Marketing strategy plays a significant role for developing any type of business. Without proper marketing strategy, the hard work of the company to attract clients will turn out to be very inefficient and random.
The main objectives of your marketing strategy must ensure that the product must fulfill the customers demand as well as maintain a long relationship with those clients.
To obtain this, businesses will need to initiate flexible techniques which reply to the adjustment in customer perception and demand. It might also provide a product name to your brand that will aid owners to run their business in markets in an efficient and smooth way.
First and foremost, the main objectives of the market strategy must be to recognize whether target clients are pleased with the service and products provided by the company.
Once you have developed and implemented the marketing technique, try to recognize the feedback or comment of your clients and if some changes or development is needed, apply it for the best customer satisfaction.
This aids business owners to recognize if your marketing technique needs to be enhanced and how this technique can be improved in order to apply for effective action. Prior to applying any marketing technique in your business, proper planning platform should be organized by the members of the company or organization.
Marketing Strategy of McDonalds
The first restaurant opened by McDonalds Company was in San Bernardino, California way back in 1948. At this moment, McDonalds is the world’s finest and leading food service company with more than $40 billion sales from 30, 000 outlets all over the world.
However, this company didn’t grow quickly because of fortune. McDonalds has reached where they are now due to hard work and effective marketing strategies.
One of the company’s greatest achievements was the opening of the Happy Meal. In year 1970’s, McDonalds Company was searching a new ways to catch the attention of customers.
Study indicated that little ones were great influencers in the company’s decision and making process. This led in the world’s first Happy Meal, a combination of meal suitable for children including a free toy which place McDonalds smack-dab in the children sites all over the world.
Marketing Strategy: 5P’S
After analyzing the market condition, finding the main factor, target segment as well as understanding the demand of the market, every company requires coming up with an offers or such kind of plan which speed up the development of the business.
For that, McDonalds 5P’s marketing strategy that follows product, place, price, promotion and lastly people.
Product consists of how the company must design, manufactures the products which improve the experience of every customer. Product refers to physical product and services provided by the business to its patron.
McDonalds includes specific aspects of its service and products like packaging, looks and desirability. This includes non-tangible and tangible features of the services and product.
McDonalds has intentionally kept its product depth and width limited. McDonalds had studied the manners of the Indian clients and totally provided various menus as compare to its menu presented in world market. The company eliminates beef, mutton and pork burger from their menu. India is just country wherein McDonalds offer vegetarian menu. As well as the cheese and sauce use are pure vegetarian.
The company constantly improves its product and service in accordance to the fast changing desires and tastes of its consumers. One of the good examples is the launching of Chicken Maharaja Mac and the Chicken McNuggets.
The place for the most part includes distribution outlet and channel of the business. It is very essential because the service or the product should be accessible to the consumers at the right time, right place and right quantity.
In United States almost 50% of McDonald’s outlets are located three minutes away from each other. There are specific level of happiness and fun which McDonalds offers to its consumers. It offers value position that based on the requirement of the consumer.
Pricing strategy is one of the most significant aspects when it comes to marketing. This includes price breakdown, when any discount service or payment available.
Business should also consider the possible reactions from its rivalry when it comes to pricing. Pricing strategy was developed in order to attract middle and lower class individual and the result can clearly be seen the customer base which McDonalds has at present.
McDonald’s restaurant has specific value pricing as well as bundling strategy like combo meal, happy meal, family meal and happy price menu in order to improve total sales of the service and product.
The endorsement activities implement by the Company aids communicate effectively with the potential consumers. Ad targeted to catch the interest of the people it reaches to massive number of customer at a time. Ad plays an important role for product promotion such TV advertisement, billboard and posters which also used by some ground breaking business including Apple Company.
McDonalds understands the significance of both consumers and employees. It understands the truth that happy workers can serve properly and led in happy customers.
McDonalds restaurant constantly does Internal Marketing as this strategy becomes effective it will lead automatically to the success of external marketing.