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Startegic Business Analysis of McDonald and Its Rivals
Startegic Business Analysis of McDonald and Its Rivals
S. Saeed
February 2009
Table of Contents
1 TASK 1 - MCDOALDS SWOT AALYSIS.................................................................... 1
1.1 Preface................................................................................................................... 1
1.2 Swot Analysis........................................................................................................ 2
1.3 Internal Strength and Resource Capabilities .................................................... 2
1.3.1 Strengths...................................................................................................... 2
1.3.1.1 Market Leadership........................................................................ 3
1.3.1.2 Financial Strength ........................................................................ 3
1.3.1.3 Brand Image ................................................................................. 4
1.3.1.4 Innovative Skills........................................................................... 4
1.3.2 Weaknesses ................................................................................................. 4
1.3.2.1 Weak Strategic Direction ............................................................. 4
1.3.2.2 Customer Services........................................................................ 5
1.3.2.3 Revenues Losses and Share value ................................................ 5
1.3.2.4 Employees Turnover .................................................................... 6
1.4 External Market Factors ..................................................................................... 6
1.4.1 Opportunities............................................................................................... 6
1.4.1.1 Revenue Generation ..................................................................... 6
1.4.1.2 Diversification.............................................................................. 6
1.4.2 Threats......................................................................................................... 6
1.4.2.1 Trends in Sandwich Restaurant industry...................................... 6
1.4.2.2 Intense Competition ..................................................................... 7
2 TASK 2 - PLA TO WI VS. SWOT AALYSIS .............................................................. 8
2.1 What is a Business Strategy? .............................................................................. 8
2.2 Key Elements of Plan to Win .............................................................................. 8
2.2.1
2.2.2
2.2.3
2.2.4
2.2.5
2.2.6
Strengths.................................................................................................... 20
Weaknesses ............................................................................................... 20
Opportunities............................................................................................. 20
Threats....................................................................................................... 21
1.1 Preface
From its emergence as McDonalds franchising system in 1955 by Ray Kroc,
McDonalds have seen an era of constant growth up to 2002 both in terms of sales profits
and its reach to customers worldwide. The driving forces of its core objectives kept it at
the top of systemwide sandwich market throughout its most glorious years. McDonalds
founding objectives of building a system of restaurants with low priced menu items
served in a fast and efficient way in a clean and pleasant environment lead it to become
worlds largest sandwich chain. (Marino, 2004. p.C213)
Throughout 1980s and 1990s McDonalds developed its brand image, customer loyalty,
worldwide outreach and strong financial foundations to offset the impact of intense
competition by similar sandwich industry players like Burger King, Wendys and
Subways. During early 1990s, when MacDonalds intensified its international operations
to balance the impact of growing competition in USA, its brand image became so popular
outside USA that on its opening in Beijing 1992 more than 40,000 customers flooded the
restaurant. Earlier in 1990, an opening of a new restaurant in Moscow drew about 30,000
people. (Marino, 2004, p.C214)
Beside its glorious years, McDonalds have seen several years of drastic changes in its
strategic policies throughout 1990s. Especially in late 1990s most of its efforts to
overcome a falling performance, profits and customer satisfaction resulted in further
decline in sales and brand image. Late in 1999s, its management launched a plan to
further accelerate restaurant expansion and diversifying away from sandwich segment by
introducing about 40 new items in the menu. An investment of $420 millions in R&D and
kitchen upgrades was made to achieve set targets of 10-15 percent profits. Despite all
these efforts it appeared that nothing was working to put McDonalds back on track.
(Marino, 2004, p.C215) McDonalds posted its first ever fourth quarter loss in 2002. This
was the time when Jim Cantalupo took over the charge of the corporation and introduced
Plan to Win strategy to win back the lost empire of unprecedented history of
McDonalds. Jim Cantalupo preferred to focus companys generic strategy on marketing
mix of the company in order to overcome the declining brand image and negative
publicity experienced just before him taking over the company. His plan focused on
offering customers a better experience of enjoying their fast food as compared to
competitors. (Marino, 2004)
that we are ethical, truthful and dependable. It takes time to build a reputation. We are not
promoters. We are business people with a solid, permanent, constructive ethical program
that will be in style years from now even more than it is today. (mcdonalds.com)
1.3.1.1 Market Leadership
McDonalds has one of the strong international presences in fast food chains in the world,
with over 13,500 restaurants in USA and 16,500 restaurants worldwide. MacDonald, in
2002 was operating in 120 countries of the world with Burger King at number two with
only 58 countries. Its operating income from worldwide operations almost equated the
income from domestic operations. The Table 1 describe the geographic division of its
operating profits from 2000 to 2003.
In 2003 McDonalds secured almost 33 percent of the sales of top 30 sandwich chains in
USA. About 30 percent of the sales come from its international operation. McDonalds
leadership among restaurant chains have widely been recognised and have placed it in a
very strong position to increase and retain a major part of this market share. (Marino,
2004)
1.3.1.2 Financial Strength
McDonalds has a policy to own all real estates for franchised or company operated
locations. This provided a huge rental income and asset base for the company. Beverley
Vasquez in his article; McDonalds Takes Bite from its Land holding published in
Denver Business Journal in 1998 says that McDonalds generate more money from its
rent than from its franchise fees. (Denver Business Journal 50, p. B9)
McDonalds policy to own its real estates gave it more control over what it can do with
the land. This strategy also enabled McDonalds to select a piece of land to build a
restaurant in location to generate maximum sales. To make financial assets look better
and offset the impact of store expansion, McDonalds keeps about 100% of profits from
company owned restaurants. (Marino, 2004)
1.3.2 Weaknesses
1.3.2.1 Weak Strategic Direction
In fourth quarter 2002 when McDonalds produced its first ever loss since 1965, the
Chairman and CEO Alan Greenberg took full responsibility for its poor performance and
resigned. The failure of McDonalds was mainly due to launching several concordant
initiatives with lack of will to fully implement them or waiting for the outcome of any
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particular initiative. Due to this poor strategic decision making, management was left
with no clear directions. Increased competition and hostility among the franchises forced
company to review its policies regarding expansion, affiliation, quality and customer
services. At one stage company announced 40 new menu items and customized cooking
system which cost company a hefty $420 million. (Marino, 2004) A week strategy or
failure to appropriately launch a strategy may result in a week performance of the overall
business. (Thompson & Strickland, 2003)
Change in business strategy may result in customer confusion. If a business employing a
low-cost strategy shifts its focus to differentiation strategy, its price-oriented customers
may switch to another low-cost leader. At the same time those customers willing to pay a
premium price may not identify the organization's strategic change. (Parnell, John A.,
2003)
1.3.2.2 Customer Services
During early 1990s McDonalds discontinued its principal of restaurant evaluation
system (namely QSVC, Quality, Service, Value, and Cleanliness) to ease the tension
among franchises and to pave way for international expansion and to further its
partnership with leading superstores. When Greenberg reinstituted its Quality, Service,
Cleanliness inspections and
companys image would be regain, but in 2002 company was ranked lower than its main
competitor including Wendys, Burger King, KFC and even US internal revenue services.
1.3.2.3 Revenues Losses and Share value
At the beginning of 2003, McDonalds has to face $343.8 millions in its first quarterly
loss and constant revenue decline during 12 months to April 2003. Companys share
value dipped to all time low. At one point in March 2003 it was being traded at $12.50.
Putting further pressure on short term and long term liquidity and constraining the
company to keep equity at sustainable level.
1.4.2 Threats
1.4.2.1 Trends in Sandwich Restaurant industry
New trends in eating healthier food alternatives have posed a challenge to McDonalds
along with other industry players. Customer dietary awareness grew after findings of
various scientific researches advocating eating healthy food with lesser fats, oil and sugar
contents. In order to be concerned about customers wellbeing sandwich chains have to
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keep modifying their menu items. McDonalds has to continue focusing on adjusting its
policy to reflect healthier aspects of menu items or it could be an easy target for negative
publicity. McDonalds main rivals Burger King and Wendys have addressed current
consumer health trends more successfully. Particularly, Wendys has responded to this
with the introduction of their gourmet salad line. Typically 30% of those consumers
visiting Wendys do so specifically for the purpose of purchasing salads from their
Garden Sensations salad line. (Marino, 2004)
Soon after recognising the market, the super store jumped into sandwich industry by
offering ready made meals and sandwiches at competitive prices further increasing
competition for McDonalds and its rivals as well.
1.4.2.2 Intense Competition
USA systemwide sandwich industry is expected to grow around only 2 percent for the
foreseeable future during and after 2003. International is shrinking due to increased
competition among traditional rivals and local industry restaurants. With many new
chains of restaurant copying McDonalds theme, it is more difficult to increase market
share both in USA and worldwide. (Marino, 2004) Customers became more price
conscious and shifting their loyalty on low priced outlets of similar quality and service.
The ideal condition is for the strength/ competitive assets to outweigh its weakness/
competitive liabilities by an ample margin-50/50 balance is definitely not the desired
condition. (Thompson & Strickland, 2003, p120)
addressing quality issues to recover McDonalds from recent losses and downturn in
sales. Plan to Win placed customers at the top by offering them better food in an
environment of their expectations. (Marino, 2004, p.C228)
In a competitive environment, firms work out different strategies and approaches to
establish their competitive advantage over their rivals. These strategies are based on;
using different pricing strategies, introducing products for niches market segments,
changing the distribution strategies, changing the quality parameters as per situation and
running effective advertising campaigns etc. (Hooley & Saunders, 2004)
McDonalds Plan to Win focuses on five vital elements of marketing i.e. people,
products, place, price and promotion. These elements are generally known as Marketing
Mix. The company estimated that it would take about four to five quarters to fully
execute the planned improvements in its marketing mix to achieve desired objectives.
Marketing strategy is essential for the success of a product in a target market, largely due
to increasing diversity in the nature of the customers and the severe competition in the
market. (Kotler, 1988)
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Cantalupos Plan to win focused on improving companys internal strengths and resource
capabilities especially, the people, products, price, promotion and place. Plan to Win
emphasised on either polishing the existing capabilities or improving them instead of
jumping into new avenues. It also set forth the measures to check the progress of each
element of the plan.
SWOT analysis pointed out major areas of concern where a significant improvement
could be made. These included; improving customer training to equip restaurants with
friendly staff, accuracy and efficiency in processing food orders, reducing customer
waiting time both in drive ways and restaurants, product innovation and improvements to
reflect the need of each segment of the target market, renovating and redesigning
restaurant buildings, penetrating deep into niche markets by composing McDonalds
relevance to wider groups of customers. (Drejer, 2002)
In general SWOT analysis and McDonalds Plan to Win are strongly linked with each
other. Although SWOT analysis did not emphasise the need of renovating and
modernizing of McDonalds restaurant buildings, its important can not be denied. The
core issue debated in SWOT analysis is the state of paralysis faced by McDonalds
management due to successive depressing sales growth and negative publicity earned due
to its poor customer services and contents of food.
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(21% in constant currencies), with a 7.8% comparable sales increase. (McDonalds third
quarterly report, 2008)
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says As fast-food restaurants go, McDonalds has been pretty progressive, andIf
you look at the last five years, McDonalds has introduced some better foods and resisted
the urge to offer bigger burgers. (Martin, A., NY Times, 11 January 2009)
Steve West, the vice president of the Stifel icolaus Analysts, wrote in a note to
investors that McDonald's may be able to capture more cost-conscious consumers who
may skip a trip to Starbucks for a less expensive alternative. Prices vary by market,
espresso-based drinks at McDonald's are, on average, about 65 cents to a $1 cheaper than
at Starbucks. (Anon, BusinessWeek, January 13, 20090
In favour of McDonalds strategy to launch McCaf coffee initiative, UBS Securities
Analyst, David Palmer said that coffee will draw customers into restaurants during offpeak times and bring them in more frequently as the beverage platform takes over where
the dollar menu left off,"
Judith Crown, Business Correspondent at Business Week claimed in her article in
Newsweek that It's a strategy that McDonald's newfound competitor, Starbucks, appears
ready to emulate. Newly appointed Starbucks CEO Howard Schultz sees fewer new store
openings and the closing of some underperforming stores as a key to reviving his
company's flagging fortunes. (Crown, Judith. Business Week, 9 January, 2008)
Commenting on the McDonald's strength in concerns of strong dollar, Steven Kron, an
analyst at Goldman Sachs said company's momentum is overpowering any
fluctuations in the U.S. currency, whose recent revival reduces the value of overseas
sales. The results soothed lingering worries that the slowing global economy would
impact the company's results. (Gutierrez, Carl. 11 November 2008)
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3.4.2 Weaknesses
Core products out of line with the trend towards healthier lifestyles for adults and
children. Product line heavily focused towards hot food and burgers.
Quality issues across the franchise network.
3.4.3 Opportunities
Respond to social changes by innovation within healthier lifestyle foods.
Strengthen its value proposition and offering to encourage customers who visit coffee
shops into McDonalds.
Continued focus on corporate social responsibility, reducing the impact on the
environment and improving community linkages.
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International expansion into emerging markets like Eastern Europe and China.
Developing promotional schemes to turn market opportunities in its favor during
recent credit crunch.
3.4.4 Threats
Impact of existing competitors and superstores on pricing and products, new entrants
offering copied McDonalds produces.
Pressure from groups companying for obesity, nutrition, balanced meals and
environment and consumer awareness due to media campaigns.
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product range and relaxed rating of restaurant for quality and service, but failed to
soundly and extensively execute policies to make any difference. The lack of
understanding the core business strengths and weaknesses, and the challenges in its
external environment, pushed the company further into doldrums.
Currently McDonalds is reaping on its Plan to win strategy, which helped the company
to regain its glory to reach at the top once again. The management while focusing on
applying differentiating strategy to customer services, and niche product line is also
rolling it out to its worldwide operations. Exploring new markets and emphasising on
markets with high sales growth is managements primary focal point.
To generate a team of talented and efficient employees and make ways for empowering
McDonalds with competent management various extensive plans are being carried out.
Lack of trained staff, employee turnover, slow and unpleasant customer services were
some of the factors behind McDonalds dropped service ranking during early 2003.
During early 2003 McDonalds market segments were being squeezed by changes in
trends in rapidly fragmenting market, consumer preferences, negative publicly of the fast
food and quick meals being introduced in supermarkets. Service and quality was lagged
far behind its rivals. Currently McDonalds is back on top service ranking in its industry.
The managements objective is to make McDonalds customers favourite place to enjoy
food.
Instead of opening new restaurants in well saturated and matured markets, more
emphasise is being given to modernising and making McDonalds relevant to its
customers, particularly for adult and families, to overcome the changes in society.
McDonalds was labelled as one of the major reason behind obesity and health scares due
the contents of its products. To overcome this negative image associated with its brand,
McDonalds has focused on modifying, evaluating and inventing a range of healthier
products.
22
4.1 Wendys
4.1.1 Company Overview
By the end of 2002 Wendys was operating 6,273 outlets in USA, a third biggest chains
with 11.39 percent market share among top 17 systemwide fast food chains. Its
international operations under Wendys International spread to 22 countries with 2,538
outlets. Company generated higher revenues as compare to Burger King during 2002
with a 14.2 percent increase from previous year. (Marino, 2004, p.C222)
Wendys, unlike Burger King and McDonalds have experienced slight difficulties with
its ambitions to expand outside USA boundaries, generally because the company was
relatively slow with its expansion dreams and it was a new entrant as compare to its rival.
Companys experience with mad cow disease during early 1990s and financial crisis of
Argentina in 2001, forced it to leave behind its international expansion plans and
concentrate more on domestic expansion. . (Marino, 2004, p.C222)
23
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planned to update its value menu items for its key market segment of customers of ages
between 18 and 34 and to further enhance its late night menus. (Wendys annual report,
2007)
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Growth Strategy
The company planned to increase same outlet level sales and to increase the number of
units for both Jack in the Box and Qdoba concepts. A target of opening 40 to 45
company and franchise-operated restaurants each year was main element of this growth
strategy. More focus was given to Qdoba with targets of 60 to 80 new restaurants
including 30 to 50 franchised locations. Earlier in 2007 company opened about 77 new
restaurants of which 56 were franchised. (Jack in the Box, annual report 2008, p 10)
4.2.3.2 Brand Reinvention
Company planned to differentiate itself from competitor by offering better quality food,
good customer services and improving overall restaurant environment. Using high quality
ingredients, adding new products, improving existing items, improving level and
consistency of customer services, employing talented team members, renovation of
restaurants by redesigning the dinning and common areas on comprehensive scale will
dominate the brand reinvention strategy in future. (Jack in the Box, annual report 2008, p
10)
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29
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Sonic avoided competing on price; instead it promoted its products to be more relevant to
its niche market. (Sonic, annual report 2008)
Only recently Sonic rolled out new value-menu in last quarter of 2008 to improve the
number of visits by customers. The company hope that the introduction of value menu
will support efforts to overcome recent profit losses. Sonic also hope that this initiative
will increase the number of visits by new customers. (Fuhrmann, Investopedia, January
12, 2009)
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5.1 References
Marino, L. & Jackson, K.B., 2004; McDonalds: Polishing the Golden Arches, p.
c213-c234, Case Study 13, Thompson A. A. & Strickland, A. J., 2004, Strategic
Management, Concept and Cases, 13th Edition, McGraw Hill
Thompson A. A. & Strickland, A.J., 2003, Strategic Management, Concept and Cases,
13th Edition, McGraw Hill.
Johnson, Gerry & Scholes, Kevan; 2002, Exploring Corporate Strategy, Text and
Cases, 6th Edition, FT-Prentice Hal
Hooley, G.J., Saunders, J.A. & Piercy, N. (2004) Marketing strategy
and
http://www.businessteacher.org.uk/business-operations/swot-analysis/
Denver Business Journal 50, 1998; no.8, October 23-October 29, , p. B9
Temporal, Paul; June 2002; Corporate Identity, Brand Identity, and Brand Image,
www.brandingasia.com/columns/temporal10.htm, [Accessed on January 01, 2009]
Parnell, John A. 2003; Five Critical Challenges in Strategy Making, SAM Advanced
Management Journal, Vol. 68, [Accessed: January 1, 2009]
Elkin, Paul. 1998; Mastering Business Planning and Strategy: The Power of Strategic
Thinking, Thorogood
Jody Nimetz The Five P's of Marketing, http://www.searchengineguide.com/jodynimetz/the-five-ps-of-1.php
McDonalds
Annual
Report
2007,
Available
at;
Article,
New
York
Times,
Internet,
Week/The
Associated
Press,
http://www.businessweek.com/ap/financialnews/D95MF7900.htm
Internet,
[Accessed
at;
http://www.usnews.com/blogs/risky-
33
business/2009/1/12/mcdonalds-proves-to-be-a-recession-proof-business.html
[Accessed; 15 January
2009 ]
Vella,
BusinessWeek,
11:30AM EST,
Packaging
Internet;
Design,
http://www.businessweek.com/innovate/content/dec2008/id2008123_918813.htm
[Accessed; January 15, 2009]
Crown, Judith.; January 9, 2008, 9:26PM EST, Coffee Gets Hotter at McDonald's,
BusinessWeek,
Internet;
http://www.businessweek.com/bwdaily/dnflash/content/jan2008/db2008019_036171.h
tm?campaign_id=msnbc [Accessed; January 16, 2009]
www.bbc.co.uk, 17 January 2007, Growth on the Menu at McDonald's, , News story
from BBC 15:31:37 GMT;, Internet; http://news.bbc.co.uk/1/hi/business/6271795.stm
(Accessed; 20 January 2009]
Gutierrez, Carl.; 11 November.2008, 03:40 AM EST, Market Scan: Burgers Thrive In
the
McDownturn,
Forbes
Internet,
EST,
500;
http://money.cnn.com/magazines/fortune/fortune500/
wwwfortune500.com
Macarthur, Kate., 2005, Wendys Overhauls Marketing Strategies, May 19, 2005,
http://adage.com/results?endeca=1&return=endeca&search_offset=0&search_order_b
34
Revitalization
Internet:
Plan,
http://www.thestreet.com/story/10314746/2/wendys-delivers-revitalization-plan.html,
[Accessed: 6 January 2009]
Reeves, Scott. 19 September 2006, 12:25 PM ET; Wendy's Shares Have More Room
To Grow, Forbes, Internet, http://www.forbes.com/markets/2006/09/19/wendys-timhortons-markets-equity-cx_sr_0919markets04.html [Accessed; 10 January 2009]
Wendys, Internet; http://www.wendys.com/ [Accessed; 1 January 2009]
Wendys
Annual
Report
2007,
Internet,
Available
at;
[Accessed; 10
January 2009]
Jack in The Box, Annual Report 2003, Available at http://media.corporateir.net/media_files/irol/94/94497/reports/2003ar.pdf [Accessed; 10 January 2009]
Anon, Los Angeles Times News article, May 13, 2004 Gourmet Sandwiches Lift Jack
in the Boxs Earnings, http://articles.latimes.com/2004/may/13/business/fi-jack13
[Accessed 11 January 2009]
Jack in The Box, Annual Report 2008, Available at; http://library.corporateir.net/library/94/944/94497/items/319125/CF7EF997-7B01-4ECC-914188A01B2A52E6_08ar.pdf
Sonic
Reports
2008
Results,
Internet;
http://vocuspr.vocus.com/vocuspr30/Newsroom/ViewAttachment.aspx?SiteName=son
icCollateralXML&attachmentid=fc2c1460-7520-4f9f-a06e35
299d55336c2e&attachmenttype=F&entity=PRAsset&entityid=103165 [Accessed 12
January 2009]
Fuhrmann, Ryan C., January 12, 2009, Stock Analysis, Sonic Boom or Bust,
http://community.investopedia.com/news/IA/2009/Sonic-Boom-Or-BustSONC0112.aspx?partner=forbes-q [Accessed 11 January 2009]
Jack
In
the
Box
Inc.,
Various
7ews
Articles,
Internet;
Magazine,
Jack
in
The
Box,
http://www.qsrmagazine.com/articles/news/bychain.phtml?id=1422
Internet;
[Accessed
11
January 2009]
Henneman, Todd., 2009, Jack in the Box Tackles Turnover, Business Opportunities
Journal, Internet; http://www.boj.com/articles/franchise/jbx.htm [Accessed 10 January
2009]
Owens, John.19 November 2008, 3:39PM, Jack in the Box Reports 4Q, Internet;
http://quicktake.morningstar.com/Stocknet/san.aspx?id=265480 [Accessed 9 January
2009]
36
5.2 Appendices
5.2.1 Figure 1: Swot Analysis
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38
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Introduction
The case study presents a detailed scenario from which you are required to:
Identify and extract key information surrounding strategic business issues.
Analyse and evaluate that information using concepts and models from the module.
Carry out research for information not in the detailed scenario.
Present your findings in a document written to academically acceptable standards.
Word Limit: 8,000 words, plus/ minus 10% (excluding diagrams, visuals and appendices).
You must read the case study for key information, and then carry out the required tasks.
Case Study
McDonalds: Polishing the Golden Arches (in Thompson, A. A., Strickland. A. J. and Gamble, J.
(2005) Crafting and Executing Strategy (Fourteenth Edition), McGraw-Hill, New York, pages
C-213 to C-234).
Tasks
The case study, written by Lou Marino and Katy Beth Jackson of the University of Alabama,
describes the burger chain McDonalds faltering performance through the 1980s and 1990s and the
emergence of strong competitors in the fast-food sector, and raises questions over the companys
future prospects.
Based on the case study, and on online and offline research, complete the following tasks: -
Task 1 24 marks
From the information contained in the case study, what do you consider to be the business strengths
and weaknesses of McDonalds and the opportunities and threats faced by the company at the
beginning of 2003?
To answer this: Carry out a comprehensive SWOT analysis, including:
o A thorough review of McDonalds internal resources and capabilities, and
o An examination of external market factors, including trends in consumer
preferences, and the impact of the strategies and activities of competitors
Task 2 20 marks
Is the 2003 new strategy, called Plan to Win, justified in the light of your SWOT analysis?
To answer this: Explain the key elements of McDonalds new business strategy.
Make links between your SWOT analysis and the Plan to Win, and
Comment on the extent to which the Plan to Win reflects the findings of your SWOT
analysis.
Task 3 19 marks
Assess whether McDonalds strategy since 2003 has let the company regain its prominent position
in the global fast-food industry.
To answer this: Carry out online research to find out McDonalds current strategy and level of performance
Reflect and report on the views of business analysts and other commentators
Carry out a SWOT analysis to assess McDonalds current circumstances
Compare your analysis for 2009 with the one you did for 2003 (Task 1), and note any
significant changes.
Evaluate and report whether the company has regained its prominent position in the fastfood sector. Give the reasons for your conclusion.
Task 4 27 marks
How have the following competitors, mentioned in the case study, performed since 2003?
Wendys
Jack in the Box
Sonic
To answer this: Describe the strategy each company was pursuing in 2003
Check online to assess each companys development since then
Determine whether their strategies have been successful to date
State what changes, if any, to their strategies are apparent for the foreseeable future.
Task 5 10 marks
Assemble your work (the answers from Tasks 1-4) into one document, with: Table of Contents
Reference List
Appendices and
Bibliography