From the start, Kroc preached a motto of QSCV--quality, service, cleanliness, and value. These goals became mainstays in McDonald's corporate and marketing strategy. By applying this values, the company perfected the fast-food concept--delivering convenient, good quality food at affordable prices.
McDonald's grew quickly to become the world's largest fast-feeder. The fast-food giant now serves more than 68 million customers each day through more than 33.000 restaurants in 118 countries, racking up system-wide sales of more than $85 billion annually.
In the mid-1990s, however, McDonald's fortunes began to turn. The company appeared to fall out of touch with customers. Americans were looking for fresher, better tastingfood and more contemporary atmosphere. They were also seeking healthier eating options.
To fix the problem, the company tried new products, everything from pizza to toasted deli sandwiches (both failed). It acquired nonburger franchises (later sold). It continued opening thousands of new restaurants each year, but the new operations suffered from the same malaise as already existing ones.
Although McDonald's remained the world's most visited fast-food chain, the once-shiny Golden Arches lost same of their luster. Sales growth slumped, and its market share fell by more than 3 percent by the early 2000s. In 2002, the company posted its first-ever quarterly loss.
In early 2003, McDonald's announced a new strategic blueprint--what it now calls its "Plan to Win." At the heart of strategic plan was a new mission statement that refocused the company on its customers. No longer satisfied with being "the world's best quick-service restaurant," McDonald's changed its mission to "being our customers' favorite place and way to eat." In line with the new mission, the company built its Plan to Win around five basics of an exceptional customer experience: people, products, place, price, and promotion.
Under the Plan to Win, McDonald's got back to the basic business of taking care of customers. The goal was to get the basic business of taking care of customers. The goal was to get "better, not just bigger." The company halted rapid expansion and instead poured money back into improving the food, the service, the atmosphere, and marketing at existing outlets.
McDonald's has had its share of products flops over the years. But the company has learned from its past mistakes. Under the Plan to Win, McDonald's now pursues what the industry calls "platforms" rather than random, one-hit wonders.
With platforms as a foundation, McDonald's has completely reworked its menu under the direction of Chef Daniel Coudreaut, a Culinary Institute of America graduate and former chef at the Four Seasons in Dallas. The new menu gives customers more variety and healthier options at the same time that it puts more money in the company's coffers.
McDonald's rediscovered dedication to customer value has resulted in nothing short of a Golden Egg for the Golden Arches. Since announcing its Plan to Win, McDonald's total restaurant sales have increased by 87 percent, profits have nearly quadrupled, and McDonald's stock price has tripled.
Thus, McDonald's Plan to Win appears to be the right strategy for the times. Now, more than ever, when you think of McDonald's, you think of convenience and value. The contemporary menu features iconic favorites along with new products that today's consumer wants--whether it's Premium Salads, snack wraps, Angus Burgers, or McCafe, coffees and smoothies. Newly renovated restaurants have a fresh, upbeat feel, and the cash registers keep ringing. And that has customers and the company alike humming the chain's catchy jingle, "i'm lovin' it."
Although McDonald's remained the world's most visited fast-food chain, the once-shiny Golden Arches lost same of their luster. Sales growth slumped, and its market share fell by more than 3 percent by the early 2000s. In 2002, the company posted its first-ever quarterly loss.
In early 2003, McDonald's announced a new strategic blueprint--what it now calls its "Plan to Win." At the heart of strategic plan was a new mission statement that refocused the company on its customers. No longer satisfied with being "the world's best quick-service restaurant," McDonald's changed its mission to "being our customers' favorite place and way to eat." In line with the new mission, the company built its Plan to Win around five basics of an exceptional customer experience: people, products, place, price, and promotion.
Under the Plan to Win, McDonald's got back to the basic business of taking care of customers. The goal was to get the basic business of taking care of customers. The goal was to get "better, not just bigger." The company halted rapid expansion and instead poured money back into improving the food, the service, the atmosphere, and marketing at existing outlets.
McDonald's has had its share of products flops over the years. But the company has learned from its past mistakes. Under the Plan to Win, McDonald's now pursues what the industry calls "platforms" rather than random, one-hit wonders.
With platforms as a foundation, McDonald's has completely reworked its menu under the direction of Chef Daniel Coudreaut, a Culinary Institute of America graduate and former chef at the Four Seasons in Dallas. The new menu gives customers more variety and healthier options at the same time that it puts more money in the company's coffers.
McDonald's rediscovered dedication to customer value has resulted in nothing short of a Golden Egg for the Golden Arches. Since announcing its Plan to Win, McDonald's total restaurant sales have increased by 87 percent, profits have nearly quadrupled, and McDonald's stock price has tripled.
Thus, McDonald's Plan to Win appears to be the right strategy for the times. Now, more than ever, when you think of McDonald's, you think of convenience and value. The contemporary menu features iconic favorites along with new products that today's consumer wants--whether it's Premium Salads, snack wraps, Angus Burgers, or McCafe, coffees and smoothies. Newly renovated restaurants have a fresh, upbeat feel, and the cash registers keep ringing. And that has customers and the company alike humming the chain's catchy jingle, "i'm lovin' it."
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