A market analysis of the McDonalds corporation

A market analysis of the McDonalds corporation McDonalds is a popularly known Market Leader in the Fast food Industry or better known as the ‘Burger’ Industry. Started in the year 1948, it has managed to emerge triumphant in spite of a number of companies entering the industry. The company has successfully established a popular brand image. In fact the growth of fast food has been named after the organization as ‘McDonaldization’. Marketing involves identifying what customers demand and striving towards meeting their demands. Marketing Audit involves analyzing the company’s various aspects and evaluating the company’s marketing strategy. It involves in bringing out the pitfalls in the organizations functioning. The following pages contain the analysis of McDonalds Corporation. We have researched the various facets of the organization functioning as to how well they have managed to reach customers. There has been an analysis of the industry aspects like the customers, competitors and the su ppliers. Also the Macro Environmental analysis along with the SWOT has been performed. We have analyzed the current Marketing techniques. On analyzing the current situation of the company and the market in the fast food industry we have provided some recommendations which might prove to be useful for the organization on its successful implementation. Introduction The statistics figures show that the global fast food market reached a value of $102.7 billion in 2006, growing by 4.8%. Meanwhile, analysts forecast that in 2011, the global fast food market will â€Å"have a value of $125.4 billion, an increase of 22.2% since 2006† (â€Å"Fast Food: Global Industry Guide†, n. d.). McDonald’s is the worlds leading company in the fast food industry. It has more than 30,000 restaurants in more than 100 countries serving millions people around the global. The company’s success was as a result of the policy they follow, known as the Q.S.C. Fast, Friendly Service; R estaurant Cleanliness; and a menu that provides Value). The company was first started as a drive-in restaurant in San Bernardino by the two brothers Mac and Dick McDonalds in the year 1948. It was later bought by Ray Kroc, who was their franchising agent in 1961 and opened his first McDonalds in Illinois. The company’s menu initially consisted of Hamburgers, Cheeseburgers, French Fries, Sodas, Milkshakes, milk and coffee, although it has grown considerably since. The company follows a unique business model described as the â€Å"three legged stool† wherein the three legs are the owners/operators, suppliers and Company employees. It is an organization that develops, operates, franchises and services a worldwide system of restaurants that prepare, assemble, package and sell a limited menu of quickly prepared, moderately priced food. McDonalds has pioneered food quality specifications, marketing and training programs, and operational and supply systems, all of which are c onsidered the standards of the industry throughout the world. Marketing Mix Every business organization must develop an effective marketing strategy. The 7 P’s is used to continually evaluate and re evaluate business activities. The seven Ps are product, price, promotion, place, packaging, positioning, and people. The 7 P’s are used to ensure that the company is on track and achieve maximum results.