Question Details

[solution] »

Create an APA style formatted Word document that includes at least 3 references outside of the co


Description

Answer Download


The Question

Create an APA style formatted Word document that includes at least 3 references outside of the course text and contains paragraphs that cover the topics below.

The length of your marketing plan will vary based on your degree of succinctness. Most documents fall between 9-13 double spaced pages. For more details, including minimum lengths by topic, check out our sample McDonald's marketing plan.

Note that you've already covered this first set of topics in your week 2 situational analysis. Feel free to revise your earlier work as needed. (attachment week 2 assign)

  • A description of Netflix
  • The core products/services they offer
  • A brief history
  • Key current competitors
  • A SWOT (strengths, weaknesses, threats & opportunities) analysis
    • For each, identify and describe a minimum of 3 examples (12 in total).
  • A description of the product/service that you want to market & SWOT rationale

Now address the additional topics below to complete your marketing plan. Again, reference our example and the identified text chapters for additional context.

  • Segmentation approach and rationale
    • e.g., Demographic, geodemographic, behavioral, psychographic, etc.
  • Target market(s) description
  • Positioning statement
  • Marketing mix details
    • Address each "P" (product, place, price, promotion) of the marketing mix separately and explain your choices. This is the heart of your plan.
  • Success metrics
    • Discuss at least 3 metrics you might analyze to evaluate the success of your plan.
  • International considerations
    • Identify at least 3 business or sociocultural considerations in translating your marketing plan for use in a foreign market.
  • Conclusion
    • Summarize your plan and why it deserves to be funded.
  • References

Running Head: MCDONALD?S MARKETING PLAN 1 Frie­day Night with Redbox: A McDonald?s Marketing Plan Samuel A. Sample BUS 330 Principles of Marketing Professor ?

 

Sadeghinejad February 16, 2016 MCDONALD?s MARKETING PLAN 2 McDonald?s Marketing Plan: Frie­day with RedBox Brand or Company Description? ?

 

(minimum 25 words) McDonald?s is the world?s largest fast food chain with over $25B in annual sales and more than 35,000 retail locations in more than 100 countries (McDonald?s Corporation, 2015). Core Products or Services? ?

 

(minimum 25 words) Beyond the burgers, french fries and milkshakes that they?ve been selling since its founding, McDonald?s sells a variety of wraps, salads, sandwiches and beverages ? more than 200 items in all (The Economist, 2015). McDonald?s locations are typically open for breakfast, lunch, dinner and late night dining and many feature drive­thru service. A Brief History? ?

 

(minimum 50 words) The first McDonald?s restaurant was opened in 1948 by Richard and Maurice McDonald. It brought production line techniques to the burger business and challenged the dominant carhop drive­in business model. Ray Kroc was one of the earliest franchisees and the key figure in the rapid expansion of the business after he bought out the McDonald brothers 1961. McDonald?s became a public company in 1965 and opened its first international location in 1967. Sales and locations have continued to grow every year since. Key current competitors? ?

 

(minimum 50 words) Historically, McDonald?s primary competitors were identified to be the large fast food burger chains like Burger King and Wendy?s. But given McDonald?s size and the expansion of their menu, the competitive set must be viewed more broadly to include sandwich shops like Subway, other fast food concepts like Chik­fil­A, more upscale fast casual restaurants like Panera and Chipotle, as well as coffee shop chains like Starbucks and Dunkin? Donuts. MCDONALD?s MARKETING PLAN 3 SWOT Analysis ?

 

(minimum 500 words) SWOT Analysis: Strengths? ?

 

(Describe a minimum of 3 positive controllable factors) 1. Anytime, anywhere convenience With over 14,000 locations in the U.S. alone, there?s a McDonald?s within a short drive of almost everyone and most are open from 6am to 11pm. The number of locations also means that McDonald?s can purchase media nationally which is more cost efficient than buying locally. 2. Brand equity As a results of its many locations, consistent brand experiences and hundreds of millions of dollars spent on marketing each year­­ McDonald?s has developed a very strong brand. For example, they ranked 5th on BrandZ?s 2014 most valuable global brand list (Rooney, 2014). 3. The Best French Fries McDonald?s french fries are universally loved ­­ even by people who don?t otherwise like McDonald?s food. McDonald?s fries were voted #1 in a 2015 YouGov study (Peterson, 2015). 4. Kid appeal McDonald?s is a popular destination amongst younger kids. Many locations have indoor playgrounds and there are menu items such as Happy Meals which combine several kid friendly food offerings in a fun box that includes a toy. The brand does a lot of advertising on kid targeted programs and Ronald McDonald is a highly recognizable spokesperson. 5. Inexpensive With it?s well known dollar menu, McDonald?s is perceived by most consumers as an inexpensive place to go for breakfast, lunch or dinner ­­ or a between meal snack. SWOT Analysis: Weaknesses ?

 

(Describe a minimum of 3 negative controllable factors) 1. Menu bloat MCDONALD?s MARKETING PLAN 4 In their attempt to compete with a wide range of competitors, McDonald?s menu has swollen to more than 200 items. This is driving down operational efficiency as it takes longer for consumers to order and longer for the food to be prepared (Walton, 2015). Franchisees also have to invest in additional kitchen equipment and training. 2. Dining environment appeal Many McDonald?s locations are outdated relative to chains like Starbucks or Panera which offer comfortable seating, amenities like fireplaces and greater cleanliness (Walton, 2015). 3. Low customer satisfaction In a 2014 ACSI survey, McDonald?s ranked last with a rating of 71%, some 7 points below competitors like Wendy?s and Subway (Comoletti, 2014). The rating reflects factors such as order accuracy, food quality, staff courtesy and menu variety. 4. Low employee wages McDonald?s does not pay its restaurant workers what most would consider to be a ?living wage?. As a result, McDonald?s does not always attract the highest quality employees and turnover can be high, resulting in a constant need for re­hiring and re­training. SWOT Analysis: Threats? ?

 

(Describe a minimum of 3 negative uncontrollable factors) 1. Healthier eating trends While McDonald?s menu does feature some healthier items like salads and wraps, they are still primarily associated with burgers, french fries, mass production and processed food. As such, healthier eating trends represent a threat to McDonald?s business. 2. Aging of the population The percent of population in the United States over the age of 65 is growing. From 10% in 1970 to a projected 20% by 2030 (Ortman, Velkoff, & Hogan, 2014). The aging of the population is a threat for a business whose core consumer franchise has historically been families with younger children. MCDONALD?s MARKETING PLAN 5 3. Rising social consciousness While McDonald?s business or environmental practices have likely improved over time, the level of scrutiny surrounding the triple­bottom line and associated negative publicity has increased in recent years. Popular documentaries like ?

 

Super Size Me? and ?

 

Fast Food Nation? have not portrayed McDonald?s food or its business practices in a positive light. SWOT Analysis: Opportunities? ?

 

(Describe a min. of 3 positive uncontrollable factors) 1. Positive childhood associations Regardless of people?s current perceptions or level of satisfaction, most McDonald?s consumers have fond childhood memories associated with the brand that can be potentially activated with the right messaging or product offerings. This creates an opportunity with the next generation of parents. 2. The prolonged U.S. economic recession The more people?s budgets are pinched, the more they are apt to ?trade down? to less expensive options like fast food. With its well­known dollar menu, McDonald?s has the opportunity to benefit from a prolonged economic downturn. 3. Growth in speciality coffee The percentage of Americans drinking speciality coffee in the US has more than doubled since 2009 (Ward, 2004) and teenagers are a particularly high growth segment. McDonald?s McCafe specialty coffee product line should continue to benefit from this trend. Marketing Plan Focus? ?

 

(What you?re marketing and why, minimum 100 words) Based on my SWOT analysis, I believe there is an opportunity to significantly grow the after­dinner snacking business (i.e., french fries and McCafe beverages) amongst teenagers and young adults. This is also a way to showcase updated facilities and amenities like Wifi to customers who may not have visited McDonald?s recently. I think it?s important to re­establish brand liking with this age MCDONALD?s MARKETING PLAN 6 group prior to them having kids of their own. The remainder of this document lays out the details of my McDonald?s Frie­day Night with Redbox marketing plan. Segmentation Approach ?

 

(Include rationale, minimum 75 words) For this marketing plan, I?ve opted for a straightforward demographic approach to segmenting the market given my desire to target a specific age group. I considered a behavioral approach based on past purchase history as captured via use of the McDonald?s app. However, the app was only introduced in late 2015 and age is not captured in the registration process (unless a social media log­in is used). Furthermore, I don?t want to limit my audience to just existing customers. Given the broad appeal of the McDonald?s concept and its national footprint, I did not feel geographic targeting or formal psychographic targeting was needed. Target Definition? ?

 

(minimum 25 words) My target for the Frie­day Night with Redbox promotion are U.S. teens and young adults ranging from approximately 15 to 23. To the degree media targeting allows it, an interest in movies, fast food restaurants and coffeehouses would represent a further level of definition. Positioning Statement ?

 

(minimum 25 words) For teenagers and young­adults, Frie­day night with Redbox is a chance to hang with friends and enjoy great fries, cool coffeehouse drinks and a movie without draining the wallet. Marketing Mix Discussion ?

 

(minimum 800 words) Marketing Mix: Product This marketing plan is focused around two McDonald?s product lines, french fries and McCafe beverages, which include specialty coffee drinks as well as smoothies. The core idea is to use the hook of America?s favorite french fries (in the red box) to drive trial and awareness of high margin McCafe beverages (that might otherwise be bought at a Dunkin? Donuts or Starbucks) and kickstart an inexpensive, at­home social gathering occasion involving a RedBox movie (or video game) rental. MCDONALD?s MARKETING PLAN 7 Marketing Mix: Price? ? (identify the pricing strategy and details) McDonald?s everyday pricing strategy for its french fries can be defined as competitive relative to other fast food chains. In contrast, the pricing strategy for the McCafe line is better characterized as skimming relative to the specialty coffee houses they are trying to take business from. For example, a large McDonald?s Mocha Frappe is $3.80 whereas a comparable Starbucks Mocha Frappuccino is $5.54 (Bacic Media Group, LLC., n.d.). As part of this marketing plan, on Friday (henceforth referred to as Frie­day) from 7pm to 11pm (or closing time, if later), all customers can upgrade from a small to a large McCafe smoothie, frappe or espresso drink for free when they purchase a large order of fries. This represents a $1 savings to the customer. The offer would be limited to Frie­day nights (at least initially) to create an air of urgency and specialness. Thepromotional pricing represent a deepening of the McCafe skimming strategy as well as an example of segmented pricing as well as peak­load (or in this case, off­peak) pricing, as this discount is only available on Friday nights after the peak dinner rush hour. Marketing Mix: Promotion? ?

 

(describe media and promotional strategies) In addition to the promotional pricing deal discussed above, there would be a scratch­off game that would also involve the use of a mobile phone (perhaps to look up a code on a Frie­day night microsite). The mobile component is important as we want to reinforce the fact that McDonald?s has WiFi. Prizes would be things in red­boxes, namely free large fries, free Redbox movie rental nights and a big prize like your own fully stocked Redbox unit or a special Arch (gift) Card that gets you free McDonald?s french fries for life. Codes that are not instant winners could be translated into electronic punches via the McDonald?s app and redeemed for free fries when a certain threshold was reached (e.g., six cards or by spelling the word redbox). I selected Redbox as a promotional partner because of the link to the McDonald?s red french fry box, but also because it is a good match with the low cost image, has widespread distribution, high use by MCDONALD?s MARKETING PLAN 8 teens and young adults and is related to the late night hang­out ritual that I?m seeking to integrate to McDonald?s into. I believe Redbox would be willing to offer up free night promotional codes in exchange for the publicity the promotion would bring them. As for the media I would leverage to promote Frie­day nights with Redbox, I would stay away from traditional mass media channels, despite McDonald?s ability to buy such media cheaply. For this promotion to work, teenagers and young adults will need to feel it?s for them. As the offer will be available to anyone, the ?just for me? nature of the promotion will need to be achieved through the media channels used and the message execution. I would focus my promotional efforts around targeted advertising on Facebook, YouTube and/or Instagram given its younger skew and highly visual nature. Would also explore whether there is possibly a way to license Rebecca Black?s ?Friday Night? song (or Katy Perry?s ?Last Friday Night?), as these would be a good conceptual fit. In­store signage for a limited time of day and/or week promotion can be difficult to coordinate, but in this case, I think the limited presence of such materials (e.g., a counter card or drive­thru window sticker) would enhance the specialness of the promotion for the target. Marketing Mix: Place? (physical/virtual place strategies, incl. channel partners as relevant) The Frie­day night with Redbox promotion would occur at all participating McDonald?s locations and would relate to in­store and drive­thru purchases on Friday nights. Redbox movie redemptions would happen at any of Redbox?s 35,000+ U.S. locations which are typically found near grocery and convenience stores (Redbox Automated Retail, LLC, n.d.). I would also make use of a dedicated McDonald?s Frie­day night microsite where customers could be directed to learn more about the promotion and check their prize codes. Integration with the McDonald?s app might be a potential means of executing the ?collect x codes, get free fries? aspect of this promotion (and encouraging additional downloads of the relatively new McDonald?s app). Potential Success Metrics? (discuss at least 3 potential metrics, minimum 100 words) MCDONALD?s MARKETING PLAN 9 There are a variety of metrics that could be potentially captured and analyzed to measure the effectiveness of this marketing plan. The most direct measures would be the growth in customer counts and dollar sales during the promotional window versus the previous period or year ago timeframe. As the promotion would only be offered on Frie­day nights, sales growth on other nights could be used for comparison. One might also monitor increases in social media followers, app downloads and counts of promotional codes entered (and other promotional microsite actions). Redbox could monitor rental counts and number of promotional codes redeemed to evaluate the success of their promotional participation. International Considerations ? ?

 

(discuss at least 3 considerations, minimum 100 words) If this McDonald?s Frie­day night marketing plan was to be translated for a foreign market, it would probably be a complete start from scratch scenario. First, the promotion would need a different name as the verbal link between Frie (as in French Fries) and Friday would not likely exist in most languages. Secondly, a different promotional partner would be needed as RedBox is strictly an American concept. Finally, the focus on coffee products might need to change in a country like China and India where coffee consumption (versus for example, tea, is much lower than in the U.S.. Conclusion? ?

 

(summarize and explain why your plan should be funded, minimum 50 words) My Frie­day night with Redbox marketing plan should be approved for funding because it will succeed in leveraging America?s favorite french fries to drive increased trial of McCafe beverages by teens and young adults. It will also increase consideration of McDonald?s as an evening snack destination and help cement the brand?s association with Friday night movie get­togethers. It will also help build brand affinity amongst this future generation of parents. MCDONALD?s MARKETING PLAN 10 References Bacic Media Group, LLC. (n.d.). McDonald's prices ­ fast food menu prices. Retrieved February 1, 2016, from ?

 

http://www.fastfoodmenuprices.com/mcdonalds­prices/ Bacic Media Group, LLC. (n.d.). Starbucks? prices ­ fast food menu prices. Retrieved February 7, 2016, from ?

 

http://www.fastfoodmenuprices.com/starbucks­prices/ Comoletti, J. (2014, June 19). America's favorite fast food chains. Retrieved from http://www.businessinsider.com/mcdonalds­last­in­customer­satisfaction­2014­6 The Economist. (2015, January 10). When the chips are down. Retrieved from http://tinyurl.com/mg8nmqh McDonald's Corporation. (2015). ?

 

2014 Annual Report? (Rep.). Retrieved from http://tinyurl.com/haq4fkp Ortman, J. M., Velkoff, V. A., & Hogan, H. (2014). An aging nation: the older population in the United States. ?

 

Washington, DC: US Census Bureau?

 

, 25­1140. Peterson, H. (2015, July 13). The best fast food french fries in America. Retrieved from http://www.businessinsider.com/the­best­french­fries­in­america­2015­7 Redbox Automated Retail, LLC. (n.d.). Redbox corporate information. Retrieved February 7, 2016, from http://www.redbox.com/facts Rooney, J. (2014, May 20). Google beats Apple As BrandZ most valuable global brand. Retrieved from ?

 

http://tinyurl.com/hsg5zu3 Ward, H. (2014, December 10). Specialty coffee consumption: A lookat the numbers. Retrieved from ?

 

http://tinyurl.com/jmk5ok7

 


Solution details

Solution #000176226

[solution] »

Create an APA style formatted Word document that includes at least 3 references outside of the co.zip

Uploaded by: Tutor

Answer rating:

This paper was answered on 14-Oct-2020

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Oct 14, 2020

EXPERT

Tutor

ANSWER RATING

BEST TUTORS

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

STUCK WITH YOUR PAPER?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now