Profile the Market
Executive Summary
For the purpose of this essay, I have taken into consider two organizations from the fast food industry. I chose McDonald 's as it is primary operator in this market and holds the highest market share. I chose Hungry Jack 's as the product they offer is similar to McDonald 's and I thought it would be interesting to compare marketing strategies of two organisations which offer a fairly similar product.
Table Of Contents
Market Position 3 Target Markets 3 Marketing Mix 4 Product 4 Price 4 Promotion 4 Place 4 People 5 Process 5 Physical Evidence 5
Conclusion 5 References 6
1.1. Market Position
According to Kotler, “Market Leader is the firm with the largest market share in an industry; it usually leads other firms in price changes, new product introductions, distribution coverage and promotion spending.” McDonald 's market position both within Australia and throughout the world is the market leader.
Hungry Jack 's, however, is positioned more as a market follower.
Some may argue that Hungry Jack 's is more of a market challenger than a follower, and that it is fighting to increase its market share. However, I feel that they don 't really present any offers to challenge McDonald 's, for example when McDonald 's was offering 2 dollar burgers Hungry Jack 's did nothing to counter this.
1.2. Target Markets
The definition of the target market could be, "A set of buyers sharing common needs or characteristics that the company decides to serve." - Kotler et al.
There are three components involved in target marketing that can be further broken down into six individual steps. These are:
• Market segmentation
- Identify bases for segmenting the market
- Develop profiles of resulting segment
• Market targeting -
- Develop measures of segment attractiveness
- Select the target segment(s)
• Market
For the purpose of this essay, I have taken into consider two organizations from the fast food industry. I chose McDonald 's as it is primary operator in this market and holds the highest market share. I chose Hungry Jack 's as the product they offer is similar to McDonald 's and I thought it would be interesting to compare marketing strategies of two organisations which offer a fairly similar product.
Table Of Contents
Market Position 3 Target Markets 3 Marketing Mix 4 Product 4 Price 4 Promotion 4 Place 4 People 5 Process 5 Physical Evidence 5
Conclusion 5 References 6
1.1. Market Position
According to Kotler, “Market Leader is the firm with the largest market share in an industry; it usually leads other firms in price changes, new product introductions, distribution coverage and promotion spending.” McDonald 's market position both within Australia and throughout the world is the market leader.
Hungry Jack 's, however, is positioned more as a market follower.
Some may argue that Hungry Jack 's is more of a market challenger than a follower, and that it is fighting to increase its market share. However, I feel that they don 't really present any offers to challenge McDonald 's, for example when McDonald 's was offering 2 dollar burgers Hungry Jack 's did nothing to counter this.
1.2. Target Markets
The definition of the target market could be, "A set of buyers sharing common needs or characteristics that the company decides to serve." - Kotler et al.
There are three components involved in target marketing that can be further broken down into six individual steps. These are:
• Market segmentation
- Identify bases for segmenting the market
- Develop profiles of resulting segment
• Market targeting -
- Develop measures of segment attractiveness
- Select the target segment(s)
• Market
References: • Adam, S., Armstrong, G., Brown, L., Kotler, P., (1998), Marketing, (4th edn.), Prentice Hall, Australia. • Barnhart, C. L., Barnhart, R. K., The World Book Dictionary: A-K, (1988), World Book Inc., Sydney.