Essay
UNIT 22 ASSIGNMENT 1
- Module
- Unit 22 - Market Research
- Institution
- PEARSON (PEARSON)
Essay of 8 pages for the course Unit 22 - Market Research at PEARSON (MERIT)
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UNIT 22 MARKET RESEARCHMcDonald’s Market Research
This report is about a large fast-food chain giant that
goes by the name of McDonald’s. McDonald’s has a
presence in almost every country and has exactly
37,855 chains in the world. The company has
managed to serve almost 70 million customers daily. The headquarters of the
company is based in the US and was established in the 1940’s as a barbeque
restaurant by Richard and his wife Maurice McDonald In this report I am going to
explore the different types of market research McDonald’s uses.
Market research:
Market Research is data gathered by companies for them to understand and identify
their markets. It is a process that gathers information about customers or competitors
and then they examine the data to comprehend what new products they could bring
out or predict what the outcome for one would be.
The results of the market research are then summarised in reports and then used to
help the business make decisions about the companies’ potential customer base and
different markets. Using this process, it helps businesses run more efficiently and
market more effectively for an exceptional outcome.
Without performing market research, you are taking a big risk for your company and
creating indecision. Companies should use market research to their advantage
because only you have the business knowledge of your company so competitors
can’t have access to your research especially with primary research because it is
new data. It helps you identify yours and your rival company’s strengths and
weaknesses. Also, it helps in spotting different trends in the market. With research
you can focus more on your customers’ demands
and whether you can satisfy that. Market research is
vital for all businesses.
As McDonalds is a key producer in the fast food
segment, it is important that they persistently perform market research in their r&d
department because it has to differentiate from other competitors such as burger
king and kfc. These markets and trends can always change so they have to ensure
that they stay on top otherwise these companies can grasp that advantage to use
these trends and create new products and food.
McDonalds is always looking for ways to make their food healthier as their company
is one of the main causes for obesity worldwide. They have introduced vegan
burgers and allergen free food to engage with customers who might not be able to
eat regular food. They are always also looking to collaborate with confectionery
companies to feature inside McDonald’s products such as Mcflurries and McCafé’s.
pg. 1
, UNIT 22 MARKET RESEARCH
McDonald’s have found that customers prefer to come through drive thru services
rather than attending the front desk. Drive thru is one of the most popular services
that is introduced in other restaurants as well as McDonald’s. This company was one
of the first restaurant to use drive thru.
Consumers seem to be satisfied with McDonald’s products especially in their
monopoly promotions where they can win free meals and food. They have a positive
behaviour with McDonald’s as it is a safe place where families can bring their
children. In some stores there is even a soft play area for children to play, the stores
also provide chargers for adults and McDonald’s tablets for them to play on.
Trends show that in seasonal times such as summer or winter more products are
sold for example. When it is cold and winter comes in, more customers will buy hot
drinks and hot fast food whereas when it is hot and the summer season comes in
people will buy iced drinks, fizzy drinks, milkshakes and ice creams. Another trend is
that when McDelivery was introduced in April 2017 more
people ordered food from the comfort of their own home
using an app called UberEATS which a lot of people
now use since introducing that service less people
attended stores to order.
There are two main types of market research:
Primary:
Primary research or field research is new data that you have physically found
yourself or with a team of people.
Secondary:
Secondary research is when someone uses previously used data that can be found
as a secondary resource to use in market research.
Qualitative Research:
Qualitative research includes numerical data such as a percentage or figures that
can be turned into a graph or table to present the results.
Quantitative Research:
Quantitative research includes more opinion-based information. In order to get
reliable information one must make sure they ask questions from a much larger
pg. 2
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