Business Studies What Would Be Your Competitive Strategy - 275 Words

Business Studies: What Would Be Your Competitive Strategy? (Case Study Sample) Content: McDonaldsStudents NameInstitution AffiliationMcDonalds Every industry has its characteristics in terms of participants, competitors, and market entry strategies, among other aspects. MacDonalds Corporation, which was founded in 1940 by two brothers, Maurice MacDonald and Richard MacDonald, is an example of a company that has such concepts. Majorly, this discussion addresses some of the market attributes associated with MacDonalds Corporation in the fast-growing food industry and the strategies an organization can utilize to remain competitive.The worldwide revenue of MacDonalds reached 24.62 billion United States dollars as per 2016. Notably, it has the largest market share in the food industry since it is currently in 120 countries serving over 69 million customers on a daily basis (Dey, 2016). Further, according to a 2016 study, it was operating 36,899 restaurants with more than 375,000 employees across the globe (Dey, 2016). McDonalds market size is growing rapidl y, and it has been ranked the 8th globally (Dey, 2016). Consecutively, the corporation has several competitors at the local, national, and international level. Due to the minimal barriers and regulations required to enter the fast food industry, new rivals regularly emerge.If I were operating a firm that was third in the market, I would observe aspects of Porters Five Forces to remain competitive. The reason as to why I would use this model is because it provides the information needed to analyze the market and locate major competitors (Ormanidhi Stringa, 2008). Further, the main strategy would be to compete on the quality of services, prices, and convenience. Majorly, this would help in the fight against threat due to new entrants, the threat of substitutes while increasing the bargaining power of customers by offering a wide variety of produc...