Contemporary developments in business management Assignment (SIM 337) january 2015

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This report is to assess the impact of the external business environmental factors on organization and evaluate the organization’s responses. In this report, three factors in PESTLE framework and Porter’s Five Forces are used to analyze the strategies and activities that McDonalds Corporation carry out to adapt to the influences of these factors. Furthermore, because of an international corporation, McDonalds face the different issues in the different countries. Banking Academy, Vietnam ASSIGNMENT COVER SHEET UNIVERSITY OF SUNDERLAND BA (HONS) BANKING AND FINANCE Student ID: 149080615/1 Student Name: Tran Quyet Thang Module Code: SIM 337 Module Name / Title: Contemporary Developments in Business Management Centre / College: Banking Academy of Viet Nam Due Date: 16 Jan 2015 Hand in Date: 16 Jan 2015 Assignment Title: Individual assignment Students Signature: (you must sign this declaring that it is all your own work and all sources of information have been referenced) Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam Title page Contemporary Developments in Business Management SIM 337 Banking Academy, Vietnam Submitted on January 16, 2015 Prepared by: Quyet Thang Tran Student ID: 149080615/1 Contemporary Developments in Business Management (SIM 337) – Jan 2015 i Banking Academy, Vietnam Executive summary This report is to assess the impact of the external business environmental factors on organization and evaluate the organization’s responses In this report, three factors in PESTLE framework and Porter’s Five Forces are used to analyze the strategies and activities that McDonalds Corporation carry out to adapt to the influences of these factors Furthermore, because of an international corporation, McDonalds face the different issues in the different countries The report concludes that McDonalds are under high pressure with the impact of social environment, legal environment, ecological environment, power of buyers, threat of substitutes and rivalry among its competitors Additionally, this report also shows the activities and strategies that McDonalds carry out to take advantages from its strength and reduce the negative impact from its weakness There are some suggestions for McDonalds such as:  Innovate its meals with low calories  Modify its products with local tastes  Improve the quality of suppliers This report also has some limitations including: some factors in PESTLE framework – political environment, economic environment and technological environment are not analyzed Contemporary Developments in Business Management (SIM 337) – Jan 2015 ii Banking Academy, Vietnam Table of Contents Title page Executive summary ii 1.0 Introduction 2.0 Task – PESTLE framework 2.1 Social and culture environment 2.2 Legal environment 2.3 Ecological environment Task – The changing competitive environment (Porter’s Five Forces) 3.0 3.1 Analysis 3.2 Critical evaluation 3.2.1 Threat of new entrants 3.2.2 The power of suppliers 3.2.3 Power of buyers 3.2.4 The threat of substitutes 3.2.5 Rivalry among existing competitors 10 3.3 4.0 Areas for improvement 12 Conclusion 12 References 13 Appendix – McDonald’s profile 18 Tables Table 1: Suppliers of McDonalds Table 2: Brief information about some fast food brands 10 Figures Figure 1: Minimum Wages around the World Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam 1.0 Introduction The purpose of this report is to find out the impact of external business environmental factors on McDonalds which provide food and beverage service activities and show the reaction of this organization The report is divided into two parts In the first part, some of macroeconomic factors will be considered such as society, ecology…while in the second part, the industrial factors will be analyzed through Porter’s Five Forces framework in order to evaluate McDonalds activities Furthermore, be a global fast food chain, McDonalds have to face to the different problems in the different markets Therefore, in each country where the company operate, McDonalds also carry out specific strategies to take the advantages and reduce the negative impacts from these factors 2.0 Task – PESTLE framework To evaluate the external factors such as economy, society, technology…which influence to the operation of the fast food restaurant chains, the PESTLE framework is carried out However, in the case of McDonalds, only three factors including social and culture environment, legal environment and ecological environment which could bring significant impacts to business are analyzed 2.1 Social and culture environment Analyzing the social-cultural environment of business is important to recognize that society and culture are not homogeneous or fixed and changes in this environment is a hallmark of modern societies and, again, business can be seen as both driving these changes and having to respond to them (Wetherly & Otter, 2014) Currently, McDonalds operates in more than 100 countries with more than 30,000 local restaurants so it applies transactional strategy with the trademarked golden archers in all markets Beside the same types of burger and fries, McDonalds also offer the different tastes for different local market For example, according to Business Insider, there are 21 awesome McDonald's dishes that customers cannot get in US such as McDonald's Crock Brie - these deep-fried triangles of oozing brie cheese are only available in Italy (Peterson, 2014) Furthermore, McDonalds also develop McRice Burger in parts of South-East Asia Another important factor is that customers now care more about healthy however eating fast food can bring a lot of negative influence for health In Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam order to react with this problem, McDonalds provide low-calories menu - a Favorites Under 400 Calories menu for customers In addition, McDonalds also advertise water, milk and juice for its kids’ Happy Meals in 20 markets globally including the U.S., Australia, Germany, France, the U.K and China (Patton, 2013) to reduce the negative impacts of fast food for healthy of kids This large fast food chain tries to attract more customers with these healthier items, but there was a 0.2% same store sales growth at the end of 2013 (Jones, 2014) This action can be considered as an effort of McDonalds in providing customers better services 2.2 Legal environment Because of operating worldwide, McDonalds have to obey the different obligations such as taxes, labor laws…in the different countries and each country require specific rules One aspect of law is about minimum wage for workers This figure below will show minimum wages around the world: Figure 1: Minimum Wages around the World Source: Business Insider, 2014 Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam The salary expenses of McDonalds are different in different countries In the developed countries, employees get higher salary than others Currently, there is a problem which involve to the minimum wages of McDonalds workers in US franchises There are many complaints of workers such as in New York, workers were forced to spend their own time and money cleaning their uniforms, sometimes three times a week, in violation of New York state laws requiring firms to pay employees for uniform maintenance (Swaine, 2014) The actions of hiring or firing employees are done directly by McDonald’s franchise-owners and there is a 30-year-old case say that says companies cannot be held liable for unfair employment practices toward workers that the company is not directly in charge of hiring and firing (Taube, 2014) However, Paul Millus, an attorney at the law firm Meyer, Suozzi, English & Klein said that: “The franchises get everything from supplies to uniforms to the design of their restaurant, and also information pertaining to wages and hours, hiring, and firing.” (Taube, 2014) This means that all the decisions of franchises are following the guidance of McDonalds Therefore, National Labor Relations Board want to revolve the old case to make companies like McDonalds take responsibility for workers alongside the franchisee If this rule is effective, this will impact the operation of McDonalds not only in US but also in all market that McDonalds franchise Furthermore, this also shows that McDonalds treats workers unfairly, so their reputation might be destroyed and lead customers choose other brands 2.3 Ecological environment The ecological dimension includes a range of factors such as climate change, energy conservation, water quality and shortages, biodiversity and land use, contamination and health issues from chemicals, waste management and disposal, depletion of fisheries, deforestation and pollution (Fee, 2013) One of key problem which involve to fast food chains is about meat production such as beef, pork, and chicken The activities of feeding livestock can bring huge negative impacts to environment Meat production produces more greenhouse gas emissions than transportation with direct emissions from meat production accounting for some 18% of world’s total while transport accounts for 13% of total global greenhouse gas emissions (Shah, 2010) This is a big number and it can be considered as a factor that cause climate change Furthermore, according to the Institution of Mechanical Engineers (IME), to produce 1kg of meat requires between 5,000 and 20,000 liters (Sedghi, 2013) while in the world, there are still a lot Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam of people who cannot assess safe drink water In facts that cattle raising is an important root for the destruction of tropical forests Greenpeace - a non-governmental environmental organization said McDonald's was fueling Amazon rainforest destruction by using soybeans grown in the region as feed for chickens that end up served in the fast-food chain's European restaurants (Astor, 2006) Greenpeace act like a pressure group to require the companies having activities that damage the Earth Now McDonalds have to consider this problem carefully McDonalds plans to begin purchasing verified sustainable beef by 2016, with the goal of eventually buying all of its beef from sustainable sources and develop an app called “Track My Macca's” which allows consumers to trace the supply chain of their Big Mac or Chicken McNuggets down to a particular farmer or rancher (Vittorio, 2014) Although McDonalds have not announced the specific details about sustainable beef, this still shows the ambitions of McDonalds about developing sustainable business In fact, McDonalds take many actions in order to improve the efficiency and reduce the negative impacts to environment by installing LED lighting, low oil volume (LOV) fryer or designing new restaurant model, etc 3.0 Task – The changing competitive environment (Porter’s Five Forces) 3.1 Analysis By applying Porter’s Five Forces to analyzing the changing competitive environment in fast food industry, McDonalds can understand and deal with its competitors This finding will show both strength and weakness of McDonalds in fast food markets It means that the company have to carry out the strategies to take advantages of the strength and reduce the impacts of weakness so that the competitive capability of McDonalds might be higher compare to its competitors 3.2 Critical evaluation 3.2.1 Threat of new entrants 3.2.1.1.Supply-side economies of scale “These economies arise when firms that produce at larger volumes enjoy lower costs per unit because they can spread fixed cost more over units, employ more efficient technology, or command better terms from suppliers” (Porter, 2008) According to Side Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam dish, McDonald’s sell “more than 75 hamburgers per second, of every minute, of every hour, of every day of the year” (2010) With the giant numbers of hamburger like this, the fixed costs such as labors, fryers, cooking oils are spread more Furthermore, McDonald’s also take advantages of scales economies in purchasing raw material in bulk According to John Hayes, McDonald's senior director of U.S food and packaging, Americans alone consume one billion pounds of beef at McDonald's in a year – five and a half million head of cattle (Feridun, 2010) With a huge quantities of material, McDonalds can contact directly to suppliers to avoid the intermediate costs or take the discounts Furthermore, McDonalds also take advantages of economies of scale based on the enormous advertising budget The company’s annual advertising budget estimated to exceed $2 billion — making it “unmatched in the industry” - allows McDonald’s to reach an audience far larger than the one that saw “Super-Size Me” (O'Brien, 2012) Therefore, McDonald’s can protect its market by economies of scales 3.2.1.2 Demand-side benefits of scale “These benefits, also known as network effects, arise in industries where buyers’ willingness to pay for a company’s product increase with the number of other buyers who also patronize the company” (Porter, 2008) According to Bloomberg Businessweek, McDonald’s is the world’s second-biggest fast-food chain by numbers of restaurant (2013) so it can retain more customers’ loyalty and truth In US market alone, daily customer traffic of McDonald’s is about 70 million people (McDonalds, 2014) In other markets such as UK, it served 325m customers in Britain during the second quarter, the equivalent of everyone in the country visiting nearly twice a month (Wallop, 2012) Especially, when entering Vietnam market, McDonalds served 400,000 customers in its first month of business and about 22,500 customers were served during the first 24 hours of operation (Bloomberg News, 2014) The record shows the attractions of McDonalds to Vietnam customers because of giant fast food brand in the world This can make new entrants have to worry about the willingness of customers in terms of products and price compare to McDonald’s 3.2.1.3 Capital requirements “The need to invest large financial resources in order to compete can deter new entrants” (Porter, 2008) In fast food industry, new entrants need to find a location for the restaurant and some machines for cooking However, according to Global Fast Food Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam Restaurants Market Research Report, a fast food operator can establish a new restaurant with a relatively low capital outlay and reduce their initial capital costs, outlays and borrowings by leasing premises and equipment (IBISWorld, 2014) This means that new entrants can easily entry the market In fact, a restaurant named Tau Poco was opened in 2013, cost under $13,000 including $5,000 for designing (branding, wall murals, menus, and signage), leasing refrigerator cases…by chef Chris Dupont (Tice, 2013) In Hanoi, Vietnam, two students with 15 million VND (about $750) and an addition 10m VND (approximately $500) loan opened a snack bar which serving bread, fried eggs, pâté with some drinks (News.zing, 2014) This type of sack bar is very popular in Vietnam and it is indirect substitutes for fast food 3.2.1.4 Incumbency advantages independent of size “No matter what their size, incumbents may have cost or quality advantages not available to potential rivals” (Porter, 2008) For example, when McDonald’s enter Vietnam market; because of a well-known brand in the world, Vietnam customers can easily to recognize Furthermore, with their experience in other markets, McDonalds “located at the busy roundabout at intersection of Dien Bien Phu and Nguyen Binh Khiem Streets in District 1, the two-story standalone restaurant is easily accessible for commuters to purchase a McDonalds meal on the go using the Drive-Thru service” (McDonalds, 2014) Furthermore, the store places on strategic road which leads to northern provinces and links to the other southern localities – the important economic and tourism centers – such as Dong Nai, Binh Duong and Ba Ria – Vung Tau (VietnamNet, 2014) This means that the numbers of car passing this location are large, so Drive-Thru service can take attention of customers about a new type of ordering food while still stay in cars Furthermore, this is the first Drive-Thru service in Vietnam although there are many fast food brands like FKC, Lotteria, Pizza Hurt…entering this market before Therefore, McDonalds will have big competitive advantages to attract middle class Vietnam customers especially who own cars While other fast food brands have to struggle hard to scramble for the clients driving motorbikes in the inner city, McDonald’s target the clients who possess cars (VietnamNet, 2014) Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam 3.2.1.5 Profitability According to Bloomberg Industry Market Leaders, restaurants is ranked 8th by the industries are expected to grow most in the year ahead 2015 It means that the new entrants can hope that they can get high profitability when get in this industry  Pressure: low to medium 3.2.2 The power of suppliers “Powerful suppliers capture more of the value for themselves by charging higher prices, limiting quality or services, or shifting costs to industry participants” (Porter, 2008) The main components in McDonalds’s include beef, chicken, eggs, potatoes This table below will show names of some suppliers Name of suppliers Products Supplied OSI group Beef Cargill Meats Europe Chicken Noble Foods Eggs Keystone Logistics and distribution supplier HAVI Global Solutions Packaging Table 1: Suppliers of McDonalds According to Best of Sustainable Supply 2014 of McDonald’s, 31 suppliers among hundreds of supplier submissions are honored It means that there are a lot of suppliers McDonald’s worked with To be a multinational corporation, McDonalds have built its supply network in the worldwide so if there is any problem with one supplier, the impacts to McDonalds’s activities are low In the scandal with expired meat with China supplier, McDonald's Holdings Co (Japan) would halt all imports of chicken products from China and shift that business to Thailand, boosting purchases from existing suppliers McKey Foods Services (Thailand) Ltd, a unit of Keystone Foods, and Cargill Thailand (Reuters, 2014) Furthermore, McDonald's spokeswoman Heidi Barker said that a small percentage of McDonald's restaurants in China may have to stop selling a few items on their menus for a day or two while McDonald's obtains meat from other companies (BURKITT, et al., 2014) This shows that McDonalds can easily switch the suppliers and it not depend on any major supplier Currently, McDonalds – one of Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam the biggest fast food chain -has about 34,492 outlets in 116 countries so the suppliers not lose the contracts with it  Pressure: low 3.2.3 Power of buyers “Powerful customers can capture more value by forcing down prices, demanding better quality or more service, and generally playing industry participants off against one another, all at the expense of industry profitability” (Porter, 2008) In the case of McDonalds, there are many brands in fast food industry in the markets today and they offer various types of products so customers have many choices for the meal According to Forbes, competitive pricing is one of the biggest assets of McDonalds, so any changes in menu prices will inadvertently affect the consumer purchasing decision (Team, 2014) This means that customers can easily switch from McDonald to other brands such as KFC, Subway…In addition, another evidence to show the power of customers is that because of meat scandal, McDonalds’ global sales for the month of July dropped 2.5%, with 7.3% drop in the Asia/Pacific, Middle East and Africa (APMEA) segment (Forbes, 2014)  Pressure: high 3.2.4 The threat of substitutes “A substitute performs the same or a similar function as an industry’s product by a different means” (Porter, 2008) There are several substitutes for fast food such as frozen ready-meal, meals in restaurants…Moreover, a grocery store can be seen as an indirect substitutes for fast food restaurants because consumers can find something conveniently to eat such as noodle, bread, etc However, by providing customers quick services with cheap price, fast food is the choices of many customers In UK, a research showed that consumers spent 5.54 billion to a fast food chains in 2011, out of the 11bn meals eaten in total out of the home (Wallop, 2012) With the first restaurant in Vietnam, McDonads will have to face to many different types of substitutes such as ‘pho’ – a type of noodle soup or ‘banh mi’ - a Vietnamese sandwich that typically includes sliced pork and sprigs of cilantro (IVES, 2014) In addition, Vietnam street foods are very various with diversified tastes These foods like sticky rice, roll cake, papaya salad with pork liver…can be found in everywhere in Vietnam at any time Moreover, for launch time or dinner, a com binh dan - an institution that translates as Contemporary Developments in Business Management (SIM 337) – Jan 2015 Banking Academy, Vietnam “the people’s food” (GROSS, 2013) – with regular ready-cooked meals could be a choice for many Vietnam customers This is absolutely an indirect substitute On the other hand, fast food also brings negative impacts to health of consumers like obesity, heart disease, etc and today consumers consider this problem more carefully In fact, there are some books and documentaries talk about this issue notably Fast Food Nation written by Eric Schlosser or Super-Size Me directed by and starring Morgan Spurlock Therefore, healthy diet meals can be developed significantly in the future  Pressure: high 3.2.5 Rivalry among existing competitors “Rivalry among existing competitors takes many familiar forms, including price discounting, new product introductions, advertising campaigns, and service improvements” (Porter, 2008) In order to evaluate the intensity in competition in fast food industry, some factors like market structure, market concentration…can be measured This table below will show brief information about some fast food brands: Brands McDonald’s Corporation $28.106 billion (2013) Yum! Brands, Inc (KFC, Pizza Hut, $13.084 Taco Bell) billion (2013) Burger King Worldwide, Inc Starbucks Corporation The Wendy’s Company Numbers of Revenue $1.146 billion (2013) locations More than 35,000 Nearly 40,000 More than 12,600 $14.9 billion (2013) More than 21,000 $2.478 (2013) billion More than 6,300 Table 2: Brief information about some fast food brands Sources: Modified from 2013 annual reports of McDonald’s Corporation, Yum! Brands, Inc., Burger King Worldwide, Inc., Starbucks Corporation, The Wendy’s Company Contemporary Developments in Business Management (SIM 337) – Jan 2015 10 Banking Academy, Vietnam These are big companies in the world so the levels of competition among them are very high They have to fight against each other for market shares, sales in order to take a strong position in the market Each company has different strategies to attract customers and defeat its competitors For instance, McDonalds spends more money for advertising while Burger King focuses on equipment updates (Wong, 2014) The competition can be illustrated through market structures In the case of fast food markets, there is monopolistic competition According to Porter 2008, monopolistic competition describes a structure where slightly differentiated products are offered by a number of suppliers, with little or no barriers to entry In fast food industry, there are a lot of global fast food brands to meet the demands of numerous customers around the world For US-based fast food restaurants alone, there are more than 66,000 units abroad just among the 10 largest chains (QSRMagazine, 2011) Furthermore, each brand offers different menus for customers with many choices of products or services For instance, the key products of McDonalds include hamburgers, chicken nuggets, French fries, coffee…Additionally, the differentiated products can be illustrated through design of restaurants, packaging or locations Advertising is a way for companies to make their brands different compare to other rivals and also gain the attention of customers There is a funny fact about ‘Golden Arches’ – trademark of McDonalds’ that a survey conducted among 7,000 people in the United States, the United Kingdom, Germany, Australia, India, and Japan — found that 88% could identify the golden arches and that 54% could identify the Christian cross (Schlosser, 2001) In Vietnam market, to compete to these brands which have already operated in Vietnam such as KFC in 1997, Burger King in 2011 and Starbucks in 2013, McDonalds bring various things in designing first outlet in Ho Chi Minh City With a first 24h drive-thru service in Vietnam, McDonalds create a big difference compare to its rivals by adding the convenience for customers Moreover, customers will enjoy a multitude of offerings around the clock including delicious McDonald's food, free Wifi internet access, family-friendly amenities like a children's playplace and party rooms (McDonalds, 2014) Because of high competition in fast food industry, the strategies of each company is influenced by its competitors In the burger segment in Japan, for instance, after Burger King launched ‘Kuro’ (black) burger with its gourmet black buns, black cheese and black sauce, McDonalds quickly introduced its own version the black burger (Rai, Contemporary Developments in Business Management (SIM 337) – Jan 2015 11 Banking Academy, Vietnam 2014) This is an example to show the reactions of one company to the strategies of its competitors Furthermore, with the advantages of fist mover in black burger version, Burger King achieves the increase of sales Therefore, in a high competitive industry, the fast food brands have to bring out the innovations in changing tastes, materials, shapes of dish…in order to take the attention of customers  Pressure: high 3.3 Areas for improvement Based on the analysis above, there are some points that bring high pressure for McDonalds like power of buyers, threat of substitutes and its competitors In order to reduce these pressures, McDonalds should focus on innovating the new meals that provide low calories and good healthy for customers because this is an important issue for society Besides, McDonalds also have to supervise the suppliers carefully to make sure that its products have the best quality to retain old customers and attract the new ones Furthermore, to compete to both direct substitutes and indirect substitutes, McDonalds need to understand clearly about the benefits that substitute provide, its price, its weakness…For example, in Vietnam, McDonalds can offer some types of combo with competitive prices with ‘pho’, snack bar and the people’s food or launch a new type of burger with eggs, pork… to compete to ‘banh mi’ 4.0 Conclusion In conclusion, it can be seen that the external business environment factors bring a lot of impacts to the McDonald’s activities In order to match the requirements of different macroeconomic factors, McDonalds adjust its meals in various countries such as serving McRice burger in some of South-East Asia markets Additionally, McDonalds hold a strong position in fast food industry by increasing the barriers for new entrants, diminishing the influence of suppliers and improving meals and services to gain customers In other words, McDonalds have to adapt with diverse business environments and carry out the suitable strategies for each issue so that McDonalds can keep the first place in global fast food brands Contemporary Developments in Business Management (SIM 337) – Jan 2015 12 Banking Academy, Vietnam References Astor, M., 2006 Greenpeace: McDonald's harming the Amazon [Online] Available at: http://usatoday30.usatoday.com/tech/science/2006-04-06-mcdonaldsamazon_x.htm [Accessed 29 11 2014] Bloomberg News, 2014 McDonald’s Vietnam Served 400,000 in First Month, Owner Says Available [Online] at: http://www.bloomberg.com/news/2014-03-18/mcdonald-s-vietnam- served-400-000-in-first-month-owner-says.html [Accessed 15 11 2014] Bloomberg, 2014 Available Bloomberg at: Industry Market Leaders [Online] http://www.bloomberg.com/visual-data/industries/ [Accessed 01 12 2014] Burger King Worldwide, Inc., 2013 Annual Report, s.l.: Burger King Worldwide, Inc BURKITT, L., BUNGE, J & JARGON, J., 2014 McDonald's, Yum Suspend Meat Supplier Available in at: China [Online] http://www.wsj.com/articles/yum-brands-mcdonalds-suspend-china- 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Brands, Inc., 2013 Annual Report, s.l.: Yum! Brands, Inc Contemporary Developments in Business Management (SIM 337) – Jan 2015 17 Banking Academy, Vietnam Appendix – McDonald’s profile McDonald's Corporation (McDonald's or 'the company') is one of the world's largest foodservice retailing chains The company is primarily known for its burgers and fries, which it sells through 35,429 restaurants in 119 countries McDonald's operates in the US, Europe, Asia Pacific, and the Middle East and Africa It is headquartered in Oak Brook, Illinois and employed about 440,000 people as of December 31, 2013 The company recorded revenues of $28,106 million in the financial year ended December 2013 (FY2013), an increase of 2% over FY2012 The operating profit of the company was $8,764 million in FY2013, an increase of 1.8% over FY2012 The net profit was $5,586 million in FY2013, an increase of 2.2% over FY2012 McDonald's franchises and operates McDonald's branded fast food restaurants all over the world The company is one of the world's largest food service retailing chains, preparing and serving a range of food products and beverages As of December 31, 2013, the company operated 35,429 restaurants in 119 countries, out of which 6,738 were company-operated and 28,691 were franchised or licensed The franchise agreements include conventional franchise arrangements as well as developmental license agreements and foreign affiliates Of the total franchises, 20,355 restaurants were franchised to conventional franchisees, 4,747 were licensed to developmental licensees and 3,589 were licensed to foreign affiliates The company reports its revenues based on four geographic segments: Europe, the US, Asia/Pacific, Middle East and Africa (APMEA), and other countries and corporate Other countries and corporate includes Canada and Latin America, as well as corporate activities and certain investments McDonald's markets its products under a wide range of brand names that include Big Mac, Filet-O-Fish, Chicken McNuggets, McFlurry, McMuffin, McGriddles, and McCafe among others (Source: MarketLine,2014) Contemporary Developments in Business Management (SIM 337) – Jan 2015 18 ... http://www.businessweek.com/articles/201 4-0 3-2 5/how-the-average- mcdonald-s-makes-twice-as-much-as-burger-king [Accessed 18 12 2014] Yum! Brands, Inc., 2013 Annual Report, s.l.: Yum! Brands, Inc Contemporary Developments in Business. .. Back Margins [Online] Available at: http://www.forbes.com/sites/greatspeculations/2014/04/22/mcdonaldsearnings-preview-declining-sales-rising-prices-and-growing-competition-may-holdback-margins/... Global King Keeps Growing [Online] Available at: http://www.businessweek.com/articles/201 3-0 8-2 6/subway-at-4 0-0 00fast-foods-global-king-keeps-growing [Accessed 15 12 2014] Fee, K., 2013 Contemporary
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