With the vast growth of the fast food industry my role is to design and launch a new food product for McDonalds to the target audience of young growing people with busy lifestyles. To do this I will need to research and develop a product, In order for me to launch a new product I will have to devise a marketing plan which I will then put forward as a report to the managing director at McDonalds. HISTORY TO MCDONALDS: McDonalds was established in 1954 by the two McDonald brothers from America. It was then taken over by Ray Kroc after a few years and he brought all the rights of McDonalds for $2.7 million.
McDonalds is now one of the most successful fast food chains all over the world. However McDonald’s fast food chain has two main rivals to be the best fast food industry supplier they are burger king and Wendy’s. These companies are always looking for the best original and new product so that they can successfully compete with their competitors and produce the number 1 selling product. I hopefully intend to help them to produce a product which meets these characteristics, if aimed at the correct market segment and target audience this product will be well on its way to development by the end of this report and I will have our new snack.
KNOWLEDGE AND UNDERSTANDING
Marketing Functions: The purpose of marketing functions is to analyse and recognise what people are buying and what their wants and needs are, it is also to try and provide the wants and needs at the right time in the right places and at the right price. The other purpose of marketing functions is to recognise the sole reason for people wants and needs and to try and for fill these qualities. There is also another purpose to marketing functions and it is to recognise what the buyers will be attracted to and to combine this into the advertising and promotion of the product.
Marketing functions are essential to business, this is because if a lot of the work involved in the marketing functions is not carried out such as market research there are many high risks to the profit the company could make and this could cause the company to become bankrupt or to even go out of business, this would only happen if the market research is not done well and therefore the product might not sell and there will be a very big loss in the initial income that the company would have made which is needed to pay off suppliers , workers and the product manufacturers.
Businesses will tend to analyse current markets to find out what is being brought by consumers and purchasers at the moment and to see if their product will be able to sell as part of this market, they will also analyse current markets to try to make a product which they can put into the current market to see if it suits the criteria for these certain markets. They will also analyse current markets to see if the products are selling well and if not try to improve the quality and appeal of this product to see if it fits in with the latest fashion and if not try to recognise why the product is not selling and make the product more appealing but then again stick to the market criteria e.g. very high quality jumper by BHS but not appealing to its target market which could be young boys who tend to wear jumpers with bold logos which are designer labels where as BHS is not a designer label and therefore would not appeal to this target market.
It is important for businesses to meet customers needs now and in the future because the more reliable and efficient a product form a certain businesses are the more the business will make. The main aim for business is to make money and provide a good quality product and if a company such as NOKIA is meeting the needs of customers know then it is more likely that they will stick with the company and meet the customers needs in the future, the company main aim is to stay in the market and if they meet needs know and they do not in the future then they will not make any money which will cause the company to go out of business. The more profit made from meeting customers needs now will lead to larger profit being made if the company carries on meeting the customers needs in the future.