Today, we are going to discuss McDonald's Australian. This blog will make you understand the McDonald's strategies and how it reached to every corner of the world. The information in the blog will also help you answer the case study or report writing assignment that you may come across in your college. So, let's read further!
McDonald's strategy was to develop its competitive and business advantage. As one of the world's biggest fast-food restaurant chain, they utilised the growth strategies in order to expand and support their business development. The generic strategic objectives were to change the actions performing by competing firms. Also, McDonald's generic strategies were changed from time to time as per the need.
As we all know that Porter’s 5 forces model is used to identify and analyse the shape of the organisation and also determine the company's strengths and weaknesses. McDonald adopted this business analysis model to understand the different levels of profitability. Let's have a look over Porter's five forces in-depth.
It helps in analysing the number and strength of the competitors. It lets us know the number of rivals we have, who are they and the quality of their products and services. Where many similar products and services are being offered by your competitors, it will lessen the power of your company/ organisation.
The second force of Porter's model is supplier power. It helps you to know the potential suppliers that can enter the market, the uniqueness of their products or services and the cost of the products. If your customers find the alternatives for your product, it is obvious they will go for it.
Under this, you know the buying ability of your customers. It mainly talks about the capability of your buyers. The power of the buyers can be affected by different factors such as several customers you have, the significance of your buyer and the amount it can cost to a company.
This is just like your customers find an alternative to your product or service. In case, if they find a substitution which is easily available and cheap can threat your profitability.
Substitute services and goods for your customers create a threat. Companies who do not have lose substitutes always possess the power to increase the prices of their product or service whereas they have substitutes, customers have alternatives to buy a product of other company which also weakened the power of the respective company.
The concept of 4 Ps marketing mix was developed by Edmund Jerome McCarthy in 1960. The structure contained Product, Price, Place and Promotion. The concept was best for the time which mainly focused on the product. As the economy changed or developed, the 4 Ps of marketing was updated by Booms and Bitner in the year 1981. And it is called 7Ps of marketing. McDonald also understands the need for change and adopted the newest marketing mix concept which makes them expand all over the world. Highlights are mentioned below:
Product - The product is something that the company will be offering to their customers. For example; a digital marketing company will offer services in Pay Per Click, Content Writing, Website Ranking etc.
Price - The price refers to the amount that a customer pay to buy product or avail services. It can be a critical factor for customers. Every organisation or company need to do research and study to determine the price of their services or product. The factors to determine the price are -
Place - It can be defined as the address or location of the business where you interact with your customers.
Promotion - The main aim of promotion or marketing of the product or service is to engage a huge number of clients. McDonald used different methods to present its existence such as business developers, paid to advertise, billboards ads, public relations, social media marketing, and search engine optimisation.
People - In 7 P's of marketing, people refer to the consultant, employees and other people who deliver your product and services to your customers. They are one of the most important factors in providing the best services. Thus, McDonald recruited the right people who fit best with their corporate culture and value their organisation.
Process - The process is a step to provide product and deliver services to a customer. Here, in order to deliver services on-time, McDonald designed workflow process on the following:
Physical Evidence - A physical evidence includes branding and an environment where services are offered by a service representative. The physical evidence utilised by McDonald’s inlcudes service brochures, proposal requests, social media accounts and a corporate website.
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