This report is being completed for the marketing unit. The purpose of this report is to produce a marketing audit of a company, which will consist of SMART objectives and aims. As well as showing a SWOT and Pest analysis of the company, this will give a good insight of how the company is doing. The audit will show what the company can do to improve themselves. The company that has been chosen for this report is McDonalds, this is because they are one of the most successful brands in the world and the number one fast food restaurant. The research that was carried out for this report mainly came from reading a range of books on Marketing, the Internet was used to research the company.
McDonalds is recognised globally as being one of the most successful fast food restaurants in the world. It was first opened by two brothers in 1940 and since that time it has expanded quickly and now there are over 32,000 restaurants in over 117 countries. Their mission is "be our customers' favorite place and way to eat." Their 5 basics of exceptional customer experience are- people, products, place, price, and promotion (Mcdonalds.com) McDonalds face high competition from other businesses in the fast food industry their main competitors being Burger King, KFC and Wimpy. McDonalds is a premier franchising company and more than 75% of their restaurants are owned and managed by normal people. In the UK there are many stores on the high streets and shopping centre’s as well as in Asda (Wal-Mart) supermarkets.
2. Marketing Audit Findings
The marketing audit for McDonalds will identify some crucial elements that will affect the organisation. Dibb.et al. (2001) describes a marketing audit as a “systematic examination of the marketing group’s objectives, strategies, organization and performance. Its primary purpose is to identify weaknesses in ongoing marketing operations and plan the necessary improvements to correct these weaknesses.”
2.1. SWOT Analysis
The SWOT analysis for McDonalds will identify areas that need improving on and identify opportunities for the company. It will help McDonalds in identifying the company’s strengths, weaknesses, opportunities, and threats. Appendix A will show a SWOT analysis for the company. Wilmshurst and Mackay. (2002) describe a SWOT analysis as “a simple and well-established analytical tool for teams of top managers. It involves considerations of internal and external aspects of the business, the market, the competition and the overall environment. The output should be a series of prioritized strategies that lead to action plans.”
The SWOT analysis shows us that their main strengths are they are a major well known brand all over the world they have an advantage over their competitors and can be seen as having a monopoly power. They are famous for their cheese burgers, golden fries, and thick shakes and many devoted customers may have stuck with McDonalds so therefore they have a strong customer base. Investments in huge sponsorships have increased the awareness of the company brand. In 2002 they took part in sponsorships for the world cup, Olympic Games, pop stars the rivals and many others. They have a very strong brand identity which almost makes them recognised all over the world, this is their famous brand golden arches which makes the ‘M’. Despite the increases in pressure from competitors, the McDonalds brand is constantly growing and few others can match it for the power and ubiquity embodied in its familiar Golden Arches. (BRANDREPUBLIC, 2002). The organisation knows how to satisfy their customers this is with excellent pricing strategies, kind and friendly staff and speedily quick service. Another one of their strengths is advertising, McDonalds are always constantly advertising and marketing and this has been one of the factors of their success. Over the years they have had many advertising campaigns and slogans. “Some products are easier to...