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Global business marketing (Mcdonalds) - Essay Example
The marketing mix concept is a term used to refer to the 4 marketing tools called the 4P’s, namely; Product, price, promotion and place. All four of these elements have to be played with in order the form the perfect mix for the target audience…
An important element of marketing strategies is figuring out in depth what the competition is offering. For McDonald’s competition might be coming in from KFC or Fat Burger, if this were the case, McDonald’s will have to find out what the competition might be offering that it is not in terms of product innovation. Certain factors are involved in keeping the product new and “hip”; Economic developments such as rising living standards, legal changes that introduce new ways of packaging, social changes that alter eating out patterns and also technological advances that encourage the use of better food producing techniques. To beat the competition and receive more consumer loyalty and possibly more consumers, McDonald’s gives adequate significance to these factors, constantly changing them to meet the needs of the customers.
Since McDonald’s is operating in different countries, it sometimes has to change its marketing mix strategies to suit the customers that it gets in the different regions. For countries towards the east, like Pakistan and India, McDonald’s might have to fiddle with what they produce so that people in the countries mentioned will visit the food chain often. Indians do not like to consume much meat while the population in Pakistan might not prefer ham in their burgers, considering this, products shown on McDonald’s menu will have to be altered. Other than that, in some countries where television and radio may not be utilized so much, the promotions element of the marketing mix will have to reform to be able to promote McDonald’s products. ...