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"Classification of Retail Based On Ownership": Specially Focus On "Mcdonald'S Business Model"
"Classification of Retail Based On Ownership": Specially Focus On "Mcdonald'S Business Model"
"Classification of Retail Based On Ownership": Specially Focus On "Mcdonald'S Business Model"
Project Report
On
“CLASSIFICATION OF RETAIL BASED ON OWNERSHIP”
specially focus on
“McDonald’s Business Model”
Submitted To
Batch 2009-11
Submitted By
INDEX
Sr. No Particulars Page No
1 Classification of Retail based on Ownership 1
2 About McDonald’s 4
3 McDonalds In World 6
4 Key Trends and Forces 7
5 McDonald’s Business Strategy 12
6
7
Franchise Units
McDonald’s In India
16
18
8 McDonald’s Marketing Mix 20
9 Perceptual Mapping 23
10 SWOT Analysis 24
11 The Road Ahead For India 25
12 Bibliography 26
Classification of Retail based on Ownership
1
• Classification of Retail based on Ownership
9 Form of Ownership
1. Independent retailer
2. Chain retailer
3. Franchise
4. Leased departments
5. Consumer co‐operatives
1. Independent retailer
• Who owns and operates only one retail outlet.
• It tends to be passed on from generation to generation.
• He can determine his own retail strategy.
• Its biggest advantage is to easy entry in retail market.
• The decision making process is quickest among all other forms of ownership.
• E.g. Induben Khakharawala , Shiv Shakti Ice cream
2. Chain retailer
• When two or more outlets are under a common ownership it is called a retail chain.
• These stores are characterized by similarity in merchandise offered to the consumer,
ambience, advertising and promotions
• Its strong bargaining power to the suppliers.
• Cost effectiveness is also possible in adverting and promotions
• May not be always possible to consider regional or rural and urban preferences.
• E.g. Wills sports(ITC), Shoppers’s Stop, Sales India
2
3. Franchise
• A contractual agreement between the franchiser and the franchisee.
• Product franchisee – Sell product of franchiser or operates under franchiser ‘s name
• Business franchisee – Mc‐Donald’s
4. Leased departments
• These are also termed as shop‐in‐shops. When a section of a department in a retail
store is leased / rented to an outside party, it is termed as a leased department.
• Store area like malls, departments stores multiplexes and public places.
• Their main aim is making products available to the consumer near his place of work or
home.
• E.g. Liverpool , Stockyard , Crossword
5. Consumer co‐operatives
• Aim at providing essential commodities at reasonable price.
• It is own managed and controlled by its members, for protection of interest of the
common consumers.
• E.g. Sahakari Bhandar’s
Apna Bazaar shops (Mumbai)
Super Bazaar (Delhi)
3
About the McDonald’s
• McDonald's is the leading global foodservice retailer with more than 32,000 local
restaurants serving more than 60 million people in 117 countries each day. More than
75% of McDonald's restaurants worldwide are owned and operated by independent
local men and women.
• McDonald's was built in 1940 by the McDonald brothers (Dick and Mac).
• McDonald's has been a franchising company since 1955; Ray Kroc became the first
franchisee appointed by Mac and Dick McDonald in San Bernardino, California.
• In1961 Ray Kroc bought all rights to the McDonald's concept from the McDonald's
brothers for $2.7 million.
• The original mascot of McDonald's was a man with a chef's hat on top of a hamburger
shaped head whose name was "Speedee." Speedee was eventually replaced with
Ronald McDonald by 1967 when the company first filed a U.S. trademark on a clown
shaped man having puffed out costume legs.
4
Key Dates:
1948: Richard and Maurice McDonald open the first McDonald's restaurant in San Bernardino,
California.
1954: Ray Kroc gains the rights to set up McDonald's restaurants in most of the country.
1955: Kroc opens his first McDonald's restaurant in Des Plaines, Illinois; he incorporates his
company as McDonald's Corporation.
1960: The slogan, "Look for the Golden Arches," is used in an advertising campaign.
1961: Kroc buys out the McDonald brothers for $2.7 million.
1963: Ronald McDonald makes his debut.
1965: McDonald's goes public.
1967: The Company opens its first foreign restaurant in British Columbia, Canada.
1968: The Big Mac is added to the menu.
1973: Breakfast items begin to appear on the menu, with the debut of the Egg McMuffin.
1974: The first Ronald McDonald House opens in Philadelphia.
1975: The first McDonald's drive‐thru window appears.
1979: The children's Happy Meal makes its debut.
1983: Chicken McNuggets are introduced.
1985: McDonald's becomes one of the 30 companies that make up the Dow Jones Industrial
Average.
1998: The Company takes its first stake in another fast‐food chain, buying a minority interest in
Colorado‐based Chipotle Mexican Grill.
1999: Donatos Pizza Inc. is acquired.
2000: McDonald's buys the bankrupt Boston Market chain.
2002: Restructuring charges of $853 million result in the firm's first quarterly loss since going
public.
2003: McDonald's sells Donatos in order to refocus on its core hamburger business.
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McDonald’s in World
McDonald’s business model value. Here are some key differences in their models:
• McDonald’s market share of total fast food market 19%
• CKE’s market share of total fast food market is under 1%
• McDonalds is the world’s largest owner of corner lots and owns thousands of its
locations which it leases back to franchisees
• According to McDonald’s 2008 annual report, it spent $2.355B on selling related items
on $16.560B in sales or 14.2%
• The Golden Arches are one of the world’s most recognizable symbols or brand.
6
Key Trends and Forces
Strong International Growth is Driving MCD's Sales
• McDonald's has a sizable international presence; the majority of sales occur outside of the United
States. In addition to developed markets like the U.K., Canada, South Korea and Australia,
McDonald's operates in fast growing emerging markets like China, India, Russia and Eastern
Europe. By tapping into a growing global middle class, the company's international operations
have consistently posted strong same‐store sales growth. China is a particularly promising
opportunity. In FY2007, McDonald's launched the breakfast menu, extended store hours to 24
hours in major cities and implemented drive‐thru in China in its efforts to capitalize on this huge
market.
• As a result, MCD's June 2010 sales have shown a continuous uptrend in international markets at
7%. Specifically APMEA (Asia/Pacific, Middle East & Africa) was the major contributor to MCD's
success, along which Japan, Australia, and China showed most promise. These results have
emphasized the importance in MCD's core value menu offerings and variety in its breakfast
menus. Specifically, MCD's move to expand to international markets means that it can tap into a
less health‐conscious market segment that will allow MCD to utilize a menu that relies less on
costly constant product changes.
MCD Entered a Lucrative Coffee Market but Faces an Ongoing Bidding War
against Competitors
• Starbucks road to fame was marked by a move into a small coffee drinker market over one
decade ago, but as Starbucks starts to hit market saturation, large and small enterprises alike are
starting to enter to steal market share. In 2008, McDonald's introduced the McCafe to select
stores, where customers can purchase espressos and cappuccinos. These drinks, which are priced
in the $2‐4 range, represent McDonald's foray into the high‐margin caffeinated beverages
market, currently dominated by Starbucks.
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• Though MCD has been able to profit greatly from its McCafe move, the resulting "coffee war"
amongst the food giants began a costly ad campaign in which MCD tried to orient customers
away from Starbucks and to cheaper alternatives. This bidding war allowed small‐time coffee
chains such as Green Mountain Coffee Roasters (GMCR) and Caribou Coffee Company (CBOU) to
steel market share as unique quality coffees, the very type of business model that Starbucks
attempted to implement in the early days. However, as commodity prices for coffee continue to
rise, it is uncertain whether these small chains will be able to survive against large food giants
which have the capacity and experience to hedge effectively. The coffee market for MCD
therefore continues to become a profitable but now more uncertain market.
MCD's Menu Must Adapt to Constant Changes in Consumer Preferences to Insure
Profitability
• Consumer preferences that gravitate towards more nutritional food (see Natural & Organic Foods
Consumption and Health & Wellness) decrease the appeal of eating at McDonald’s. As these
consumer trends continue to shift towards the mainstream, public perception of McDonald's
becomes increasingly negative. These changes may climax in lawsuits or media publications like
Super Size Me, which criticizes McDonald’s products for causing obesity, and Fast Food Nation,
which decries McDonald's business practices. Since McDonald's is the most recognized brand
name in the fast food industry, these negative publicity events have widespread impact on
its brand equity. Furthermore, because there are many alternatives to fast food (such as cheap
dine‐in restaurants, street vendors and convenience stores), the corporation's sales depend on its
ability to maintain its brand name and attract new customers.
8
• The introduction of salads and public nutrition campaigns are examples of McDonald's efforts to
adapt its business model to changing trends in the market. In recent years, McDonald's has
turned away from a stable unchanging menu to one which is innovative and trendy. Following
product launches such as the "McGriddle," "Snack Wrap" and premium coffee (set to take market
share from Starbucks); MCD's latest product is the smoothie. The new products, strawberry‐
banana and "wild berry" smoothie flavors aim to take market share from the fruity beverage
sector after successfully doing the same to the coffee market. The new venture into drinks may
provide a new turning point for MCD by turning to compete against smaller competitors (Jamba
Juice, Tropical Smoothie and Planet Smoothie) rather than major fast food players such as Burger
King Holdings (BKC) or Yum! Brands (YUM). The smoothie category currently is small, with a
yearly consumption of about 422 million servings in America compared to 2.57 billion servings of
specialty coffee from April 2009 to March 2010.[22] MCD therefore hopes to transform a niche
market into a mass market as Starbucks did to specialty coffee in the early 2000's.
Healthcare Reform will Create Looming Employment Costs for MCD
• MCD currently provides 29,500 hourly restaurant workers "mini‐med" plans, but the new
regulations for healthcare reform may force MCD to drop these plans because the requirement
concerns the percentage of premiums that must be spent on benefits. Some hourly restaurant
workers choose "mini‐med" plans rather than full coverage because they are insured by some
other source; this is particularly true for hourly‐workers that have spouses covering their medical
insurance or individuals that are dependent on their parents. However, as these individuals are
considered employees, they are under the guidelines of the new reform. Currently, a single
worker can receive approximately $10,000 of coverage per year for roughly $32 a week.
Competition
• Although McDonald's is the clear leader of the fast food industry in terms of revenues generated
and restaurants established, it faces competition from other fast food chains, which are
introducing new products themselves.
9
Major direct competitors in the (hamburger‐based) fast food industry include:
• Burger King Holdings is the second largest hamburger fast food chain. Although more of Burger
King’s restaurants are franchised than McDonald’s restaurants, Burger King Franchise revenues
trail behind that of its competitor, mainly due to the McDonald’s size advantage.
• Wendy's is the third largest hamburger fast food chain. It has a lower operating margin that
McDonald’s, so it is likely to be more negatively impacted during a recession.
• Yum! Brand runs Kentucky Fried Chicken, Taco Bell, Pizza Hut, Long John Silver’s, and A&W All‐
American Food Restaurants. Currently, Yum! Brands are dominating the China market, posing a
challenge to McDonald's attempts to enter the market. While McDonald’s Corporation focuses on
its flagship brand, Yum! Splits its resources among a wide variety of restaurants.
• In addition to the above competitors, McDonald’s also competes with non‐hamburger‐based fast
food restaurants (such as Panera Bread Com pany (PNRA), Panda Express and Qdoba), local and
national dine‐in restaurants (such as Red Robin’s and Shari’s), pizza parlors, coffee shops
(Starbucks), street vendors, convenience stores and supermarkets. McDonald's main competitors
and its respective financials are shown below:
Facts and figures
• McDonald's boasts its service to "99 billion customers".
• McDonald's restaurants are found in 119 countries and territories around the world and serve 58
million customers each day. McDonald's operates over 31,000 restaurants worldwide, employing
more than 1.5 million people. The company also operates other restaurant brands, such as Piles
Café.
• Focusing on its core brand, McDonald's began divesting itself of other chains it had acquired
during the 1990s. The company owned a majority stake in Chipotle Mexican Grill until October
2006, when McDonald's fully divested from Chipotle through a stock exchange. Until December
2003, it also owned Donatos Pizza. On August 27, 2007, McDonald's sold Boston Market to Sun
Capital Partners.
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Types of restaurants
• Most standalone McDonald's restaurants offer both counter service and drive‐through service,
with indoor and sometimes outdoor seating. Drive‐Thru, Auto‐Mac, Pay and Drive, or "McDrive"
as it is known in many countries, often has separate stations for placing, paying for, and picking
up orders, though the latter two steps are frequently combined; it was first introduced in Arizona
in 1975, following the lead of other fast‐food chains. The first such restaurant in Britain opened at
the Merry Hill Shopping Centre in the West Midlands in November 1986.
• In some countries, "McDrive" locations near highways offer no counter service or seating. In
contrast, locations in high‐density city neighborhoods often omit drive‐through service. There are
also a few locations, located mostly in downtown districts that offer Walk‐Thru service in place of
Drive‐Thru.
• Especially themed restaurants also exist, such as the "Solid Gold McDonald's," a 1950s rock‐and‐
roll themed restaurant. In Victoria, British Columbia, there is also a McDonald's with a 24‐carat
(100%) gold chandelier and similar light fixtures.
• To accommodate the current trend for high quality coffee and the popularity of coffee shops in
general, McDonald's introduced McCafé, a café‐style accompaniment to McDonald's restaurants
in the style of Starbucks. McCafé is a concept created by McDonald's Australia, starting with
Melbourne in 1993. Today, most McDonald's in Australia have McCafé located within the existing
McDonald's restaurant. In Tasmania, there are McCafé in every store, with the rest of the states
quickly following suit. After upgrading to the new McCafe look and feel, some Australian stores
have noticed up to a 60% increase in sales. As of the end of 2003 there were over 600 McCafé
worldwide.
• Some locations are connected to gas stations/convenience stores, while others called McExpress
have limited seating and/or menu or may be located in a shopping mall. Other McDonald's are
located in Wal‐Mart stores. McStop is a location targeted at truckers and travelers which may
have services found at truck stops.
11
McDonald’s Business Strategy
At the heart of McDonald’s operations is a unique business model comprised of the Company,
suppliers and franchisees (also called owner/operators), often referred to as a three‐legged
stool, all three parts of this business model are essential to McDonald’s success around the
world.
The Three‐Legged Stool: McDonald’s Business Model:
The strength of the alignment between the Company and its employees, franchisees and
suppliers has been critical to McDonald’s success. This business model enables McDonald’s to
consistently provide customers locally‐relevant restaurant experiences and be an integral part
of the communities we serve.
• Franchisees – own and operate the majority of our restaurants
• Suppliers – provide food and packaging
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• Company employees – support and deliver restaurant operations around the world
• Franchise Model – Only 15% of the total number of restaurants are owned by the
Company. The remaining 85% is operated by franchisees. The company follows
comprehensive framework of training and monitoring of its franchises to ensure that they
adhere to the Quality, Service, Cleanliness and Value propositions offered by the company
to its customers.
• Product Consistency – By developing a sophisticated supplier networked operation
And distribution system, the company has been able to achieve consistent product taste
And quality across geographies
• Act like a retailer and think like a brand – McDonald’s focuses not only on delivering sales
for the immediate present, but also protecting its long term brand reputation.
McDonald’s Franchisees ‐ In pursuit of continuous customer satisfaction
• The locally‐owned and operated restaurants are at the core of their competitive
advantage, making McDonald’s not just a global brand but a locally relevant
one. Approximately 80% of McDonald’s restaurants worldwide are operated by local
business people, including conventional franchisees, joint venture partners (foreign
affiliates) and developmental licensees.
• Conventional franchisees provide a portion of the capital required by investing in
equipment, seating and signage, while the Company owns or holds a long‐term lease for
the land. Conventional franchisees pay rent and royalties based on a percent of sales to
the Company.
• Joint Venture Partner (foreign affiliates) is when McDonald’s jointly invests with a local
business partner to own and operate McDonald’s restaurants in a local
market. McDonald’s receives a royalty based on a percent of sales.
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• Developmental Licensees (DL) provides the capital for the entire business, including
the real estate. The DL pays a royalty based on a percent of sales. McDonald’s retains
the right to approve building designs, operating procedures and use of McDonald’s
trademarks.
• The remaining 20% of McDonald’s restaurants worldwide are operated by the
Company.
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McDonald's Business Strategy
• A key element of McDonald's strategy since the beginning has been the policy of the
company to own all property on which a McDonald's outlet was built, regardless of
whether that location was franchised or company‐owned. Rental income varies from
property to property, but it has been estimated that McDonald's generates more money
from its rent than from its franchise fees.
• McDonald's restaurants are located on prime high‐traffic real estate that is highly visible
and easily accessible. McDonald's conditions for a franchise location include a corner
lot with at least 35,000 square feet of land whose entrance and exit were facilitated by a
traffic light.
• The company follows a comprehensive framework of training and monitoring of its
franchises to ensure that they adhere to the Quality, Service, Cleanliness and Value
propositions offered by the company to its customers.
• McDonald’s focuses not only on delivering sales for the immediate present, but also
protecting its long term brand reputation.
• Developing a sophisticated supplier networked operation and distribution system, the
company has been able to achieve consistent product taste and quality across
geographies.
15
Franchise Units
• Pizza Hut was started in 1958, by two brothers Frank and Dan Carney in Wichita, Kansas.
• Today, it is the world’s largest pizza chain with over 12,500 restaurants across 91
countries.
16
• Domino’s Pizza offers qualified veterans a whopping 80% off the franchise fee and has
additional benefits for minorities and women owners.
• Domino’s strong business model comes with a profitable value‐added distribution
system.
• Domino's also provides an opportunity for each local market to pool funds and optimize
local marketing opportunities by becoming part of a co‐op advertising program.
17
McDonald’s in India
McDonald’s entered India in 1996. McDonald’s India has a joint venture with Connaught Plaza
Restaurants and Hard Castle Restaurants. Connaught Plaza Restaurants manages operations in
North India whereas Hard Castle Restaurants operates restaurants in Western India. Apart from
opening outlets in the major metros, the company is now expanding to Tier 2 cities like Pune
and Jaipur.
• Challenges in Entering Indian Markets
Regiocentricism: Re‐engineering the menu ‐ McDonald’s has continually adapted to the
customer’s tastes, value systems, lifestyle, language and perception. Globally McDonald’s was
known for its hamburgers, beef and pork burgers. Most Indians are barred by religion not to
consume beef or pork. To survive, the company had to be responsive to the Indian sensitivities.
So McDonald’s came up with chicken, lamb and fish burgers to suite the Indian palate. The
vegetarian customer – India has a huge population of vegetarians. To cater to this customer
segment, the company came up with a completely new line of vegetarian items like McVeggie
burger and McAlooTikki. The separation of vegetarian and non‐vegetarian sections is
maintained throughout the various stages.
• Segmentation, Targeting and Positioning
McDonald’s uses demographic segmentation strategy with age as the parameter. The main
target segments are children, youth and the young urban family. As shown above, kids reign
supreme in FMCG purchase related to food products. So to attract children McDonalds has
Happy Meal with which toys ranging from hot wheels to various Walt Disney characters are
given (the latest in this range is the toys of the movie Madagascar). For this, they have a tie‐up
with Walt Disney. At several outlets, it also provides special facilities like ‘Play Place’ where
children can play arcade games, air hockey, etc. This strategy is aimed at making McDonald’s a
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fun place to eat. This also helps McDonald’s to attract the young urban families wanting to
spend some quality time while their children have fun at the outlet. To target the teenagers,
McDonald’s has priced several products aggressively, keeping in mind the price sensitivity of
this target customer. In addition, facilities like Wi‐Fi are also provided to attract students to the
outlets like the one at Vile Parle in Mumbai. “Mc Donald’s mein hai kuch baat” projects
McDonald’s as a place for the whole family to enjoy. When McDonald’s entered in India it was
mainly perceived as targeting the urban upper class people. Today it positions itself as an
affordable place to eat without compromising on the quality of food, service and hygiene. The
outlet ambience and mild background music highlight the comfort that McDonald’s promises in
slogans like “You deserve a Break Today” & “Feed your inner child”. This commitment of quality
of food and service in a clean, hygienic and relaxing atmosphere has ensured that McDonald’s
maintains a positive relationship with the customers.
• Customer Perception and Customer Expectation
Customer perception is a key factor affecting a product’s success. Many potentially
revolutionary products have failed simply because of their inability to build a healthy
perception about themselves in the customers’ minds. McDonalds being an internationally
renowned brand brings with it certain expectations for the customers. Customers expect it to
be an ambient, hygienic and a little sophisticated brand that respects their values. The
customer’s expect the brand to enhance their self‐image. However, fulfilling some of the
customer expectations like a broader product variety provide McDonald’s a great scope for
improvement.
19
McDonald’s Marketing Mix (5 P’s)
After segmenting the market, finding the target segment and positioning itself, each company
needs to come up with an offer. The 5 P’s used by McDonalds are:
1. Product
2. Place
3. Price
4. Promotion
5. People
Product:
Product is the physical product or service offered to the consumer. Product includes certain
aspects such as packaging, guarantee, looks etc. This includes both the tangible and the non‐
tangible aspects of the product and service.
McDonalds has intentionally kept its product depth and product width limited. McDonalds
studied the behavior of the Indian customer and provided a totally different menu as compared
to its International offering. It dropped ham, beef and mutton burgers from the menu. India is
the only country where McDonalds serve vegetarian menu. Even the sauces and cheese used in
India are 100% vegetarian. McDonalds continuously innovates its products according to the
changing preferences and tastes of its customers. The recent example is the introduction of the
Chicken Maharaja Mac. McDonalds bring with it a globally reputed brand, world class food
quality and excel lent customer specific product features.
20
Place:
The place mainly consists of the distribution channels. It is important so that the product is
available to the customer at the right place, at the right time and in the right quantity. Nearly
50% of U.S.A is within a 3 minute drive from a McDonald’s outlet. There is a certain degree of
fun and happiness that a customer feels each time he dines at McDonalds. There are certain
value propositions that McDonalds offer to its customers based on their needs. McDonalds
offers hygienic environment, good ambience and great service. Now McDonalds have also
started giving internet facility at their centers and they have been playing music through radio
instead of the normal music. There are certain dedicated areas for children where they can play
while their parents can have some quality time together.
Price:
Pricing includes the list price, the discount functions available, the financing options available
etc. It should also take into the consideration the probable reaction from the competitor to the
pricing strategy. This is the most important part of the marketing mix as this is the only part
which generates revenue. All the other three are expenses incurred. The price must take into
consideration the appropriate demand‐supply equation. McDonald’s came up with a very
catchy punch line “Aap ke zamane mein, baap ke zamane ke daam”. This was to attract the
middle and lower class consumers and the effect can clearly be seen in the consumer base
McDonalds has now. McDonalds has certain value pricing and bundling strategies such as happy
meal, combo meal, family meal etc to increase overall sales volumes.
Promotion:
The various promotion channels being used by McDonald’s to effectively communicate the
product information are given above. A clear understanding of the customer value helps decide
whether the cost of promotion is worth spending. There are three main objectives of
advertising for McDonald’s are to make people aware of an item, feel positive about it and
remember it. The right message has to be communicated to the right audience through the
right media. McDonald’s does its promotion through television, hoardings and bus shelters.
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They use print ads and the television programmers are also an important marketing medium for
promotion.
Some of the most famous marketing campaigns of McDonald’s are:
“You deserve a break today, so get up and get away‐ To McDonald’s”
“Aap ke zamane mein, baap ke zamane ke daam”.
“Food, Folks, and Fun”
“I’m loving it”.
People:
McDonald’s understands the value of both its employees and its customers. It understands the
fact that a happy employee can serve well and result in a happy customer. McDonald
continuously does Internal Marketing. This is important as it must precede external marketing.
This includes hiring, training and motivating able employees. This way they serve customers
well and the final result is a happy customer the level of importance has changed to be in the
following order (the more important people are at the top):
1. Customers
2. Front line employees
3. Middle level manager
4. Front line managers
The punch line “I’m loving it” is an attempt to show that the employees are loving their work at
McDonalds and will love to serve the customers.
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Two Dimensional Perceptual Mapping
23
SWOT Analysis
STRENGTH WEAKNESS
Strong Brand Low depth & width of
Customer Intimacy product
Product Innovation
Supplier Integration
OPPORTUNITY THREAT
Expand into Tier 2 and Changing Customer
Tier 3 cities lifestyle and taste
Entry into breakfast Increased competition
category from local fast food
outlets
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The Road Ahead
Entry to Tier 2 and Tier 3 cities –
• The main target customer for McDonald’s is the new urban Indian family. With the customer
demographics constantly changing and tectonic social and cultural shifts being observed in Tier 2
and Tier 3 cities due to globalization, the company is now expanding to Tier 2 cities like Pune and
Jaipur.
Rolling out McBreakfast across all outlets –
• In India, the company has recently launched its entry into the breakfast food category. This is
now launched on a pilot basis on select stores. The company views this category as a key growth
driver in future.
25
Bibliography
Books & magazines:
Retailing Management – Swapna Pradhan
Images – Business of Fashion
Websites:
www.wiki.org
www.scribd.com
www.McDonalds.com
www.helium.com
www.businessmodelinstitute.com
www.about.com
www.entrepreneurmedia.com
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