Mcdonalds 4 p's

Marketing 4 P’s:

In 1975, McCarthy formulated concept of 4 P’s: Price, Price, Promotion and Place. These four is being used as the basic foundation principle on which Marketing plan of any company is based. As the service market is gaining momentum additional variables is also added to these 4 P’s which are Process, Physical and people.

Product

The most important thing to remember in case of fast food Industry is the menu you are offering. “The important thing to remember when offering menu items to potential customers is that there is a huge amount of choice available to those potential customers with regard to how and where they spend their money”(McDonalds 2008). McDonalds focus on strategy on product standardization which means similar taste and products all over the globe.  McDonalds in India do not emphasis on the variety in their Menu; they have always emphasis on Low Cost. Marketing has always monitors customers preferences. Nowadays a product is not just a physical item which the company is selling to gain revenue; it also has psychological connations for the customers (McDonalds, 2008). We can say what was a fashionable and attractive yesterday may be discarded tomorrow. McDonalds in other countries like United Kingdom and U.S.A. has a large range of differentiated products for each and every segment. McDonald’s emphasis on quality, for which they have teams who are responsible for looking after the food products from the suppliers to restaurants.

Products go through a life cycle in which a situation comes when the product reaches its maturity where it needs an innovation or it will go through to decline stage. In India products like Mc Aaloo Tikki has now reached its Maturity stage which needs some innovation in it. Even new products of similar prices should be launched such as salads, corns, lemonade, juices and other health related products which will create an advantage to McDonalds over others.