The New York Times reported earlier this year that the wages for fast-food have continued to increase faster than the overall wages, although the simultaneous pay might still be less than half the average for an hourly employee.
Owing to the tight labor market – this has been a major factor which has pushed companies to offer increased incentives. This, no doubt, presents a challenge for all the main fast food restaurants, most of who are now locked in a tooth and nail battle for market share — a battle which has always depended (and still depends) on mostly the low-wage workers — who are now under tremendous pressure to pay their employees proper wages.
McDonald’s Menu Prices
In this time of crisis, McDonald’s has come up with an interesting menu pricing strategy.
- Despite a myriad of interesting deals — McDonald’s has introduced a $1, $2, $3 Dollar menu.
- This menu offers bulk orders of two-buck McDoubles (bacon).
- To match this strategy of McD, Burger King has started giving away nuggets: 10 for $1.
- In addition to that, McDonald’s also now offers a whole range of full meal which includes “a burger, a drink, some fries, and a pie” for just $6 — a rather caloric bargain, most would say.
- On the other hand, McDonalds’ chain’s honey-barbecue glazed chicken goes off at $6 with however no drinks or sides.
- McDonalds’ menu prices vary on the basis of location and city.
- Meanwhile, the other trend is that the rest of the menu seems to be getting more and more expensive, not only to keep up with the rising cost of labor that is persistent, but also to offset the now-requisite discounts that McDonald’s aims to provide.
- The focus of McDonald’s has always been customer satisfaction and by pricing lower, it seems to have achieved the same.
- Sales of McDonald’s have seen a boom after this strategy.
- However, if this strategy could be sustained in the long-term or not – only time will tell.
If we look back at Mcdonald’s history, McDonald’s was officially founded in 1940. The founders of McDonald’s are Richard and Maurice and needless to say, McDonald’s is the largest chain of restaurants in the world. In a recent survey about the statistics on this brand, it has been established that this brand has over fifty thousand stores. This is one of the favorite fast food companies among the consumers for burgers and it also sells cheeseburgers, desserts, chicken soft drinks, smoothies, rolls, fries, and breakfast, etc.
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Since its inception in the year 1940, as a growing food chain, McDonald’s has always focused to ensure the complete satisfaction of its customers and it has only tried to keep the standards going up to higher levels ever since. McDonald is one of the largest food chain restaurants in the world and the company does a lot for the people and their feedback on its food and services. With this prime purpose, whether the menu pricing works or not is to be seen.