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Competition - ANSWERS-Changing price to compete with other companies
Economic - ANSWERS-How the economy is doing, ex: bad market = people are less
likely to spend high prices of Starbucks
Social - ANSWERS-trends, fads, ex: healthy eating trend makes it difficult for fast food
Technology - ANSWERS-Everyone wants their products online
Regulatory Laws - ANSWERS-Restricts companies cause they have to follow certain
laws
More - ANSWERS-Weather, etc.
McDonald's Controllable Factors Example - ANSWERS-1) Product- Food
2) Price- New branding is trying to convince you that its okay to pay more
3) Place- How food gets to the restaurants
4) Promotion- Ronald McDonald, sweepstakes, etc.
, McDonald's Rebranding - ANSWERS-They are remodeling buildings to move their
brand from being a fast-food restaurant. to a "quick-service" restaurant.
McDonald's Non-controllable Factors - ANSWERS-1) Competition- Wendys -> Panera
2) Economic- poor economy = does better
3) Social- trend towards healthy eating hurts them
4) Technology- interfaces with customers (different payment methods)
5) Regulatory Laws- Must comply with food handling, nutrition labels, etc. (location)
What are the specific elements that make up IMC? - ANSWERS--Advertising
-Public Relations
-Sales Promotion
-Direct Marketing
-Personal Selling
-Other communication
Advertising - ANSWERS--print, radio, TV, internet, signs, & more
-paid communication
-controllable!!
-Frequency is key
-targeting is important
-mass medium
-can be expensive but also efficient (Super Bowl Ads)
Public Relations - ANSWERS--press. release, news conference, events
-must have news value
-disadvantage: lack of control
-advantage: cost