McDonald's Repositioning the Golden Arches (Research Paper Sample)

McDonald's: Repositioning the Golden Arches Name Course Date Task 1 Role of marketing planning The effectiveness of the strategy implementation is crucial in determining the outcome of marketing planning. Marketing planning simply clarifies the core marketing elements of a business entity and maps out objectives, directions and activities for both the business and employees. For McDonald as an international business entity, having a marketing plan draws a broader perspectives outlines in the company’s business plan. Having a business plan is crucial as it states how the company will take the product idea and subsequently transform that into a commercially viable proposition. In addition, the marketing plan focuses on specific issues that are related to product, promotion, price and place. Addressing the above issues as well as putting them to a written form can be highly useful for a business outfit, which in this case is the McDonalds. Marketing planning force the company to analyze their business. This can be good for the employees, since the marketing plan can be subsequently provide them with the necessary orientation and also be a good source of motivation (Strauss 2008, p. 32). The McDonalds is a company that can greatly benefit from the marketing plan more regularly. Product, price, promotion, place The four elements of product, price, promotion and place are the major players in the marketing planning of any company intending to be prominent in the entire business. The marketing plan simply identifies the hook for the service or product. Price is a strategy that McDonald as a company that deals with fast foods will pre-plan from time to time. The main reason for such planning of pricing of the product is usually considered crucial for any company that needs to maintain its relevance in the competitive market. It is essential for McDonald to fully determine how each of its diverse products will be sold and equally maintaining the company’s relevance in the competitive market. Marketing plan draws the broader perspectives of having promotions, which are typically bases on advertising platforms. In order to stay relevant on the very competitive market, McDonalds should ensure that several adverts are regularly run on different avenues possible. The promotions should address various products as well as any special offers within a specified period of time (Strauss 2008, p. 34). Marketing planning also defines the specific place where products would be distributed. In addition, the element of place in a market plan should also address the specific places where the products would be sold as well as whether they will be sold through retail stores or through direct marketing. In addition to this, the marketing planning should also be assessed with SWOT analysis in order to critically address the company’s Strengths, Weaknesses, Opportunities and Threats. There are a number of key ingredients that are useful in market planning of any business entity. In marketing planning, there are various steps that should be strictly followed when making an ideal plan that would enable the business to thrive in the competitive market. A company like McDonalds should utilize the various steps in order to remain highly relevant in the competitive market of the Fast Foods across the globe. The first step should be identifying the requirements of the customers and equally responding to their thoughts, perceptions and feelings about the company’s good service or products. Secondly, anticipation of the consumer’s requirements at all time is critically essential for a company in a highly competitive market as it is the case with McDonalds. Satisfying the consumers is another requirement that should be met at all times (Strauss 2008, p. 35). Lastly, profitability of a business venture is critical and should always involve a better marketing planning that incorporates making a profit margin. Barriers to marketing planning Marketing planning is a subsequently a logical sequence of events that are adopted by a business entity, with a precise recognition of barriers that are involved. It is essential for a company to be able invariably encounter the various barriers during its implementation. Environmental barriers Environmental barriers are much prevalent in different scenarios that a company may face in its marketing strategy. Examples of the environmental barriers include placing limitations or restrictions in the way of business interaction with the environment or the regulating corporate conduct. Cultural barriers Cultural barriers in marketing planning involves the basic knowledge of beliefs, custom, attitudes and values among other habits and capabilities shared by people. Culture influences market planning when managers or the work force inculcate the lack of belief in the process of planning or in the need to change (Strauss 2008, p. 36). The bureaucratic culture that may subsequently underestimate the sole need to plan or at time fail to take an initiative leverage an unexpected favorable condition. Behavioral barriers Behavioral barriers influence the marketing planning in terms of fetch modest returns as well as steady growth in marketing strategies. Similarly, cognitive barriers play a role in causing faulty and unsuccessful marketing plans. These barriers are as a result of incompetence among the workforce (Strauss 2008, p. 38). A multinational company like McDonalds ensures that its marketing planning entails the incorporation of sufficiently competent personnel in all their branches across the globe. Task 2 Macro-environmental analysis McDonalds is a multinational food company with branches across different regions of the universe. Its progress and success can be attributed to the strategic review that the company constantly under looks in order to maintain its relevance in the competitive market. A macro environment analysis consider reviewing all factors that the company is unable to control. The main reason for conducting this macro analysis is to stay updated about the issues in the contemporary or current marketing environment. In most cases, the PESTEL analysis is used among different companies to determine the stability of social and government welfare policies that could be imposed on the specific company (Strauss 2008, p. 38). This analysis is usually useful in companies which are based in different regions or countries, as the political outfit vary from one country to another. Use of SMART objectives McDonald Company should have its goals realized through the use of SMART objectives platform. SMART objectives is usually based on addressing Specific, Measurable, Achievable, Relevant and Time Oriented objectives in a conclusive way. Specific objectives in this case involves knowing what needs to be done, how it will be done and subsequently describes the results of the work that would be done. Measurable w/Measurement objectives typically answer the question of how a company would know that their products meet the expectations of the consumers. A company like McDonalds should always strive to establish whether specific products meet the expectations of the client in all of its diverse outlets across the world. Achievable objective answers the question of whether a person can do a certain task. The Relevant objective addresses how different tasks in a company such as McDonalds should be done, as well as understand their impact to the specific faith. Time-Orient objective is concerned with when a specific task would be done (Strauss 2008, p. 39). Task 3 McDonald Plan As it has been proposed earlier, the chief objective of McDonald is to increase its market base by creating awareness to the consumers of its products. This goal should be integrated with that of increasing the market share by outweighing its competitors with the strategies that will be implemented. These goals can be achieved through in-store advertising, mobile communications, social media, an online advertising. The company should also increase the avenues and mediums for communicating with the customers to allow direct interaction. This will increase the loyalty of the customers; hence translating into a wider market base and market share. The main target customers of McDonald are those couples aged between 25 and 50 years. This is due to the fact that they spent most of their time together by relaxing in hotels (Perry 2009, p. 45). The changing and unpredictable economic condition calls for the maintenance of customers’ loyalty and increased market base for the company’s survival. Creative Execution The main strategies that will be used in the execution of the objectives include mobile communications, Facebook, in-store advertising, and online advertising. These strategies will be executed through utilization of a QR code, in-store sampling, a Facebook page, and a Facebook ad. Facebook According to the independent survey that McDonald did, many of the couples used to interact through the social media and in social avenues. This called for the utilization of such an opportunity to market its products. Those who interact through the social media were either in the semi-literate or in the literate category. The modern couples are fully aware of the dynamics of the new technology and would like to be associated with it. Facebook will be a tool of paramount importance in providing testimonials, providing measurable feedback, promoting consumer engagement, and promoting company’s slogan. The consumer loyalty will be enhanced by engaging the consumers in a platform where there questions can be answered instantly. Facebook page will not fully serve the company in providing for the services it plans to give to its customers. This will call for the creation of a site that can assist in execution of the secondary objectives. The site will be an essential tool in maintaining inter-media consistency and promoting the...