and serving around 68 million people every day in 120countries around the globe. This report will help in understanding the concept and process ofmarketing with the use of segmentation, targeting, positioning and developing an understandingfor individual elements of the extended marketing mix along with the use of marketing mix indifferent contexts. TASK 11.1 Explaining various elements of marketing processMarketing can be defined as a process of promoting and selling goods and services of thecompany by influencing customer towards it. Main concern of marketing is to assess the needs ofcustomers and developing products and services accordingly so that same can be satisfied ineffectual manner. With regard to identify various elements of marketing process, primarily,McDonald will need to analyze the target market and market environment. The various elementsof marketing process are analyzing market environment, identifying the target market, settingcore goals and objectives and determining the marketing mix etc. (Jobber and Ellis-Chadwick,2012). The market environmental analysis is a strategic tool which will help McDonald inidentifying all the external and internal factors of market that can affect the performance of citedorganization. To analyze the market environment, McDonald can use the tools like PESTELanalysis, SWOT analysis, value chain analysis and Porter's five forces to get strategic advantageand to analyze the market environment. After analyzing the market environment McDonald willneed to identify the target market segment. McDonald can target on specific areas ininternational markets and increase the range in restaurant for increasing revenue andprofitability. Thus, it is essential for McDonald to identify a market segment in which peoplewould prefer fast-food in their routine life (Ferrell and Gonzalez, 2004). 1
Furthermore, McDonald will have to define the marketing objectives to maximize therevenue and profits and also, it will help in achieving all the short and long term objectives of thecited organization. With regard to this, McDonald will also need to improve the goodwill andbrand image between people. Main aim of McDonald is to provide quality food in a friendlyenvironment and also, the firm has social responsibility to provide good returns to itsstakeholders (Belz and Peattie, 2009). Moreover, McDonald is focused on specific food rangewhich it is serving in all the restaurants of McDonald and satisfying the consumer’s demand insignificant way. Thereby, target people of McDonald have trust on the quality of food and theyare also influenced by the unique characteristics of McDonald. 1.2 Benefits and costs of marketing orientation to McDonaldMarketing orientation with regard to McDonald is an organizational strategy which isdevoted to meet the needs of consumers. Thus, all the business strategies and productdevelopments of the cited firm revolve around this tendency. The main benefit of marketorientation in McDonald is that it is a positive approach, through this firm moves forward tofulfill customers demand (Rudd and Mills, 2011). The market orientation in organizationprovides firm’s responsiveness to fulfill its customer's needs. This gives a significant advantageto McDonald to develop and produce the products not only for fulfilling the consumer's demandbut also for timely services. Moreover, market orientation in McDonald helps in building thecustomer value and in increasing the loyalty to brand and to retain the customers. Brand loyaltyis a well-defined advantage of market orientation in McDonald because it develops a consumerbase resistant from competitors to affect the business by various offers. In addition to it,marketing orientation aids in developing burger and other products at McDonalds from whichrequirement of different cultural group is addressed. On the basis of it, company has developedits product portfolio in external market. In this context, company has paneer and aloo tikkiburger only in India, only lamb and chicken burger in Middle East, pork burger in America. Withthis product range, needs of customer at different geographical location is developed. Thissupports in attaining customer satisfaction. Furthermore, exploding the value base for consumers increases the production cost of thefood products and services (Sridharan and Viswanathan, 2008). For instance, McDonald alreadyhas staff for home delivery service for its customers at restaurant. Then also, cited firm hires acourier company from outside for faster and prompt response to its customers that will attract the2
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