Mcdonald's Corporation Marketing Mix
McDonald’s Corporation Marketing Mix
Similar to a fine recipe and its ingredients, a marketing mix recipe includes four ingredients, product, price, place, and promotion (4 P 's), (Kotler and Keller, 2006). Marketing strategies are developed through a process of thorough research, which will provide the vehicle for determining the correct product/service, appropriate pricing structures, with effective placement and promotion for establishing the proper position in the marketplace for achieving optimal return on investment (ROI). The recipe for success has served McDonald’s restaurants well since its inception, 1955, as a lone hamburger stand in Des Plaines, Illinois; further, founder
Ray Kroc created McDonald’s Corporation, with the specific purpose for expanding the business by franchising; McDonald’s represents one of the most valuable brand names in the world
(Rowley, 2004).
Each new global franchise featured standardized brand product values in concert with diverse cultural fare, owned, manned, and supplied by local communities. Acting or expanding globally while thinking locally is the broad marketing strategy that has allowed McDonald’s to retain its competitive advantage as the world’s largest fast-food retailer. In a statement from
1958, which still headlines the corporate governance page Ray Kroc advanced “The basis for our entire business is that we are ethical, truthful and dependable” (McDonald’s.com, 2009, ¶ 1).
How has this strategy affected market mix attributes, the way that they were implemented, and transformed for ensuring the long-lasting success of this giant?
Product
Life in the 1950s was simpler than today—no personal computers, no internet, no cell phones, no jet airplanes, no health or wellness consciousness—that lended itself nicely to the
early success of McDonalds’ simple product line of burgers, fries, and thick ice creamy milk shakes. McDonald’s provided a value-based choice for convenience dining, as
Similar to a fine recipe and its ingredients, a marketing mix recipe includes four ingredients, product, price, place, and promotion (4 P 's), (Kotler and Keller, 2006). Marketing strategies are developed through a process of thorough research, which will provide the vehicle for determining the correct product/service, appropriate pricing structures, with effective placement and promotion for establishing the proper position in the marketplace for achieving optimal return on investment (ROI). The recipe for success has served McDonald’s restaurants well since its inception, 1955, as a lone hamburger stand in Des Plaines, Illinois; further, founder
Ray Kroc created McDonald’s Corporation, with the specific purpose for expanding the business by franchising; McDonald’s represents one of the most valuable brand names in the world
(Rowley, 2004).
Each new global franchise featured standardized brand product values in concert with diverse cultural fare, owned, manned, and supplied by local communities. Acting or expanding globally while thinking locally is the broad marketing strategy that has allowed McDonald’s to retain its competitive advantage as the world’s largest fast-food retailer. In a statement from
1958, which still headlines the corporate governance page Ray Kroc advanced “The basis for our entire business is that we are ethical, truthful and dependable” (McDonald’s.com, 2009, ¶ 1).
How has this strategy affected market mix attributes, the way that they were implemented, and transformed for ensuring the long-lasting success of this giant?
Product
Life in the 1950s was simpler than today—no personal computers, no internet, no cell phones, no jet airplanes, no health or wellness consciousness—that lended itself nicely to the
early success of McDonalds’ simple product line of burgers, fries, and thick ice creamy milk shakes. McDonald’s provided a value-based choice for convenience dining, as
References: About McDonald’s. (2009). Cause that counts. Retrieved June 30, 2009, from http://www.aboutmcdonalds.com/mcd/students/mcdonalds_does_good/cause_that_counts.html Kotler, P. & Keller, K.L. (2006). Marketing management (12th Edition). Pearson: Prentice-Hall. McDonald’s.com. (2009). Retrieved June 29, 2009, from http://www.aboutmcdonalds.com/mcd/investors/corporate_governance.html. McDonald’s.com history. (2009). Retrieved June 29, 2009, from http://www.aboutmcdonalds.com/mcd/our_company/mcd_history.html. Rowley, J. (2004). Online branding: The case of McDonald’s, British Food Journal, Vol. 106, No Vignali, C. (2001). McDonald’s: “think global, act local”—the marketing mix, British Food Journal, Vol