Paper instructions:
#1: McDonald’s
Need power point presentation 5 slides
1 Describe the history of McDonald’s and changes made to turn the company around.
2 Explain the seven principles of McDonald’s customer-centric Plan to Win for the future. How can these principles help an aspiring entrepreneur?
the sublect is MBA course of strategic management
here is the link for the course http://iau.la/im/bus700a.pdf
Answer
•McDonald’s is one of the most popular and largest fast-food empires in the world.
•It has about 35, 000 stores in 100 locations and employs 1.8 million workers (McDonalds, 2018).
•The annual revenue is estimated at $ 25 billion (McDonalds, 2018).
•A rich history coupled with an excellent management strategy is responsible for the success.
•McDonald’s history dates back to 1930s.
•It was founded by two brothers; Maurice and Richard McDonald.
•They were later bought out by Ray Kroc who is responsible for the chain’s exponential growth.
•The stores initially sold hotdogs but have since diversified their menu to over 100 products (McDonalds, 2018).
•As the company grew, it encountered challenges and had to adjust.
•The first change was the expansion of its menu to include hamburgers, French fries, and milkshakes.
•The company also ventured into international markets where no fast food culture existed before e.g Serbia, Middle East (Yuece, 2012).
•Part of its expansion strategy invoilved a blistering advertising campaign.
•The McDonald clown became a TV sensation in the Sixties (Yuece, 2012).
•In addition, the company adopted mergers and acquisitions as a way of eliminating competition and penetrating new markets.
•Some of the popular mergers and acquisitions include Aroma Café, Chipotle Mexican Grill, and Boston Market.
•In the wake of anti- junk food campaigns, the chain cut down on its portions and included vegetarian burgers in its menu.
•These strategic changes are responsible for the longevity and success of McDonalds.
•There are seven principles that define McDonald’s customer- centric strategic approach to business.
•These are: Market Analysis (5Ps), Capable and Competent Staff, Dynamic but fixated business strategy, Client- centered production, Efficient production, Product evolution, and Growth (Grant, 2016).
•The principle of market analysis is divided into 5Ps:
•People: An analysis of what makes the employees and customers happy.
•Product: Production of market- leading products.
•Price: Competitive prices that are consumer- friendly.
•Place: Easily accessible store locations.
•Promotion: A vibrant and focused advertisement campaign to capture the largest market share.
•One of the important principles is the acquisition of competent staff. This encompasses a well- trained and equipped workforce that improves the customer’s experience and efficiency in production.
•One of McDonald’s strengths over time is its ability to remain relevant over the years. This comes from a dynamic but focused business plan. The products evolve with the times yet the primary goal of satisfying the customer transcends generations.
•McDonalds has a client- centered approach in product and service development. For example, their menu is tailored as per the store location. A store in China will stock Chinese foods in addition to the signature products of the company.
•The business model ensures that orders are processed as fast as possible. This is facilitated by a capable taskforce and a self- service model.
•The ability of McDonald’s to command a greater market share is enshrined in its culture of product evolution. For example, when critics associated its success with the rising rates of obesity in America, the firm reduced its portions and included a vegetarian option in its menu.
•The chain’s expansion strategy remains dynamic as it plans to open stores in China and Africa. These will add to the approximately 35, 000 stores globally.
•There are several lessons a budding entrepreneur can learn from these seven points. And the lessons are self explanatory. For any business to be successful, it must focus on the client, have a dynamic business model, evolve with the times, have competent staff, understand the market it is targeting, and finally have an expansion strategy that ensures longevity.
•McDonald’s has a rich history that dates back to 1930s. The store has grown to over 35000 stores in 100 locations. Several changes have been effected in the past to ensure the lasting dominance in the fast food industry.
•The corporation employs seven principles in its customer- centric business model, and these have ensured steady growth, success, and customer satisfaction.
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