Unit 4 Marketing Principles Assignment

Unit 4 Marketing Principles Assignment

Introduction

The objective of this Unit 4 Marketing Principles Assignment McDonald’s is to look into a number of different and significant factors related to the marketing strategy for the business origination. Marketing is the process through which the companies inform the customers regarding the products and / or services which have been developed by the company with the intention of selling the same to the consumers. It is a very important strategic task in the modern day business entities in view of the fact that in the current level of competitiveness in various industries and markets, this is considered to be one of the factors which lead to brand recall and brand value for the companies.The discussion will be done on the basis of McDonald’s and the case study on the company. This company is one of the biggest global fast food chain which has its operations in as many as 119 nations. The company serves an enormous number of customers which 68 million customers daily through its more than 35,000 outlets in these 119 countries (Hawkes, 2014). This scale and the international operation which the company has makes it a very appropriate company for analyzing the marketing strategies of the company. Due to the high variety of the type of marketing and communication the company has to design due to its existence in the 119 countries, the marketing strategy which the company has a very evolved as well as successful one, which can be confirmed by the high success of the company in various countries.
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Task 1

For developing an understanding regarding the marketing strategy of any company, it is necessary that observes the essential elements of company marketing process as well as the marketing orientation which the company has. This will be done through this section of the report. The aim of this section will also be to ensure that the benefits and costs of marketing orientations to McDonald’s are looked into to understand the effectiveness as well as the efficiency which the marketing strategy of the company has.

1.1 Referring to the McDonald’s case study, explain the various elements of the marketing process

The process of marketing can be defined as the way in which the companies which are getting engaged in the activity, communicate the various product or services features to the target consumers of the company. This can be organization wide or specific to any particular process or product of the company. The element of marketing include needs, wants and demands experienced by the consumers and the differentiation in the product or service marketing by the business entity is done basis the whether the same attempts to satisfy needs, wants or demands of a customer. Needs is the basic requirements of the human. Wants is one level more evolved than needs and is the secondary requirements of the consumers. The demands are the luxury requirements of the consumers. The value, as well as cost satisfaction delivered by the companies for fulfilling wants and demands of the consumers, is also an important element of marketing.
The integrated nature of the marketing defines the varied types of marketing which are used by the companies with the purpose of letting the customers know on topic of the offerings. The definition of integrated marketing communication can be given as the usage of a consistent brand messaging across several conventional as well as non-conventional marketing channels and usage of various promotional techniques for reinforcing other factors. The other element of factor for marketing process includes the process of exchange or transaction of the goods and services by the company. If one or more entities, usually the consumers and the service providers with respect to the travel and tourism industry, agree that the deal is appropriate for each of them, then this exchange of service takes place.
McDonalds has a very robust process of market research integrated in its overall marketing process and strategy. This helps McDonald's in identifying the most pertinent and important information related to the target markets. This also helps the company in developing the right mix of the product as well as service which can help in delivering and sustaining the customer loyalty. In view of the fact that in the various markets where McDonald's is present it faces a lot of competition from the domestic as well as the international brands in the same or similar business and hence it is important for the company to evaluate the same before expanding the business. Also there are other various factors including social factors, legal, economic, and technological factors which McDonalds need to be cognizant of. Also there are factors like retail environment as well as other elements which can influence the success of McDonald's in those markets. This is why Market research is very important as the same looks into these factors and predicts the way these can change in the future and can affect the willingness of the people's to use the products or service of the company (Rieple, 2008).
Developing a strategic marketing plan for the new or the existing market including the segmentation, targeting and positioning of the product and the brand
This is the most important element of the marketing process of any company and McDonalds is also no exception. Through this part of the process the company develops a strategic marketing plan for the new or the existing market which also includes the tasks like marketing segmentation, targeting and positioning of the product and the brand in this market. These are very important tasks for ensuring that the overall marketing strategy of the company can be effective in the market. This also leads to an opportunity sizing for the company which is necessary to develop an estimation related to the possible sales volume of the company (Ngai, 2003).
Monitoring the plan for measuring its effectiveness
This is the final element of the marketing process for McDonalds in which the company tracks and measures the effectiveness of the existing marketing strategy and the marketing elements which it has deployed in the market. This helps the company in identifying if the implemented marketing strategy and activities are helpful for the company and the budget which is being allocated for these activities are being utilized well or not. Also this provides a guideline for the company any future marketing activity which the company wants to take up (Kotler, 2013).

1.2 Evaluate the benefits and costs of marketing orientations to McDonald’s

The current marketing orientation which McDonalds has is a mass marketing strategy. In almost all the countries in which the country is present the company has a variety of mass marketing channels utilized for the promotional activities of the company. The various other promotional activities which are rolled out by the company includesby providing door to door step, through telemarketing, telemarketing service. It is important for the company to remember that there will be other brands which will be quickly following the footsteps of the company and hence the marketing orientation of company is aimed at generate a lot of curiosity around the product offering of the company. The benefits which this marketing approach and orientation of McDonald’s are as following:
  1. The reach of the marketing elements: Through the above the line activities including the advertising it is possible for the company to ensure that it can reach as much customers as possible for creating a mind share in them which leads to future sales for the company.
  2. The increased brand recall and brand value: Through the above the line activities including the advertising it is possible for the company to drive a very effective brand recall and brand value in the mind of customers. McDonalds marketing research identifies the gaps in the needs and wants of the target consumer base and the entire marketing strategy is created to let the customers know that the brand will able to meet the needs in a better waythan the rival entities. Hence at the time of the purchase decision making, the customers tend to opt for McDonalds as opposed to the other companies in the same segment.
However, in spite of these benefits there are some disadvantages of this marketing orientation as well. These are:
  • High cost of marketing: The above the lineactivities in which advertisement is given through different modes like by posting on online sites, newspaper, by publishing in any English Hindi local newspaper but it is a very costly way of marketing of the brand. Also in view of the fact that in these types of arrangement person who want to give their advertisement makes payment to advertiser for take space in the medium, the option of instant monitoring and stopping the same is absent (Kotler, 2013).
  • Changes in the Marketing Environment are Not Factored in: Mass marketing strategies fails to consider changes which can take place in business environments. There are various aspects leading to market changes in terms of the marketing environment. These include change in consumer preference, changes in price, inflation etc. If price of a particular product changes, consumers will start looking for a substitute that gives them the same satisfaction but at a price that they can afford. Likewise changes in consumer preference can also result in changes in marketing environment. In view of the fact that mass marketing has no specific targeting strategy, a change in a specific set of consumer behavior cannot be tackled by this tactics.

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