McDonald's Corporation - Admission/Application Essay Example

? IP5 McDonalds, the international leader in the chain of fast food restaurants has progressed by leaps and bounds ever since it was established in 1940. With array of products ranging from burgers to soft drinks, McDonalds continues to attract people of all ages and backgrounds from all over the world. The four P’s; product, place, pricing and promotion of the marketing mix have been very effectively integrated to develop a comprehensive, innovative and competitive marketing strategy which tends to be the backbone of the company’s accomplishments over the years. Thus, the marketing model of McDonalds is certainly a striking one which can be followed effectively by other companies existing in the service industry McDonald’s Corporation with its headquarters in Oak Brook, USA is the worldwide leading chain of fast food restaurants. It operates in 119 countries serving more than 33,000 restaurants all over the world. It is one of the most popular international brands with a customer-cantered core strategy of ‘Plan to Win’. The company began in 1940 and since then it has not looked back, with increasing growth reported almost every year ("McDonalds," 2012). The products of McDonalds include various types of burgers, French fries, drinks and desserts. Consequently, the primary line of business is delivering quality fast food products to the customers along with excellent services and facilities. Names of 4 countries out of the 119 in which McDonalds functions are: United Kingdom, France, South Africa and India. One of the primary reasons for the company’s success is its exceptional Branding and Marketing strategy. Marketing entails determining the requirements of customers and satisfying those requirements in a better manner than the rival companies, thus winning the loyalty of the customers and developing a substantial market share. A company needs to identify its target audience and competitors prior to preparing a marketing mix and implementing it. SWOT Analysis accompanied with Market Research helps in finding about the target market and competitors operating in the economy. As far as customers are concerned, McDonalds is blessed enough to have a diversified audience in terms of age. It is a beautiful setting for a family to have fun and enjoy food. Children love McDonalds since it keeps attracting them by coming up with fresh menus, happy meals and toys ("McDonalds," 2012). Teenagers frequently visit McDonalds not just due to its delicious food but also because internet access is provided in many of the restaurants functioning in the McDonalds chain. Apart from that, Executives and Business people also visit McDonalds as its service is quick and efficient. In the case of McDonalds, there are a few fast food global restaurant chains that tend to give McDonalds a tough time, such as KFC, Pizza Hut and Burger King. However, after analysing its internal strengths and weaknesses; along with the opportunities in terms of customers and threats in terms of competitors, McDonalds sets its Marketing objectives and goals, subsequently, devising its comprehensive 4P’s Marketing Mix. With regard to Product, though McDonalds plans at delivering standardized products throughout the world; however, it pays equal importance to adaptability. This is illustrated in its concept of ‘think global, act local’. McDonalds respects the fact that every country has its unique culture along with variations in tastes, preferences, norms and regulations. Consequently, it attempts at moulding its products and services into that culture. For instance, in India, beef is not eaten by Hindus whereas pork is not eaten by Muslims. Therefore, while starting its business in India, McDonalds kept these factors in mind; and came up with innovative items such as Vegetable Burger and Maharaja Mac which is basically a mutton burger. Likewise, McDonalds has developed several variations of its original products in order to fit into the international markets. Place of the Marketing mix not only involves physical location but also the processes which result in expansion and development of the company. McDonald started as a small Barbeque in California in 1940. However, due to excellent marketing approach and competitive strategy, McDonald has been able to extend its operations to 33,000 restaurants in 119 countries through franchising as well as joint ventures in just about 70 years of its existence ("McDonalds," 2012). The company’s success lies in its belief that it has the potential to grow and expand internationally. The third P, which is pricing, has been used quite efficiently over the years by McDonalds. Again, following its approach to act locally, it has set different prices in different countries. However, the prices have not been set too low as it may act as a counterproductive tool. The fourth P, Promotion, which involves communication with customers, has proven to be quite effective in the case of McDonalds, as its advertisements through radio, television, internet, magazines, newspapers and various other tools have been able to catch the fancy of the people of every age and in every part of the world (Kincheloe, 2002). It can be said with certainty that the prolific achievements of McDonalds have largely been due to the powerful implementation of the 4P’s of the Marketing mix, thereby catering to the needs of the people globally and forming a grand model of success, which can prove to be a useful learning tool for other companies. References Kincheloe, J. L. (2002). The sign of the burger: McDonald's and the culture of power. Philadelphia: Temple University Press Marketing & Advertising. (2012). Retrieved February 3, 2012. Retrieved from: http://www.mcdonalds.com/us/en/contact_us/marketing_advertising.html Read More