Marketing And Markets In The Digital World Assignment Sample

Marketing And Markets In The Digital World

Introduction-Marketing And Markets In The Digital World

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Ongoing technological advancement is changing the way the businesses operate and manage their time in an appropriate manner. Along with this it is having the way the businesses are managing the different business operations. With the changing technology the customer preferences and their demands are also changing which is creating more pressure for the marketers to manage them in an appropriate manner. The emerging technologies such as artificial intelligence, cloud computing, machine learning and many more are now used by the firms for marketing purpose and other business operations as well (Grewal et. al. 2020). In this digital world the companies need to focus on approaching the customers with the help of digital platforms and effective technologies which can help them in reaching to the customers effectively.

In this report the researcher would be focusing on discussing that how the current technological changes are affecting the marketing activities of the case company. McDonald's is the case company for this assignment. The report would explore that how McDonald's is making changes in their marketing strategies with their changing technological world around them for meeting the customer demand. McDonald's is investing better capital for attracting and retaining the consumers (Zainal et. al. 2020). For this they focus on applying different marketing tactics which helps them in having better customer base and effective marketing as well.

Main Body

Latest technologies in Marketing

In the technological advancement business world the firms focuses on making use of appropriate strategies and technologies which can help them in gaining competitive advantage over others and managing the firms in an appropriate manner. Marketing is having an major role to play in offering competitive advantage to the firms over others (Waheed and Jianhua, 2018). Due to this reason it has become important for the firms to use the effective digital marketing tools and emerging technologies for doing marketing in an appropriate manner. In the view of Jacobson et. al. (2020) social media marketing is the one which has gained alot of importance in the recent decades. Along with this the major market players are focusing on making use of different social media platforms for reflecting their presence and attracting the customers through it. In support to this the businesses also make use of the automation technologies for increasing the reach and response rate which is a part of marketing for promoting the goods and services in an appropriate manner. In the recent decades the use of the emerging technologies such as machine learning, Artificial intelligence, automation and the cloud based technology for effective demand forecasting and customer understanding which is important for doing marketing in an appropriate manner (Said, 2019).

Impact of current technological advancement on McDonald’s

McDonald's is the one which focuses on adapting the market trends in an appropriate manner for gaining competitive advantage over others. The marketing strategies which are used by the firms for marketing and advertising are changing due to technologies. In this respond the case company has also started to do marketing with the help of effective technologies (Kee et. al. 2021). As the company has launched their mobile app they have focused on the digital marketing and the use of emerging technologies for marketing in an appropriate manner.

Labbe, (2020) has stated in her study that McDonald's is not focusing on using the mobile marketing in an effective manner. The employees of the McDonald’s have stated that their company is making use of analytics and the AI for marketing purposes. The company is ensuring that they must understand their customers in an appropriate manner and then use personalised marketing strategies for managing the customers in an appropriate manner. The company is making use of AI and analytical tools on the Google cloud platform for getting better knowledge related to their customers and understanding their need and demands. This is very important in today's world for the fast food giant to understand their customers need and satisfying with them in an appropriate manner (Calvo, 2019). McDonald's is making use of different types of models for understanding their customers’ behaviour. The company is using RFM analysis which is an AI model for understanding that how frequently the customers are visiting the McDonald's restaurants. Along with this the company is using other methods as well. Moreover the study had highlighted that the personalised marketing strategy is helping the case company in increasing their sales and the optimal use of the Google cloud platform is also helping the company in making effective marketing efforts.

Lucas, (2020) has stated in the article that McDonald's is paying attention towards technologies for driving their sales and leading the firm towards growth. For engaging the customers through the digital platforms the company had created an digital customer engagement team which is working efficiency on this. Along with this the report had stated that the McDonald's marketing technology and the global delivery team of the case company would be working with the digital customer engagement team of the company which would help them in doing marketing and satisfying the customers in an appropriate manner.

The article represented by the Digital agency network, (2020) has stated that McDonald's is making use of convenient social media marketing and is focusing on Instagram which is one of the highly used social media platforms in the world. This is helping them in reaching out to their potential customers and doing marketing in an appropriate manner. From this it can be stated that the case company is also using the digital marketing strategies as it is in the trend and for remaining competitive it is significant for the firm to use social media marketing and digital marketing. The company is using this for attracting the customers from the entire globe which is important for maintaining the position in the global fast food industry.

Thomas, (2014) had stated that digitalisation is changing the way McDonald's operate and offer products to their customers. The author has explained that the digital technologies is changing the McDonald's business structure and all the operations as well. They have analysed that making use of the digital technologies is helping the company or changing the way they understand their customers. Moreover the company is focusing on creating an digital brand image which is being done with the help of effective marketing by using the best technologies.

McDonald's is making changes in their working style and is trying to react to the customers with the help of better digital tools. If the company would not make changes in their marketing strategies with the changing business environment then it would affect them in negative manner. The other firms operating in the same industry are also making use of machine learning and the AI in different areas related to the business operations. It can be stated that the technologies are driving the changes in the industries. With the increasing use of the technology in marketing is making the changes in the skills and knowledge which is required by the employees working in the marketing sector. The technological advancement is changing the way in which the company is communicating and connecting with their customers (Yaacob et. al. 2021). Along with this it is also changing the way in which the company is sharing the information with their customers or the target audience. It can be said that when the technologies are used for marketing then the business operations are becoming more digital which needs to be managed in an appropriate manner.

Conclusion

From the above mentioned discussion it can be concluded that the business world is highly changed to a greater extent due to the technological changes. The case company is focusing on innovation and using the best technologies for managing their business operations which is important for the success of the company. Marketing need to be one of the major business functions on which the company focuses. Technologies are driving the business towards an new era in which the firms focuses on applying better technologies for managing the business operations in an effective manner. McDonald's is one of the leading fast food industry which is continuously improving their business operations with the help of better strategies and effective technologies. The report had focused for critically assessing that how the firm is changing due to the increasing use of the technologies in the marketing for attracting the customers.

The views of the different authors and the report stated above shows that McDonald's is investing better capital for using the digital and the emerging technologies in an appropriate manner for marketing purposes.

The report reflects that the company is making use of social media marketing, digital marketing, AI and cloud based technology for marketing purposes. But when the company focuses on making use of the technology then the company undergoes through major changes which are required to be managed in an appropriate manner. The report had evaluated that the company is making changes in the way they operate and communicate with their customers. But it can be said that working with the market trends is helping the company in getting competitive advantage and doing marketing in an effective manner which is essential of increasing the sales of the company. Thus it can be said that technologies are changing the way McDonald's is doing marketing in the modern era of technological advancement.

 References

Calvo, J., 2019. McDonald’s Japan: AR and IoT Marketing Strategy with Pokémon GO. J Glob Econ 7: 332. doi: 10.4172/2375-4389.1000332 Page 2 of 8 &'(')'*++ $ &',')'-.. 0, 1(2), p.34.

Digital agency network, 2020. All We Need To Know About McDonalds’ Digital Marketing Strategy [Online]. Available through:< https://digitalagencynetwork.com/all-we-need-to-know-about-mcdonalds-digital-marketing-strategy/>.

Grewal, D., Hulland, J., Kopalle, P.K. and Karahanna, E., 2020. The future of technology and marketing: A multidisciplinary perspective. Journal of the Academy of Marketing Science, 48(1), pp.1-8.

Jacobson, J., Gruzd, A. and Hernández-García, Á., 2020. Social media marketing: Who is watching the watchers?. Journal of Retailing and Consumer Services, 53, p.101774.

Kee, D.M.H., Ho, S.L., Ho, Y.S., Lee, T.W., Ma, H. and Yin, Y., 2021. Critical Success Factors in the Fast food Industry: A Case of McDonald's. International journal of Tourism and hospitality in Asia Pasific (IJTHAP), 4(2), pp.124-143.

Labbe, M., 2020. GCP powers AI in marketing at McDonald's [Online]. Available through:< https://www.techtarget.com/searchenterpriseai/news/252488599/GCP-powers-AI-in-marketing-at-McDonalds#:~:text=McDonald's%20uses%20the%20Google%20Cloud,and%20know%20its%20customers%20better.&text=McDonald's%20was%20late%20to%20the%20market%20with%20a%20mobile%20app.>.

Lucas, A., 2020. McDonald’s creates digital customer engagement team as part of its tech push [Online]. Available through:< https://www.cnbc.com/2020/01/08/mcdonalds-creates-digital-customer-engagement-team-as-part-of-its-tech-push.html>.

Said, N., 2019. Analysing the impact of digital marketing and emerging technologies on Maltese SMEs (Bachelor's thesis, University of Malta).

Thomas, R. , 2014. How Digital Technology is Changing McDonald’s Structure, Offer and Customer Relationships [Online]. Available through:< https://www.business2community.com/digital-marketing/digital-technology-changing-mcdonalds-structure-offer-customer-relationships-0851153>.

Waheed, A. and Jianhua, Y., 2018. Achieving consumers’ attention through emerging technologies: The linkage between e-marketing and consumers’ exploratory buying behavior tendencies. Baltic journal of management.

Yaacob, S.A., Abdul Aziz, A., Bakhtiar, M.F.S., Othman, Z. and Ahmad, N.A., 2021. A Concept of Consumer Acceptance on the usage of Self-Ordering Kiosks at McDonald's. International Journal of Academic Research in Business and Social Sciences, 11(13), pp.12-20.

Zainal, N.A., Misbah, N.E.A. and Nordin, N.S., 2020. Acceptance of Customers in Self-Order Technology Service at McDonald’s Kota Bharu, Kelantan. NURTURING HOSPITALITY, TOURISM AND WELLNESS WORLD, p.186.