...The Marketing Mix The Marketing Mix The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the marketing mix every category should be examined independently and the link connecting each one of the marketing blend or mix must be tackled. First, product is the piece of the marketing mix that pertains to the blueprint and formation of the tangible item or service that is presented to the consumer. Therefore, product is noticeably vital to the remaining parts of the marketing mix because the creation offered will mainly be the foundation for producing the additional three elements of the marketing line of attack. Hence, the business is required to follow a line of investigation concerning the target market to come to a decision if a potential product is in fact wanted by the purchaser. Thus, if the company discovers considerable desire for the product then the company should advance toward the designing course of action. As a result, the firm will set the scale of the value concerning the product with the price of the product in an effort to realize a sense of balance that produces an item that is extremely appealing...
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...Marketing LaTroya c. Boyd MKT/421 4/30/14 Dr. Michael Rico WHAT IS MARKETING? I consider marketing to be a form of art. The goal is to persuade the audience and lead each individual into the direction of being convinced. Whether it is a product sold in the market or an idea of a business and the creator is looking for an investor, marketing builds the connection that should ultimately lead into trust. According to “Basic Marketing A Marketing Strategy Planning Approach” marketing is defined as more than just buying and selling. It is stated that “marketing is the performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to consumer or client.” In other words, the mission of any business is to keep track of what customers are most interested in order to maintain a successful business. It takes strategic planning and for all involved in the company to use good communication skills and learn to coordinate with the rest of the so that everyone is on the same page. To promote goods or services the marketing strategy should be organized. Un-organization is the recipe for failure. Personally I believe marketing is quite a few things. Marketing is art. It is a process of convincing people and promotion. Other sources will sum marketing up and describe it as a management process where goods and services are moved from a mere idea to the consumer...
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...------------------------------------------------- MCDONALD’S RESEARCH * ------------------------------------------------- * ------------------------------------------------- Identify the key characteristics of the products and/or services and their significance to the market. The McDonald's Corporation (NYSE: MCD) is the world's largest chain of hamburger fast food restaurants, serving around 68 million customers daily in 119 countries.[4][5] Headquartered in the United States, the company began in 1940 as a barbecue restaurant operated by Richard and Maurice McDonald; in 1948 they reorganized their business as a hamburger stand using production line principles. Businessman Ray Kroc joined the company as a franchise agent in 1955. He subsequently purchased the chain from the McDonald brothers and oversaw its worldwide growth. A McDonald's restaurant is operated by either a franchisee, an affiliate, or the corporation itself. The corporation's revenues come from the rent, royalties and fees paid by the franchisees, as well as sales in company-operated restaurants. McDonald's revenues grew 27 percent over the three years ending in 2007 to $22.8 billion, and 9 percent growth in operating income to $3.9 billion. McDonald's primarily sells hamburgers, cheeseburgers, chicken, French fries, breakfast items, soft drinks, milkshakes, and desserts. In response to changing consumer tastes, the company has expanded its menu to include salads, fish, wraps, smoothies, and fruit. Mission Statement “McDonald’s vision...
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... ID: 11304055 McDonald’s Marketing Plan Table of Content | Contents | Page No. | I | Title Page | 1 | II | Executive Summery | 3 | III | Introduction | 3 | IV | Company’s Overview | 4 | V | Mission & Values | 5 | VI | Objectives | 6 | VII | SWOT Analysis | 6 | VIII | Product Profile | 9 | IX | Product Mix | 13 | X | Product Positioning | 14 | XI | Pricing Strategy | 14 | XII | Distribution Strategy | 15 | XIII | Promotional Mix | 15 | XIV | Budget | 17 | XV | Conclusion | 18 | XVI | Sources | 19 | EXECUTIVE SUMMARY McDonald’s have continued to build on their success as a trusted global consumer brand and grow their business by creating outstanding restaurant experiences for their customers. McDonald’s is the leading global foodservice retailer which has 34,000 local restaurants in 119 countries. McDonald’s goal is becoming customer’s favorite way and place to eat and drink by serving core favorites. In this our report we try to show that how McDonald’s aims to continually build its brand by listening to its customers. It also identifies the various stages in the marketing process like- we will discuss about SWOT analysis, products profile, products mix, product positioning, pricing strategy, distribution strategy etc. Then, in this report we will be showed up the budget of McDonald’s. Finally, we conclude this report by showing some findings by ourselves and tried to recommend it. INTRODUCTION McDonald's is one of the best-known...
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...McDonald’s Restaurants The route to fast food franchising Introduction When the McDonald brothers, Dick and Mac opened their first restaurant in 1940 in San Bernardino, California, they could never have imagined the phenomenal growth that their company would enjoy. From extremely modest beginnings, they hit on a winning formula selling a high quality product cheaply and quickly. However, it was not until Ray Kroc, a Chicago based salesman with a flair for marketing, became involved that the business really started to grow. He realized that the same successful McDonald’s formula could be exploited throughout the United States and beyond. There are now more than 28,000 McDonald’s Restaurants in over 120 countries. In 2000, they served over 16 billion customers, equivalent to a lunch and dinner for every man, woman and child in the world! McDonald’s global sales were over $40bn, making it by far the largest food service company in the world. In 1955, Ray Kroc realized that the key to success was rapid expansion. The best way to achieve this was through offering franchises. Today, over 70 per cent of McDonald’s restaurants are run on this basis. In the UK, the first franchised restaurant opened in 1986 - there are now over 1,150 restaurants, employing more than 49,000 people, of which 34 per cent are operated by franchisees. This case study examines the success of franchising and investigates the special three way relationship that exists between the franchisee, the...
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...generation. Integrated Marketing Communication (IMC) is an approach to brand communication where the different modes work together to create a seamless experience for the customers and are presented with a similar tone and style that reinforces the brands core message. Its goal is to make all aspects of marketing communication such as advertising, sales promotion, public relations, direct marketing, personal selling, online communication and social media work together as unified force, rather than permitting each to work in isolation, which maximize their cost effectiveness (Clow and Baack, 2006). Marketers believe that quality products may not sustain its sales unless appropriate marketing communication is employed. Thus, IMC has been conceptualized to explore all the means in order to reach every member of the target market. For IMC to work well, it requires a lot of planning and right timing for its implementation. Food establishment like McDonalds utilize IMC to attain a variety of objectives. McDonald offer a pleasant alternative to eating where in one can choose any variety of foods and offers a well prepared hot meal which is ready to eat. It give advantages to those people who do not have the ability, time or will to cook at home. As of now, McDonald continues applying the Integrated Marketing Communication (IMC) in developing new products or promotions and consequently tells the customers about it. IMC is becoming more significant in marketing practice because of reduced...
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...Write a 700- to 1,050-word paper in which you define marketing. Include in your paper your personal definition of marketing and definitions from two different sources. Based on these definitions, explain the importance of marketing in organizational success. Provide at least three examples from the business world to support your explanation. Properly cite sources used in the paper. Format your paper consistent with APA guideline DEFINITION OF MARKETING By know this .com Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Marketing is the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals." American Marketing Association. My personal definition Marketing is a set of activities, which will satisfy the objectives of both the organizations its stakeholders including customer. Marketing is the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individuals and organizational goals. (www.wikipedia.com) There are two major aspects of marketing which is the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management). The four general sets of activities...
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...McDonald’s | March 22 2010 | | Project 2 Market analyses | Brief summary SWOT analysis - The fast-food industry is highly influenced by governmental policies, sales rates are grooving even during the recession. The changing lifestyles of consumers to a healthier and quicker one can be seen as both- a threat and opportunity. As a threat- due to a healthier lifestyle McDonald’s as well as other fast food restaurants can lose many consumers. As an opportunity- as people are getting more and more busy due to their work, they do not have enough time to make meals at home, and they choose to eat at fast food restaurants. McDonald’s have good quality of service and promotions, which is also one of the reasons of successful marketing. The main strength is of course their huge brand they built up. On the other hand the strongest weakness is the perception of the customers that look at McDonald’s as a very unhealthy place to eat. Competitive situation – The competitive situation within the fast food industry is very hard. McDonald’s is the leader in this industry, but still it has to deal with big rivalry. There are many other restaurants and other substitute products that consumers can choose. A big variety of the “other possibilities what and where to eat” makes strong buyers power. While in the global market entry barriers are high (due to high expenses to establish a big company), in a more local market, these barriers are much lower because it does not require big...
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...In the Marketing Mix, there are four elements: product, place, price, and promotions. These are also known as the four P’s of marketing. The marketing mix is a combination of these elements and what roles each element plays in promoting your products and services, and how you deliver them to your consumers. Product is what items or services you offer to your customers. It is based on their physical attributes, how they operate, how they are different from your competitors and what positive factors they provide. A quality product will draw in more customers and increase profits. Every product is subject to a life-cycle including a growth phase followed by a maturity phase and finally an eventual period of decline as sales falls. Marketers must do careful research on how long the life cycle of the product they are marketing is likely to be and focus their attention on different challenges that arise as the product moves through each stage. Price is how to price your product or service so that your price remains competitive but allows you to make a good profit. You want to try to keep you price lower than you competitors, without losing out on decent profits. It takes a good marketing strategy to do this. The company’s goal for pricing is really to reduce costs through improving manufacturing and efficiency, and most importantly the marketer needs to increase the projected value of its products and services to the consumer. Supply and demand is a big part of pricing. The lesser...
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...Unethical activities in Marketing Mix “4Ps” Ethics and Political Environment of Business Senior project Spring 2015 Group Name: Nouhad El Zein Sadika Zaiter Zaynab Kdouh Table of Contents Abstract 3 Definition of the marketing: 4 Definition of the marketing mix 4 Product: 4 Price: 4 Promotion: 5 Place: 5 Social Responsibility in the 4Ps 5 Marketing mix and unethical practices 6 Introduction: 6 Definition of Marketing Ethics 7 Ethics and Product 7 Ethics and Pricing 7 Ethics and Distribution (place) 10 Ethics and Promotion 12 RECOMMENDATIONS: 16 Bibliography 17 Abstract In this project we intend to identity the marketing the marketing mix, the social responsibility in marketing, develop the concept of ethic in marketing components of marketing and how each of them can subject of unethical practices. Definition of the marketing: Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. For example, “Walmart” has become the world’s largest retailer—and the world’s largest Company—by delivering on its promise, “Save money, Live better.” Nintendo surged ahead in the video-games market behind the pledge that “Wii would like to play,” backed by its wildly popular” Wii” console and a growing list of popular games and accessories for all ages. And McDonald’s fulfills its “i’m...
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...Introduction The process of marketing involves three key functions viz. market segmentation, targeting, and market positioning. Marketing segmentation concept is closely connected with the marketing mix. Market segmentation involves identifying the basis on which market needs to be segmented. Targeting involves selecting the target for segmentation. Positioning involves developing position to target the segments. Market segmentation is about aggregating prospective buyers into groups that have common needs. The groups that result from market segmentation are called market segments. Meaning / what is marketing segmentation? : Markets consist of buyers, and most often than not, these buyers have heterogeneous preferences. Thus, it is impossible for an organization to serve all these buyers with varied needs. Therefore, the notion of market segmentation is introduced. Market segmentation involves the process of identifying segmentation variables, or bases, and developing profiles of resulting segments. By going after segments instead of the whole market, companies have a better chance to deliver value to consumers and to receive rewards for close attention to consumer needs. Compaq, IBM and IPC are multinational companies that have branches worldwide. This is evident from their websites that cater to people from different countries. Compaq serves over 40 countries including Japan, Korea, Sweden, the United Kingdom, and the United States, just to...
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...P1- Describe how marketing techniques are used to market products in two organisations. Marketing is the process in a business that it’s publicising the value of a product or a service to the customers with the aspiration of selling the product or the service; it is a demanding business function in order to attract customers. Tesco and McDonalds are the two chosen businesses where I will be looking at their objectives and marketing objectives; as well as at the marketing techniques used in order to succeed. Tesco is the biggest private sector employer in the UK; the company has more than 360,000 employees worldwide. Tesco operates in 12 countries outside the UK, including China, Japan and Turkey. The company has recently opened stores in the United States. This international expansion is part of Tesco’s strategy to diversify and grow the business. Whether McDonald’s is the leading global foodservice retailer with more than 35,000 local restaurants serving nearly 70 million people in more than 100 countries each day. Tesco’s objectives are: * To meet the needs of customers by constantly seeking, and acting on, their opinions regarding innovation, product quality, choice, store facilities and service; * To work closely with suppliers to build long term business relationships based on strict quality and price criteria; * To provide shareholders with progressive returns on their investment improving profitability through investment in efficient stores and distribution...
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...CHAPTER 1 INTRODUCTION TO GLOBAL MARKETING SUMMARY Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. A company that engages in global marketing focuses resources on global market opportunities and threats. Successful global marketers such as Nestle, Coca-Cola, and Honda use familiar marketing mix elements – the four Ps – to create global marketing programs. Marketing, R&D, manufacturing, and other activities comprise a firm’s value chain; The value equation (V =B/P) expresses the relationship between values and the marketing mix. Global companies also maintain strategic focus while pursuing competitive advantage. The marketing mix, value chain, competitive advantage, and focus are universal in their applicability, irrespective of whether a company does business only in the home country or has a presence in many markets around the world. However, in a global industry, companies that fail to pursue global opportunities risk being pushed aside by stronger global competitors. A firm’s global marketing strategy (GMS) can enhance its worldwide performance. The GMS addresses several issues. First is nature of the marketing program in terms of the balance between a standardization (extension) approach to the marketing mix and a localization (adaptation) approach that is responsive to country or regional...
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...9 1011 1 2 3 4 5 6 7 8 9 2011 1 2 3 4 5 6 7 8 9 30 1 2 3 4 5 6 7 8 9 40 1 2 3 4 5 6 711 8 The external environment and its effect on strategic marketing planning: a case study for McDonald’s Demetris Vrontis* School of Business, University of Nicosia, 46 Makedonitissas Ave., P.O. Box 24005, 1700 Nicosia, Cyprus Fax: 00357 22 353 722 E-mail: vrontis.d@unic.ac.cy * Corresponding author Pavlos Pavlou Department of Management and MIS, School of Business, University of Nicosia, 46 Makedonitissas Ave., P.O. Box 24005, 1700 Nicosia, Cyprus Fax: 00357 22 353 722 E-mail: pavlou.p@unic.ac.cy Abstract: This case study has been compiled in order to illustrate the effect of the external environment on the international marketing strategy of McDonald’s, the fast food chain. An external environmental analysis is necessary, as effective marketing strategies cannot be developed without firstly analysing the environment in which the company operates. The paper analyses a number of the theoretical approaches to strategic planning to be considered in international marketing. Keywords: adaptation; international; marketing; McDonald’s; standardisation; strategy. Reference to this paper should be made as follows: Vrontis, D. and Pavlou, P. (2008) ‘The external environment and its effect on strategic marketing planning: a case study for McDonald’s’, Journal for International Business and Entrepreneurship Development, Vol. 3, Nos 3/4, pp.289–307. Biographical notes: Demetris Vrontis is the Founder...
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...McDonald’s: Behind The Golden Arches “Since 1955, we’ve been proud to serve the world some of its favourite food. And along the way, we’ve managed not just to live history, but create it: from drive-thru restaurants to Chicken McNuggets to college credits from Hamburger U and much more. It’s been quite the journey, and we promise this is just the beginning-we’ve got our hearts set on making more history” (McDonald’s Corporation, 2011). Almost 60 years have passed since Raymond Kroc envisioned a nationwide fast food chain, which needless to say went on to revolutionise the American restaurant industry and become the world’s number #1 fast food restaurant. Today McDonald’s serves 52 million people a day from one of its 31,000 restaurants dotted around the world (Ritabrata Giiosii, R.G. 2009). The golden arches along with Ronald McDonald and the catch phrase “I’m lovin’ it” have assisted McDonald’s in becoming one of the most globally recognised brands, allowing them to become McDonald’s most valuable intangible assets, but how did they do it? Countless elements threaten McDonald’s reputation; health issues, legal and technological changes, social factors, environmentalists and obviously competitors especially those who offer similar services and products such as KFC. They too have become a national brand recognized all around the world however to understand how McDonalds have achieved such success we must first understand what they do differently and what objectives...
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