When you think of when you hear the name McDonald’s? Happy Meal? Big Mac? Menu Song? Hot coffee? The Golden Arches? No matter what your experience or level of satisfaction is with McDonald’s, you certainly can’t argue that the company is world famous. I vividly remember several times that I have been travelling in other countries and have spotted the famous Golden Arches. It has always been like an oasis of home in the midst of a place where the language and culture might otherwise be completely unfamiliar.
Over the years McDonald’s has had its share of ups and downs. However, the company continues to be committed to being a leader in the fast food industry. I really enjoyed reading How McDonald’s Got Its Groove Back. I downloaded it a few weeks ago when Amazon made it available as a free Kindle download. Last night I pulled it up on my iPhone and read the entire book in about 25 minutes. This book is a part of the New Word City Publishers set of books about remarkable companies. I am posting below a list of things I highlighted as I read. Great information and business strategies no matter what industry you are in!
- McDonald’s first reaction was a bid to be everything to everyone—a serious mistake, focused more on the competition than on its own customers.
- Five Ps”—people, products, place, price, and promotion
- It also showed a far greater concern with the quality of the customer’s overall experience than the company’s original stress on speed and price.
- If you’ve got time to lean, you’ve got time to clean.
- For any company anywhere in the world it holds true: The deeper management’s understanding of the market, the better the results.
- Don’t react to competitors; react to customers.
- Make a plan and stick with it.
- Don’t skimp on product development.
- When you broaden your market appeal, don’t abandon your first customers.
- Be flexible.
- Above all, stay tuned to your customers.