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Thursday, 26 May 2011

SCDL MBA PROJECT - Marketing strategies adopted by McDonald’s & KFC


                                                                                      Marketing strategies adopted by McDonald’s & KFC

INTRODUCTION


Marketing is a comprehensive term and it includes all resources and a set of activities necessary to direct and facilitate the flow of goods and services from producer to consumer in the process of distribution. Financial success often depends on the marketing ability.

One of the greatest needs of managers of business is to understand and develop marketing programs for their programs and services. Business success is based on the ability to build a growing body of satisfied customers .Modern marketing programs are built around the marketing “concept “ which directs managers to focus their efforts on identifying and satisfying customer needs – as a profit. Marketing continues to be a mystery to those who create it and those who sponsor it.

Marketing is tricky; however it has been the Achilles’ heel of many prosperous companies. Good marketing is a result of careful planning and execution. Marketing practices are continually being redefined and reformed virtually in all industries to increase the chance of success.

Marketing is both an “art” and “science”- there is constant tension between the formulated side of marketing and creative side.









Definition of marketing

“Marketing is the process of discovering and translating consumer needs and wants into products and service specifications, creating demand for these products and services and then in turn expanding this demand”.

                                                      -Hansen

“Marketing is the set of human activities directed at facilitating and consummating exchange
                                                    -Philip Kotler



Defining Marketing for the 21st century:

Marketing is everywhere. Formally or informally, people and organizations engage in a vast number of activities that could be called Marketing. Good marketing   has become an increasingly vital ingredient for business success. It is embedded in everything we do from clothes we wear, to the websites we click on, to the ads we see.            
 









Introduction to the Fast food retail sector      

          Fast food is one of the world’s fastest growing food types. It now accounts for roughly half of all restaurant revenues in the developed countries and continues to expand there and in many other industrial countries in the coming years. But some of the most rapid growth is occurring in the developing world, where its radically changing the way people eats.

                     Food safety is of very high quality and is recognized as one of the best   in the fast food retail sector. One of their main successes has been their training programme.
They train all their staff before they begin work in one of their restaurants on all aspects   of food quality, food safety and hygiene. This training along with being made aware of the importance of cleanliness continues throughout their employment .Due to private sector of business being so competitive, businesses have to keep their overheads to a minimum in order to provide reasonable prices, and still make a profit. Large companies could raise the cost their menu slightly in order to keep profits up but costs down. Another political aspect that has affected the fast food retail sector comes from international pressure groups. Environmental organizations such as Friends of the earth international have proven their influence in the political systems across the world.
                










 MARKETING STRATEGIES

Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered on the key concept that customer satisfaction is the main goal.
Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena.  . As the customer constitutes the source of a company's revenue, marketing strategy is closely linked with sales. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement.







A marketing strategy serves as the foundation of a marketing plan. A marketing plan contains a list of specific actions required to successfully implement a specific marketing strategy. An example of marketing strategy is as follows: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service.” A good marketing strategy should integrate an organization's marketing goals, policies, and action sequences (tactics) into a cohesive whole. The objective of a marketing strategy is to provide a foundation from which a tactical plan is developed.


One used the following techniques to device the Marketing Strategy for the    
     Product/service:                    
                      Segmentation
                      Targeting
                      Positioning









 Segmentation:

Market segmentation is the process in marketing of grouping a market (i.e. customers) into smaller subgroups. This is not something that is arbitrarily imposed on society it is derived from the recognition that the total market is often made up of submarkets (called 'segments'). These segments are homogeneous within (i.e. people in the segment are similar to each other in their attitudes about certain variables). Because of this intra-group similarity, they are likely to resp