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Marketing Management

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1.0 Introduction

Macdonald’s mission and visions: We serve people with good quality food, fast and at low cost. McDonald's vision is to dominate the global food-service industry.
The McDonald's Corporation is the world's largest quick service restaurant chain. There are over 30,000 McDonald's restaurants in more than 100 countries serving an average of 50 million people daily. From humble beginnings in 1955, the first McDonald's franchise restaurant in Des Plaines, Illinois, USA took in US$366.12 on its first day of business. As they say, the rest is history - and hard work coupled with positive work ethics have paid off. In 2003, the company recorded over US $40 billion in worldwide sales, and looks set to achieve greater success in the cyber-years to come.
McDonald's opened its first restaurant in Singapore in 1979. And what an event that was - the world's highest volume of hamburgers was served that auspicious October day at List Towers! Today, over 110 McDonald's restaurants across the island serve 1.2 million customers every week. 7,000 employees keep the McDonald's restaurants running ship-shape.

Price as a important element of marketing strategy is always be considered by marketers. While there is no single recipe to determine pricing, the following is a general sequence of steps that might be followed for developing the price of a product: • Develop marketing strategy-perform marketing analysis, segmentation, targeting and positioning. • Make marketing mix decision-define the product, distribution and promotional tactics. • Estimate the demand curve-understand how quantity demanded varies with price. • Calculate cost-include fixed and variable costs associated with the product. • Understand environmental factors-evaluate likely competitor actions, understand legal environment, etc. • Set price objectives-for example: profit maximization,…...

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