McDonalds is one of the biggest fast food companies in the market share today. It has been running in over 119 countries, as well as they have acquired over 31,000 restaurants in the world now. McDonald’s brand mission is to be customers’ favourite place and way to eat, they are aligned around a global strategy called the ‘Plan to Win’, they also committed to continuously improving their operations and enhancing their customers’ experience. As we all know that McDonald’s had successfully achieved their goal through out the years. (aboutmcdonald’s, 2012) Apart from this, as McDonald’s is a worldwide company, they also had the social responsibility to return the community; therefore, the ‘Ronald McDonald House Charities’ was established to build up their social image. Unfortunately, the market share is not only for McDonalds because there are still a lot other competitors in the market, like KFC and Burger King. So, McDonalds need a good marketing strategy to conquer other enemies and retain their position because the competition in the market is hypercompetitive. As all we know, the successful marketing strategy for McDonalds is based on their innovative and creative promotion and great marketing research in order to keep consumer’s loyalty. Eventually, this project will examine the success through three main sessions, which are marketing research, the marketing mix and the competitor strategies.
Every marketing strategy starts with the marketing research. In the fast food market, McDonald’s confronts competition form other businesses, in order to maintain the market share, McDonald’s needs to identify the needs and wants of customers, and creating the right marketing mix in order to keep customers’ loyalty so as to build up a long term relationship with their customers. Marketing research helps identifying the change of customers’ wills and anticipates how the changes will affect the sales figure.
Market researches done by McDonald’s consider everything that affect buying decisions. (The times 100, 2012) The buying decisions could be affected by a wide range of factors, including psychological factors, like ‘what image does the product give’ or ‘how the consumer feels when purchasing’. Next, the economy changes could also affect the buying decisions, for example, the rising living standards. According to Salvam (2009), McDonald’s used both qualitative and quantitative data are developed in the research activities. After McDonald’s had collect the data, they will identify how appropriate the company’s products are for the future; the quality of employees and how well trained they are to offer the best services to customer and the financial resources that available for marketing etc.
The number of customers in the market is limited; it is essential to retain people once they have become customers to build long-term and successful business. The marketing research helps McDonald’s to indentify the types of customers and determine the type of products and services offered, price range, promotion strategies and even where the restaurants located. The ‘Happy Meal’ is one of the famous product line McDonald’s had produced, which targeted to young customers, the Happy Meal is served with food and a toy, McDonald’s ally with Hollywood studios such as Walt Disney, consequently, the Happy meal had become one of the most successful children’s cultural icons on the globe (Hong, 2009) and brings about a huge income to McDonald’s every single year. Apart from this, to respond the global criticism and the negative effect of the documentary ‘Super Size Me’ on McDonald’s are selling junk food, McDonald’s had introduce the more healthy food, such as salad and fruits to their menu, so as to associate their brand image with healthier food. This is one of the examples that shows how McDonald’s consider the social factor. These are all the examples...
Please join StudyMode to read the full document