Mkt 421 Marketing Plan Phase 2 Paper
Points = 5.00
Marketing Plan: Phase II
William Pacheco
Adam Newsome
Catherine Love
University of Phoenix
Marketing
MKT/421
Professor Mark Sanders
January 1, 2014
Introduction
This paper will address the following: identify the segmentation criteria that will affect McDonald’s target market selection, identify McDonald’s target market, describe the organizational buyers and consumers of McDonald’s product and the factors that influence their purchasing decisions, discuss how these factors will affect McDonald’s marketing strategy, and analyze current competitors and define the competitive landscape for your product or service.
Segmentation Criteria that will affect McDonald’s Target Market Selection.
“Market segmentation is a two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2011, p. 92). To complete successful market segmentation an organization must gather information on potential customers, divide the population into various market segments, estimate the most profitable segments, and rank the market segments by potential sales. This process is imperative during the marketing process because it distinguishes …show more content…
Taco Bell surprisingly does have a vegetarian choice; consumers can order their tacos without meat, and also the bean burrito. Since McDonald’s is planning on having a separate menu for vegetarians, the items have to be unique and appealing. McDonald’s already has that brand awareness, and physical locations that consumers frequent 7 days a week. Now the company has to be able to price these items competitively in order to have that edge over the next company. This will also prompt those other fast food companies to be more vegetarian friendly and offer a more complete
Marketing Plan: Phase II
William Pacheco
Adam Newsome
Catherine Love
University of Phoenix
Marketing
MKT/421
Professor Mark Sanders
January 1, 2014
Introduction
This paper will address the following: identify the segmentation criteria that will affect McDonald’s target market selection, identify McDonald’s target market, describe the organizational buyers and consumers of McDonald’s product and the factors that influence their purchasing decisions, discuss how these factors will affect McDonald’s marketing strategy, and analyze current competitors and define the competitive landscape for your product or service.
Segmentation Criteria that will affect McDonald’s Target Market Selection.
“Market segmentation is a two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2011, p. 92). To complete successful market segmentation an organization must gather information on potential customers, divide the population into various market segments, estimate the most profitable segments, and rank the market segments by potential sales. This process is imperative during the marketing process because it distinguishes …show more content…
Taco Bell surprisingly does have a vegetarian choice; consumers can order their tacos without meat, and also the bean burrito. Since McDonald’s is planning on having a separate menu for vegetarians, the items have to be unique and appealing. McDonald’s already has that brand awareness, and physical locations that consumers frequent 7 days a week. Now the company has to be able to price these items competitively in order to have that edge over the next company. This will also prompt those other fast food companies to be more vegetarian friendly and offer a more complete