Good market research is crucial in segmenting the market and creating the right marketing mix. According to the management of McDonald’s, the research would help in winning customer loyalty and increase sales (Monger, 2013). Researchers argue that as the economy and social attitudes change, the buying patterns change. Therefore, before segmenting their markets, McDonald’s had to identify whether the number of target customers is growing or shrinking and whether their buying habits will change in the future (Palmer, 2012).
Good market research will consider everything that affects the buying decisions of the customers. Many of these buying decisions are affected by factors bigger than the product itself. Many literature reviews point out psychological factors as an important factor (Baines, 2014; Boone, 2010; Elmore-Yalch, 1998). The factor gives the image of a particular product to the customer, and how the image will influence the consumer’s feelings when purchasing it. McDonald’s considered psychological factors because they are of significant importance to the customers. McDonald in his book argues that these factors can be more important than the product’s physical benefits (McDonald, 2007). Using Market Segmentation to Increase Transit Ridership.
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(a) Graph showing the product lifecycle (Brady, 2010)
(b) Graph showing revenues generated by McDonald’s after segmenting their market based on Geographical element (Lassar, 2009)
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