General Awareness

April 04, 2017 @ 01:15 PM

April 04, 2017 @ 01:15 PM

K. J. Somaiya Institute of Management Studies and Research, Mumbai

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The McDonald's Story

MBA Aspirants are expected to know markets of established Brands. This helps them to understand industry for which they are dreaming to join in future.  Today, you will read on The McDonald’s story
Every individual, even those located in the most remote place on Earth, would have heard of McDonald’s. The McDonald’s Corporation is the largest chain of hamburger fast food restaurants in the world and it serves more than 68 million customers on a daily basis.
McDonald’s outlets are spread across 119 countries and they can be found even in the smallest of cities and towns. The McDonald’s Corporation was founded by Richard and Maurice McDonald in 1940, and at that time, it came to be known as a barbeque restaurant. 
In 1948, Richard and Maurice McDonald tweaked their business model and promoted McDonald’s as a hamburger stand. In 1955, Ray Kroc, a businessman, purchased the McDonald’s Corporation from Richard and Maurice McDonald and developed it into an international brand. 
Today, the McDonald’s Corporation has an annual revenue of Rs 1,693 billion (US$27.5 billion) and profits of Rs 338 billion (US$5.5 billion). The McDonald’s Corporation is the perfect example of glocalization, where products and services are adapted to the culture and locality in which they are promoted. 
McDonald’s sells hamburgers, cheeseburgers, french fries, soft drinks, milkshakes and desserts around the world, and each product has been customised to suit the taste buds of the consumers. 
McDonald’s entered the Indian market in 1996 and today, it has come up with products such as the McSpicy Paneer burger, McAloo Tikki, and McSpicy Chicken, which cannot be found in any McDonald’s outlet outside of India. These products were created for the Indian consumer because Indians are fond of paneer and spicy food. 
Likewise, in Germany, McDonald’s outlets sell beer because beer is a favourite among the Germans. Glocalization is one of the many reasons why McDonald’s has gained popularity in the world. McDonald’s, through its customised menus in different parts of the world, has made it clear that it respects the culture of every community and helps to preserve it.
McDonald’s has been able to promote local delicacies because of its unique philosophy. McDonald’s is operated by both franchisees and affiliates, and while promoting McDonald’s to these enterprises, Ray Kroc persuaded them to buy into his vision that they work not for McDonald’s but for themselves, with McDonald’s. 
His motto was “In business for yourself, but not by yourself”. This was a powerful slogan, and his philosophy was based on the principle of a three-legged stool – the stool will be stable if its three legs are stable. 
So, in the McDonald’s concept, the three legs are the McDonald’s Corporation, the franchisees, and McDonald’s suppliers. For the success of any McDonald’s outlet, it is important to bring the dynamics of the three entities together and Ray Kroc promoted this by rewarding franchisees for individual creativity. 
Instead of having standard outlets throughout the world, Ray Kroc allowed franchisees to make certain changes to their outlets while remaining within the parameters of the McDonald’s business framework.
So, although there is scope for making changes, franchisees and suppliers are required to uphold the McDonald’s principles – quality, service, cleanliness, and value. The McDonald’s story is a good read, no doubt, but beyond that, it is an inspiration to all budding entrepreneurs that in order to succeed, you need to be innovative yet firm in your beliefs.
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