Product: Products are the range of goods and organization sells to their customer so as to help them satisfying their needs and demands. McDonald’s sells a variety of products to its customers...
Product: Products are the range of goods and organization sells to their customer so as to help them satisfying their needs and demands. McDonald’s sells a variety of products to its customers in UK namely, burgers, sandwiches, drinks, deserts etc. McDonald’s is an organization that functions in the fast food industry, now taste, preferences etc. of the customers changes frequently, as competition is very high in this industry thus there may be competitors selling food of a different taste than McDonald’s and customers may develop the taste and thereby sop visiting competitors, thus McDonald’s has to keep its offerings in the form of product regularly updated and develop it after heavy research so that customers taste and excitement to go to McDonald’s continues.
Price: Price is the consideration that an organization charges for rendering its products and services to the customer. McDonald’s as we have discussed later in this assignment undertakes bundle pricing in combination with premium pricing to sell their products to the consumers.
Now the importance of pricing for McDonald’s can be estimated from the point that McDonald’s sell mostly snacks and food items which have huge connection with leisure and pleasure, thus to have a customer recall value McDonald’s need to price their goods effectively.
Promotion: Promotion means how an organization communicates itself with the customers, in other words how does the organization attract customers to visit them and buy goods from them. For example: - Environment McDonald’s uses association and heavy promotions during football matches and even they have a dedicated football sponsorship, sponsoring different clubs, as UK’s population love there football thus McDonald’s markets heavily through it.
Place: Place is the surrounding or the area from where an organization operates. McDonald’s generally operates from busy places like malls, highways, markets etc. The basic reason being the place should be such that customers should be easily able to visit the place.
Now place is again a very important aspect of business functionality of McDonald’s as the food giant has to see that the cost of maintain the place and benefits derived in terms of revue and customer addition is positive or not, also McDonald’s have to also see whether the place they have decided matches the brand image which is generally fun and leisure of not.
Process: Process is generally the activities undertake to deliver a service to a client or customer. Now for McDonald’s there preparation process is the process which we will talk about here.
Importance of process is also very important for a giant like McDonald’s as they have to maintain homogeneity in the process of serving, preparation and with all this they have to also manage the cultural and legal needs of the UK environment, like usage of oils components, health issue prescribed by UK government agencies etc. Thus McDonald’s has to have a homogeneous process though with a small addition of country’s needs.
People: People are everyone who is involved in any stage and any way to make the organization function as it does. For McDonald’s generally the people are employees at store, manager who manages them etc.
Physical Evidence: Physical evidence means the store ambience, appearance etc. With McDonald’s one would relate an ambience which is comfortable, fun loving, lively etc.
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