Marketing Principles on McDonald's Assignment
Added on 2020-01-07
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MARKETING PRINCIPLES
INTRODUCTION Marketing is the process in the organization to promote a brand and company and toincreases the success rate of the products produce by the business entity to identifying theneeds and wants of the consumers (Armstrong and et. al., 2014). This function of theorganization is related to from of the communication between the customer and the companyfor the purpose of gaining the profit and consumer wants to purchase the products for satisfyhis needs to use the products. This the main concept of the marketing is to communicate theright message to the right person so that they can purchase right product according theirneeds. The marketing process involves the many type of concept of the buying behaviour,segmentation factors and targeting of the customers. Its use for the better understand theprinciples of the marketing. This report based on McDonald's marketing principles are usedfor identification of the customer needs and wants, determine the segmentation tools andstrategy to use in the targeting the new customers. The principle of marketing is based onvarious aspects are products, price, place and promotion. McDonald's company provide themany varieties of fast food like burger, pizza, drinks and many small meals. The mainpurpose of the company to make market reputation to provide the best quality of the fastfood. TASK 11.1 Different kinds of elements of marketing process Marketing- It can be termed as one of the main functions in company where theseller and producer make products as per the demand and choices of customers and timelydeliver the same to ultimate clients (Sheth and Sisodia, 2015). It is process related to thesocial process to determine he needs and wants of the consumers and exchanging productsand services on the basis of the client’s needs. Marketing process-Identifying marketing opportunity- Researcherfind the opportunity in the market toanalysing the current and future market trends, new resources, capability, internal andexternal factors of the environment. Select the market target- The next step of the marketing process involve thecompany need to identify the customers and target the customers by the survey of the
different markets. McDonald's choose the different age and choice of the customers for theirproducts. Marketing strategy- After target the customers that the business entity to select thestrategy applying by the best alternative (Nwankwo and Gbadamosi, 2010). This companyfocus on the different marketing strategies to influence the large number of the customers inthe marketplace to target the right market. Marketing mix decision- Organization determines the marketing mix elements forproducts and services. It includes the products, price, place and promotion elements as well ascompany tries to sale their goods on profitable price and get higher profit. Control- At the end step of the marketing process it depend on the implementation ofthe right strategy and the controlling the strategy in a manner. 1.2 Benefits and costs of a marketing for McDonald'sAn organization can develop the new products based on other products befits andcosts in the market to use the oriented approach. The business entity is depend on theproducts oriented approach is based on hat a company things for the customer needs and theymaking product as per customer choice and the decision there no involvement of the buyers.On the other hand the marketing approach is used for the success of the organization (Wangand Pizam, 2011). This approach is based on customer demand and needs for the produceproducts by the company according to the customer preferences. There are various benefits ofmarketing approach- Customer centric- McDonald’s give the attention to those customers they take theircustomer as a priority bases and fulfil the needs of the customers. Addressing demand- Company perform and react on the customer demand. Make customer benefit-This approach help to the organization to target the largenumber of the customer and they create value for loyal customer. Reasonably competitive advantage- Company develop the product as per the demandof the clients that the business try to create the extra beneficial products and maintain thelarge number of buyer in the competitive market.
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