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Addressing Business Competition

Table of Contents

Introduction
Describing the Problem
Addressing the Problem
Conclusion
Reference List

Introduction

Business competition constitutes a major operational problem that organizations face. Every typical firm works to fulfill client needs to accomplish its objectives and goals. Consequently, corporate executives use both long-term and short-term plans to carry out the businesss ambitions. Addressing competition is among the organizations improvement initiatives since it directly influences a companys growth, relevance, and dominance (Ren and Jackson, 2020). For example, alongside addressing competition, there is a greater emphasis on product differentiation, employee mentoring, customer motivations, and a comprehensive assessment process to assess performance and employee engagement (Kim et al., 2021; Zameer et al., 2018). In addition, a company works on staff motivation and optimizing processes, for example, competition for greater profitability and productivity.

Companies from different sectors globally have faced competition in the modern business world. For example, Coca-Cola has faced imminent competition from Pepsi, but only the organization with a competitive advantage always thrives within the business environment (Tengblad, 2018). Competitors providing similar services or items always face fierce competition. The one offering these items or services at lower rates or with more advantages proliferates, reducing the other firms influence. The fundamental responsibility is to create a sustained competitive advantage by resolving workplace difficulties, developing a strong brand, and addressing issues that can raise human capital (Aust et al., 2020). In the wake of the novel Covid-19 pandemic, businesses have been competing against each other to remain relevant and maintain their profit margin.

Describing the Problem

For a comprehensive description of the competition, this essay uses McDonalds, a multinational organization that offers fast food, to explore competition as an operational problem that requires an improvement initiative. According to Sharif et al. (2021), competition in business is the contest or rivalry among businesses selling similar products and/or targeting the identical target market to induce more sales, increase revenue, and gain more market share as compared to others. As mentioned, competition is an unavoidable aspect of operating a business, and many companies encounter it through location, design, pricing, sales, quality, and practically every other company function.

McDonalds is a fast-food company located in the United States that confronts tremendous competition from international, local, national, and regional food shops. Price, product quality, accessibility, services, and menu diversity are all factors in its competition (Camilleri, 2018). Competitors created competitive obstacles by, for example, launching healthier dishes and giving coupons and discounts. This organization faces direct and indirect competition in the United States and global markets. Wendys, Dominos, Burger King, and Starbucks are among the direct competitors that want a share of the market. These organizations offer the same food items, for example, burgers, pizza, salads, and many more.

The most direct competition between McDonalds and its competitors is seen in the food composition, service delivery, cost, and location. For example, most of its competitors, Subway, boasts of cheap calorie food items, and McDonalds faces counterblasts regarding the elevated calorie level in their food items (Farfan, 2019). Additionally, location-wise, McDonalds has faced competition as competitors establish their businesses near them. This always results in the share of market profit and competitive pricing loosening the market grip of McDonalds.

On the other hand, indirect competition occurs when firms services and products are not identical but can meet exact customer demands. McDonalds is identified by its fries, chicken, and burger; additionally, it offers coffee, tea, and related beverages. Companies like KFC that offer fries and chicken offers substantial indirect competition because even though the food items are unique, they can satisfy customer needs. Other competition difficulties comprise the rise of fast-casual eateries and the adoption of innovative coffee techniques.

Addressing the Problem

The firm dealt with the issues by employing various techniques, including operating cafes and eateries over the weekends and holidays and heavily advertising coffee, tea, and beverages. McDonalds has advanced its competitive strategy by using public health concerns. Public health difficulties arose the following: its food items lead to overweight and the same as other rival fast-food businesses. Since then, the organization has replaced its preparation methods and procedures for food items, therefore reducing calories.

Furthermore, the corporation pondered upon a strategic topic of if clients were interested in pricing, flavor, or accessibility. According to the company findings, buyers seemed more worried regarding price and food quality. To be on the cutting edge of competitors, McDonalds gives coupons, discounted family packages, and price-friendly offers on all food items (Akram et al., 2020). Additionally, food quality has been improved and customers can choose their food flavors. Food items currently provide nutritional data, providing customers autonomy and more options.

Geographical position and convenience, major competition factors, have been addressed by ensuring that McDonalds is located as far as their competitors. Any new outlet is established in a niche that promotes growth and development. The organizations proactive business approach is predicated on the concept that its outlets should be strategically situated. The optimal positioning of McDonalds is a major boost in price control as it eliminates price competition from rival businesses. A region with the same business from different companies shows less price differentiation (Marchet et al., 2018). Generally, fellow competitors are also keen on countering these same approaches McDonalds applies, and the operations manager must ensure that there are constant strategic plans and changes to the re-address competition.

Conclusion

There are various options available for improving and gaining a competitive edge against rivals. First, the company should answer the demands (health, price, and accessibility) of the common target markets better than their competitors (Camilleri, 2018). To find out precisely what the clients desire when utilizing business food items, they can ask their customers open-ended inquiries. Issues from these inquiries should be addressed promptly in the most professional manner, whether positive or negative. In issues related to health, the company should establish an international advisory group tasked with offering dietary advice.

Second, McDonalds should establish an affordable price for its food items. This can be achieved by doing market research to find their competitors current prices of the same items (Liu and Atuahene-Gima, 2018). Based on the results, the organization can settle on prices that attract customers. Lastly, providing excellent and remarkable service to customers is an excellent strategy to establish client commitment and distinguish McDonalds from its competitors. The organization should ensure that customer service is at par. This means that the customer care staff should be respectful, grateful, and courteous while handling customers. The organization should establish training services for customer care teams (Shen and Tang, 2018). Customer satisfaction retains customers eliminating competition. In conclusion, the company should implement a strong branding strategy with robust marketing and product awareness. McDonalds should digitalize its marketing strategies to reach the wide consumer population in the dawn of new technology.

Reference List

Akram, U., Ansari, A.R., Fu, G. and Junaid, M., 2020. Feeling hungry? lets order through mobile! examining the fast food mobile commerce in China. Journal of Retailing and Consumer Services, 56, p.102142.

Aust, I., Matthews, B. and Muller-Camen, M., 2020. Common Good HRM: A paradigm shift in Sustainable HRM?. Human Resource Management Review, 30(3), p.100705.

Camilleri, M.A., 2018. Market segmentation, targeting and positioning. In Travel marketing, tourism economics and the airline product (pp. 69-83). Springer, Cham.

Farfan, B., 2019. McDonalds Highest Fat Content Menu Items. [online] The Balance Small Business.

Kim, K.C., Hornsby, J.S., Enriquez, J.L., Bae, Z.T. and El Tarabishy, A., 2021. Humane entrepreneurial framework: a model for effective corporate entrepreneurship. Journal of Small Business Management, 59(3), pp.397-416.

Liu, W. and Atuahene-Gima, K., 2018. Enhancing product innovation performance in a dysfunctional competitive environment: The roles of competitive strategies and market-based assets. Industrial Marketing Management, 73, pp.7-20.

Marchet, G., Melacini, M., Perotti, S., Rasini, M. and Tappia, E., 2018. Business logistics models in omni-channel: a classification framework and empirical analysis. International Journal of Physical Distribution & Logistics Management.

Ren, S. and Jackson, S.E., 2020. HRM institutional entrepreneurship for sustainable business organizations. Human Resource Management Review, 30(3), p.100691.

Sharif, M.S.M., Akbarruddin, M.N.A., Yusoff, A.M., Hashim, N.F. and Norsalim, P.M.N., 2021. Challenges and Uncertainty: The Impact of Covid 19 on Segi Seri Group Sdn. Bhd. International Journal of Academic Research in Business and Scocial Science.

Shen, J. and Tang, C., 2018. How does training improve customer service quality? The roles of transfer of training and job satisfaction. European management journal, 36(6), pp.708-716.

Tengblad, S., 2018. Organizational Resilience: Theoretical Framework. In The Resilience Framework (pp. 19-38). Springer, Singapore.

Zameer, H., Wang, Y., Yasmeen, H., Mofrad, A.A. and Waheed, A., 2018. Corporate image and customer satisfaction by virtue of employee engagement. Human Systems Management, 37(2), pp.233-248.

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