The marketing research is based on the McDonalds Company. As a marketing consultant of the McDonalds' Company, there are various changes that I would like to recommend addressing the multiple issues identified in the business.
Mission and Vision Statements
Based on the findings in part 1, McDonald's has lived up to their mission and vision statements well. The company's mission is to be the customer's favorite place and way to eat and drink. Based on the results, the business has lived up to its purpose to put the customers at the core of the company. The store is still the favorite for its customers. The targeted customers consider their preferences to be met in McDonald and this has highly determined the business success. McDonald has become a favorite place for the clients with menu and recipes for burgers and fries among other types of fast foods. The business's locations are strategic to ensure are the customers' favorite way. As a fast food business, McDonald's has ensured to design layouts that optimize customer experience. These designs draw customers to the company restaurants as they feel it is the favorite place for eating and drinking. Through the promotions for its brand and products, McDonald's has been able to live up its mission by influencing clients' behavior on how to eat and drink. The recommendation that I would make for McDonald's relative to the mission statement is that it continues to adjust the mission based on the expected achievements that it wants in the future.
The company's vision is to move with speed by driving profitable growth as well as becoming an even better McDonalds by serving clients delicious food every day around the world. Based on the discussion in part 1, McDonald has lived up its vision by ensuring that it opens more location, improves efficiency by growing the profits through increased sales and implementing a competitive strategy as well as growth strategies that are intensive (McDonalds Corporation, 2018). The business continues to grow each year through product developments and marketing. It is recommended for McDonald to revise its vision and include the competitive aspect that moves the company beyond just serving delicious food but also in a stylistic manner.
Recommendations to Marketing Segmentation
McDonald's need to embrace more shifts to customer preferences and realize what customers are looking for in their restaurants. There is the need for including all customer segments when preparing the menu. That way, McDonald will be able to beat other competitors serving similar foods. Psychographic segmentation is the most suitable for McDonald's to help the business in maximizing the profits from the marketing strategies that it employs in promoting the business. The tendency for customers to associate McDonald's with unhealthy lifestyle should be addressed. It is recommended that McDonald's should include the interests, opinions, and lifestyles of the different customer segments in its marketing strategies. The psychographic segmentation will address the convenience and lifestyle aspect of promotions in McDonald's marketing strategies (Larsen, 2010).
Target Market Recommendations
Based on the target market described in part 1, there is a group of customers that are underserved including the millennials. McDonald's needs to take action to capture this segment of customers that has been neglected in its target market. It is recommended that McDonald establish what the millennials will be buying from their restaurants. Marketing research is necessary to determine how the company can customize its food products to suit the preferences for the underserved customer segment (Peter & Donnelly, 2013). Millennials tend to personalize everything to feel unique instead of generic, and they will spend more to get what they want. That way, McDonald's should customize the foods and differentiate with the cost to suit the millennials preferences. Also, using technology can help McDonald to serve the millennials through mobile orders and delivery to the point of choice.
SWOT Analysis Recommendations
The opportunities available for McDonald's are to expand the business in more locations around the world and product diversification. The company faces the threats of market risks in the countries that they venture. The two recommended ways to address the opportunities and threats are to develop new products that suit the target market there and entering into new industries in those nations rather than only concentrating on restaurants and fast food joints. The continued global expansion will enable McDonald's to reach more customers and especially in the high-growth markets. The ability to embrace the social, cultural trends in the locations they enter will allow McDonald to address the threats of aggressive competition and meeting healthy lifestyles. More consumers will be drawn to eat from McDonald's when the business meets their social, cultural needs and food preferences.
Alternative Marketing Strategy for the Products
The results in part 1 show that McDonald's is associated with serving cheap and unhealthy foods. Embracing a better image for the company requires the company to add healthier foods to its menu. The recommended strategy to use for the product is by adding healthier items on the list and also offers food alternatives that are health conscious to clients. Modernizing the approach to an advertisement is recommended to inform the customers about the nutritional information of the products on the company's website.
Recommendations to Increase the Current Market Share
McDonald is already at the top in the fast food business. Increasing their position in the current market share needs a continued recapturing of the market by enhancing the menu, improved operations in the restaurants and food joints as well as expanding the company's digital abilities. There is the need for making more investments for a better experience of the future and increase the sales and better the brand in the coming years. Implementing drive-thru restaurants is also a way that will help McDonald in improving their position in the market.
Recommendations to Improve Corporate Social Responsibility (CSR)
In improving the corporate social responsibility of the company, the senior management at McDonald's should continue with the collaboration approach. This has been the trend for the previous years with McDonald's working together with suppliers, customers, franchisees among other sustainability experts (McDonalds Corporation, 2014). Partnering with NGO's and socially responsible organizations in the investment industry will better the corporate social responsibility status of McDonald. The senior management should realize that giving and buying from the communities will enhance the corporate social responsibility of the company. It will make the community become a sustainable source for raw materials for McDonald's and in return purchase food from the restaurants. For instance, McDonald's can source raw materials such as coffee, vegetables, wheat flour and milk from local suppliers. These are the same customers who will purchase the company products. In that case, the relationship of the business with all the stakeholders will improve and support the CSR initiatives.
Larsen, N. (2010). Market Segmentation-A framework for determining the right target customers. Aarhus School of Business. Retrieved from https://pure.au.dk/portal/files/11462/BA.pdf
McDonald's Corporation. (2014). McDonald's announces 2020 corporate social responsibility and sustainability plans. CSR Wire. Retrieved from http://www.csrwire.com/press_releases/36995-McDonald-s-Announces-2020-Corporate-Social-Responsibility-and-Sustainability-Plans
McDonalds Corporation. (2018). McDonalds' reports fourth quarter and full year 2017 results and first quarter 2018 cash dividend. Retrieved from https://www.last10k.com/sec-filings/mcd
Peter, J., & Donnelly, J. (2013). Marketing management: Knowledge and skills. New York, NY: McGraw-Hill.
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