The
economic crisis has been embodied in the daily strategic decision making of
every corporation and retailer out there. We have to find ways to survive
through these hard times. Sometimes the
solution might be easier and more obvious than we think it would be.
Identify basic needs and wants of your
consumers and try to fulfill them at the lowest cost possible. McDonalds’s identification of people’s basic
need for food at a low comparatively cost has lead to the induction and
promotion of its “Dollar menus”; this has enabled McDonalds to maintain its
current clientele, attract even more and sustain its vitality during the
economic crisis. Dr. Ater, a Tel Aviv University researcher claims that
McDonalds’ “'Dollar Menu' is
an ideal model for corporate success in the times of economic crisis.”
What adjustments are you making to your menus or price lists?
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