MARKETING

Marketing



Marketing

Introduction

The fast food industry has now expanded all through the world. Originating in the United States, fast food restaurants are often advised as a attribute of the new international culture. These fast food restaurants are showed as casual, have consistent service to any individual despite of communal rank and focuses on giving quick-service to its customers. The fast food industry increased out of a heritage beliefs that substantially standards friendliness more than propriety, fundamentally more than customs of gracious dwelling and popular agreement over status-based partitions.

In this paper, I will be discussing the product life cycle concept and implementing it into practical examples of restaurants like McDonalds. There are two basic ways to measure the attractiveness of a market, one is essentially quantitative, and the other incorporates the time factor to establish a relationship with the evolution of demand. This is done through a model called "life cycle of products", which resembles the human life cycle. The life cycle of a product represents different stages of their sales history. There are industrial products where the cycle is large and can be distinguished perfectly: petroleum, metallurgy, etc. In other cases, the cycle is short, designs clothes, especially women, cosmetics, clubs, etc (Stark, 2011).

The stages of the life cycle of products in general tend to be reduced in duration for several reasons: changes in consumer behavior, competition and technological factors. The conceptual framework that incorporates the life cycle of a product serves as a guide to define a strategy for each situation. We can distinguish four major stages marking periods of the relationship completely different product - market. For this paper, I have selected McDonalds. I compare and contrast with four smaller restaurants in the New York City. My selection is based in the actual happenings of the restaurants, their strategies and current customer responsiveness.

Product Life Cycle for Mcdonald

A key distinction that sets extended product responsibility apart from narrower, although similar, principles is the emphasis it places on collaboration with stakeholder, the creation of product chain partnerships, and shared responsibility among all actors in a product's life cycle. McDonalds is at growth stage as it is redesigning its manufacturing, distribution, consumption, recycling, and disposal of products under sustainable product development program of CSR activities (Gilbert, 2008). Extended product responsibility focuses on product systems rather than on individual polluters by addressing the upstream pollution externalities associated with consumer products, which, according to some experts, are substantially more serious than disposal externalities (Williams et al., 2007).

Consumer behavior is essentially the attitudes, intentions, decisions, and actions of individuals as everyday consumers in the marketplace. Product designing plays a vital role in enhancing the firm's performance relative to its competitors in the industry. McDonalds has actively addressed the concepts of product designing and development. It adopted a differentiated approach in developing its brands to make a distinctive appeal to customers based on the customer characteristics and corporate objective.

Product designing processes create material culture; that is, the tangible goods, systems, and symbols by which we live ...