Market function: Marketing-is the process of performing market research, selling products and/or services to customers and promoting them via advertising to further enhance sales Aims to identify the customer, to satisfy the customer, and to keep the customer Marketing analysis Market Analysis-Indentifies products and their source and differentiates them from all other products The main goal is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm Market position They focus on family and younger children They created Ronald McDonald as an image for their company and advertise the character to appeal to children Put their fast food restaurants in urban areas because there are more families their to buy their food Market objectives Mission Statement To "be our customers' favorite place and way to eat." Objectives to serve good food in a friendly and fun environment to be a socially responsible company to provide good returns to its shareholders to provide its customers with food of a high standard, quick service and value for money 4 P’s for Marketing Product Price Promotions Place Marketing strategy They focus on family and are children oriented E.G They put indoor playgrounds in their restaurants This helps them by making children want to get a happy meal and play, so they beg their parents to take them This can also make the parents end up eating their as well Creates a friendly environment for every age Market segment They focus on family and are children oriented E.G They put indoor playgrounds in their restaurants This helps them by making children want to get a happy meal and play, so they beg their parents to take them This can also make the parents end up eating their as well Creates a friendly environment for every age Market structure McDonald operates in an oligopoly Oligopoly-market is dominated by a small number of firms that together control the majority of the market share. Affect on their marketing strategies They want to be better than the other companies so they will look at what other businesses are offering and try to market maybe lower prices or create new products to attract more business Market share Has the worlds largest Market share in the fast food industry with a 42% share in the USA Have this because of their low price strategy E.g. They created the dollar menu
