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McDonalds is a worldwide globally recognized franchise. McDonalds was founded in 1940 by two brothers Richard and Mavrice McDonald in California. They started their business as a hamburger stand and they also offered milkshakes but as time passed they turned their small stand into a worldwide franchise. Ray Kroc a businessman from whom the two brothers bought appliances joined the company and initially ended up buying the chaizz from the McDonalds brothers. The business that once started with the hamburger and shakes expanded and currently McDonalds is located in 100 countries and there are 37,855 restaurants globally and about 200,000 employees working for them.
In 2011 McDonalds generated the revenue of 24 billion dollar. McDonalds is located almost in every city these days mostly in commercial areas where there are many restaurants. They provide high volume sales at low pricing instead of high pricing strategies. To achieve such goals the brand has to pinpoint exact priorities be visionary and have to be consistent.
We all know that McDonalds is a no 1 fast food brand in the whole world.
So let’s hold on for a minute and lets think about how they got there. Basically McDonald as a brand is an example of new paradigm. They are undoubtedly more focused on what the customer’s feedback. As time passed they gave the customer’s quick quality food, a clean environment and great service. Basically marketing is a term in which we have to identify the needs and wants of the customer offering the customer something better than its competitors That’s the way to get loyal customer you also have to target your market.
Not everyone is going to choose McDonalds over other brands. In my opinion the main characteristic trials on which McDonalds work on is providing a friendly, family oriented environment, a happy, cheerful hangout place for youth. There should also be good service and cleanliness. It’s a place where anyone can come. There is no specific target market in this scenario.
Products play an important role in making the brands image good or bad. McDonalds is known for its burger. For a business to compete with its competitors they have to be innovative and come up with the new product line to attract more customers. The company has to take risks as they cant be depended on a single product, so they have to introduce new products of different varieties. As fast food isn’t healthy so McDonalds have also started making salads and fresh juices. Basically the company has to satisfy the market demand and they have to study the market in terms of beating their competitors.
McDonald’s pricing strategies pinpoint the prices of different products of the company. The main aim of McDonalds is to increase the sales and make profit on each sale. Prices of McDonalds are affordable by people of any class. I think McDonald’s use the following pricing strategies;
Bundle pricing strategies are mainly affordable rather than buying all the products separately. In bundle pricing strategies McDonalds offer burgers and other products for lower rates so, the customer would choose the bundle offer instead of buying everything separately.
In psychological pricing the company plays games with the mind of the customer. Let’s suppose there are two meals one is priced 99 and other priced 110. It’s obvious that the customer would choose the first meal in terms of its affordability. These two strategies can encourage a customer to buy more products from a company. So it plays a vital role to lure in the customer. It’s more attractive to the customers.
The term place means “distribution”. Distributions mean that the product is delivered to the consumer. McDonalds have different distribution techniques. In this case restaurants are the most common place where the goods are distributed to the customers. Restaurants are mostly located in a commercial or a park. The location also matters in this case. Basically location also refers to where the company will generate most of its profit. McDonalds also have a phone app through which the customers can access all the information they need to know about the company and the products. Mcdelivery is also a work in progress. Its available in most cities in the UK. Some of the McDonalds are open 24/7 and most are not. It actually has to do with the business. For example the restaurant is full of activity at lunch time and empty at night. It would be costly if it stayed open for 24 hours. Mobile apps are given priority by the customer as they can order food without waiting. It’s a lot time saving and comfortable for the customers so it’s a top priority these days for the customers.
“Promotion” means the techniques the company uses to attract its customer. For example, McDonalds provides information of new products on the McDonald’s mobile app to persuade customers to buy those products. McDonalds is mainly known for its advertisement among the promotional strategies, McDonalds uses TV, newspaper, social media apps for its advertisement (e.g. new bundles, cheap offers, night deals). McDonalds also offer coupons and free ice cream or coffee to attract more customers. McDonalds also do work for communities to make their brand image great for the customers to have fair in them. The company uses sale promotion technique e.g.; if you buy 3 mccafe and get 3 token then you will get a cup for free. McDonalds promotions display the role of bundles and psychological pricing strategy that urges the customer to buy new products.
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