Marketing Mix (i.e.) 7 P’s
A Product is any article, which a manufacturer can sell in open market. A Product has the capacity to satisfy human Wants. This creates Demand and facilitates marketing. The Product Mix includes the following variables:
Product line and Range
The various product line and range are as follow:
• Style, Shape, Design, color, quality and other Physical features of a Product.
• Packaging and labeling of a product.
• Branding and Trademark given to the Product.
• Product Innovation.
• Guarantees and Warranties given to a product.
• Special features of the product.
• Product servicing.
Mc Donald’s Product
• Mc Donald’s Family restaurants serve a range of products aimed at satisfying different palettes.
• Mc Donald’s has always offered tea & coffee on their menu at their restaurants but they have also tied up with Coca - Cola to serve their Georgia Gold brand hot beverages in their restaurants.
• Their core products and focus continues to remain burgers.
• While its happy Meal is immensely popular among kids because of its toys, its meal Combos are equally popular as they are filling and favorite with all age groups.
• Mc Donald’s product is based on five main ingredients:
Chicken, Potatoes & Milk and the main products include Burgers- Chicken-Sandwiches- French fries and beverages. In additional they serve variety of Breakfast items & Desserts.
• Asian Products Adaptation to local tastes
• Burgers with Thai Basil- Thailand
• Teriyaki Burger – Japan
• Rice Dishes – Indonasia
• 1998- Menu development team.
• Consumer feedback & research findings.
• Do not entire;y localose menu,
• Wider Product range,
• More Hot Food.
• Low entry level prices.
At Mc Donald’s continually review and improve their menu offeringfs to make sure that not only they meet their customers’ expectations, but they also exceed them. As a result, they have introduced a series of ongoing value options to suit their customer’s different needs.
Value meals Consists of a burger, fries and a drink and are available in 3 Sizes.
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They also substitutes the drink in their Value Meal with a McShake, Coffea, tea, Hot choclate, Vanilla Coke, Ice Tea Or Cold coffea by paying the diffrence.
A happy Meal consists of a burger + Small Drink + Toy. They also substitute the small drink in the Happy Meal with Small Mc Shake by paying the Difference.
Family Value Meals
All their vegetarian products are 100% vegetarian. Even their Mayonnaise was specially developed for India consumers and hence does not contain any Egg. Additionally, their Soft serves too do not contain any egg and are 100% vegetarian. They take Great efforts to ensure that their vegetarian products are kept distinctly from the Non-Vegetarian products right form their suppliers end till they are served to their customers.
Mc Donald’s is having an image of being a family oriented fun and cheerful restaurant.
Price is one of the most critical element of Marketing mix. It is the evaluation of Product mentioned by the seller on the package of the product. It is the amount at which the seller is willing to sell and the buyer is willing to buy.
The various pricing policies are as follows:
• Discounts and concessions offered.
• Pricing strategy such as Happpy Price menu & Value Pricing. • Objective of pricing
• Development of Low cost Supply chain (Crucial Enabling factor for Price).
The second p is...