Abstract
McDonald's came into existence in 1954, when its founder Raymond Kroc saw a hamburger stand in San Bernardino in California and envisioned a nationwide fast food chain. Kroc revolutionized the American restaurant industry. McDonald's is today the world's largest fast food chain serving 47 million customers daily. It is one of the most valuable brand and worth more than $25 billion. The Golden Arches gained universal recognition. Even if the company has roots in the US, it is now a citizen of the world, and expanding mostly in Asia and India.
The business model of the company is very simple: only 15% of the total number of restaurants is owned by the company and the remaining 85% is operated by franchisees. They have to comply with the quality, service, cleanliness and value propositions (QSCV) of the brand. McDonald's aims is to act like a retailer and think like a brand. In fact, the company focuses on delivering sales and protect its long term brand reputation.
The company is based on three successful components: operational excellence, leadership marketing and innovation. The operational excellence focuses on delivering exceptional experiences to 47 million customers served every day, while improving the speed and efficiency of the service, implement QSCV rules and strengthen the hospitality.
