The fast food market that is present in presently in theUnited Stateshas three main players, McDonalds, Burger King and Wendy’s. Following close behinds is KFC which alternates position with Wendy’s in the international market. “The fast-food industry is one of the great success stories in American business history. From its meager beginnings in the 1950s, it has become a colossus.
Currently Americans spend $100 billion a year on fast-food. That’s more than on automobiles or computers. Each day one in four Americans eats at some fast-food chain. Yet, all is not well with the industry. Fierce competition has become its trademark, indicated by the rapid turnover of CEOs, as companies search for winning strategies in an attempt to eke out new sales. Take McDonald’s, for example: While still considered the industry leader, the company has experienced stagnant sales over the last few years and market share has declined. Until this year store sales had been down for nine of the past ten quarters, at the golden or, as some have suggested, “fallen arches.” To turn things around, McDonald’s new CEO, Jack Greenburg, has pledged to “reinvent the category in which we compete”” (Beaver, 1999)
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