McDonald's utilizes marketing research to develop effective marketing plans and achieve success in their business. This assignment investigates the significance of market research for McDonald's and outlines the strategies implemented by the company to enhance their business.
Market research involves gathering data about consumers, distributors, and competitors in a specific market. It is an effective way to understand consumer behaviors and attitudes towards current and future products. There are two types of market research: primary research and secondary research.
Primary research collects information directly from the target audience through methods like customer surveys, interviews, and observation. Retailer research can also provide valuable insights for small organizations with limited budgets. Observation measures traffic flow and location impact, while in-depth interviews generate fresh ideas.
Although primary research has its advantages and disadvantages, it allows researchers to tailor questions to
...their objectives, provides up-to-date marketplace information, and offers insight into consumer psychology. However, the expenses involved in creating questionnaires and distributing them to consumers make primary research costly.
The risk of bias in questionnaires and interviews underscores the importance of having comparable data. One widely used method for obtaining such data is through secondary research. This involves leveraging information that has already been gathered by other organizations. Researchers can review previous surveys, press articles, and reports to reach their conclusions. One accessible source of information is BRAD (British Rate and Data), which can be found in many libraries and encompasses magazines and press articles. Additionally, trade associations provide valuable insights into the interests of member companies within a specific market, and this information can also be accessed in many public libraries.
Market Intelligence reports provide information on market size by volume and value
market shares, and sales trends. Secondary research has both advantages and disadvantages. The advantages of secondary research include free access to information, a comprehensive overview of the market, and accurate sales figures. However, the data may not always be up to date, the information is not customized for the organization's needs, and it can be costly.
Qualitative research involves group discussions led by psychologists and in-depth interviews to gather information. This type of research eliminates the risk of one person influencing the group opinion. Quantitative research entails asking pre-set questions to a sufficiently large sample of people in order to generate statistically analyzable data. Three components of quantitative research are sampling, questionnaire creation, and evaluating result validity.
Major companies typically do not disclose their market research plans due to the risk of other companies copying them. McDonald's market strategy likely includes: identifying new trends in the food industry, determining potential locations for new restaurants, and finding ways to enhance their menu. McDonald's also analyzes sales data, including what, when, and to whom products are being sold through their management information systems. Additionally, they focus on monitoring customer perception and addressing any negative public relations. McDonald's conducts online surveys to gauge customer satisfaction and gather feedback on how to improve their products. Market research is a valuable tool for McDonald's to understand customer preferences and exceed their expectations.
McDonald's competitors can enhance their performance by adopting new approaches and striving to outperform other businesses. Conducting market research enables McDonald's to gain an edge over rival businesses through effective evaluations, ultimately driving profitability and maximizing their business potential. In terms of the market environment, McDonald's diligently promotes its brand, leaving
no room for last-minute actions. Continuously updating their advertising campaigns helps attract more people and contributes to their rapid expansion. This growth proves advantageous to McDonald's, as it allows them to allocate more funds towards advertising, fueled by the profits generated.
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