The purpose of this report is to identify and describe the application of the Marketing Mix by an organisation, and its effectiveness in achieving organisational goals. The organisation I have chosen to focus on is McDonalds, one of today's leading fast food companies, who has not only revolutionized the fast food industry with its creative marketing techniques and unforgettable taste, but for years has dominated the industry as well. .
But before looking in depth at McDonalds, it is important to have an understanding of why marketing and the application of the Marketing Mix is so crucial for an organisation to succeed in today's more consumer orientated environment. .
Marketing puts the customer at the centre of the organisation. The organisations, which choose to do so, reap the profits and benefits. There are two key distinctions which are central to marketing management: the selection of target markets where the firm will compete and the design of the marketing mix which will determine its success in these markets (Doyle 1994).
The marketing mix is defined as "The set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market- (Kotler et al, 1999). To summarise Kotler's definition, the Marketing Mix is essentially the organisation's overall offer, or value, to the customer. The "marketing mix", concept was introduced by Neil Borden in the 1950s, and the mix of different means of competitions was soon labelled the "Four Ps- - Price, Place, Product and Promotion. The "Four Ps- are the basic marketing variables used for developing a "mix" which helps the organisation determine what elements of marketing to combine to optimise organisational goals. All essential elements of marketing are generally covered under one of the "Four P's- it is also important to note that the elements used to comprise the mix are interdependent and changeable depending again on the organisations specific needs.
