For at least 30 years McDonald’s had the lead consumer base in the fast food market. They seemed to have the market monopolized, however in time it’s consumer base drifted away. It would appear that Mcdonalds had become comfortable in the position it was in and put little to no emphases on product variety or quality and simply focused on the speed and convinience as the customer draw. Mcdonalds was suffering from low growth and market base as well as decreasing profits. The factors which affected this low growth and lack of profit was not only its competitors but also public opinion of the quality and variety of the food not being up to the same standards of the competition such as Wendy’s or Burger king. Public opinion on Mcdonalds was that the food it sold was of poor quality with little to no variety and people would sacrifice the convinience and speed of their order for taste and variety. To solve this problem Mcdonalds needs to bring back the once reliable customers that it lost to the competition. This can be done a few different ways.
- Introduce new aspects to the existing menu, maybe different choices for existing products, possible rebrand and remarket some of these products with a possible price break.
- Possibly improve the flavour of its beef as to improve the taste in all its burgers.
-Introduce new items on the menu similar to products of the competition ie. Burger King and Wendy’s.
- New slogan, new product apperance on the cups and containers. This is to represent the “new” Mcdonalds.
The previous list of ideas can be implemented the easiest by a complete marketing blitz of the new product line and image for the company. The size of the company allows it to have the resources to do this type of campaign with very little financial risk, basically the company has nothing to loose but more customers. [continues]
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