The 4Ps are: 1. The firm must come up with a product that people will want to buy. It must fulfil some of the customer's needs and wants. The price of the product must be one that the firms target customers agree with and afford - without being too cheap. The product must be promoted so that potential customers are aware that it exists. The product must be available for sale in a place that the customer will find convenient. McDonalds budget is much larger than that of a smaller private company.
McDonalds uses both informative and persuasive adverts, the informative ones are about eating healthy and the persuasive ones persuade people to buy the food sometimes, with TV adverts they show people eating the food and really enjoying it.
Although advertising gives people information and makes them aware of the product, subsidises newspapers and magazines so they cost less and makes money for the firm because it will hopefully pull in more customers, it can make a lot of people want things they do not need and costs money so the firms have to charge more for their products and if the adverts do not work then the money is wasted and the opportunity cost of employing people in advertising is they could be spent on making things.
McDonalds is a very famous brand name, and because it is famous more people are attracted to it than a restaurant that is not as well know. McDonalds ha special offers a lot like buy one get one free, discounts and competitions which not only keep the customers they already have, but get new customers in. I think that the advertising attracts new customers but the convenience keeps the customers returning. However, the evidence that I have found out from my questionnaires show that most people have seen adverts, but are not temped by them.
This might be because there are so many of them and McDonalds is everywhere, so they might just annoy people. Also McDonalds has economies of scale, which attracts customers because it's a large firm so it is able to cut costs and get more profit.
This will lead to more customers and make it bigger still. I think that McDonalds is more successful than burger king and KFC and it attracts more customers because burger king and KFC cannot cut costs as much as McDonalds because they are smaller. But McDonalds has to be careful and make sure they do not have diseconomies o f scale which happens when firms get too big. Conclusion Overall, I think McDonalds is doing very well at the moment and will continue doing well if it satisfies its customers wants and needs.
I think my investigation has been very successful and worthwhile. This student written piece of work is one of many that can be found in our University Degree Marketing section.
Get Full Access Now or Learn more. See related essays. Moreover, the depth of repeat for Sun Chips in the market test was 2.
Also, regular and repeated exposure of an advertisement brings about a familiarity and positive feeling about the brand. It also strongly affect consumer responses, so it must be taken into account by company when designing marketing strategies.
The important factors here are family, reference group and status. Consumer is highly influenced by the member of the family. If buying decision of some product is influenced by children then McDonalds will target kids in their advertisement. Reference group have the potential in forming a impression or persons attitude towards the product.
The affect of Reference groups varies across product. It tends to be strongest when the product is visible to other consumers. For instance, if the product such as burger, French fries, soft drink and so on then influence by reference group will be high. Some of the important factors that influence the buying behaviour are: economic situation, occupation, age, lifestyle and self concept.
Different age group of consumer have different buying behaviour of product. McDonalds target almost everyone from kids, student, adults and business people.
For children they offer happy meals with Disney toys or other things to attract them. For teenagers and student , Some of the meals are really affordable and cheap for them. In addition to this there are free wifi for them to access free internet.
For adults and business people, they tend to prefer things that is done fast and less time consuming and this is exactly what McDonalds did, they serve fast food and also there are Drive through for many Business type consumer who are on the go.
These are motivation, perception, learning and beliefs and attitudes. First is motivation. Teens find the value menu especially appealing and McDonald's markets their restaurants as a cool place to meet with their friends and to work The Times The menu at McDonald's typically consists of hamburgers, chicken sandwiches, salads, drinks, shakes, and a recent influx of healthier alternatives. McDonald's also is widely known for their breakfast menu, which consists of sandwiches, pancakes, French toast, hash browns, and breakfast drinks.
Since McDonald's appeals to such a wide audience, it must constantly re-evaluate its menu depending on feedback and market research.
McDonald's expends considerable resources to update its menu and introduce new products in order to be more in tune with its target audience The Times McDonald's also focuses on the perception of value within it line of products and therefore takes care to price its menu items accordingly. Different products are priced differently depending on which target audience those items appeal to most.
An extensive value menu is an essential part of any fast-food menu in recent years. The prices and products within the value menu can prove to be areas that will make or break a fast-food companies' year depending on the competitions value menus.
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