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During this stage, McDonald's seeks to achieve various objectives including creating awareness, informing customers about the value and benefits of the product and motivating them to try the product. Depending on the market in which McDonald's is launching its product, the promotional and product pricing strategies usually vary because of its market competitors.
The second stage is the growth stage with which the company experiences increased sales of the product, higher profits and more competitors. It's in this stage that the company faces intense and stiff competition from other companies like Starbucks and Burger King. McDonald's is sometimes forced to increase its promotional spending while focusing on the benefits of the product's brand name as a result of competition. Following the increased competition in the market, McDonald's product then enters the maturity stage where the number of potential customers reduces. Being the stage that lasts longer in the product life cycle, the strength of the company's product determines its sales even...
The final stage is decline stage with the company has from time to time phased out all products while introducing new ones due to various factors like change in customer preferences.
In conclusion, product development at McDonald's Corporation is a process that is quality-focused and customer driven involving the combination of great taste, convenience and friendly-service. The company uses various product development issues to restructure every element of its business and adopt a new approach in order to remain relevant in the market.
References:
"Marketing at McDonald's." (2008). McDonald's Corporation. Retrieved June 15, 2011,
from http://www.mcdonalds.co.uk/static/pdf/aboutus/education/mcd_marketing.pdf
"McDonald's 24/7: By Focusing on the Hours between Traditional Mealtimes, the Fast-food
Giant is Sizzling." (2007, February 5). Bloomberg Businessweek. Retrieved June 15, 2011, from http://www.businessweek.com/magazine/content/07_06/b4020001.htm
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