Introduction
How competitive must a company be in order to succeed? In this fast growing market companies around the world are constantly trying to keep up with one another. Focusing on the end result of who will be number one at what they do. Competition in businesses today is essential because it pushes the company to do better and creates an incentive to innovate. It forces companies to find what differentiates them with their competitors, and to focus on what makes them stand out. Competition in the market stifles creativity and ensures marketplace continues to evolve.
A clear example of this is the fierce competition between major fast food industries. The fast food industry in the United States is worth over 160 billion dollars, …show more content…
A great example of this is the public rivalry between McDonalds and Burger King; they both have held the spots of number 1 and 2 as the most popular fast food franchises. Offering similar products from the beginning both fast food giants battled over consumer loyalty. Customers wanted something quick with good value, that’s exactly what they got offered. According to Siegel (2013)“There are only so many ways you can innovate when it comes to a hamburger, so copying competitors' ideas is standard practice” (p.1). What made Burger King stand out was the famous Whopper that became its signature hamburger. McDonalds fought back by introducing the Big Mac. Everyone has there opinion on which is better, however we have a clear representation how a franchise has launched it’s product in such a way that has become memorable for its …show more content…
They are constantly finding ways to reinvent their products and create something that is not in the market yet. Their goal is to satisfy the public, which will bring them loyal customers, and an increase in their revenue. McDonalds, Wendy’s and Burger King are the most known in gaining a vast amount of market share through their creative campaigns. Also by applying marketing techniques to target their consumers. They also offer extremely low prices that make it harder for other businesses to compete. Yet they still change the menu by adding new options that makes them attract more customers. This never-ending competition between these fast food industries has allowed for a competitive environment and has given franchises the drive to continue to innovate and create new products. From the beginning of the fast food industry to now, it has transformed due to the highly competitive environment it’s in. Forcing the fast food industry to go to amazing lengths to be considered the best at what they
How competitive must a company be in order to succeed? In this fast growing market companies around the world are constantly trying to keep up with one another. Focusing on the end result of who will be number one at what they do. Competition in businesses today is essential because it pushes the company to do better and creates an incentive to innovate. It forces companies to find what differentiates them with their competitors, and to focus on what makes them stand out. Competition in the market stifles creativity and ensures marketplace continues to evolve.
A clear example of this is the fierce competition between major fast food industries. The fast food industry in the United States is worth over 160 billion dollars, …show more content…
A great example of this is the public rivalry between McDonalds and Burger King; they both have held the spots of number 1 and 2 as the most popular fast food franchises. Offering similar products from the beginning both fast food giants battled over consumer loyalty. Customers wanted something quick with good value, that’s exactly what they got offered. According to Siegel (2013)“There are only so many ways you can innovate when it comes to a hamburger, so copying competitors' ideas is standard practice” (p.1). What made Burger King stand out was the famous Whopper that became its signature hamburger. McDonalds fought back by introducing the Big Mac. Everyone has there opinion on which is better, however we have a clear representation how a franchise has launched it’s product in such a way that has become memorable for its …show more content…
They are constantly finding ways to reinvent their products and create something that is not in the market yet. Their goal is to satisfy the public, which will bring them loyal customers, and an increase in their revenue. McDonalds, Wendy’s and Burger King are the most known in gaining a vast amount of market share through their creative campaigns. Also by applying marketing techniques to target their consumers. They also offer extremely low prices that make it harder for other businesses to compete. Yet they still change the menu by adding new options that makes them attract more customers. This never-ending competition between these fast food industries has allowed for a competitive environment and has given franchises the drive to continue to innovate and create new products. From the beginning of the fast food industry to now, it has transformed due to the highly competitive environment it’s in. Forcing the fast food industry to go to amazing lengths to be considered the best at what they