Marketing Strategy of Mcdonalds
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.