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Mc Donald's Is A Competitive Fast Food Firm

1410 words - 6 pages

A Competitive Fast Food Firm

Firms within the fast food industry fall under the market structure of
competition. Market structure is a classification for the key traits
of a market. The characteristics of a market that is competitive
would include: a large number of buyers and sellers, easy entry to and
exit from the market, homogeneous products, and the firm is a price
taker. Take McDonalds fast food restaurant for example.

In 1954, Ray Kroc became the first franchisee appointed by Mac and Dic
McDonald in San Bernadino, California. He opened his first restaurant
in De Plaines, Illinois (near Chicago), and the McDonald’s Corporation
was created. By 1959, the 100th McDonald’s had opened in Chicago. In
the early years of the 1960’s, Ray Kroc had bought all rights to the
McDonald’s concept from the McDonald’s brothers for $2.7 million. In
1963, the 500th restaurant had opened. By the end of the decade,
McDonald’s was listed on the New York stock exchange, had opened
restaurants in every state of the union and also outside the USA. By
1972, assets exceeded $500 million and sales surpassed $1 billion, a
new McDonald’s restaurant was opening nearly every day. In 1984, Ray
Kroc died, but his company was then serving 17 million customers a
day, equivalent to serving lunch to the entire population of Australia
and New Zealand. If McDonald’s lined up all the hamburgers sold since
1955, they would have circled the equator 103.75 times and reach to
the moon and back 5 times. Today, McDonald’s remains one of the most
competitive franchises ever created because they still have a large
number of buyers and sellers, easy entry to and exit from the market,
homogeneous products, and the firm is a price taker.

In proving this theory, I interviewed my friend Llyod Ajimine who is
a District Supervisor for local McDonald’s franchise on Oahu. He has
been with McDonald’s for over fifteen years. He started out as a cook
and quickly moved up in the ranks to his current position. He had
been a District Supervisor for nearly ten years. When I asked Llyod,
what is the secret of his success in his franchises, he replied that
it is because he provides quality fast foods in a clean and friendly
environment. He also ensures fast, friendly, and efficient service to
all his customers. Llyod also said that his business provides service
to a numerous quantity of people. “We provide service to a wide
variety of people. Doesn’t matter what age or economic background.
If people want fast service and are in a hurry to eat, they will come
here.” Llyod claims that they have many competitors like Wendy’s, and
Jack in the Box, however, their biggest competitor is Burger King. To
maintain an advantage on the competition, Llyod says that McDonald’s
provide quality food with fast, friendly, and efficient...

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