MKT 421 Week 2 Individual Assignment Marketing Mix
MKT 421 Week 2 Individual Assignment Marketing Mix fin571
Popular in Department
This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 33 views.
Reviews for MKT 421 Week 2 Individual Assignment Marketing Mix
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 11/11/15
MARKETING MIX Marketing Mix Name MKT421 March 28 2011 Instructor MARKETING MIX 2 Marketing Mix According to Kotler and Keller 2009 as classified by McCarthy the marketingmix is made of four tools which are called the four P s of marketing They are product price place and promotion Through marketing strategies developed within an organization the organization can verify products that will be effective for the organization In addition the research provides information to implement correctly the pricing structure placement and promotional structure which will lead to the success of the new product or products In this paper we will look at the four P s which have led to the success of McDonald s Corporation since its beginnings in 1955 Product In the late 1950s life was simpler McDonald s product line was simple as well hamburgers fries cool fountain drinks and creamy milk shakes The goal was for every location to serve the same products This would represent consistency to ensure that at each location the consumer would receive the same dining experience Not to mention the Golden Arches and Ronald McDonald which gave the consumer an image to remember and look for when wanting an affordable dining experience Over the years life has changed and McDonald s has changed with it Competition has increased and the consumers need and desires have increased McDonald s knew year ago that if they were to continue running a successful operation they must change their ways of the past and reinvent the product line as time goes by However they have never lost sight of getting the consumers in and out quickly conveniently and with the correct order This dictation to product lines and customer service has led the company in its expansions into the global market By MARKETING MIX 3 1967 McDonald s opened operations in Canada and Puerto Rico today they operate in 118 countries McDonald39s Corporation 2011 In the United States products such as the burgers fries and soft drinks have been on the menu since the beginning Breakfast items salads wraps low fat milk and the Chicken McNugget are part of the ever changing product line which is designed to meet the needs of the consumers These needs are addressed again when opening new locations in exotic areas such as China Fiji India Israel Morocco and Singapore Extensive research is conducted with local citizen and potential franchise owners to ensure a smooth transition for everyone Thinking locally and acquiring citizens native to the country owning the new franchises which employees locally and has suppliers locally has allowed this to be possible McDonald39s Corporation 2011 Increased competition from Starbucks lead to the latest product line which is McDonald s McCafe A premium coffee offering lattes cappuccinos and mochas was added to the menu on May 5 2009 In 2010 McCafe offers a variety of fruit smoothies with 2011 bringing the McCafe shake and a new breakfast item fruit and maple oatmeal McDonald39s Corporation 2011 Along with these changes McDonald s has listened to the consumers demands by providing zero transfats in fries FiletOFish and other products Place The United States market is saturated with more than 13000 locations Hotel Mule WiKi nd The locations can be seen on every other comer and includes schools stores and more The idea was to have a location within research for everyone Opportunities still exist globally as new nation s desires to expand into new markets These new opportunities have MARKETING MIX 4 shown to increase the standard of living for those nations while creating a new market for McDonald s Pricing McDonald s pricing in based on product line pricing promotional pricing penetration pricing and value pricing Product line pricing has a pricing strategy which falls exclusively on the many product lines The Value Meals were introduced as part of the product line pricing strategy They offer various choiceswhich come with a sandwich of your choice medium fry and medium drink for a set price You then have the opposition of Super Sizing your drink and fry to a large a small fee Marketing Insights amp More 2009 Promotional pricing takes place on a regular basis at McDonald s The latest promotional items on the menu are the new McCafe shakes and a new breakfast item fruit and maple oatmeal You can see promotional banners located near the build with posters showing the icing cold products or a steaming bowl of oatmeal in the restaurants windows Other promotional offers consist of a variety of items and change on a weekly or monthly basis Penetration pricing for McDonald s is nothing new When they began their partnership with Green Mountain Coffee McDonald s offered the consumer a free small coffee every morning between the hours of four to seven am By offering the free coffee McDonald s could spread the word and promote their new coffee partnership Marketing Insights amp More 2009 In 2009 with the introduction of their new premium coffees offering lattes and cappuccinos they offered free small coffee to spread the word once again According to Marketing Insights amp More 2009 value pricing is the approach used where external factors such as a recession or increased competition force companies to provide value products and service to retain sales McDonald s Pricing Strategies para 4 The MARKETING MIX 5 Dollar Menu was created to deal with economic decline and the increased competition faced by McDonald s This move not only satisfied the consumer but also increased the pressure toward their competitors The Dollar Menu is practical and efficient and the most economical product line ever offered by McDonald s Marketing Insights amp More 2009 Promotion According to Kotler and Keller 2009 the five elements of the promotional strategy are sales promotions advertising sales force public relations and direct marketing McDonald s has effective learned how to achieve all areas of the promotional strategy Sales promotions are introduced to keep the consumer interest which has proven to be beneficial for McDonald s by expanding the corporate wealth With catchy phrases like You deserve a break today and I m Lovin It which stays on the consumers mind to contests such as the Monopoly game which keeps the consumer coming back for a change to win cash prizes or free food Then there is the Happy Meal which features the latest cool toy Advertising and direct marketing is done with ads on the Internet or in the local paper although advertising is also available through TV commercials and billboards Some advertising is done on a large scale which usually includes an actor or actress which is known around the country This gives McDonald s a change to show a uniformed organization that meets the world s consumer needs still other advertising is done to meet different ethical and cultural concerns McDonald s proves nutritional information for its products and provide healthy alternatives as part of the promotional strategy The cashier if the highly trained sale force of the corporation They are trained to hit you with the most powerful words in marketing with every order Simply by asking Would you like fries with that or Could I up size that order for you the cashier increases the average daily MARKETING MIX 6 sales by 30 This is known as upselling by inducing the consumers to spend just a little more than they originally intended to do Newsome 2011 Public relations begin with something as simple as the added feature at some locations the children s playground is this a good experience for the child but the parents appreciate it as well McDonald s has been the official sponsor of the Olympics and other sporting events through the years The Ronald McDonald House is another excellent form of public relations The first home was purchased in 1974 to provide a comfortable place for a family or family member to stay while their child was hospitalized Today there are plans to open the 300th Ronald McDonald House McDonald39s Corporation 2011 Conclusion McDonald s has learned over the years that quality value customer relations and a willingness to change with the consumers needs it the answer to success for their corporation They have learned to diversify with the cultural changes and keep an eye on the completion and listen to the consumer s wants and needs They have created a recipe for success which should sustain them through the years MARKETING MIX 7 References Kotler P amp Keller K L 2009 Marketing Management Retrieved from https ecampusphoenixeducontenteB ookLibraryZcontentTOCaspx assetdataid142dfa2766dd4f7f a3ddedc3b60deOCcampassetmetaid034ed8b1 1014414d8f09 49e2750900da McDonald39s Corporation 2011 Our Company Retrieved from httpWWWaboutmcdonaldscommcdour companymed historyhtml Hotel Mule WiKi nd Hospitality and Tourism Retrieved from httpWWWhotelmulecomhospitality travel WikiWikiMarket20saturation Marketing Insights and More 2009 Retrieved from httpmarkpappalardocomblogp25 Newsome M 2011 Ezine Articles EzineArticlescom Retrieved from httDezinearticlescomUDsellMarketin2StrategiesHowYourLocalMcDonaldsCan TeachYou APowerfulMarketingSecret ampid5 898 l 88 McDonald39s Corporation 2011 Our Company Retrieved from httDWWWaboutmcdonaldscommcdinvestorscorDorate governancehtml
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'