Marketing Segmentation
“ Basic marketing strategies consisting of market penetration, market development, product development, or diversification. Market development is a strategy involving the search for and exploitation of new markets for a product. Diversification is the process in which a company begins to engage in a new and different type of business. Market penetration is the percentage of a total market which the sales of a company cover. Product development is the process of improving an existing product line to meet the needs of the market” (Marketing Strategies, 2011).
The company I chose is McDonald’s, and the marketing strategy I believe they used was product development. The problem I believe they faced had to do with the scrutiny of being one of the major reasons for Americans to suffer from obesity. Documentaries like for example “ Super Size Me” shined a light on the correlation between fast food and obesity. McDonalds was forced to find a way to change the label that showed them as unhealthy, and improve its company’s image as one that cares about its customers. To do this they used the marketing strategy product development. McDonalds researched on how to improve the menu and make it healthier, while continuing to have a menu that will appeal to the masses. With the use of market research, which is “the gathering and evaluation of data regarding consumers ' preferences for products and services” (Answers, 2011), McDonalds was able to add new products to its menu. Products were added like for example new salads, wraps, and grilled foods.
McDonalds has always been a company that constantly researches what the public wants and what they are willing to pay for it. This is why the change in the menu has been a success. Though like all other leaders in their industry, McDonalds needs to keep looking for the next important change or improvement. Also McDonalds is a world wide company which means they can not focus mainly on what Americans want. Like all smart
The company I chose is McDonald’s, and the marketing strategy I believe they used was product development. The problem I believe they faced had to do with the scrutiny of being one of the major reasons for Americans to suffer from obesity. Documentaries like for example “ Super Size Me” shined a light on the correlation between fast food and obesity. McDonalds was forced to find a way to change the label that showed them as unhealthy, and improve its company’s image as one that cares about its customers. To do this they used the marketing strategy product development. McDonalds researched on how to improve the menu and make it healthier, while continuing to have a menu that will appeal to the masses. With the use of market research, which is “the gathering and evaluation of data regarding consumers ' preferences for products and services” (Answers, 2011), McDonalds was able to add new products to its menu. Products were added like for example new salads, wraps, and grilled foods.
McDonalds has always been a company that constantly researches what the public wants and what they are willing to pay for it. This is why the change in the menu has been a success. Though like all other leaders in their industry, McDonalds needs to keep looking for the next important change or improvement. Also McDonalds is a world wide company which means they can not focus mainly on what Americans want. Like all smart
References: McDonalds India.(2011). Mcdonalds.com. Retrieved on August 30, 2011 http://www.mcdonaldsindia.com/menu.html Market research. (2011). answers.com. Retrieved on August 30, 2011 http://www.answers.com/topic/marketing-research#ixzz1WTsNfzKs