The huge advertisements and promotions of the fast food restaurants are the major factors that raised the fast food market. Through fast food people can gain many competitive advantages which are suitable for existing economic condition (Bagwell & Doff, 2009). The Following Table Shows the Ranking of McDonald’s with respect to Market Share in the UK Source: (Government of Canada Publications, 2011). In this context, the Oxford Street branch, situated in London of McDonald’s will be analysed for the study. Demand Factors of Fast food in London This segment describes the nature of fast food demand and relative factors that influence the demand of fast food products in London. The fast food market is monopoly in nature. The demand for fast food is not completely elastic. Any restaurant can increase the cost of fast food products without diminishing the demand to zero. There is a certain demand curve for each fast food restaurants. A restaurant can sell more products by minimizing their products cost or sell less by increasing the cost of the products. However, no restaurant can make excess profit because there are substitute products in other restaurants (Baker, 2001). 0 In the above graph, the demand curve of fast food products is D1 and it is downward sloping because as the price of fast food products increase, the quantity i.e. sales decreases. The shift in demand is shown as D2 curve when the demand for fast food products will increase. London’s Oxford Street is known as the most famous and developed area in the city. People who reside in Oxford Street are quite modern including those who have comparatively lower income than others. There and many professionals and students there who have busy lifestyles and many people even perform two jobs. Thus, they are busy in their jobs for considerable amount of time of a day. Thus, many households have limited time to prepare foods for day and/or night. Therefore, the people have less cooking tendency and is of the belief that eating fast food is comparatively better value for money. Table Showing Frequency of Consuming Food of People in the UK Source: (Bagwell & Doff, 2009). From the above table, it can be seen that young people of age group between 15–24 years prefer to eat in fast food restaurants. They are the largest portion of fast food customers. Men are most frequent customers of fast food restaurants compared to woman. There is inverse relationship with consuming fast food and age because as the age increases the preference of eating fast food decreases. The following chart shows the spending on fast food products in London in the year 2006. Chart Showing Spending on fast Food in London Source: (Bagwell & Doff, 2009). The above chart depicts that majority of customers spent minimum ?3 on fast food at Oxford Street branch. Young school students have a high demand for fast food. It has been found that young students spend average ?1.01 and 74 pence on fast food while going to school and coming back from school. In the year 2007, ?82 was spent per person for fast food. There are various reasons for high demand of fast food. The factors which influence the demand of fast food products are speed of delivery, taste, inexpensiveness and availability. Besides, there are other factors such as convenience, scarcity of time and comfort which drive
McDonald’s - Chose One Branch in London Table of Contents McDonald’s - Chose One Branch in London 1 Table of Contents 2 Fast Food Market of the UK 3 Demand Factors of Fast food in London 4 Supply Factors of Fast Food in London 8 Key Issues of McDonald’s 8 Recommendations for McDonald’s 10 References 12 Fast Food Market of the UK This section explains the brief understanding about the fast food market in the UK…
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The company wants to increase its level of competition, which was eroded by market share; first, this report will analyze the company’s status in terms of its external and internal environment. The report will then focus on the recommendations that London eye should concentrate on to improve in its competitiveness.
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