Business Marketing Assignment: Reflection
- a) Ability to Understand its Customer and Consumers:
McDonalds is considered as one of the best brands in the world. The company always aims at building its brand with a collaborative effort with its customers. McDonalds has always been an active firm when it comes to understanding customers and consumers. I believe the focus on understanding customers should be high for any firm, irrespective of the business it is into. In the context of McDonalds, the company is considerably more focused in understanding customer’s need owing to the fact that they target mass market. The customers of McDonalds ranges from every age and hence it is really important for the firm to know customer’s need and devise menu accordingly that strikes a balance among the mass customer (Bhushanand Rai, 2004)
In order to understand the customers in a better way, the company undertakes various programs. One of the key programs is the customer satisfaction survey. In this program, the company takes the feedback of the customers and based on that the company devises strategies and brings in any kind of changes, if needed, as per the suggestion given by the customer. This survey is done in both online and physical form. In addition, the company has a very well equipped research and analytics team who oversees the customers need and delivers report to the management from a time to time basis (Burke, Lakeand Waymire, 2004).
From my personal experience regarding this domain pertaining to McDonalds, I would like to enlighten the company’s dedication towards knowing the customer in a better way. I was inside one of their outlets and I was having food there and suddenly the service person came in and requested us to try a free new menu which has just been launched that day. We tried and then they requested us for a feedback and suggesting regarding that item. In addition, they also provided me with a free coupon to try that food next time I am visiting. This shows that the company is highly dedicated towards knowing the preferences and tastes of the consumers. In addition, it also points out to the fact that they company spends a lot of money towards the research activities for knowing the customers better. Hence, based on the analysis, findings and reflection, it can be said that the company possess high capabilities of research that enhances their ability to understand its customer and consumers better (Mintzberg, 2000).
The company is however recommended to initiate direct feedback plans from the existing customer on a quarterly basis and also take suggestion from them regarding the pricing and other additional services they would want to have.
- b) Ability to formulate Promotional Strategies
The importance of executing the most effective promotional strategy is paramount for the success of ay business. Similarly, the same is applicable for McDonalds as well. The company was founded in the year 1940 and since the last 76 years, it has always strived to deliver the best of services to the customer. It should also be noted that for a company to survive for more than 50 years, the operations coupled with marketing activities needs to be flawless. In regards to McDonalds, the company undertakes various forms of promotional activities to create awareness about their market presence. One of the most prominent tools of promotion used by the company is television commercial. With the help of television commercial, the company attains the ability to target mass customer and thus able to realize economies of scale. The television advertisements of the company are very innovative and influencing in nature. It tends to create a sense of appetite in the minds of the customers (ElSabaa, 2001).
In addition, the company is also proactive in hoarding and banner promotion. It uses highly visible sites for advertising their products. In addition, the company uses handing banners inside shopping malls to attract the customers. Furthermore, the company also uses advanced technology as a part of their marketing efforts. For example, use of social media, SMS blasting has become an integral part of company’s marketing efforts. In my opinion, the visibility of the company is very high in this ambit. I also believe that in order to deal with the competitors such as KFC, Burger King, Subway etc., such robust marketing activity is a necessity for the company. Hence, based on the analysis, findings and reflection, it can be said that the company possess high capabilities of marketing and promotional activity that enhances their ability to make their presence in the market more and remain visible (Grant, 2013).
The company is however recommended to undertake some of the traditional means of promotion as well which will help them to penetrate in the semi urban areas as well which is also a very useful catchment area for the company. For example, radio promotion can be a useful mode. In addition, to reach the bigger stage and make a global awareness, event sponsorship is strongly recommended.
Reflection on Tutor’s Comment
According to the feedback from the tutor there are a number of areas wherein I lack and filling those loopholes can actually improve my capability and confidence. I would like to reflect on the areas of data scarcity that was observed in my presentation. I have done ample research while working on this module but unfortunately I was unable to find the most relevant data and as a result it looked that I have given limited data to support justifications. However, from the next assignment I would like to provide more data so that the findings look more justified. Furthermore, I would also like enlighten on the fact that I will be more analytical and even if the data availability is less I will derive information and present it in such a manner that it looks logical.
The feedback of the tutor will actually help me to improve my skills in the near future and I take all the negative comments positively so that I do not repeat these mistakes again. Furthermore, the same will be followed by me in whichever ambit I am working on.
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