Sample on MARKETING PRINCIPLES
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TABLE OF CONTENTS INTRODUCTION..........................................................................................................................3 TASK 1...........................................................................................................................................3 1.1 Elements of the marketing process...................................................................... 3 1.2 Benefits and cost of market orientation .............................................................4 TASK 2...........................................................................................................................................4 2.1 Macro and micro environment factors affecting marketing decisions.....4 2.2 Market segmentation criteria used for different products in different market .....................................................................................................................................6 2.3 Targeting strategies for the firm’s.........................................................................6 2.4 Way in which buyer behavior affect marketing activities............................ 7 2.5 Positioning of new product ...................................................................................... 7 TASK 3...........................................................................................................................................8 3.1 Development of product to sustain competitive advantage ...................... 8 3.2 Way in which distribution is arranged to provide customer convenience .................................................................................................................................................... 8 3.3 Ways in which price is determined to reflect an organization objectives9 3.4 Promotion activities of Mc Donald ......................................................................10 3.5 Additional elements of the extended marketing mix.................................. 10 TASK 4........................................................................................................................................ 11 4.1 Marketing mix for different customer segments........................................... 11 4.2 Difference in marketing of product to the consumers and
business
firms........................................................................................................................................12 4.3 Reason due to which domestic and international marketing are different for Mc Donald................................................................................................... 12 CONCLUSION............................................................................................................................13 REFERENCES............................................................................................................................ 14
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INTRODUCTION Mc Donald is world leading restaurant chain with presence in several nations across the globe. This report is prepared on marketing principles under which marketing concepts are covered and their practical applications are also explained in context of Mc Donald. In starting in the report marketing process is explained and benefits as well as costs are also explained in detail. After that environment analysis is done and concepts of market segmentation, targeting and positioning are also discussed in detail in the report. Marketing mix is widely used in marketing practice and due to this reason same for different customer's segment is given in the report. At the end of the report, difference between consumer and business firm marketing is discussed. Along with this, difference between international and domestic marketing is also explained in detail.
TASK 1 1.1 Elements of the marketing process Under marketing process, the strategy is formulated for the firm by doing situation analysis. Following is the marketing process. Marketing environment- It is the first stage in the marketing process and under this the business environment is analyzed in context of marketing as a discipline of the management. On the basis of analysis of business environment managers gets lots of information about the competitors and other components of the external business environment that directly or indirectly affects firm’s marketing efforts. Thus, on the basis of this information McDonald’s Mc Donald formulate a business strategy for its business. Marketing strategy- On the basis of information which is collected from the analysis of business environment marketing strategy is formulated by the firms. Mc Donald in order to give stiff competition to Global Assignment Help Australia provides assignment help from professional Aussie writers .
its competitors does appropriate market segmentation for its product (Hollensen, 2015). After doing market segmentation, it selects its target customers from which it can maximize its sales. In the last stage, Mc Donald positions its product on the basis of its USP or unique selling proposition. In this way, entire marketing strategy is prepared by using information that is collected in the first stage of marketing process. Evaluation
and
control-
This
is
final
stage
in
which
Mc
DonaldDonald’s top managers evaluate company’s performance and identify deviation in their performance (Wilson. and Gilligan, 2012). If they feel that tactics are not implemented properly then they take necessary actions to make sure that tactics will be implemented properly. Strength Good
Weakness advertisement
of
the
products.
Less
advertisement
of
the
product.
Well established brand name. Pleasant
environment
in
restaurant. Offer products
at affordable
price. Opportunity
Threat
Scope for growth of business in
Influence
of
Chinese
developing nations like India.
restaurants is increasing across the globe. Threat from local restaurants in different nations.
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1.2 Benefits and cost of market orientation Marketing orientation is simply a concept under which the company provides quality of goods and services to its target customer in order to satisfy their needs and to increase their customer base. Following are the cost and benefits of market orientation.
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help@globalassignmenthelp.com.au Increase customer's base- Mc Donald is providing quality food with delicious taste to those who visit its restaurant. By doing this it helps in increasing the customer base. Since inception the firm is focusing on preparing excellent quality food. Due to this reason it quickly creates its good image among the people and manages to expand its restaurant chain globally. Market research benefits- By conducting market research, the company gets lot of information from the people regarding their purchase pattern and buying behavior (Moutinho, 2011). With the passage of time trends in these factors also get changed. Thus, people needs, wants and demands also get changed. Hence, it is necessary to bring innovative change in the product on time in order to make sure Global Assignment Help Australia provides assignment help from professional Aussie writers .
that firm will be able to retain its customers. The organization time to time conducts such kind of research and innovate their product portfolio. Hence, in this way marketing orientation concept benefits the organization. Service and customer care- In today era, merely serving a product is not sufficient it is necessary to provide excellent service to its customer. Mc Donald is taking care of this factor and it not only serves good quality food to the people but also provide excellent service to them in order to satisfy their needs (Beverland and Lindgreen, 2010). This is the reason due to which Mc Donald is today’s one of the successful business in the world. Types of market orientation Product orientation- Under this orientation company assumes that product can be sold on the basis of product strength and its specialty. They think that it is product features that will motivate customer have to buy a product. Hence, it can be said that this marketing orientation has a practical applicability. Production orientation – In this orientation firm believe in producing a product in large quantity. They believe that marketing does not so much influence people purchase decisions. Hence, it can be said that this orientation does not have any practical application. Sales orientation- In this orientation companies assume that product must be sold by hook and crook. Means whole focus is given methods by using which customer can be persuaded to purchase a product. Due to unique way of selling proposed by this orientation companies are widely using same. Marketing orientation- Marketing orientation believes that product must be sold by satisfying needs of the customer's. Means that product Global Assignment Help Australia provides assignment help from professional Aussie writers .
must be advertised on the basis of features that can be used for marketing
of
a
product
in
proper
manner.
Due
to
increased
competition this kind orientation is widely used by the firms. Societal orientation- Under this orientation product is prepared in such a way that lead to welfare of general public. This orientation is directly related to public and due to this reason it is widely used by the business firms.
TASK 2 2.1 Macro and micro environment factors affecting marketing decisions Following are the micro and macro environment factors that affect marketing decisions of the firms. Micro environment Competitors- These are those entities which are giving competition to the Mc Donald in marketing practices. Normally, before preparing a market strategy firm analysis their competitor’s marketing strategy in order to remain one step ahead of them. On the basis of evaluation of the competitor’s marketing tactics Mc Donald formulate its marketing strategy in order to give stiff competition to its competitor. Customer's- These are those entities that play a key role in revenue generation for Mc Donald. Today, customers are not loyal towards any company product and they consume other company product also. Hence, Mc Donald needs to take some steps in order to make sure that it will be able to develop loyal customer base. Suppliers- Mc Donald is importing many types of edible items from different
nations.
It
does
this
through
suppliers.
Many
times
relationships with the suppliers get bitter and this affects firm’s performance. Hence, Mc Donald needs to increase its suppliers in order
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to make sure that its import does not get hamper due to bitterness in relationship with few suppliers. Employees- These are those who working in the Mc Donald premises. It is their performance due to which people like to visit Mc Donald restaurant. Hence, mentioned firm needs to make sure that employees of the firm will further give a better performance.
PESTEL or Environment analysis Economic environment- It refers to the country economic conditions which directly affect business of the firms. This impact may be positive or negative on the firm in terms of revenue earning (Sheth and Sisodia, 2015). Mc Donald prepares its advertisement budget by evaluating current profit and future economic environment. Hence, it can be said that
economic
environment
indirectly
affects
firm’s
marketing
decisions. Social environment- Social environment refers to people culture, belief, customs and attitude. These factors affects people preference related to the product. Mc Donald understand this thing and it country wise as per people taste bring changes in its product taste and food preparation process. Firm advertise these things in order to show that its product is matching with the specific nation culture. Hence, it can be said that social environment affects firm’s marketing decisions. Political environment- Political environment refers to the political parties and their ideologies. Sometimes, the company advertises its product in such a way that is against any nation culture. In such a condition, political parties create an issue on advertisement in a nation. Global Assignment Help Australia provides assignment help from professional Aussie writers .
Hence, it can be said that political environment affects marketing decision of the firm. Legal environment- It refers to the rules and regulations that govern advertisement given by the firm (Leonidou and Leonidou, 2011). Mc Donald is operating in several nations of the world and is following all the rules and regulations in order to make sure that none of the regulatory authority gets an opportunity to file a case against it. In this way legal environment affects marketing decisions of the firm.
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help@globalassignmenthelp.com.au Technological
environment-
In marketing of a product, new
technology is used so that advertisement can be made attractive. Mc Donald understands this thing and makes an advertisement in such a way that it is eye catching in nature. So, technology environment also affects firm’s marketing decisions. 2.2 Market segmentation criteria used for different products in different market Market segmentation refers to the way in which entire market is divided into several parts on the basis of some specific parameters. These parameters are as follows. Global Assignment Help Australia provides assignment help from professional Aussie writers .
Geographic segmentation- It refers to management practice under which entire geographic area is divided into several parts. From these areas target customers are selected by the firm and the product is positioned by keeping in mind profile of target customers (Lusch and Webster, 2011). Due to its wide application, this technique is widely used by the business firm in their business practice. Demographic
segmentation-
In
this
segmentation
technique,
market is divided on the basis of demographic factors like income, education and religion etc. Companies according to their product features and price select best target customers for their business on the basis of these demographic factors. Physiographic segmentation- In this, market is divided on the basis of traits, beliefs and people attitude. Mc Donald is following this segmentation technique for sale of its burgers and other products because culture to culture food preference of people gets changed (Mudie and Pirrie, 2012). Hence, it is necessary to serve different products from one country to other country across the globe. Mc Donald understands this thing and it is the reason due to which its product is gaining high preference among all nations of the world. Behavioral segmentation- It is a segmentation that divide market in to groups on the basis of people knowledge, attitude and their response towards product. On the basis of this segmentation technique target customer's can be identified in proper manner. Due to this reason this segmentation method is widely used by the firms. 2.3 Targeting strategies for the firms Following are the targeting strategies that normally firms adopt in their business practice. Global Assignment Help Australia provides assignment help from professional Aussie writers .
Undifferentiated targeting strategy- Under this targeting strategy, the organization does not serve its product in single market and to specific customer. By following this tactics firm tries to reach to large number of customers in the specific geographic area (Cronin et.al, 2011). Due to its wide applicability, this technique is widely used by the FMCG companies. Concentrated targeting strategy – This technique is unique in nature and under this strategy specific kind of customers is targeted by the firm for their products. This strategy is used by the companies whose products are highly priced or are associated with the lifestyle. Multi segment strategy – In this strategy, firm select multiple types of people as its target customers and serve products according to their needs and wants. This strategy is used by Mc Donald because it is selling wide range of products at different price level in order to serve people with different income levels (Chan, He and Wang, 2012. By following this tactic firm is serving burgers at different price range to the different people. This is the tactics due to which Mc Donald gets huge success in the relevant industry.
2.4 Way in which buyer behavior affect marketing activities Buyer behavior refers to the people purchasing pattern and their factors as well as influence of others on their purchasing decisions. All these things collectively affect buying behavior of an individual. In order to advertise product firm needs to prepare its product marketing appeal statement and role play of different characters in advertisement. Firm prepare mentioned statement and role play by doping thorough research on the people buyer behavior. By doing research firm comes to know about the factors that are influencing people buyer behavior mostly (Foxall, 2014). On the basis of inputs from the buyer behavior and firm product unique selling Global Assignment Help Australia provides assignment help from professional Aussie writers .
proposition
marketing
manager
determine
an
advertisement
appeal
statement that compel target customer to purchase firm product. After that firm identify entities that are playing active role in person buying decisions. These entities may be opinion leaders and reference group etc. On the basis of details of the consumer behavior in this regard characters that need to be included in an advertisement are determined (Desbordes, 2012). Mc Donald managers can prepare advertisement appeal in relation to burger on the basis of factors that are mostly stimulating demand for the company mentioned products. In advertisement it will show a group of friends that are coming in its restaurant for taking eating a burger at its restaurant. In this way buyer behavior will be linked to the company marketing activities. There are many forces like opinion leaders and reference group that influence buyer behavior. Opinion leader are those who are experts in the relevant field and whose statements are listened by the other carefully. If firm use these opinion leaders in their advertisement then people start believing on the advertisement and product sale get increased. On other hand, there are reference group which refers to the friends and relatives etc that influence people buying decisions. For different product different reference group components influence people buying decisions. Thus, companies by using this reference group advertise its product and persuade customer's to buy company product. Hence, it can be said that people buyer behavior affects marketing activities of the company. 2.5 Positioning of new product Positioning of product means creating an image of the product among the target customer's. By creating image of the product firm try to differentiate its product from the other products. Following are the ways that are used for positioning a product.
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Technology- Technology acts as strength of a product and if firm is using advanced technology then it is treated as core strength of the product. Companies like Sony are using this method of positioning for advertising its product (Product positioning. 2015). Quality- This is another factor which is used by the firms in order to differentiate their product from the competitor product. MC Donald is using this technique and it advertises its burgers on the basis of quality and taste. This is also major USP of the company product. Hence, it can be said that firm is successfully using this positioning technique. Service- Service is another factor that is used for positioning a product. It is company service quality that creates its good image among the customer's (Grรถnroos, 2011). Therefore, today most of the firms are giving due importance to their service quality and using this as USP for positioning of the product.
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Illustration 1: Product positioning model As per this model product must be positioned on the basis of product attributes, price specialty, unique advertising and good distribution model. Apart from this, this model state that after segmentation and targeting of customer's product positioning must be done on the proper manner. Thus, it can be said that this model helps business firms in taking their position related marketing decisions.
TASK 3 3.1 Development of product to sustain competitive advantage In order to sustain competitive advantage it is necessary to bring changes in the product. Fir this long process is followed by the firm. In order to sustain competitive advantage companies cannot stand at single point. Global Assignment Help Australia provides assignment help from professional Aussie writers .
They need to focus product development so that they always remain ahead of competitors. In this regard MC Donald first conduct a market research and under this it collect lots of information about the people needs, wants and changes that they want to see in the product. On that basis firm carry out research and development activity. After thorough research new product is developed by the firm (Michaelidou, Siamagka and Christodoulides, 2011). In final stage company makes an attempt to identify whether its product will be successful in the market. In this regard, firm conduct a pilot testing and on the basis of results of same it takes decision about the launch of the new product.
By following this entire process firm sustains competitive
advantage over competitors. Idea generation- This is the first stage in product development under which business idea is generated. Business ideas can be taken from friends, relatives and employees. After selection of idea same is screened in proper manner. Idea screening- In the second stage all generated ideas are discussed among specific group of people. In this stage business ideas are developed from various sides and best idea is selected for starting a business. Concept development and testing- In this stage idea is tested by the managers in order to identify viability of the business idea on which they wants to start a business. Business analysis- If business idea seems viable then analysis of business is done and requirements for starting a business are determined. Hence, it can be said that this step play a decisive role in commencement of new business.
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Product development- After business analysis relevant product is developed by the business managers in specific quantity. But before launching a product its success is tested by the managers. Test marketing- In this stage test marketing of product is done and sample of product is given to some of the people in order to make find out the probability of success and failure of the product in the market. Commercialization-
After
product
successful
test
marketing
commercialization is done and under this stage way in which marketing will be done is decided. In other words, promotion method that will be used for the product marketing is determined in this stage. Launch- This is the final stage in which product is launched in the market by organizing a program. Through such kind of program people will come to know about the product. Hence, this is final stage of the product development. 3.2 Way in which distribution is arranged to provide customer convenience There are many ways in which product is distributed among the customers by the business firms. These distribution models are as follows. Direct distribution channel- Under this distribution channel firm directly sale its product to the customers through its own shops. Means that in this model there are no intermediaries like wholesalers and retailers in this kind of distribution channel. The main benefit that firms get from this kind of channel is that it easily conducts its market research program at ground level. In case of wholesalers and retailers it has been seen that they failed to get filled questionnaire results in proper manner (Shaw and et.al, 2012). Due to lots of errors research produces false results and entire efforts become waste. Due to this reason direct channel of distribution is preferred by most of the firms. Indirect channel of distribution- In this kind of channel of distribution there are intermediaries like wholesalers and retailers. Global Assignment Help Australia provides assignment help from professional Aussie writers .
Firm sale its product through these intermediaries. Most of the firms
Illustration 2: Distribution channel follow this channel of distribution in order to sale their product. Franchisee model- This is unique business model and under this firm keeps ownership of shop with itself but it is operated by the other person (Wiedmann and et.al, 2011). The main benefit of this model is that firm name comes in highlight among general public and quickly product get popular among people. MC Donald is using this model for distributing its product and it is big reason behind its success. 3.3 Ways in which price is determined to reflect an organization objectives There are many methods on the basis of which product are priced by the firms. Some of them are as follows. Price skimming- In this strategy product is priced at high price. In other words, it can be said that product is priced at premium price by Global Assignment Help Australia provides assignment help from professional Aussie writers .
the firms. This strategy is used by those firms whose product is very popular and has an edge over competitor in terms of technology and features (Hair, Ringle. and Sarstedt, 2011). Companies like Sony are using this pricing strategy in order to sale its product.
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help@globalassignmenthelp.com.au Price penetration strategy- This is just opposite of the above given strategy. In this tactics product is priced at a very low price in order to capture a market. This method of pricing is used by the firms when they newly enter in to market with new product. This method is quite popular among the firms. Mc Donald is also following this strategy and under same it is making available its product at affordable price to the people (Berndt, Altobelli, and Sander, 2010). By following this strategy firm develop huge customer base and same to large extent contribute to firm success. Psychological pricing- People buying decisions in terms of price are directly linked to their psychology. Hence, firms price product at a rate like 199 etc. this put impact on people buying if product is priced at
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199 then they assume that product is in range of 200. Hence, their resistance level regarding purchase of product reduced to large extent. Economy pricing- In economy pricing very low price is determined for the products relative to retail firms. This pricing strategy is most often used by the retail firms like Tesco etc in order to increase customer base. With passage of time this pricing strategy is also used by other firms. Premium pricing- In this pricing strategy a very high price is set for the product. This is done in order to create a good image for the product. Same strategy is used by the firm like Sony in order to create its distinct image among the general public.
Optional product pricing- In this pricing base price of the service is determined and customer has an option to take extra service. For taking an extra service extra price is charged on the customers. This pricing strategy is followed in the service sector. Promotional pricing- This is commonly used method of marketing under which attractive offers are given to the customer's. On the basis of such offers product sales is increased by the firm in the market. 3.4 Promotion activities of Mc Donald Mc Donald is promoting its product in following ways. Television- The main objective of the Mc Donald is to show that it provides variety of food products which are delicious in nature (Henneberg, NaudĂŠ and Mouzas, 2010). In this regard it gives advertisement on television on various nations of the world. In its advertisement image of its products is shown in proper manner in order to attract target customers.
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Social media- Mc Donald is also using social media in order to advertise its product. On Facebook it uploads its product images in order to attract people and to promote word of mouth marketing of its product. In this way firm is effectively using social media for product advertisement. Sports sponsorship- Mc Donald is taking sports sponsorship in order to advertise its product large events like Olympic Games and world cup are sponsored by the mentioned firm. In same also company communicate message about its product quality and delicious taste (Ling-Yee, 2011). Hence, it can be said that promotion activity of the firm is integrated in nature because it is providing information about its
product quality and delicious taste to the target customers through all channel of communication. Advertisement – Under this product is advertised on television and other channel of communication in order to sale company product. TV has a wide coverage and as a result large number of people gets information about the company product. Hence, it can be said that it is effective tool of marketing. Personal selling – It refers to the sales force that is used to sale the company product. By using personal selling technique firm increase its presence in the wide geographic area. Hence, large number of people comes to know about the company product. Direct marketing- It refers to selling of product directly to the customer's by using mobile, emails and website. In this there are no wholesalers and retailers. This helps firm in selling its product at cheaper price.
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Publicity- It reflects a campaign that is organized in order to popularize a company product among general public. Eg of publicity are CSR activities. Public relationship- Public relationship refers to the maintaining a relationship with public by providing support to them. Under this firms time to time contact their customers and get information about their product performance. If their product is not performing well then they give service to the relevant customer immediately. Sales promotion- All other techniques of marketing that does not come under above mentioned categories comes under this sales promotion. Firms often use sales promotion methods in order to enhance sale of the product in recession time period.
3.5 Additional elements of the extended marketing mix Additional elements of the extended marketing mix are as follows. People- These are those who are the major source of income for the firm. This element of the extended marketing mix state that companies must made available product as per people requirements. Mc Donald is following this strategy very strictly and it lay down specific parameters that make sure that its food products are prepared by complying with regulatory authority and culture standards (Weinstein and Pohlman, 2015). Hence, it can be said that firm is going on perfect direction. Process- Process refers to the way in which product is delivered to the target customer's. In Mc Donald this process start from placing an order by the customer's at restaurant and ends with supply of the product to the customer who places an order. Between this time periods a process is followed. Mc Donald simplifies this process and reduced service delivery time. Hence, people do not need to wait for long time to get order product at restaurant. Today, every organization Global Assignment Help Australia provides assignment help from professional Aussie writers .
is focusing on improving its service delivery mechanism because it is process through which product finally comes in hands of customer. If this process will be efficient in nature then customers will experience well at the workplace and their retention rate for an organization will also increase. Physical evidence- It refers to the surrounding infrastructure at a place where service is delivered to the customer's. In banks at place where service is given to the people there are good furniture's, ceiling fans and computers etc (Vargo and Lusch, 2011). People feel pleasure by viewing such things. Mc Donald is following such concept and it is keeps attractive furniture's and utensils on table in order to feel customer well at the restaurant.
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TASK 4 4.1 Marketing mix for different customer segments Demographic factor refer to the people income level and relevant attributes related to them. Below on the basis of two income level marketing mix is prepared. Global Assignment Help Australia provides assignment help from professional Aussie writers .
Marketing mix for high income people. Product Products
Price that
are
costly
will
be Price of the product will be kept high
served to the customer falling in this for the products that are targeted to segment.
high income people.
Promotion
Place
For promoting product social media For distributing a product franchise and television will be used by the model will be followed continuously firm (Sharma and et.al, 2010).
and online sale will also be used for sale a product.
Marketing mix for low income people is as follows. Product
Price
Product that is cheaper will be served Price of the product will be low in to the low income people.
order to make sure that product is affordable to low income people.
Promotion
Place
In order to promote a product again In
order
to
distribute
a
product
social media and television will be franchisee model and online sale used by Mc Donald.
method will be used by the firm (Morgan, 2012).
4.2 Difference in marketing of product to the consumers and business firms There is a large difference in marketing of product to the consumers and business firms. Business firms before making a purchase of the product Global Assignment Help Australia provides assignment help from professional Aussie writers .
collect entire information about same. Besides this, they also determine standards that they will follow in order to sale product. They strictly remain stick with these standards and due to this reason it is very difficult to persuade them as a customer for the business firms (Piekkari, Plakoyiannaki and Welch, 2010). On the other hand, there are retail customers who also collect lots of information about the product. On that basis they take purchase decisions. They also determine the standards that they will follow while purchasing a product. But they do not remain stuck with the determined parameters. Hence, it is very easy to persuade them for purchasing a product. The other difference that is seen in case of both customers’ is that business firms first see loss factor in purchasing a product due to business mind. But retail customer focus on the profit that they can earn on investment (Naidoo, 2010). Due to this reason their resistance level is low and it become easy to persuade them to make purchase of the product. There is a large difference between marketing of product and services. In case of products there are features and on the basis of same it is easy to do marketing of same.
By showing practical applicability of the
product customer can be persuade to purchase the product. But in case of services especially financial service it is very difficult to convince customer's to buy a product. However, service to service people resistance level also gets changed. In case of fast food it is no so difficult to do marketing of a product. This is because people already know something about the product. Hence, it can be said that there is a difference in marketing of product and
services and from service to service also marketing efforts keeps on changing continuously.
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4.3 Reason due to which domestic and international marketing are different for Mc Donald Domestic and international marketing both are different from each other. This is because people spending pattern preference, buying and culture vary from one country to another country. Hence whatever marketing strategy get success in one nation may not necessarily be get success in another nation. Mc Donald in famous product is burger and its bringing variance in its budget that it serves across the nations in which it is operating its business (Barile and et.al, 2012). This is because people of USA and Europe prefer to eat non veg burger. But Indian prefers veg burger. Hence, product served in USA cannot be served in Indian market. Hence, marketing efforts that are made in USA cannot be made in Indian market. Consumer behavior of the people also changes from nation to nation in terms of influencing factors (Cova and White, 2010). Product advertisement is formed by considering these influencing factors. Hence, again it can be said the advertisement style that is followed for USA market cannot be used in Indian market.
International marketing
Domestic marketing
Definition- International marketing Definition-
Domestic
marketing
refers to the marketing efforts that refers to the marketing techniques are made in the foreign market. Consumer
behavior-
that are applied on the homeland.
Consumer Consumer
behavior of the people in each and behavior
behaviorof
the
Consumer
people
mostly
every country is different. Hence, remains same in the home land. single strategy cannot be used for Hence, single strategy can be used marketing of the company product.
for
marketing
of
the
company
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Priority
factor-
In
international product.
market different nation people gives Priority factor- In domestic market priority to different features in a people gives a priority to single product while purchasing a product. product in making their purchase Hence, used
same for
product.
strategy
marketing
of
cannot
be decisions.
Thus,
same
marketing
company strategy can be followed in a specific nation.
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CONCLUSION On the basis of report, it is concluded that marketing is very important part of management and it is necessary to perform marketing efforts in proper manner. It is also concluded that firms must do market segmentation in proper manner. Along with this they must also focus on their targeting and positioning strategy in proper manner. Marketing mix is also an integral part of marketing and firms must carefully prepare their marketing mix strategies. It is model of marketing by using which four strategies are prepared. Hence, these tactics must be interlinked to each other in order to make sure that these tactics will give support to each other and will help in achieving organization objectives.
REFERENCES ● Barile, S., et.al., 2012. An introduction to the viable systems approach and
its
contribution
to
marketing.
Journal
of
Business
Market
Management. ● Berndt, R., Altobelli, C.F. and Sander, M., 2010. Internationales MarketingManagement. Springer-Verlag. ● Beverland, M. and Lindgreen, A., 2010. What makes a good case study? A positivist review of qualitative case research published in Industrial Marketing Management, 1971–2006. Industrial Marketing Management. ● Chan, H.K., He, H. and Wang, W.Y., 2012. Green marketing and its impact on supply chain management in industrial markets. Industrial Marketing Management. ● Cova, B. and White, T., 2010. Counter-brand and alter-brand communities: the impact of Web 2.0 on tribal marketing approaches. Journal of Marketing Management.
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