Are you a lover of fast foods? If yes, then which one would you prefer for your lunch McDonald’s or Burger King? For most of the readers, it will be Burger King. In the market of food brands, Burger King has been able to make an impact, giving a good competition to many of its competitors.
Burger King is overpowering McDonald’s and Wendy’s and holds a strong position with the help of its successful marketing strategies. No one would deny that the tastes of its hamburgers are much better than McDonald’s. The company has been operating in over 70 countries and 90% are privately owned franchises.
But do you know the story behind the success of the world’s one of the leading hamburger chain? Let us go through it.
Early life:
The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain. After Insta-Burger King ran into financial difficulties in 1954, its two Miami-based franchisees purchased the company and renamed it Burger King.
In 1978, Burger King hired McDonald’s executive Donald N. Smith to help revamp the company. In a plan called Operation Phoenix, Smith initiated a restructuring of corporate business practices at all levels of the company.
The changes for the better or worse?
Changes to the company included updated franchise agreements, a broadening of the menu, and new store designs to standardize the look and feel of the company. However, these efforts were initially effective, many of them were eventually discarded, resulting in Burger King falling into a fiscal slump that damaged the financial performance of the company.
The company even after this was sold and bought by many other firms. A lot of capital was invested to revamp the company, but everything grows with time.
The key to success
Burger King owes its success to one thing: simplicity, according to a recent report. The company with its smart strategies has been able to entice customers without increasing its number of workers and slowing down delivery service. A unique combination of existing ingredients helps them create a new marketable item. Burger King has lured in customers with promotions like the two for $5 sandwich deal.
The Competiton!
McDonald’s drive-through wait times have gotten longer, a problem that experts blame on an increasingly complex menu whereas Burger King is promoting the items already on the menu. Burger King raised the prices of some items. While McDonald’s offered a promotion on free coffee, the higher price of burgers turned off the customers creating a win-win situation for Burger King.
Here we see how beautifully Burger King has been analyzing its competitors. Not only that, it takes such steps which can turn the competitor’s disadvantage to their own advantage. Burger King has seen a lot of struggle and hence, has learned how to grow from even the fiscal slump it was in its early years. Burger King is a great inspiration for its dedication and hard work to all the new start-ups coming up.
