Required informationSkip to questionManager's Hot Seat: National Competition in a Local Market Businesses of every size will be impacted by multiple sources of competition. Large, multinational businesses compete with other global companies; regional and local businesses face increased competition, but without the large marketing budgets of many global companies. Every business must have a thorough understanding of their target market, strengths/weaknesses of their products, and overall marketing strategy. In virtually all cases, going through a detailed marketing research process is a necessary part of developing a winning strategy. A national chain restaurant has purchased real estate in your hometown and will be open in a matter of months. As the Marketing Director of a local restaurant chain, Rosalie’s Restaurants, you have called a meeting with your lead Product Developer and the Regional Sales Manager. Quick decision-making will be necessary to generate new revenue and keep your customers happy. Click the ► button to watch the video. Then, answer the questions that follow. If Charles decides to add new items to the Rosalie menu, which variables should take highest importance?Multiple Choicefollowing industry trendspricing lower to get more customers throughthe ability to source ingredients from regional farmersopening for longer hours to appeal to different customersoffering vegan items

In order to determine the right opportunities and identify the challenges that may be faced, marketers rely on marketing research to find the they need to make decisions.

Required informationSkip to questionMcDonald’s Market Challenge You are about to read a short case discussing decreasing sales for the global fast food chain, McDonald’s. Two potential causes of the decrease in sales are discussed. Companies must understand and respond to changing markets in order to remain competitive. This includes effectively engaging in the functions of marketing, identifying the market segment to which the company wants to appeal, and creating a marketing mix that appeals to that market. Review the text material on customer-driven marketing, then read the following short case. When you have finished reading the case, answer the questions that follow. In recent years, McDonald’s has seen a consistent decline in sales in the US market. This decline is attributed to several causes. One potential cause for the slump is the complexity of the McDonald’s menu. In 1948, McDonald’s was able to boast fast service with only 9 menu items. In order to appeal to a wider market, McDonald’s menu has consistently expanded to include as many as 121 items. The expanded menu has made the operations within each store complex, slowing service. The problem is exasperated by competitive rivals, able to provide high quality and customizable dining options by focusing on specialized products, including Five Guys, Chipotle, and Starbucks 1. opens in a dialog The slump is also attributed to failing to respond to the preferences of the millennial generation. Millennials tend to be more health conscious than previous generations, preferring food options that are customizable, fresh, and healthy. Millennials also place high value on social responsibility, preferring meat from naturally raised animals and showing concern for employee well-being. McDonald’s reputation and food offerings appears to be unappealing to the millennial generation 2. opens in a dialog In response, McDonald’s created a “learning lab” at a restaurant in California to better understand customer needs and to experiment with customizable burgers 2. opens in a dialog McDonald’s creation of a “learning lab” is an example of which of the following functions of marketing?Multiple Choicemarket researchbuyingtransportingstoringgrading

Marketing research can affect the business's marketing mix by providing information about various locations that will influence the business's __________ decision.*1 pointA. priceB. promotionC. placeD. product

Every marketing plan should include an assessment of the competition: who they are, what they offer, their growth rates (if known), and their market share (if known)Group of answer choicesTrueFalse

The first marketing research priority for a new business is to determine:Group of answer choicesadvertising effectiveness.consumer lifestyle and trends.customer buying behaviour.market potential.