MKTG3000 Strategic Marketing Management
Answer
Globalization has enabled a free flow of people, information, businesses and technology from one part of the world to another (Hirst, Thompson & Bromley, 2015). Global organizations are understanding the importance of understanding local needs and demands and change their offerings to suit the local requirements better. Marketing mix is a strategic marketing tool that helps businesses in identifying the four critical Ps of a business.
McDonald’s is a leading fast food joint that serves burgers, fries, puffs and beverages. Currently McDonald’s is present in over 120 countries. For such a global brand, it is imperative that McDonald’s changes its product in order to serve the local customers better. The best example would be the entry of McDonald’s in India. Prior to expanding to India, McDonalds predominantly sold non-vegetarian burgers. However, India is a largely Hindu dominated market. Majority of the customers are thus vegetarian. Therefore McDonald’s introduced vegetarian options and milk coffee in its menu. The pricing strategy adopted by the brand too was in line with the brand’s competitors in India.
Similarly, place and promotions are also critical factors impacting the success of a business (Khan, 2014). McDonald’s strategically planned its entry into the Indian market by opening outlets in the top metropolitan cities including the capital city New Delhi, Mumbai, Pune, Bangalore and Kolkata. The promotional strategies included tying up with Indian newspapers and televisions channels.
The above example clearly explains how a global brand must change its marketing mix in order to better suit the local needs of its customers.
References
Hirst, P., Thompson, G. and Bromley, S., 2015. Globalization in question. John Wiley & Sons. United States.
Khan, M.T., 2014. The concept of'marketing mix'and its elements (a conceptual review paper). International journal of information, business and management, 6(2), p.95.
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