Market princples Essay Example | Topics and Well Written Essays - 1000 words

Market princples - Essay Example Marketing strategies are especially important because they help businesses in maximizing performance of existing products as well as launching new products into new markets. McDonald’s has managed to establish and maintain a variety of marketing principles and strategies that comprises of four main elements, which are balanced to the benefit of the company. The first section of the essay addresses the elements of marketing and the benefits of the mode of orientation that McDonald’s adopted. The third part expounds on the business environment while the fourth section discusses the differences between international and domestic marketing in close relation to McDonald’s. Lastly, a concluding statement wraps the essay with a summary of all issues covered regarding McDonald’s. The marketing process can be defined as the procedure of assessing marketing opportunities, selecting markets to target, formulating the marketing mix, and management of the marketing effort (Marketing & Supply Chain Management, n.d). this process incorporates situation analysis, marketing strategy, marketing mix decisions, and implementation and control. Situation analysis includes a comprehensive analysis of a situation allows a business to identify the opportunities that could be exploited to satisfy unattended customer needs and wants. Marketing strategy involves developing a plan that can be used in fulfilling the identified opportunity. Marketing mix decisions incorporate detailed decisions that are made for controllable parameters in the marketing mix and include product development, pricing decisions, distribution contracts, and formulation of promotional campaigns. Lastly, the implementation and control step involves launching of the product or the service and close monitor ing. As the market continues to change, the marketing mix valuables can also be adjusted to accommodate any identified changes in the market. The place