TASK 2: MARKET RESEARCH PROPOSAL
To conduct a market research in order to identify the new product launched by McDonald's.
PURPOSE AND IDENTIFICATION OF THE PROBLEM
The purpose of the study is to conduct research about the new product launched by McDonald's. It is because the company has been dealing with an issue of decreasing customers day by day. So, to overcome the issue, McDonald's has decided to make involvement of some new products so that they can be able to regain the interest and attention of the customers so that it will help them to achieve a higher rate of competitiveness in the market place again. Because of the decreased number of customers of McDonald's, there is a need for the development and implementation of the new products (Luca, Hibbert and McDonald, 2016). This can help McDonald's to gain an appropriate rate of productivity by attracting and satisfying the customers. It is because from a long time, the company has not made any sort of involvement of any new product or service, so now the customers are also expecting to have something new. Therefore, launch of new products can actually help McDonald's to gain the attention of various customers, thus it will help them in achieving their targets at much faster rate.
McDonald's is one of the leading fast food chain that has attracted a huge amount of customers through worldwide. McDonald's believes in following one of the most efficient strategy of providing people quality products at low prices. This has helped the company to cover a wide area, thus satisfying huge amount of population. But as the company is dealing with the same range of products, so this have resulted in an overall decrease of the customers. The marketing plan for McDonald's involves the products that they can launch and the specific customer segments. Therefore, McDonald's have decided to make involvement of some new product and the ideas they have decided and it involves Mc Tea and fresh beef burgers. This idea has been developed so that they can be able to provide their customers something new. This seems to be a very attractive option and after implementation, can actually help McDonald's to achieve a higher rate of productivity. The marketing plan will cover all the loop holes that are affecting the overall rate of customers like less promotional activities etc. and thus will help McDonald's to achieve a higher rate of competitiveness again in market place. The market research plan for McDonald's will also have focus on the factors that may act as a barrier while the launch of the new products. This is considered as an essential step because a pre identification of the risk factors will help McDonald's to involve some stargates and ways that can help them to cope with the same (Kotler, 2015). So, the market plan will involve the target audience, issues and the intended outcomes of the proposal so that McDonald's can also stay clear of their objectives and ways of achieving them.
The outcome of the research will be that after the launch of new products, McDonald's will be able to cope with the competitiveness of the market and can achieve higher productivity and popularity as well. It is because the idea of launching new products can actually help in gaining the attention of customers at a huge extent.
The segmentation, positioning and targeting are considered as the most essential aspects required for an appropriate marketing strategy that can help McDonald's to achieve all their targets at much faster rate. There are four types of segment, in which McDonald's can focus upon and these involve geographic, behavioural, psycho graphic and the demographic (Hair, Wolfinbarger and Page, 2015). The geographic includes both the densities, urban and rural along with the target of age group of more than 8 years of children. The demographic segment may involve different stages of the life cycle and also covers the target as students, professionals etc. because these are a very efficient option of attracting them, thus increasing the productivity. While considering the behavioural segment, McDonald's can analyse the status of the potential fast food eaters because on that basis only, they can make specific changes. For the psycho graphic segmentation, McDonald's can analyse the factors on basis of lifestyle of people and their social class. These factors will help McDonald's in a better positioning, segmentation and targeting of customers and this will further help in modifying the processing rate of functions and operations.
Collection of required data
There are two ways of gathering the information that is to be used within the research and two well known methods are the qualitative and the quantitative methods (Andrews and Shimp, 2017). In case of the qualitative method, the information can be gathered by the means of focused groups, surveys, interviews etc. whereas in case of the quantitative method, the data can be gathered by means of statistical or tabular information. In this, the researcher can use the qualitative data because it will help them to analyse the influence of new product launched by McDonald's on the overall productivity rate of McDonald's. In means of qualitative data, the researcher will collect the information from focused groups and interviews from the customers of McDonald's about how much they are satisfied with the new products launched by McDonald's. This will also help in analysing the influence of it on increasing the overall productivity rate of the organisation as well.
Implementing Marketing research plan
After the data has been gathered, it has been analysed that the implementation of the idea of developing some new product or service in order to gain the attention of customers can be successful enough if some essential factors will be considered at the time of implementing the plan. While the launch of new products as Mc Tea and fresh beef burgers by McDonald's, they can offer some items free of cost in the beginning because by this way, a wide variety of people will be able to have a try on it (McDonald and Wilson, 2016). Therefore, their interest can get generated as well on purchasing the same next time as well. This can also be considered as one of the efficient and tactical strategy by McDonald's. Also, this way can prove beneficial for them as well because when the customers will try these products, if there is something that is not liked by a wide range of the customers, then McDonald's can think of making changes accordingly. Therefore, taking feedbacks on people on the basis of it can be considered as one of the most appropriate and efficient options that can help McDonald's to make modifications and improvements where required. Although while making the market research plan of conducting the analysis of the new products launched by McDonald's, the risk assessment has been performed but while the implementation phase, it can be done on a wide basis. It is because at this time, the competitors might be try to involve any strategy or way so that the image of McDonald's can get down and the people also start losing interest in the launch of new products etc. Therefore, here again at the time of the implementation of the plan, McDonald's can also try to involve various ways and strategies such as offers and discounts to attract the customers. Also, McDonald's is one of the leading food chain retailer, therefore, it is quite hard for the competitors as well to let their popularity down.
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Therefore, the next important step in the implementation phase is that McDonald's should stay clear where they will promote the launch of new products along with their stores (Stelzner, 2014). It is considered as one of the important steps because it is obvious that when they will promote their new products, Mc Tea and fresh beef burgers in area which are crowded by youngsters, teenagers as in malls etc., more amount of people will be able to get attention about it. Thus, this can lead to a better and more efficient process of implementation because by this way, McDonald's will be able to gain a higher rate of satisfied customers, thus an increased rate of productivity and popularity as well. It is very important to consider all these processes in an appropriate way because if McDonald's fails to have a successful launch of the new products, then the food retailer may have to face a huge loss or make major changes and modifications to gain the attention of customers (Sheth and Sisodia, 2015). Therefore, all these stages are very important to be focused upon. It will help in maintaining balance between all functions so that the overall popularity and productivity rate of McDonald's will stay managed enough and in a positive way as well. Therefore, it will lead to a successful implementation of the launch of new products by McDonald's gaining an efficient rate of satisfied customers and having a maximized rate of productivity.
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