Marketing principles: a process of communicating with the customers in order to get the best possible product and service

MARKETING
PRINCIPLES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1...........................................................................................................................................1
1.2...........................................................................................................................................2
TASK 2............................................................................................................................................3
2.1...........................................................................................................................................3
2.2...........................................................................................................................................4
2.3...........................................................................................................................................6
2.4...........................................................................................................................................7
2.5...........................................................................................................................................8
TASK 3............................................................................................................................................9
3.1...........................................................................................................................................9
3.2...........................................................................................................................................9
3.3.........................................................................................................................................10
3.4.........................................................................................................................................11
3.5.........................................................................................................................................12
TASK 4..........................................................................................................................................13
4.1.........................................................................................................................................13
4.2.........................................................................................................................................13
4.3.........................................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
ILLUSTRATION INDEX
Illustration 1: PEST analysis...........................................................................................................4
Illustration 2: Different Targeting Strategy.....................................................................................7

INTRODUCTION
Marketing principles can be defined as a process of communicating the value of the
product and service to the customers in order to get the competitive advantage over the
competitors. In the same context, marketing principles is also considered as an idea that helps
organization to make effective decisions on the basis of different products and also with the help
of different promotional strategies (Kotler, 2008). For understanding this concept, e organization
undertaken for the present study is McDonald's which is the largest chain of the hamburgers fast
food restaurant and the cited firm is serving different food products to almost 68 million
customers on the daily basis in more than 36000 outlets which are spread in 119 different
countries of the world.
In accordance to this, the present report is based on evaluating different elements of
marketing process. Further, this report will showcase different macro and micro environmental
factors which will impact marketing decisions of the cited venture. Moreover, this study will
focus on identifying different products which will lead enterprise to get competitive advantage
over the major competitors.
TASK 1
1.1
Marketing is a management process through which goods and services are introduced in
the market through using a proper concept and it generally revolves on four elements i.e.
identification of product, deciding the price, choosing distribution channel and finally
implementing a promotional message for products and services (Parker and et.al., 2011). Further,
there are different elements of the marketing process and some of them have been stated below: Situational analysis: McDonald's has to conduct different situational analysis in order
to identify the market condition and also to increase its market share in coming time
period. Company can focus on SWOT, PESTLE, PORTER'S five forces, Value chain
analysis, etc. Formulating Strategy – After conducting the situation analysis, it is required to develop
strategy so that more of customers can be attracted towards the company. In this regard,
company need to do segmentation, targeting and positioning. For this, market
segmentation for McDonald's is quite large and heterogeneous. Further, it is the most
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important element of marketing process in case of McDonald's as it has to target each
and every individual from the target group. McDonald's is focused on dividing the
targeted market into smaller groups in order attract more number of customers and
centralizing on fulfilling their needs and objectives. Marketing Tactics- Once the strategy is developed, tactics needs to be taken into
account in order to address the needs of target customer. In this regard, marketing mix is
a crucial element as this factor focuses on influencing the demand of customers for cited
firm's product (Ghuman, 2010). In this, decisions are taken with regards to product,
place, price and promotion.
 Implementation and control- McDonald's has to set the marketing objectives so that
they can get maximum profits and revenue as per the stated short term goals and
objectives. Beside this, same need to be implement and control so that better results can
be obtained through it. In this regard, controlling can be done by assessing the response
rate and identify loopholes in the strategy.
1.2
Marketing orientation can be referred to a concept in which company develops products
and services as per the needs and wants of the customers. Through this, large set of customers
are influenced towards the company and hence it aids in developing a sound base of customers.
This supports in attaining loyalty by meeting with the needs of customers in effectual manner
(Kotler, 2008).
Cost for McDonald's
For attracting customers towards their existing and new products, cited firm generally
focuses on giving them discount and also attracts them with the help of some seasonal offers.
Moreover, in order to promote the availability of discounts and offers, McDonald's spends a lot
of money on advertisement and other promotional methods. Further, there are other costs as well
which they conduct in order to promote their products ahead of their competitors (Henley, N.,
Raffin and Caemmerer, 2011). McDonald's is having great support of their loyal customer base
as they spend a lot of money on doing a specific market research.
Benefits for McDonald's
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