Marketing Strategies and Concepts
Added on 2020-01-23
21 Pages7437 Words464 Views
Leadership ManagementMarketing
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UNIT 2MARKETING ESSENTIALS1
Executive Summary The report discusses the implementation of 7 P's of marketing mix by McDonald's forthe launch of the new product. As an assistant manager of McDonald's, different aspects whileimplementing the strategies are taken care of. The difference of implementation in the 7 P's ofmarketing mix between two different organisations is also discussed. An effectiveimplementation of the 7 P's of marketing is proposed for a new product launch. The significanceof the marketing mix strategy is discussed in launching a new product and the way it is acceptedby the targeted customers. Furthermore, recommendations were suggested for furtherimprovement of the marketing mix. 2
Table of ContentsTable of ContentsIntroduction..................................................................................................................................4Task 1:.........................................................................................................................................4P1: Main role and responsibilities of the marketing function for McDonald’s.......................4P2. Responsibilities and roles of marketing pertaining to McDonald’s ...............................6Task 2..........................................................................................................................................8P3. Discussing the implementation of 7 P’s of marketing mix by McDonald’s to achieve business objective .............................................................................................................8Task 3........................................................................................................................................11P4. Developing and analysing basic plan for marketing....................................................11Conclusion.................................................................................................................................16References................................................................................................................................17Bibliography...............................................................................................................................193
IntroductionMarketing is one of the essential aspects of successful business. Through propermarketing company can successfully promote a product among the consumers of the market.This assignment deals with the proper strategies that the management of a company must applyto create a successful customer value. The first section of the assignment discusses the marketingresponsibilities of a company for string connection with the consumers and internationalrecognition and success. The second section discusses the different marketing plan thatMcDonald's could apply in order to promote successfully their product among its consumers.The last section of the assignment reflects the clear analysis of a suggested marketing plan forMcDonald's that will provide an assurance towards its future success. Through these plans andstrategies, a company can create a connection with the consumers to enjoy popularity anddomination in the market.Task 1:P1: Main role and responsibilities of the marketing function for McDonald’sThe heart of the success of a business lies in the marketing process that it follows.According to Menon et al. (2015, p.224), marketing is the process through which a companypromotes its product it produced or the services that it provides. The process of the marketingconsists of several activities such as advertising, public relations, promotion and sales.Ultimately, the popularity of the product or the service of a company is achieved through propermarketing of the product.McDonald’s have been chosen for discussion of the importance of marketing for itsdevelopment. McDonald's is one of the largest Fast food restaurant chains in the world. Thiscompany was founded in 1940 and is headquartered at Oak Brook, Illinois, U.S. The marketingplays an important role in the growth and development of the business at a global stage. As oftoday, the popularity of fast food among the global population has increased rapidly. With so anyvarieties of foods that provide with different ingredients and taste the consumers in differentparts are craving for more. Popularity of the fast food has led to development of a strictlyaggressive market among the fast food companies or restaurants. Every company in the markethas to face and overcome the strict competition to establish themselves in the market. Themarketing process is the only process of directly connecting with the consumers andcommunicating with them. When a company want to implement its marketing plan so company4
have to do market analysis and customer need and want analysis. Every person have differentkind of need and desires. Thus, the identification of their needs and requirements is the key taskof the marketing departments of McDonalds. As one of the most famous dish of the McDonaldsis beef burger. However, the customer value for this specific food item is different for everycustomers of the company. Many factors are there which have power to influence the consumerneed and demand. These factors can be explained as:The price of the product:- which the consumer is paying, should be reasonable to him.As supported by Prasad et al. (2015, p.5), reliable product at reasonable price helps in increasingits value of the offering to the consumers. Every consumer wants to own or consume a productthat provides them with high satisfaction at a low cost. The low cost of the product will help theconsumer in creating a good impression in his mind about the company. This will help thecompany to separate the consumer from the other companies in the market. The price set byMcDonald's for its popular Burger should be reasonable for the consumers comparing to thesatisfaction level it provides to them. Lower price than the other offerings for the similar productin the market will automatically create a good impression of the company in the consumer’smind. Thus, it will help the company to attract the consumers towards itself. The Quality of the product:- It is also plays an important role in creating a customervalue. Different companies for nearly the same price offer several products in the market, whichis similar to the product offered by McDonald's. Thus, the company will have come up with abetter solution to make its product unique from the rest of the products in the market byproviding with high quality bread and fresh meat patties. As supported by Parker et al. (2015,p.0149), top quality product are always preferred by people. A company that offers high qualityproducts creates a high customer value for their products. This will result in offering of a highquality product at a similar range of price in the market. Thus, this will help in attracting thecustomers towards the company and result in huge sales.Service:- It is also an equivalent part of the marketing success of the company. Betterservice always helps in creating faith in the consumers. As supported by Lau et al. (2017, p.23),provision of good support and assistance will increase the impression of a company in the mindsof the people. Thus, apart from the existing customers, it will also help in attracting the newcustomers towards the brand. McDonald's must also provide with specific services such as orderconfirmation, home delivery and receiving complaints that increase the comfort and satisfaction5
level of the consumers. This will result in receiving increased amount of payment for theexceptional service the company offers to its customers.Criteria of pass merit:- Company cross pass level when result take place between 40-59%. When result take place between 60-79 its merit criteria and when any result take placebetween 80-100 its Distinction criteria of company.P2. Responsibilities and roles of marketing pertaining to McDonald’s Every business in the world aims to develop and spread its business in the market. Assupported by Sweetman et al. (2015, p.S09), the international recognition for a specific companyhelps it to deepen its roots in the market and dominate it. International marketing is the processof making decision of a marketing mix relating to the potential market outside the company’sdomestic market. However, the process of creating an international image of the companyrequires a long set of research list. As supported by Mu et al. (2015, p.15351), every country inthe world has their own rules and regulations that they follows. Different cultural beliefs,thinking style, tradition creates a barrier for the company to attain the market of a specificcountry. Thus, to overcome these barriers the company will have to do a whole lot of researchthat will provide them with significant information. This information will help the managementof the company to prepare and implement effective and efficient strategies that will help them topopularize successfully the brand as well as the product in a foreign land. The ability of thecompany to adjust to the different tradition and culture of a country contributes towards itssuccessful establishment in that part of the world. The most important responsibility of thecompany is to respect the value and beliefs of the people that they aim to attract. Theinternational business of a company helps it in receiving an excessive support in the revenue ofthe company. Proper designing and development of a product according to the needs andrequirements of the people will help it in creating a good impression in their minds.Several factors influence the marketing strategy of a company as per the internationalcontext such as:Cultural Factors are the factors that represent the language, taste, regional values,individual habits and age or demographics.As supported by Simpson (2015, p.99), language is the first barrier that threatens thesuccess of marketing of a product. For proper connection with the consumers, it is very6
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