What is a business strategy? Free essay! Download now
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What is a business strategy?
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| Words: 1500 | Submitted: 24-Jan-2010
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DescriptionBusiness strategy is defining as a term used in business planning that implies a careful selection and application of resources to obtain a competitive advantage in anticipation of future events or trends.
Before go into detail, the McDonald’s corporation vision was to provide quick service, cheap products and quality satisfaction (EnzineArticles.com) and the objective of the corporation is ‘making customer happy is what business is all about’ ( McDonald’s corporation stock reports and environmental responsibility). First of all, marketing strategy. Normally, marketing strategy is focus on the 4 P’s, which are product, price, place and promotion. So, how does this 4 P’s affect the McDonald’s Corporation’s business performance?
The products value is one of the greatest strength for McDonald’s Corporation (enzinearticle.com). In the product marketing it main purpose is to stresses quality food, served in a fast, clean and courteous manner. In order to accomplish the ability to rapidly serve food to large number of people efficiently, they offering a limited menu and this make a turning out product faster. So, The McDonald’s menu concentrates on five main ingredients: beef, chicken, bread, potatoes and milk, and basically offering a common product which is the big mac at all the restaurants around the world. Other than that, the innovation aspect is part of the product marketing, whereby new product line up to catch up with the new trends and taste of the people. However they still keep the products within the line somewhat closely related to each other and with the standard product name come form the convention of adding a ‘Mc’ to a particular item. For example, ‘McChicken’ is closely related to ‘big mac’ both also sandwich but different ingredient, and ‘McChicken’ with other product such like ‘McNuggets’ use the standard product name.
As we know that the best product will never make an impact in the business if no one knows where to get it. So, ‘place’ also play the important role in the marketing field. McDonald’s gives careful consideration when comes to choosing a locality to locate the restaurant. From their marketing research, they take into consideration the population in a given area, major roadways in locality of the proposed restaurant site, traffic that passed by the restaurant site and the demographic of the area, because all this consideration is to help to get close with customer and let them easily locate. In order for the operation to profitable, placement must be in the area that maximizes the customer exposure as this can help to increasing the chance of generating business. From the marketing research, it shows that McDonald’s always seem to be right around the corner, just like ‘ Greenland McDonald’s’, ‘Sunrise tower McDonald’s and many more, because the McDonald’s objective is ‘always there for you’.
A good pricing will play a vital role to get the customers come back. One of the main elements of McDonald’s marketing strategy is effective pricing of their product. McDonald’s scope for the customers who dine in is all level from young teenage to old folks. So they must offer an affordable price for their customers and virtually allow anyone to eat at McDonald’s and enjoy a quality meal without spending too much. In fact, McDonald’s state this outright in their ‘value menu’ offerings of recent years, which provide a selected meal at a bargain price but it must still can make profit but not as much as profit earn from ala carte.
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