RESEARCH PAPER
THE MARKETING STRATEGY OF MCDONALD’S CORPORATION
INTRODUCTION
A good marketing strategy is very important when one is starting a business. A good marketing strategy helps an organization establish its brand or image, which is the most important thing in attracting more customers. In particular, it helps to identify an organization’s target markets and to determine the most efficient ways of reaching potential customers such as setting the right prices for products and services. It also provides a business with focus and direction by identifying the best opportunities and protecting against threats in order to set future goals and to be profitable. Furthermore, it identifies the tools that the company can effectively use …show more content…
Strengths and weaknesses are internal elements such as reputation and policies of an organization, while opportunities and threats are its external elements such as competitors and price. Nowadays, there are more and more business owners using SWOT analysis to help move their businesses forward by taking advantage of their strengths, improving weaknesses, capturing opportunities, and preventing threats. Business owners not only perform a SWOT analysis for their companies, but also use it to analyze their competitors’ businesses because they believe that looking at their competitors’ SWOT analysis will help them rise above their …show more content…
The Marketing Mix of McDonald’s Corporation Beside SWOT analysis, marketing mix is also an important tool. According to Leigh Richards, “The marketing mix is a critical component in the development of marketing plans and strategy. The marketing mix encompasses all of the elements that impact an organization’s ability to successfully take its products and services to market – product, price, place, promotion.” McDonald has used the marketing mix to reach its target customers globally. Product is the most crucial element of the marketing mix. If a company can build the product that satisfies its customers’ needs, that company is more likely to be successful in that market. Understanding the changes in customers’ requirements, McDonalds has provided a variety of options and introduced new products periodically. Its primary products include burgers, fries, chicken, sandwiches, snacks, sides, desserts, shakes, salads, and drinks. Moreover, depending on each country, McDonalds designs a special menu to suit each country’s consumer preferences. For instance, most consumers in India are vegetarian, so India McDonaldss has provided a wide range of vegetarian products. By doing this, McDonalds can maintain or further their position in the fast food
THE MARKETING STRATEGY OF MCDONALD’S CORPORATION
INTRODUCTION
A good marketing strategy is very important when one is starting a business. A good marketing strategy helps an organization establish its brand or image, which is the most important thing in attracting more customers. In particular, it helps to identify an organization’s target markets and to determine the most efficient ways of reaching potential customers such as setting the right prices for products and services. It also provides a business with focus and direction by identifying the best opportunities and protecting against threats in order to set future goals and to be profitable. Furthermore, it identifies the tools that the company can effectively use …show more content…
Strengths and weaknesses are internal elements such as reputation and policies of an organization, while opportunities and threats are its external elements such as competitors and price. Nowadays, there are more and more business owners using SWOT analysis to help move their businesses forward by taking advantage of their strengths, improving weaknesses, capturing opportunities, and preventing threats. Business owners not only perform a SWOT analysis for their companies, but also use it to analyze their competitors’ businesses because they believe that looking at their competitors’ SWOT analysis will help them rise above their …show more content…
The Marketing Mix of McDonald’s Corporation Beside SWOT analysis, marketing mix is also an important tool. According to Leigh Richards, “The marketing mix is a critical component in the development of marketing plans and strategy. The marketing mix encompasses all of the elements that impact an organization’s ability to successfully take its products and services to market – product, price, place, promotion.” McDonald has used the marketing mix to reach its target customers globally. Product is the most crucial element of the marketing mix. If a company can build the product that satisfies its customers’ needs, that company is more likely to be successful in that market. Understanding the changes in customers’ requirements, McDonalds has provided a variety of options and introduced new products periodically. Its primary products include burgers, fries, chicken, sandwiches, snacks, sides, desserts, shakes, salads, and drinks. Moreover, depending on each country, McDonalds designs a special menu to suit each country’s consumer preferences. For instance, most consumers in India are vegetarian, so India McDonaldss has provided a wide range of vegetarian products. By doing this, McDonalds can maintain or further their position in the fast food