Five Guys Burgers philosophy which set them apart were based on the following (microeconomics, economics, and macroeconomics). Jerry Murrell understood he would have to give consumers a product which would be consistent each time a customer visited his stores. According to Kurtz, D., & Boone, G. (2012) Author of Contemporary Business Strayer University “ Murrell realized that in order to compete with the fast-food chains, Five Guys would have to concentrate on food. The meat for the burgers – 80 percent lean – is always fresh, never frozen. Burgers are made to order, with a selection of 15 free toppings including frilled mushrooms, barbecue and hot sauce, jalapenos. The Buns are toasted on a grill and the fries are thick- cut from Idaho potatoes, cooked in peanut oil. Since top quality ingredients are insisted prices may vary however customer will still expect the prices to stay in the $4.69 to $5.99 for regular burgers and little burgers are $3.49 to $5.49.
Economics played a big factor in Five Guys Burgers success; people were given a choice of good quality product to consume for a reasonable price. As consumers we analyze products which we would like to spend our money on, and is it a good value. Based on our current income, expenses household will evaluate if it is a good idea to spend more or less on a meal if the prices does not line up with their current economic status.
Microeconomics is a factor in Five Guys as well, global prices of their beef, toppings as well as the peanut oil they use for cooking the fries. Jerry continues to following global prices of materials to ensure Five Guys will continue to be profitable. Prices change for the burgers depending on what Five Guys have to pay for their ingredients. The prices are still in a affordable range which customers are accustom too.
Macroeconomics has a direct effect on Five Guys Burgers. Customers were faced...