Research Paper on "Strategic Management Mcdonalds Mcdonald's Is the World"

Research Paper 4 pages (1259 words) Sources: 4

[EXCERPT] . . . .

Strategic Management McDonalds

McDonald's

McDonald's is the world's largest fast food chain having presence in 119 countries with more than 34,000 outlets and restaurants. The major product offerings include of the company include Big Mac (hamburger), French fries, chicken sandwiches, Quarter Pounder, Chicken McNuggets, desserts, soft drinks, milkshakes, soups, and breakfast items. It has currently employed more than 1.7 million people around the Globe. It was founded in 1940 by Richard and Maurice McDonald as a small Bar-B-Q restaurant in San Bernardino, California. At present, McDonald's is present in all the corners of the world and serves more than 69 million customers every day (McDonald's, 2013).

Importance of Strategic Plan for the Success of McDonald's

A strategic plan is important for McDonald's in defining and achieving its corporate and business level objectives in an effective and efficient way. Strategic planning can help McDonald's in matching its core competencies and distinctive capabilities with the most potential opportunities in the marketplace (Hitt, Ireland, & Hoskisson, 2011). These opportunities can be availed in order to become stronger, more profitable, and competitive against industry rivals. A strategic plan serves as a roadmap for the top level management of the company on how they can proceed in the industry in a view to win the stakeholders' trust and confidence. It takes into account all the operational and functional areas which McDonald's needs to focus during its day-to-day business operations -- including finance, sales and marketing, human resources, production, supply chain, and customer relations. On the basis of strategic planning, the Company's management can better allocate financial, informational, physical, and human resources in different areas (Hill & Jones, 2012).

Mission Statement

The mission statement of McDonald's is to become the most favorite fast food brand among the worldwide customers by providing the top quality foods and beverages, rendering the most efficient customer services, and ensuring operational excellence in all the functional areas of the business. Thus, the mission statement of McDonald's encompasses its concern for all the primary stakeholders which can play an important role in its success. Customers -- the most important stakeholder of the company are given the highest priority in the mission statement due to their significant contribution in its sales and financial performance (McDonald's, 2013). On the whole, the mission statement of McDonald's guides its Management in setting the areas of priority and concerns in every type of strategic decision (Hitt, Ireland, & Hoskisson, 2011).

The Vision Statement

The vision of McDonald's is to maintain its market leadership in the global fast food industry by continuously expanding its operations in the potential markets of the world. It also aims to become the strongest multinational corporation on the basis of financial position, customer base, supply chain and distribution network, and menu variety in both foods and beverages category. The vision statement of McDonald's supports its mission statement by highlighting its strategic or long-term objectives which it wants to achieve by satisfying the needs and expectations of its primary stakeholders; including customers, employees, supply chain members, business partners, and investors (McDonald's, 2013).

Five Key Objectives and their Importance for the Success of the Business

i. Financial Objectives:

The financial objective of the company shows its aim to become the strongest fast food chain with respect to profitability and market share in the global industry. This objective can only be achieved if McDonald's purely focuses on improving its sales performance through superior quality food products and exceptional customer services. In addition to the operational aspects, the sales performance is also largely affected by the competitive strategies of the competitors. The top competitors of McDonald's include KFC, Pizza Hut, Burger Kings, Dunkin Donuts, Starbucks, etc. In order to boost up its sales performance, McDonald's will have to offer foods and beverages which are better in… READ MORE

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