Marketing management Assignment – MKT501 (GC0312)
Marketing Management
Executive Summary
This paper aims to discuss different marketing tools and techniques of marketing in terms of McDonald’s business. Then, this study analyzes the current position of McDonald’s and environmental factors related to marketing management to increase the brand image of McDonald’s in the market and increase the number of shares.
McDonald’s is a popular food service company and it has a well-established firm in the UK. The success factor of the McDonald’s is basically on the marketing management function that indicates the three-legged systems. McDonald’s has applied the decentralized business method to grip the market and established the brand image. The differentiation strategy of McDonald’s is strong enough than the competitors in the market. This system helps McDonald’s to attract and retain the target consumers. The relationship pattern with customers depends on the marketing philosophy of the firm. McDonald’s has used a holistic marketing philosophy to gain customers’ acceptance and success of the firm.
The finding of this paper shows that the new food items of McDonald’s seem to be very popular that can be used to increase the portion of customers’ segments across different regions. As a single product for the key segments, it can be predicted that the sales, as well as production cost, will be high due to the amounts seen below. The marketing strategy in the targeting strategy will be cost-effective as well as easy. By focusing on concentrated marketing, McDonald’s will be capable to evaluate the segment by introducing different new foods for particular segments.
Table of Contents
Executive Summary.
1.0 McDonald’s philosophy: Holistic Marketing.
1.1 Concept of marketing.
1.2 Conventional marketing concepts and philosophies.
1.3 Marketing Orientation.
1.4 Holistic Marketing.
2.0 McDonald’s Environmental Marketing Analysis.
2.1 Impact of Brexit issue on McDonald’s.
2.2 Economic impact on McDonald’s.
2.3 Impact of advanced technology on McDonald’s.
2.4 Changing customer behavior
2.5 Healthy eating trends.
3.0 Brand Extension: McHalal Burger, McHalal Chicken Rap, and McHalal Kebab Role.
3.1 STP Processes.
3.2 Marketing Mix.
3.3 Extended Marketing Mix.
3.4 Implementation.
Conclusion.
Reference.
Appendices.
Appendix A: Overview of McDonald’s.
Appendix B: McDonald’s relationship marketing.
Appendix C: McDonald’s socially responsible marketing.
1.0 McDonald’s philosophy: Holistic Marketing
An effective marketing process serves this purpose. Using an effective marketing process starts with understanding the present market situation and identifying customer needs. This paper discusses and analyzes marketing policies and techniques of McDonald’s. An overview of McDonald’s is included in Appendix A. This paper first discusses McDonald’s philosophy of holistic marketing. Then, this paper analyzes McDonald’s environmental marketing. Finally, this paper focuses on McDonald’s brand extensions including its STP process, marketing mix, and its implementation.
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1.1 Concept of marketing
According to Kotler (2018), marketing is a process done by business organizations to promote their products and services towards their target and potential customers. Rampton (2017) said marketing is a set of activities used by organizations to increase buying or selling of products and services.
1.2 Conventional marketing concept and philosophies
The conventional marketing process is a type of marketing process that mainly comprises one or more autonomous retailers, producers, and wholesalers. Each of the components of vertical marketing is self-reliant as well as works in an independent way with others.
There are different types of marketing philosophies which are production concept, product concept, selling concept, the marketing concept, and social marketing concept. In terms of production concept, it states that consumers will easily approve the products which are usually available as well as costly (Kotler, 2018). By gaining high efficiency in the production system, the low cost and distribution on the mass scale is a usual focus of managers. In terms of the product concept, this recommends that the customers will easily favor the products which have good performance, better quality, and other attractive attributes rather than a usual product. According to Kotler (2018), the selling concept reflects that the consumers would not purchase enough of the products of the business organizations except the comprehensive promotional and selling activities are accepted by it.
In the case of McDonald’s, in the current market environment, McDonald’s follows these marketing management concepts in its business to target more customers towards its business and satisfy the new customers by focusing on their demands and needs at the current marketplace (McDonald’s Annual Report, 2018).
1.3 Marketing Orientation
Customer orientation: Customer orientation and competitor orientation consist of different activities that are involved to achieve effective information about both competitors and customers in the target market by distributing it through businesses (Kotler, 2018). McDonald’s focuses on an understanding of both current and future distributors and the creation of greater value for both current and future distributors.
Competitors’ orientation: Competitor orientation indicates the knowledge of the existing strategies, weaknesses, and strengths and capabilities of the business organization. For example, McDonald’s’ focuses on effective knowledge of the developing technologies in the current market.
Inter-functional orientation: Inter-functional orientation refers to the incorporation of a business organization’s several areas, transversal to an organization as well as not as a marketing disquiet (Kotler, 2018).
1.4 Holistic Marketing
The present marketing world is changing in nature. Only one strategy of marketing is not suitable or applicable for a longer period. Most of the companies give importance to service quality and customer satisfaction to grip the market (Aashish, 2018). But the marketing strategy should be flexible and suitable for the present situation. At present; most firms like McDonald’s are depending on holistic marketing philosophy. According to this philosophy; business firms consider all related internal &external issues that directly or indirectly affect the business functions (Aashish, 2018).
Aashish (2018) stated that firstly; the internal and external factors are to be found and then analyzed the factors to take accurate decisions on the marketing functions. In the case of McDonald’s, this philosophy is very suitable to grip the global market. This philosophy is very helpful to make a decision on marketing functions including relationship marketing, performance marketing, integrated marketing, and internal marketing.
Figure 2: The holistic marketing scheme. Aashish (2018)
Performance marketing
Performance marketing is a type of marketing concept that has changed the advertising and selling of the products of a business organization. Nowadays, different campaigns of performance marketing provide the business organization the capability to maintain different things such as from the brand reach to the conversion rate (Rampton, 2017). The new age of data-driven marketing concept has provided the advertisers the valued insight into the performance that has supported them to enhance their different campaigns in accordance with cost per acquisition. As the performance marketing becomes transparent, the advertisers look beyond the branding to create different marketing policies with the proven ROI (Kotler, 2018). In addition, performance marketing helps to minimize the cost per acquisition by increasing the ROI. With the performance marketing campaigns, the advertisers only pay while specific action is conducted properly instead of for clicks as well as impressions.
Relationship marketing
The term relationship marketing is defined as a method of creating a well-developed and profitable relationship with the potential and existing customers by which customers are satisfied and loyal (Aashish, 2018). Relationship marketing is an important tool to achieve the customer’s positive response that adds the long-term value of the firm. The main aim of McDonald’s is stated that “We place the customer experience at the core of all we do” (McDonald’s, 2018). Therefore; the strategy of relationship marketing of McDonald’s must be strong enough…………..
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