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BUAD 301 - Assignment On McDonald's - New Product Mangement

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University of Delaware

   

Introduction to marketing (BUAD 301)

   

Added on  2020-03-04

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BUAD 301 - In this Assignment On McDonald's - New Product MangementNew products and innovations are essential for any business organization to enhance its business and establish itself as the leader in the contemporary market. Innovations and the development of new products open new opportunities for the company to explore. This assignment focuses on the company Mc Donald’sand two new products that could be introduced by them in order to enhance their market opportunity and business, along with establishing themselves in a leading position in the fast food and burger chain

BUAD 301 - Assignment On McDonald's - New Product Mangement

   

University of Delaware

   

Introduction to marketing (BUAD 301)

   Added on 2020-03-04

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Running head: NEW PRODUCT MANAGEMENTNew Product ManagementName of the student:Name of the University:Author Note:
BUAD 301 - Assignment On McDonald's - New Product Mangement_1
1NEW PRODUCT MANAGEMENTIntroductionNew products and innovations are essential for any business organization to enhance theirbusiness and establish them as the leader in the contemporary market. Innovations anddevelopment of new products opens new opportunities for the company to explore. Thisassignment focuses on the company Mc Donald’s and two new products that could be introducedby them in order to enhance their market opportunity and business, along with establishingthemselves in a leading position in the fast food and burger chain. This assignment highlights thepotential opportunities that could be exploited in order to launch the new products. The productsare evaluated and the product that will potentially take the company forward to a next stage isdiscussed in this assignment. Description of organization and the market it operates inMcDonald’s is one of the largest American fast food and hamburger chain. The restaurantstarted in California and soon spread widely into various countries all around the world. TodayMcDoanld’s operates in more than 100 countries, with more than 36900 outlets. The company isestablished as one of the world’s largest fast food and burger chain (Cooper 2013). McDonald’soperates in various countries and targets the young teenagers who are more attracted to the fastfoods and hamburgers. Moreover, along with the teenagers and youngsters, the adults are alsoattracted towards the food of McDonald’s. Potential opportunityMcDonald’s has been operating in various countries, with more than 36900 outlets allover the world. However, the potential opportunity for the new products could be the Chinesemarket (Gorham et al. 2016). According to a report, China looks forward towards to 2000 more
BUAD 301 - Assignment On McDonald's - New Product Mangement_2
2NEW PRODUCT MANAGEMENTMcDonald’s outlets in the new few years (Mullen, 2017). This opportunity could be exploited toenter the Chinese market with greater intensity and ensure that 2000 more McDonald’s couldcome up in the next few years (Mullen, 2017). Since the people of China, have accepted the foodchain gladly, and awaits its expansion, hence this opportunity could be used to innovate variousproducts of McDonald’s. Two new product conceptsThe two new product concepts that could be innovated by McDonald’s are as follows:1. Hamburger with Chinese flavoursThe flavours of hamburger that are traditionally used by McDonald’s in their food chain could beinfused with Chinese flavours in order to innovate in fusion foods (Liljedal and Dahlén 2015).With this new concept of fusion food, the Chinese market will be attracted to McDonald’s, thusenhancing the business and making the expansion process a grand success (Fuller 2016). 2. Fusion dessert The desserts that are available at McDonald’s are conventional American desserts, withauthentic American flavours (Jeon et al. 2016). However, these flavours could be infused withauthentic Chinese desserts almond jelly or egg custard tart, with the available dessert. These twonew products are likely to enhance the market and business of McDonald’s in China (Yu et al.2014). The development of new products has various phases. These phases include:1. Phase 1: Identification of opportunity and selection
BUAD 301 - Assignment On McDonald's - New Product Mangement_3

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