The marketing mix is known as a conceptual framework for fighting against marketing challenges. There are many different ways to do the marketing mix as 4P’s, 5P’s and 7P’s but the core marketing concept is the 4P combination. The marketing mix is providing a specific offering to meet a specific customer segment’s needs and demand.
Develop a Coherent Marketing Mix for McDonald’s New Product
Basically, the market strategy or techniques for McDonald’s is encouraging people to eat tasty and healthy. So if they are going to develop the new geographical market segment they need to be a concern with the marketing mix orientation which has described below:
Marketing Mix for McDonald’s
Product
Product is the main offering from McDonald’s. They need to maintain the product quality, demand, and taste so that the customer feels happy and satisfied with their spending. McDonald does also need to increase variations of their offerings and availability of quality products everywhere around the world (McDonald’s®, 2017). They need to ensure the product quality and demonstration to meet up the new areas consumers demand and preference.
Price
Price is another prime concern for McDonald’s for marketing strategic decision making. They need to make their price moderate depending on their production cost so that every person from any income level can afford them and enjoy their fast-food. Appropriate price selection is also important to consider for the new market and consumers.
Place
Place or distribution is another important element for the marketing mix. The distribution channel, place, advertising activities, selling strategy, raw materials availability, etc. (Staudt and Taylor, 1965). They are the most important factors for consideration to increase McDonald’s business or franchises as they need to maintain exact same quality and raw materials for the production of the foods. The restaurant also has to think about the distribution and transport of the product in targeted areas.
Promotion
Promotion is a form of publicity of the brand, product or organization to reach the targeted audiences and inform them about the offerings. The promotion is more important to inform the consumers about the product and brand which can create the interest and new demand for the product. Advertising, public relation, CSR, billboard, banner, leaflet, etc. can be used to inform about McDonald’s for promoting a new or existing product (McDonald’s®, 2017).
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