PRODUCT DEVELOPMENT

McDonald's New Millionaire Meal

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Table of Contents

McDonald's new Millionaire Meal's product development3

The Economic Environment5

The Sociocultural Environment5

Legal Political Environment5

Technological Environment6

Demographic Environment6

The Natural Environment7

The Micro External Environment7

Suppliers7

Intermediaries7

Competitors8

The Market8

Direct Channel10

Indirect Channel11

Selecting The Channel Of Distribution Or Sale11

High Price12

Price of Entry12

Economical Price12

Price Skimming12

Price acceptability or psychological13

Prices of products with joint bid13

Optional prices13

Price value13

McDonald's new Millionaire Meal's product development - McDonald's new Millionaire Meal

McDonald's new Millionaire Meal's product development

In doing so, the firm can have another product to rely on, or they can introduce a new product, when competition from other firms is heavy. Secondly, innovation is compulsory for the continued success of a firm. No matter how successful a product is, there will come a time when it enters a period of decline and given the long period needed to develop them, it is important to have new products in tow (Ernst, Hoyer & Rübsaamen, 2010). Also, firms need to meet changing customer needs and competitors actions. Therefore, New McDonald's new Millionaire Meal's product development is necessary as the tastes and needs of consumers change so that the firm will be up to date with its customers. In addition, the life cycle of many products change at very fast rates. New McDonald's new Millionaire Meal's product development is, therefore, necessary for the survival of any firm.

New McDonald's new Millionaire Meal's product development is, therefore, not a voluntary matter, it has to be done just to survive in today's dynamic market with its ever changing technology, as the rate with which technology is increasing tends to render many products obsolete. As mentioned before New McDonald's new Millionaire Meal's product development can be described as a painstaking, costly and complicated process (Slotegraaf & Atuahene-Gima, 2011). Therefore, for this venture to be successful, it must be well funded. In fact, most companies which have successfully pioneered new products ensure that the Research and Development continues to be well funded and remains and pertinent part of the company.

In addition, because this process is not definite, that is the product developed may not necessarily be successful when exposed to a market, the basic procedures must be followed. The process of New McDonald's new Millionaire Meal's product development involves identifying and evaluating new product opportunities, developing the product and then finally testing its marketability (Burroughs, Dahl, D, Moreau, Chattopadhyay & Gorn, 2011). The ideas for new products are generated from the firm's market research, technological forecasting and from research and development projects.

Out of research comes ideas and inventions, however, they have to be translated into usable and commercially viable products. Before an idea is developed into a product, it is necessary to evaluate the product in terms of marketability and profitability. The process of judging whether or not it is worthwhile proceeding with the McDonald's new Millionaire Meal's product development is known as screening. For example, it should be known if the product meets a defined customer need or if the firm possesses the resources, skills and expertise to develop, produce and market the product, for ...