Marketing is a procedure of attracting prospective customers and consumers in your products and services. However the crucial word in the above sentence is “procedure ", hence marketing incorporates researching, advertising, selling, and distributing your products or services. Hence we planned to focus on one of the best known brands worldwide, McDonald’s Corporation. The following executive summary presents the key marketing aspects of McDonald’s Corporation and should be read as a complement to the contents of this report.
• Key facts about the firm.
• External environment forces and consumer behaviour.
• The concept of Marketing mix and its various aspects.
• Decision making process and brand image.
• The Product Life cycle and what steps the company is taking to revitalise its existing products.
• The different communication strategies used by the company in advertising its products and the varying styles of television advertising carried out since McDonald’s launch in India.
• The distribution and the supply chain network of the firm in India.
• The SWOT analysis of the firm along with inference and some recommendations.
Marketing is understood by majority of business groups as simply to mean simply to promote, sell and advertise. But this is not entirely true as marketing incorporates all techniques from human behaviour and cultures through research, new product launch, product life cycle, advertising, public relations and finally the sales function. The Chartered Institute of Marketing (CIM) describes marketing as ‘the management method accountable for discovering, anticipating, and satisfying consumer requirement valuably.’
Hence the most significant concept of marketing lies in knowing and understanding your customer. This report aims at investigating how McDonald’s Corporation, a global restaurant has achieved this enormous success in international growth and challenges due to its marketing strategies.
2.0 BACKGROUND AND DISCUSSION
Out of the enormous market of fast food industry, McDonald's Corporation is the globe's fastest growing firm, with more than 20,000 restaurants in 100 countries (Vignali, 2001). In the UK, McDonald's operates a staggering 900 restaurants (www.bbc.co.uk ). Initially it was started as a hot dog stand by Dick and Mac McDonald at California, USA in 1937. The business began in 1955 when Ray Kroc and the McDonald’s brothers opened a restaurant to the north of Chicago. From then on, McDonald's grew rapidly and today is known as an international brand. However, the cuisine menu has been changed to meet the demand and lifestyles of the customers.
India has been a difficult market for any overseas firm to do business considering its diversity and cultural differences. However McDonald’s established its first Indian outlet in Vasant Vihar, New Delhi in October 1996. McDonald's India has a 50-50 joint venture involving McDonald's Corporation, US and 2 Indian business men, Amit Jatia’s (Hard castle Restaurants Private Limited) and Vikram Bakshi (Connaught Plaza Restaurants Private Limited). About major percent of the menu available in McDonald’s in India is Indianized and exclusively designed to attract Indian consumers (Dash, 2005). But the success have not come at ease, the firm had to meet a lot of obstacles and problems in attaining its high standards.
3.0 EXTERNAL MARKETING ENVIRONMENTAL FORCES
McDonald’s faces many external marketing environmental forces, which the firm has to familiarize with and deal accordingly. With respect to environment forces, the firm has to adapt highly fragmented foodstuff marketplace and developing...