College Essay on McDonalds – 1684 words Essay
In this assignment I will be describing how marketing research is used In McDonalds in order to develop their marketing plans and contribute towards making the business more successful, I will also be descrlblng the purpose of market research and why It Is Important for McDonalds also what type of methods McDonalds carries out in order to improve their business. Market research: Market research is when information is gathered about consumers, distributers and competitors within a organisations target market. Market research is a affective method of finding out consumers habits and attitudes to current and future products.There are two different types of market research which are, Primary research: Primary research is when you directly gather your own information from your target audience for example a customer survey. In a new market there are many actions that can be taken by a small organisation with a limited budget such as retailer research which are the people that serve customers dally and know how to serve them best, observation as If location Is the key factor Its good to measure the rate of normal flow, In depth Interviews which can lead to Ideas that may have not emerged without the interviews.
There are many advantages and disadvantages to primary research such as, Advantages: * You can claim questions at your research objectives * You can receive the latest information from the marketplace * You can access the psychology of the consumer which is how their mind really works and what attracts them to buy products etc. Disadvantages: * Primary research can be expensive as Its money that the organisation how to spend as they are carrying out the research themselves for example questionnaires It would be the organisations paying for the questionnaires that are sent to consumers.The risk of questionnaires and interviews being bias Research finding may only be useful if comparable data exists. Secondary research: Secondary research is one of the most common methods of research it involves information that has already been collected by other organisations.
Researchers can simply look through previous surveys, press articles and reports in order to come to a conclusion.There are many ways to gather information for an organisation to research such as, BRAD which stands for British Rate and Data which can be found at many libraries it refers to magazines and press articles. Trade associations which represents the Interests of member companies within a market; this information can be found In many public libraries. Market Intelligence reports which Include data on market size by volume and value, market shares and sales trend etc.There are many advantages and disadvantages to secondary research such as, Advantages: * The information organisations receive is often free * The organisation receive a good overview of the market * The information organisations receive is usually accurate sales figures * The data organisations receive may not always be updated * The information is ot tailored to the organisations needs * It can be expensive Qualitative Research: Qualitative research consists of group discussions which is when a group are ranging discussions led by psychologists.In depth interviews which has the same function as group discussions, but avoid the risk that the group opinion will be swayed by one influential person.
Quantitative Research: Quantitative research is when an group of researchers asks pre set questions on a large enough sample of people to provide data that can be analysed statistically. There are 3 aspects of quantitative research which are sampling, writing a uestionnaire, assessing the validity of the results. Major companies do not publicise their market research plan as companies have the risk of other companies stealing their market research plan.McDonalds market strategy most probably consists of the following, * What the new eating out trends are * Where they can next open a restaurant * How they can improve their menu McDonalds will then look at what has been sold, when it has been sold and to whom their products have to be sold to from their management information systems. They will also keep an eye on customer perception.
They are a major brand going through ome bad PR so they will be looking at ways to improve this..The customers: McDonalds carry out online surveys to find out whether or not their customers are satisfied with their products and what they can do to improve their products. Market research is an effective way of McDonalds finding out what their customers what so that they can do everything in their power to reach their expectations and satisfy their customers. The competitors: McDonalds can improve their performance by changing the way they do things they can do as much as they can in order to beat other businesses.
Market research can help McDonalds beat ther businesses which are their competitors as they carry out effective evaluations of rivalry businesses to make a profit and achieve the best for their business. The market environment: McDonalds is highly promoted through market environment as they do not leave anything to the last minute. McDonalds are continuously updating their advertisements which help them as more people are attracted to their advertisements and they become an even higher expanding business which is very beneficial for them as they can put more money towards their advertising with the profit that has been made.