1. Market Research and its use in a marketing plan
Marketing research is the systematic collection and analysis of data about a particular
target market or the environment. Market research determines the success of products on the
target market by determining the quality, cost or satisfaction level (Van Beest, 2019). Market
research also allows an organization to create a target marketing strategy and make significant
marketing decisions. Marketing research is the main strategy used by Mc Donald's in its target
market, and it is measured in the price, offers, quality of products and the advertisings
techniques. Mc Donald's uses market research to show the rate at which it can introduce new
products to the market.
Mc Donald's focuses on creating a marketing mix that can satisfy the needs of the
customers. The company produces quality products at an affordable cost, and the strategy is
aimed at attracting customers. The market research of the company is considering all the factors
that affect the decisions of the customers; for instance, the quality of the products, prices, the
advertising strategies used and the delivery strategies (Rodrigues, Nikhil, and Jacob, 2016). The
buying behavior of the customers is affected by the economic and social factors since the
marketing of a product depends on the attitude and economic factors of the customers. Mc
Donald's marketing research allows it to determine the population of customers; whether it is
growing or decreasing.
The market research used by Mc Donald's also identifies the factors that affect the buying
decisions of the customers by studying their social background. For instance, Psychological
factors are the main factors affecting the buying behavior. The attitude of the customers towards
the product is much more important compared to the quality or pricing strategies. The marketing
and advertising strategies used by Mc Donald's ensure that the customers develop a positive
attitude towards the products. This promotes the success of the company in its targeted markets
all over the world.
Rodrigues, J., Nikhil, S. and Jacob, S. (2016). Promotional Strategies of McDonalds and Market
Effects. Journal of Management Research and Analysis, 3(1), p.53.
Van Beest, M. (2019). Why Is Marketing Research Important to Developing a Marketing
Strategy?. [online] Bizfluent.com. Available at: https://bizfluent.com/about-6166810marketing-important-developing-marketing-strategy-.html [Accessed 5 Jan. 2019].
2. APPLE COMPANY
My favorite product is apple's watch, because of the interesting and various usages.
Apple products are known for their quality and pricing s...