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NEAR EAST UNIVERSITY FACULTY OF ECONOMICS AND ADMINISTRATIVE SCIENCES DEPARTMENT OF BUSINESS ADMINISTRATIONS MAN 400 BUSINESS POLICY AND GRADUATION PROJECT

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NEAR EAST UNIVERSITY

FACULTY OF ECONOMICS AND ADMINISTRATIVE

SCIENCES

DEPARTMENT OF BUSINESS ADMINISTRATIONS

MAN 400

BUSINESS POLICY AND GRADUATION PROJECT

,, TITLE: MARKETING ORIENTATION, MARKET SHARE

AND PROFITABLITY

PREPAIREDBY:M.OGUZAYATA

SUPERVISOR: AHMET ERTUGAN

STUDENT NUMBER: 990434

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CONTENTS PAGE

TABLE OF FIGURES

LIST OF TABLES

ACKNOWLEDGEMENTS

ABSTRACT

I. INTRODUCTION

1.1. Problem Situation

1.2. Aim

I. 3. Methods

II. Marketing Orientation, Market Share and Profitability

III. CASE STUDIES

III.

I.

Description of Fast Food Industry

III.1.1. Total Global Market Size

III.1.2. Trends

III.1.3. Customer Wants and Needs

III.1.4. Effects of Globalization

III.1.5. Competition and Market Leaders

III.1.6. Pest Analysis

III.2. CASE STUDIES

III.2.1.

Mc

Donald's Corporation

III.2.2. Rainforest Cafe

1

2

2

3

4

9

11

11

12

12

13

14

••

17

18

20

20

III.2.3. Dave&Busters

III.2.4. Starbucks

IV. STATISTICAL ANALYSIS

IV.

1.

Marketing Concept

IV.2. Comparison

CONCLUSION

RECOMMENDATIONS

REFERENCES

APPENDIX

21

29

31

32

33

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TABLE OF FIGURES

IV.2.1.

Mc Donald's Profitability Figure

IV.2.2. Dave

&

Busters Profitability Figure

IV.2.3.

Starbucks Company Profitability Figure

IV.2.4. Rainforest Cafe Profitability Figure

IV.3.

Market Share's of Selected Companies;

IV.4. Relation between Marketing Orientations

And Market Shares Of Companies

IV.5.

Relation between Profitability and Market

Shares of Companies

LIST OF TABLES

Table IV. I. Scientific Assessment Criteria

Table

IV.

I. 1. Marketing Orientation of the firms

Table IV.2. Comparison of the Companies and their

Performances

24

25

26

27

28

30

30

22

23

29

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ACKNOWLEDGEMENTS

I would like to thank all my teachers who have invested in me for many

years with great patience and good will. I would like to extend a special

appreciation to

my

Supervisor Mr. Ahmet Ertugan who encouraged and advised

me on this project.

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ABSTRACT

This project aimed to find out whether there is a link between marketing

orientation, market share and profitability.

Four well known organizations were evaluated first to find out their

approach to marketing. Than we looked into the market share and the profitability

of the restaurants. The findings were that the McDonald's was clearly identified

as the top marketing oriented organization. The other three were close to each

other, Dave&Busters was in the second place towards Mc Donald's, Starbuck's

fallowed Dave&Busters and the last one is the Rainforest Cafe.

The McDonald's is the outright number one in all aspects. In fact the

results were in relation. When listed one after the other the companies rankling in

the order of market share also had the same rank with the marketing orientation

and the profitability.

Our research was limited to only four companies. When there are only

limited companies under research there are chances that the results could change

when larger samples are used. To make a stronger point it is advisable to carry out

a research on many more companies. A difficulty with this project was that the

companies under focus were not exactly in the same line of work. There are slight

variations in the services that they give. Therefore it is also advisable that the

companies selected for the study should be well selected.

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1

I. INTRODUCTION

Importance of marketing orientation is much discussed issue. It is generally

accepted that the firms need to be more marketing oriented in the competition run

economies where the customers are the "kings". Designing the products according to

the needs and wants of the consumers plays a big role in the success. Most of the

companies, before introducing new products and services, make extensive researches

to find out the needs and wants of the consumers. They then design their goods and

services accordingly. However to be marketing oriented has some costs. While some

firms just· produce their goods or design their services without any expenses the

marketing oriented firms need to get into expensive research projects and invest time

and money. The question is it worth it?

Although there are many studies on marketing and market orientation there is

little evidence about the relation of marketing orientation with the market share and

profitability. How well do the marketing oriented companies do compared to those

who care less about marketing? This study will try to develop some relationship and

provide information about the relation of marketing orientation market share and

profitability.

Four well known organizations will be evaluated first to find out their

approach to marketing. Hey will be ranked according to their marketing orientation.

Each company will be analyzed to find out their financial performance and

profitability. Then they will be compared to find out the correlation between the

marketing orientation and the market share and the profitability.

After the introduction the study will continue with a literature review. This

part wilJ give extensive information on the marketing orientation, market share and

profitability issues. Studies and works in this area will be evaluated. The next part of

the report will be about the industry. The industry under our focus is the fast food

industry. This is a fast growing industry throughout the world. There is also a fierce

competition in this industry. The report will be continued with the four selected

cases. After brief introduction of each organization their financial positions will be

evaluated. Financial evaluations will be carried out and after determining the

marketing orientation rate of each company there will be correlation analysis. The

study will end with a conclusion.

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2

1.1. Problem Situation

There are many different ways to determine the reasons behind success and

failure. Organizations need to understand the real reasons behind successes of certain

companies in order to adopt certain strategies and be successful. One of the main

determinants of success is market share. To put simply, only successful companies

can build large market share. In addition, successful companies also have high

market share growth rate. One of the most popular portfolio concepts, "Boston

I

Matrix'', classifies companies with large market share in high growth markets as

stars. But the real question is to find out whether marketing orientation leads to high

market share and profitability.

Marketing of products and services may differ from company to company.

While some organizations are product oriented the others may be more customers

oriented. In the competition driven economies the consumers have greater say.

Consumer satisfaction has become a buzzword in the recent years. At the same time

companies need profits. The problem is how we can build a relationship between the

marketing approach, market share and profitability?

1.2. Aim

General belief is that the marketjng oriented firms are more successful and modem

marketing managers should focus on the customer in order to shape their products

and services accordingly. This project aims to find.

out whether there is a link

between marketing orientation, market share and profitability. There will be an

objective approach to identify the rate of marketing orientation of the firms and see

whether this necessarily has a positive effect on the market share and the

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3

1.3. Methods

Method of the study will be to use case studies and the financial reports of

companies under our investigation. There will be three variables under investigation.

First there will be an investigation of the marketing orientation. This will be

performed by using the web sites of the organizations. The web sites give a good

idea about the approaches of the companies. A set of questions will be listed and see

how each company rate on these items. The second variable is the market share of

the companies. This will be determined by the figures provided in the cases and also

the web sites of the companies. The final variable is the profitability of the

companies. Profitability will be found by dividing the profit to the total revenues.

After the determination of three variables it will be possible to make arguments about

the problem question.

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4

Il.

Marketing Orientation, Market Share and Profitability

In his essay "Marketing Myopia", Theodore Levitt (Levitt, 1960) suggests that it is

usually the fault of the top-level management that the companies get into the trouble.

He gives the example of the film companies of Hollywood after the introduction

television in the market. He explains that those who simply saw themselves as film-

makers had vanished but those who saw themselves as leisure businesses changed

shape and strategy and continued with their business. Some of the organization's

managements lack creativity and innovation. UsuaJJy

the circumstances may lead to

this. Problem free periods may decrease the need for imagination (Levitt, 1966, p.7).

For the relation between the market orientation and the market share Levitt puts

forward the Ford example. Recognizing the need of the consumer for low-priced cars

Ford managed to standardize automobile production and reduce the prices to such a

level that the consumption exploded and the Ford immensely increased its market

share (Levitt, 1960, p 11)

Doing business is not always straightforward. Opening a franchise in a new country

is not just selling hamburgers. In case of new McDonald's investments in Germany

for example meant teaching the Germans what hamburger is (Peters, 1982, p.241)

Buzzel and friends argue that the key for profitability is large size market share

(Buzzel, 1975, p.293). Argument follows that the big market share leads to economy

of scale and gives company a market power. But the essentiality of

good

management is also acknowledged (Buzzel, 1975, p.295).

Market attractiveness and competitive position have been identified by previous

conceptual and empirical work as major influences on organizational"performance.

Market attractiveness represents the long-run profit and growth potential for all

participants in an industry or market, while competitive position relates to the

strength of the organization relative to competition (Day 1984). The two variables

thus represent key aspects of both the external and internal environment for strategic

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5

decisions. Market attractiveness and competitive position form the basis of most

contingency approaches to marketing strategy and have been included in previous

attempts to develop conceptually integrated models of business performance (Park

and Mason; 1990).

Although one can not convincingly argue that the marketing strategy variables

considered cover all aspects of marketing strategy, it is argued that they represent

crucial areas and serve as an adequate starting point for assessment of marketing

strategy-performance relationships. Boxer and Wensley (1986) identify three crucial

areas of marketing-related interaction between an organization and its external

environment: interaction between the organization and its competitors, interaction

between the organization and its customers, and interaction between the organization

and other parties in the organization's channel of distribution. Each of the five

marketing strategy variables considered here is focused on one of these areas of

interaction.

Aggressiveness is concerned with the interaction between an organization and its

competitors. The variable reflects degree of competitiveness (

or competitive posture)

in relations with competing organizations. Early PIMS studies (e.g., Buzzel, Gale,

and Sultan I 975), prescriptions grounded in the growth-share matrix (Boston

Consulting Group 1972), and Porter's (1980) generic cost leadership strategy

emphasize the importance of aggressiveness in seeking market share. This aggressive

or competitive orientation is often cast in military terms. Kotler and Achrol (1981),

for example, describe "attack strategies'' aimed at increasing market share.

Defensiveness, adaptability, and specialization focus on the interaction between an

organization and its customers. Defensiveness refers to the emphasis placed on

preserving current products and markets. Fornell and Wernerfelt (1988) indicate that

defensive marketing strategy involves reducing customer exit and product/brand

switching through switching barriers and customer satisfaction Defensiveness also

reflects the notion of "defense'; (Kotler and Achrol 198 1) and "hold" (Buzzel, Gale,

and Sultan 1975) strategies aimed at holding current customers and thereby

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business attempts to identify and capitalize on emerging market opportunities. Thus,

it reflects the key dimension underlying the Miles and Snow (1978) strategic

typology (McKee, Varadarajan, and Pride 1989). Specialization reflects the extent to

which a business attempts to create a unique product (or set of products) that is

perceived by consumers as clearly superior in value. Specialization, generally termed

differentiation, has been suggested as a key strategy dimension in the marketing

(

Abell 1980

), business policy (Hall 1980

), and industrial organization economics

(Porter 1980) literature.

Cooperation is concerned with the interaction between an organization and other

parties in the organization's channel of distribution. The variable refers to an overall

coordinative posture in relations with other members of the marketing channel

system. Traditionally, marketing channels consisted of "highly fragmented networks

in which loosely aligned manufacturers, wholesalers, and retailers . . . bargained with

each other at arm's length, negotiated aggressively over terms of sale, and otherwise

behaved autonomously" (McCammon 1970, p. 43). Beginning in the 1950s, planned

vertical marketing systems, which strategically link various parts of the production

and marketing process, emerged and began to displace traditional marketing

channels. Cooperation reflects an organization's reliance on these systems.

One performance variable, profitability, is considered in this study. Conceptual and

empirical literature in marketing, business policy, and industrial organization

economics suggests that each environmental and marketing strategy variable is

positively related to an organization's profitability. This literature is summarized in

the following section, which also presents the research hypotheses.

The definitions and meanings of the term 'market orientation' as used by different

authors are somewhat diverse. Kohli and Jaworski (1990) and Narver and Slater

(1990), who led the research stream in the early 1990's, both developed appealing

definitions and measures of market orientation. Kohli and Jaworski (1990, p. 3)

found from extensive qualitative research that inter functional co-ordination should

be limited to 'coordination related to market intelligence'. The term market

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information sharing equates closely to what Kohli, Jaworski and Kumar termed

'intelligence dissemination' (1993, p. 476).

Many other studies have adapted the original Narver and Slater (1990) and Kohli,

Jaworski and Kumar (19~3) instruments, (e.g. Pelham

&

Wilson 1996; Pelham

1997). Furthermore, the customer orientation component itself is viewed as having

two sub-components. The first relates to customer analysis, that is, a deliberate

emphasis on understanding customer needs and wants. The second is customer

responsiveness: responding to the information received about customer needs and

preferences. This view of the construct is similar to Pelham ( 1997) who used the

terms customer understanding and customer satisfaction orientations; as well as a

competitor orientation. As Gray, Matear, Bashoff & Matheson ( 1998) note, a

company should not only analyze customer needs and share that knowledge within

the organization, but must act on it.

It has been widely assumed for many years that market orientation is linked to better

company performance. The theoretical basis for this expected link was elucidated

early on by McKitterick ( 1958) who highlighted that in a competitive environment,

organizations must be highly cognizant and responsive to customer needs, or else

rivals will devise products more attuned to those needs and capture their business.

Narver and Slater (1990) explicated this view further, arguing that if there is a strong

market orientation within a business, there will be greater effort expended to offer

superior value to buyers, and so there will be a greater likelihood that superior value

will be offered. Therefore the highly market-oriented business will enjoy an

advantage over competition in the eyes of customers which will lead to better

profitability.

There are numerous published studies that have examined the association between

market orientation and company performance. The appendix provides a summary,

based on a literature search ofrelevant journals from 1990 to early 1999. There may

be other studies that this search did not yield, but the summary is comprehensive

enough to portray the general weight of evidence to date. From many studies,

majority found a direct positive association between market orientation and

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performance. This body of research is a good example of how continual replication

in a particular area can help to develop reasonably robust empirical generalizations.

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9

m.

CASE STUDIES

m.ı.

Description of Fast Food Industry

Fast food is becoming more and more popular. There are many reasons for

this. One important reason is that the levels of earnings are increasing and people are

prepared to spend more money on food. Instead of cooking at home they may get

food to their house and just eat it. Second reason behind this new trend is

standardization of food products. Many fast food chains such as McDonalds,

Kentucky, Pizza Hat and Pasta Villa, are making extensive research and make

products that the consumer enjoy eating. They have become very specialized and

produce food which is almost impossible to make at home. Another interesting

aspect is the cost of the food from the fast food chains. Since they deal with large

quantities, the costs are coming down. A similar food may cost a lot more if made at

home. So, why waste time for cooking at home, one can just telephone and order any

kind of food they like. The fast food chains are now getting more and more

specialized with fast delivery systems. The basic aim is to deliver fast. The home

delivery is not limited to only fast food chains, even the small Chinese restaurants are

making deliveries at home.

Fast food industry is so common place in today's modem life because the

number of working people increases. Economic conditions force people to work, to

earn money for a good future. ~o, this directs people to eat outside. And, to save

time, they prefer to fast food industry. Fast food industry is an attractive market,

'

there are too many customers and products are standardized. Because market is still

growing, sales are high and the companies enjoy the high sales and high profits. Also

customers have many alternatives to go to eat, so the switching cost is high. This

makes market alternative. But in some conditions, the market is unattractive such as

strong competition, huge competitors, many substitute products etc. Although there

are some conditions which make the market unattractive, there are huge numbers of

fast food restaurant. And new restaurant are opening at faster pace than any other

industry.

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The single largest segment in terms of profits in franchising is the consumer

retail business selling food. With the growth of franchise operations, there has been a

marked tendency on the part of small business owners to become part of a larger

franchise operation. Many originally small individual enterprises have become parts

of a national franchise by entering franchise agreements.

The key of success for fast food is in their secret recipes. All the fast food

organizations make many scientific research and tests to make the most delicious

meals for their customers.

Fast foods are the "Convenient Meals", serving customers delicious, already­

prepared complete family meals, sandwiches and snacks at affordable prices.

KFC is a good example for a franchise business. They have franchise

organizations all over the world. Franchise arrangements are characterized by a

contractual relationship between a franchiser (a manufacturer, wholesaler, or service

organization) and franchisees (independent entrepreneurs who purchase the right to

own and operate any number of units in the franchise systems). Typified by a unique

product, service, business method, trade name, or patent, franchises have been

prominent in many industries, including fast foods, video stores, health and fitness

centers, hair salons, auto rentals, motels, and travel agencies.

Pricing of the fast food products depends on the costs and location of each

individual restaurant. While the prices of the products are similar within a country,

the prices may vary from state to state. The important idea behind pricing is to first

make profit and the second, be competitive. The pricing of the fast food products are

'

usually done in such a way that is more value for given amount of money in

comparison with other fast food. It is also a sensible alternative for home cooking.

The products are only a little more expensive than cooking home. The reason for this

is the volume of business. Since the volume is very high the costs are lower.

Suppliers are in fierce competition to supply their products to fast food chains.

Fast food chains use advertisements as part of their promotional activity.

They are all symbolized by a symbol, in the case of Kentucky for example the name

of the Colonel, and the expression "finger licking good". This expression goes down

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very well in every language. KFC advertise in the public places and recently they

started to sponsor sports activities and races.

When they are launching a new product they make big news about it.

Fast food has become an important par of the modern life. They are specialist

in their fields. They have cooking, preparing, serving and distribution of their own

styles. First of all they give the impression that the place is modern and clean.

Everybody can trust their products.

They have menus that are very practical, easy to follow and nice to look at.

Fast food chains serve to all kinds of people. There are cases when the children are

more enthusiasts, but usually people at all age make use of the fast foods.

One recent development art this sector is serving to homes. Hot meals are delivered

at very short notice

m.ı.ı.

Total Global Market Size

Birth place of the franchise fast-food business is the United States. With the

1996 figures the market size of the fast food was around 800 billion dollars. The

sector employed about 8 million people. The sector is growing at a rate of around 55

every year. Although there is lack of information about the global market size it can

be estimated to be around 3 trillion dollars.

m.1.2.

Trends

The US fast food market is at a point of saturation. There are many businesses

competing in this market. The growth rate was above 7% in the years prior to the

1994 but this has dropped below 55 in the recent years. There is no more room for

improvement. The only way for the fast food companies to grow is to exploit the new

foreign markets. This is what many companies are doing. The United States is the

motherland of the fast food business. It is clear that for a company to become a

multinational enterprise there is a need for a competitive sector at the home country.

Fast food is becoming more and more popular in every part of the world. There are

many reasons for this. One important reason is that the levels of earnings are

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at home they may get food to their house and just eat it. Second reason behind this

new trend is standardization of food products. Many fast food chains such as

McDonalds, Kentucky, Pizza Hat and Pasta Villa, are making extensive research and

make products that the consumer enjoy eating. They have become very specialized

and produce food which is almost impossible to make at home. Another interesting

aspect is the cost of the food from the fast food chains. Since they deal with large

quantities, the costs are coming down. A similar food may cost a lot more if made at

home. So, why waste time for cooking at home, one can just telephone and order any

kind of food they like. The fast food chains are now getting more and more

specialized with fast delivery systems. The basic aim is to deliver fast. The home

delivery is not limited to only fast food chains, even the small Chinese restaurants are

making deliveries at home. The key of success for fast food is in their secret recipes.

All the fast food organizations make many scientific research and tests to make the

most delicious meals for their customers.

nı.ı.s,

Customer Wants Needs

There is an important change in the lifestyles of the consumer. More and

more people are taking part in the working life with less time at home for cooking.

Additionally people are earning more money and hence they have greater ability to

spend on ready food rather than to cook at home. Another breakthrough is in the

communications technology. People are more aware about the developments in the

other parts of the world. People being more aware about the trends in the countries

increase the demand for similar services at each country.

Basic needs of the consumers are fast and standardized food that they can

tract for hygiene, quality and value. They also need these services as fast as possible.

m.ı.4.

Effects of Globalization

Globalization is in progress. Most important development in this field is

increased communications. By the developments in the communications people are

more aware about the developments around the world. And being aware people have

bigger expectations. Opportunities existed for quality, clean, quick, and value for

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13

money restaurants. Many fast food chains identified this opportunity and made the

right investment at the right time. Same opportunities existed in many parts of the

world. The success of the firm is identifying the opportunities and using them.

Threat came from the new entries to the market. There are many big hamburger

restaurants with similar services, and the entry into this market is relatively easy.

cDonald's avoided the threat of competition from the other companies by

differentiating their products and services. They built an image for cleanliness,

quality and fast service. They also proved themselves in many other parts of the

world. They face threats from the local producers. For example in Japan they are

competed by the fast sushi. Being flexible helped the firm to get rid of the threats.

They allowed local McDonald's restaurants to make products according to the local

needs and traditions.

Europeans are known to be people that spend a long time around the eating

table. May be it was natural to think that the fast food was not something for the

Europeans. But another truth about the Europeans is that they are in lack oftime.

Everybody is in a rush to do something. McDonalds is a fast food, but this does not

mean that you have to eat fast. The restaurant is arranged in such a way, in Europe

that people can take their children into. They were the first restaurants to allow

children into the restaurants. It was not allowing but also encouraging. They usually

give presents for the children. They usually have special packages to the children.

For the children and young people, going to McDonald's is a fun. This is a strategy of

McDonald's.

~

ID.1.5. Competition and Market Leaders

Fast-Food business is relatively easy and less expensive business type that

can be entered. Start up franchising fee for McDonalds is $45,000 this is much lower

for other chains, for example the similar fee for domino Pizzas is about $1,000. Due

to ease of setting up a fast food there is an intense competition in this sector. In the

international arena the competition is even worse since there are many local

traditional stores with local menus. In Turkey for example there are many small

sandwich stores and kofte restaurants that are traditional alternatives. McDonald's

Corp. dominates the landscape with about 12,000 U.S. restaurants and more than

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14

20,000 worldwide. But in spite of a new menu, its U.S. same-store sales, measuring

· sales from restaurants open at least a year, have been shrinking.

This will be their sixth consecutive quarter of lower comps (same store sales)

in the U.S. Wendy's International Inc., on the other hand, has seen U.S. same store

sales rise 5 percent to 6 percent in the fourth quarter, following an 8 percent gain in

the third quarter. Burger King, a unit of Grand Metropolitan Pk, said its U.S. same­

store sales rose 2.6 percent for fiscal 1996 ended Sept. 30.

Burger King had 8,696 restaurants worldwide at the end of fiscal 1996,

including more than 6,600 in the United States.

At this point, Wendy's may have the most significant new product offering in

1997, fresh pita sandwiches containing grilled chicken and salads. They are being

tested in 11 U.S. markets and may be rolled out nationally next year. In 1996,

McDonald's stole the menu spotlight by introducing its Arch Deluxe hamburger,

garnished with lettuce, tomato and a mustard-mayonnaise sauce, as well new chicken

and fish deluxe sandwiches.

In spite of those new menu items, McDonald's same store sales continue to

show declines compared with a year ago.

McDonald's U.S. same store sales were down in the first nine months of 1996

but declined to comment on the fourth quarter.

Looking ahead, the most significant event for McDonald's likely will be the

start of its IO-year exclusive marketing alliance with Walt Disney Co. That alliance

gives McDonald's exclusive rights to marketing tie-ins, such as toy giveaways, to

Disney movies.

m.ı.6.

PEST Analysis

1 Political Situation

USA is politically very stable country. There is little interference with the

economy and free enterprises are supported to grow and flourish in this country. The

politics of the USA has little influence on the economy. Federal governments at the

state level have great autonomy. The United States is geographically one of the

world's largest countries, and it is the third most populous (after China and India).

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15

The 50 states are blessed with a variety of resources that provide the basis for a

highly productive economy--in fact; the United States is the world's wealthiest

nation. For most of the 20th century the country has enjoyed economic superiority,

particularly during the post-World War II era. Yet the population, per-capita wealth,

and general welfare are unevenly distributed, with affiuent areas often contiguous

with areas of poverty. Beginning in the 19?0s the United States faced economic

difficulties brought on by a high foreign trade deficit, the declining value of the

dollar abroad, high governmental spending, and inflation. In the 1980s, inflation was

brought under control, and tax-cutting stimulated economic expansion in some

sectors. The trade deficit remained, however, and the national debt burgeoned. To

address the issue of deficit spending, Congress in I 993 passed a budget combining

tax increases and spending cuts. That same year a recovery was under way from a

national recession that began in 1990, although economic restructuring eliminated

much new job creation. Stressed by economic and social issues not easily resolved,

voters in 1994 elected a Republican majority to both houses of Congress for the first

time in 40 years.

ı.

2 Economies

USA is a leader country in the world economy. By the early 1990s the gross

national product (GNP) of the United States reached about $6 trillion, the highest in

the world. The per-capita income of more than $23,000 is also among the worlds

highest.

-Agriculture, fishing, and forestry together employ less than 3% of the total

labor force and contribute about 2% of the GNP. The leading crops, in order of

value, are com, soybeans, wheat, cotton, hay, tobacco, potatoes, peanuts, sorghum,

and rice. Most livestock is produced in the West and Midwest. The United States is

the world's leading producer of soybeans and com and among the leading producers

of meat, wheat, and tobacco.

Almost one-fifth of the labor force is engaged in manufacturing, and industry

contributes about the same proportion to the GNP. In the early I 990s the value added

by manufacturing was more than $1 trillion. The leading industries in terms of value

are transportation equipment, electric and electronic machinery, food and related

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products, industrial machinery and equipment, chemicals, fabricated metal products,

paper and related products, instruments and related products, primary metals,

petroleum and coal products, and rubber and plastic products. Large corporations

I

dominate the U.S. manufacturing sector; in 1991 the 100 largest industrial concerns

held 75% of manufacturing assets. The United States is a world leader in production

and export of various types of machinery, including office and telecommunication

equipment; of transportation equipment, such as automobiles; of industrial raw

materials; and of chemicals.

3. Society and the Social Conditions

There are many ethnically different communities living in harmony in the

USA. Due to the high income people have good buying power. It is said that the

Americans spend only 11% of their income on food. This means that they can easily

afford to eat outside. Due to their culture and fast life style, that lives them little time

to spend in their kitchen, the Americans mainly dine at the restaurants. The fast food

restaurants are a great part of their lives. More recently the Americans are ordering

their fast food meals such as Pizza, Chicken and Hamburgers to their home.

4.

Technology

The USA is one of the most advanced countries in technology. After all this is

the country most advanced in the space technology. USA is producers of most

advanced equipment machinesy and tools in the world. They are actually exporters of

technology. Many important technology devices are either imported from the USA or

produced under patent of USA firms.

Apart from physical technology, the USA is also very advanced in the fields such as

management techniques. Their new ways to approach to management and

(22)

17

ID.2. Case Studies

ID.2.1. McDonald's Corporation

McDonald's Corporation is the most well known fast food industry all around

the world. The Group's principal activities are the development and operation of

franchises and services within a worldwide system of restaurants. These restaurants

prepare, assemble, package and sell a limited menu of value-priced foods. The

restaurants are operated by the Group or by franchisees, that are independent third

parties or by affiliates operating under joint-venture agreements between the Group

and local business people. Major trademarks include McDonald's, Ronald McDonald

and Big Mac. The Group operates primarily in the quick-services hamburger

restaurant business. In addition, the Group also operates other restaurant concepts

like Aroma Cafe, a small chain of coffeehouses. Company-operated restaurants

accounted for 74% of 1998 revenues and franchised and affiliated restaurants, 26%.

McDonald's is a very customer oriented organization since they develop their

products always the customers in mind. More than that they make convenient

arrangements so that their customers can obtain their products at any place. To

satisfy consumer desires, the fast-food industry has set its sights on unusual places

such as gas stations and convenience stores. Fast-food chains are focusing on

developing their growth strategies on these companies for several reasons. First, gas

stations occupy excellent locations. One industry expert commented "Let's face it,

the petroleum companies own most of the best comers

Another desirable aspect of gas stations and convenience stores is their ability

to generate high consumer traffic throughout the day. It is rare for even the largest

restaurant site to consistently generate that much traffic. Another attraction is the

reduction in plant, property, and equipment costs. Sharing property and facility costs

can be advantageous to both parties. In most cases, the site requires only

modifications to an existing building, rather than building a brand new facility.

In 1994 McDonalds's opened its first trial restaurant in Wal-Mart; it now has more

than 800 Wal-Mart locations nationwide. McDonald's now has operations in

hospitals, airports, shopping malls, riverboats, military bases, ski lodges, theme

parks, race tracks, casinos, and museums.

(23)

18

Alternative retail sites are not even strategy limited to fast-food chains

anymore. The trend has expanded to include retail stores such as The Body Shop,

Sunglass Hut, Starbucks, Disney, and Au Bon Pain. Airports have seen the biggest

growth in this market; they are expected to see even more.

When we look into the USA market we can see that the market share of

McDonald's is changing from time to time. As first company of its kind they had

very large market share at the beginning. There market share in 1981 was 40 percent.

After many other similar restaurants were opened the market shares in 1991 dropped

to 28 percent. However clever strategies brought up the market share in the States to

50 percent in 1995 which is very high.

McDonald's is a very profitable and high revenue company. When we look at

theglobalrevenuesin1996itwasl0.7,

this increased to 11.4 in 1997, to

and 12.4 in 1998

1

m.2.2. Rainforest Cafe

The Rainforest Cafe has positioned itself in the themed restaurant niche. This

niche has two distinct types of restaurants; passively themed restaurants and

aggressively themed restaurants. Examples of passively themed restaurants include

the Olive Garden, Red Lobster, and the Outback Steakhouse. Examples of

aggressively themed restaurants include the Hard-Rock Cafe, Planet Hollywood, and

the Official All-Star Cafe. Consumers seem to enjoy the complete experience of

themed restaurants. These experiences include good food, great entertainment, and a

retail store all in the same location.

The restaurant industry has, in general, reached the mature stage of the

business cycle. The theme restaurant industry is still in the growth cycle. The

increased number of mergers and acquisitions are indicators of a mature industry.

When there are fewer opportunities for physical expansion and increased competition

within the industry, more consolidation is expected. The Rainforest Cafe and other

1

(24)

19

theme restaurants have avoided the major industry trend-by concentrating on a niche

that still has enormous potential for growth. The trend toward theme restaurants

appears to be continuing as people expect more from their eating experience.

The Rainforest Cafe is also market oriented company. They are well aware

that the complete entertainment experiences have become more prevalent as the

consumer demands more from every activity, including eating. With the increased

number of players in the theme restaurant business, it is important to have first­

mover advantage. The Rainforest Cafe has laid the ground-work to obtain and

maintain this advantage. As long as Rainforest Cafe continues to stay one step ahead

of the competition, success should continue. Like the Hard-Rock Cafe, the Rainforest

Cafe must develop a following of loyal customers to buffer the inevitable changes in

consumer tastes and desires.

Rainforest Cafe has been outperforming the competition in the industry. Its

table turnover ratio is seven times per day, twice that of the themed restaurant

industry average. Rainforest cafe can potentially serve twice the number of people

and meals than the competition, leading to substantially larger sales and profits on

the investment. The increase in table turnover is due partly to the technology that

Rainforest Cafe utilizes.

Rainforest Cafe is in a class with two largest theme restaurant chains: Hard

Rock Cafe and Planet Hollywood. Hard Rock Cafe has annual sales of $400 million

with approximately 70 restaurants in 20 countries. Planet Hollywood reports annual

sales of $373million with 55 restaurants around the world. With only six units open,

Rainforest Cafe had over $48 million in sales.

Rainforest is not yet a multination. Their basic operations are'in theUSA. All

the following details are at corporate level. Rainforest Cafe future restaurant units

range in size from 300 seats to more than 400. Comparatively; Planet Hollywood has

seating capacities ranging from 150 to 650 seats and Hard Rock Cafe's are slightly

smaller. The average check per person at Planet Hollywood is approximately $16 per

person at Hard Rock Cafe; it is $12 per person. Comparatively, Rainforest

Cate's

average check is $13. Hard Rock Cafe has annual sales of $10.8 million (including

food, drinks and merchandise), compared with Planet Hollywood's $14.3 million in

annual sales. Rainforest Cafe has annual sales of approximately $8 million.

(25)

20

ID.2.3. Dave and Buster's

Dave and buster's targets adults between the ages of 21 and 50 and

discourages children and teenagers by requiring them to be accompanied by an adult.

The concept has been successful so far.

Dave and buster's is not merely a place to eat; it is also a place to have a drink

and to be entertained among the video games, simulated casino tables, karaoke

stations, simulated golfgames and even bowling lines. The target age group of 21 to

50 years olds seems to find the mix of entertainment and food attractive.

D&B's success is also attributable to the hosting of corporate private parties.

To facilitate, banquet rooms are equipped with audiovisual equipment for

presentations. The locations are appealing to corporate organizers because after

functions, entertainment is immediately available. Birthdays, high school reunions,

bachelor parties, and the like are also held in these rooms. Group business also adds

volume to soft periods in the business cycle.

Turnover of the company at corporate level in the USA in 1995 was 47 million,

in 1996 50 million dollars, in 1997 90million, in 1998 130 million and finally in

1999 180 million dollars. Gross profits in the same years were 40, 41, 70, 101 and

145 respectively.

The company has achieved steady increase in both sales and gross profits.

The average increases are about 50 million dollars every year. Since there are many

more places where new businesses can be opened, the company has a good chance of

increasing their sales and profits even more.

ID.2.4. Starbucks

Starbucks is classified as a member of the restaurant industry, which includes

restaurants, bars, and other way-from-home dining facilities. The restaurant industry

is relying on continued economic expansion, low unemployment, and low inflation to

continue to boost its sales. High consumer confidence is the key ingredient to

(26)

21

restaurants are streamlining their menus and offering less in the way of new

products.

It is predicted that the Starbucks wiJl remain a leader in earnings growth for

its industry. Starbuck' s growth is very fast. The annual growth rate for sales, net

income, and earnings per share is 6

I

.1, 75. 3, and 56.5.

The typical Starbucks customer is one who thinks of himself or herself or as

more discriminating and willing to spend more money for a quality product. These

customers do not consume large amounts of coffee and are therefore able to qualify

why they entitled to a good coffee product. To maintain this quality image Starbucks

has entered into several joint ventures or strategic alliances with domestic and

foreign companies to develop and market product ranging from coffee to coffee ice

cream. So

tar,

the company has yet to derive any profits from these joint ventures.

Two investments do appear to be promising. The first is an alliance with PepsiCo for

the development of a line of coffee-based bottled beverages sold through grocery

stores. The second is with Dreyer' s Ice Cream for coffee ice cream.

IV. STATISTICAL ANALYSIS

IV.1. Marketing Concept

One way of determining the marketing orientation of an organization is to

visit their web sites and see how they appeal to the browsers. Web sites usuaUy

demonstrate the organizations approach to marketing. It's easily understood whether

a company is marketing oriented or sales oriented. A market oriented company gives

only information above interests to the consumer. For example instead of saying how

'

good their products are they stayed the benefits that the consumers will get from their

products. Instead of boosting about the numbers of their business units attempt to

help the consumers to locate the most appropriate store near them. To find out which

of the four companies from our inspection is more market oriented I prepared nine

I

questions to be answered by visiting their web sites'. I checked the web sites to see

whether they have information about the nine questions, namely; Product Benefits,

Retail Locator, Multiple Languages, Multiple targets for Gender; Multiple targets for

2

(27)

22

Age, Societal Marketing Concept, Customer Feedback, and Non Product

Information.

Scientific Assessment Criteria

Companies were evaluated at each heading with points ranging from 1 to 5. 1

is the lowest mark and 5 is the top mark. Following criteria was used to make it fair

and scientific measurements. Web pages were researched and the following aspects

were checked. 1 point was given for the each feature at the internet web page.

Item

I

2

4

5

Product

Product

Menu option

Information

Search option

Information

Benefits

option at tlıe

about new

about tlıe

main page

dishes

benefits

Retail Locator

List of

Restaurant

Search option

Country

Locator at

restaurants

locator

selection

different

option

languages

Multiple

Good English

Easy to

Man menu at

Select country

Each country

Languages

understand

different

option

uses their own

languages

languages

Multiple

No bias in

Equal

No

Press releases

Global Appeal

targets:

gender

treatment for

discrimination

Gender

different

on income

segments

level

Multiple

Appeal for

Appeal for

Young

Middle age

All family

targets: Age

kids

Youth

married

Societal

Careers option

New release

Fund raising

Use of

Social

marketing

on social

.

Recycle

'

responsibility

concept

issues

page

Customer

Information to

Information to

Clear address

Survey on tlıe

Option to

feedback

customer

the

and links

net

feedback

shareholders

Non Product

Information

What's new"

Social issues

News releases

Reports

Information

about the

option

'

company

Fun To Surf?

color

Images

Use of

links

Games

(28)

23

Table IV. 1 .1: Marketing O ·

-

f the fi

3

Benefit

MCDONALDS

RAINFOREST

STARBUCKS

DA VE&BUSTERS

Product Benefits

4

2

2

3

Retail Locator

5

2

3

4

Multiple Languages

5

1

3

4

Multiple targets: Gender

4

3

3

4

Multiple targets: Age

5

3

3

3

Societal marketing concept

4

2

3

4

Customer feedback

5

5

5

5

Non Product Information

4

Q

2

3

Fun To Surf?

5

2

3

4

lfwe look out the questions that I searched; for Product benefits,

Each topic was voted between 1 and 5 points. The best performer gets 5 points and

the worst gets 1 point. At the end I added up all the points that each firm received.

As it can be seen from the chart Mc Donald's was clearly identified as the top

marketing oriented organisation.The other three were closed in each other,

Dave&Busters was in the second place towards Mc Donald's ,Starbuck's fallowed

Dave&Busters and the last one is the Rainforest Cafe.

3

(29)

24

IV.2. Graphs

Following are the profitability study of the each company. In order to find the

profitability the following formula was use.

Profitability= Net Income I Total Assets

Net Income and Total Assets were taken from the corporate level for each company.

Therefore it includes the local activities and also the international activities if there

are any.

IV.2.1. Mc Donald's Profitability Figure;

Period

N

-

-

-

Bndiııa

o

o

o

o

o

o

o

o

(maaıı.)

N~ N~ N N

-

M

-

M

o~

M

o~

M

a

()

g.

ı::: Q)

.=?

::g

o

o:

As it can be seen from the above graph there are some variations in the profitability

of the McDonald's. While it was nearly 5 percent in June 2001 it grew to more than

8 in the later months in this year. The drop in the profitability in September is most

probably due to the terrorist attacks on the twin tower.

(30)

25

IV.2.2. Dave & Busters Profitability Figure;

8

7

6

5

4

3

2

1

Period

N

-

...

-

Bııdiııı

o

o

o

o

(ıııaııdıı)

o

o

o

o

~-

N., N N

...•

•....•

ô

o~

('f') M ('f') ('f')

a

(,J

fr

§

(I)

~

o

rJ)

....•

Dave Buster is much lower at the profitability ratio than the McDonald's. When the

same period is evaluated the profitability ranges from 1.83 to 2.37. These are low

profits. The same trend is applicable for this company as well and there is an

exceptional low profitability in 2001 September.

(31)

26

IV.2.3. Starbucks Company Profitability Figure;

8

7

6

5

4

3

2

I

tmtf>)Wt'?E?T?TZ IIM9ii:W5FIMffllPf" Et İ£ t;ıntN-FfYWMfI . .,,, Pslod

N

...

•....

...

Bndiııa

o

o

o

o

o

o

o

o

(mcmt:lM)

N,_ N N N

...

•....

OA

ci

M M M M

ta

s

c,

(I)

C:

~

~

o

r:.n

Profitability of the Starbucks is also very low. Considering the same period the

profitability ranges from 1.33 to 2.06.

(32)

27

IV.2.4. Rainforest Cafe Profitability Figure;

J?eırıioo

§

-

...

...

JEndlwg

8

8

oo (moınıt.hs) c--ı_ c--ı_ c--ı_ c--ı_

•...•

-

o o

....,

•....

...,

f')

~

~

rrı

fr

]

(33)

IV.3. Market Share's of Selected Companies;

28

Other

42%

Raınforest

5%

Starbucks

7%

McDonald's

36%

Dave&Buster

10%

31.03.2002 reports were used for preparation of the graph.

Since some of these companies do not function in global markets the USA market

has been taken to compare them. Total market is the total of the revenues of the four

companies plus the other 42% of the similar organizations. Comparing the four

companies in respect of their market shares we can see clearly that the market share

of McDonald's is far much hi~her than the rest of them. McDonald's share is 36% of

the whole market. Second biggest share is the Dave&Busters with l 0%. Starbucks

follow by 7% and the Rainforest is the last one with 5%.

(34)

29

IV.2 Comparison

Following table shows all the results together. As it can be seen the

McDonald's is the outright number one in all aspects. In fact the results were in

relation. When listed one after the other the companies rankling in the order of

market share also had the same rank with the marketing orientation and the

profitability.

Table IV. 2 Comparison of the Companies and their performances

Company

Marketing

Profitability

Market Share

Orientation

McDonalds

41

8.76

36

D&B

34

2.37

10

~

Starbucks

27

2.06

7

Rainforest

22

2.01

5

(35)

30

IV.4. Relation Between Marketing Orientation And Market Shares Of

Companies

Matmıt

-

(II)

35

30

25

20

15

10

5

o

22

27

afdııbı

As we can see from the diagram the when market share of the companies decreases,

market orientation ranges also decreases.

IV.5. Relation Between Profıtablity And Market Shares Of Companies

Pmfifıblity

10

9

8

7

6

5

4

3

2

1

o

5

7

10

36

As we can see from the diagram when the profıtablity of the companies decreases,

market share percentages also decreases.March 31,2002 Income statements of the

companies used when prepairing the profıtablity degrees.(Profıtablity

=

Net Income I

Total Assets)

(36)

31

CONCLUSION

The aim of the study was to find out the relationship between the marketing

orientation, market share and profitability. Findings confirm that the company which

is the most marketing oriented also had the highest market share in the market. The

same company also was the most profitable organization. McDonald's is clearly the

leader in all aspects. They are rated as the most marketing oriented company among

the other. Out of fifty points they received 41 points. The McDonald's holds 36% of

the fast food industry and their profitability is 8. 76. The second most marketing

oriented company is the D&B which is also second in profitability and market share.

The third most marker oriented company is the Starbucks which is also third in the

profitability and market share. The last company is the Rainforest in the marketing

orientation and this company is also last in the profitability and market share.

Marketing should be accepted as a business philosophy. In short is the

philosophy that gives the highest priority to the consumers. Marketing concept in

.this perspective is effective, efficient, and economic marketing. It emphasizes

customer orientation and coordination of marketing activities to achieve the

organization's performance objectives.

The marketing concept should be based on three fundamental beliefs; firstly

all planning and operations should be customer-oriented. That is, the organization

and its employees should be focused on determining and satisfying customer's needs.

Secondly all marketing activities in an organization should be coordinated. In reality

"'

this belief means that marketing efforts (such as advertising, product planning, and

pricing) should be combined in a coherent and consistent way and that one executive

should have overall authority for the complete set of marketing activities. Finally the

customer-oriented, coordinated marketing is essential to achieve the organization's

performance objectives.

This study proves that the marketing orientation is not waste of resources.

More customer oriented organizations tend to have larger market share and higher

profits. However the resources of every organization must be very well organized.

The critical approach in marketing orientation is to develop a philosophy rather than

allocate funds for research and other activities.

(37)

32

RECOMMENDATIONS

Our research was limited to only four companies. When there are only limited

companies under research there are chances that the results could change when larger

samples are used. To make a stronger point it is advisable to carry out a research on

many more companies. A difficulty with this project was that the companies under

focus were not exactly in the same line of work. There are slight variations in the

services that they give. There for it is also advisable that the companies selected for

the study should be well selected.

An argument against this finding can be put forward. In case of McDonald's

it can be claimed that it is far the biggest company with much larger resources.

Therefore it can be said that the company with more resources are able to invest

more in becoming marketing orientation. Therefore a chicken and egg situation can

be argued. Does marketing orientation make a company to grow or do the bigger

companies have better chanceto be marketing oriented? Another research can be

done to evaluate the trends of the company's marketing orientation progress. It can

be evaluated to see the relationship between the marketing orientation of the firms

and their profitability right from their establishments.

(38)

REFERENCES

33

1) Walker, Bruce C, William C.Stanton, Michael C. Etzel.Fundamentals of Marketing.USA:

Millennium Edition, 1994.

2) Cotler, Philip.Marketıng Management, USA: New Jersey Press, 2000.

3) Baker, Michael C .The Marketing Book, England: Bristol Press, 1999.

4) Levitt, Theodore. Marketing Myopia, England, 1960.

5) Peters, Thomas J. In Search of Excellence, Chapter I.Harper and Row,

1982.

6) Buzzel, Robert D. Harvard Business Review.' Market Share-A Key to Profitability', 1975.

7) Seyidoğlu, Halil.Bilimsel Araştırma ve Yazma El Kitabı, Istanbul: Güzem Yayınlan,

2000.

8) www.mcdonalds.com

9) www.daveandbusters.com

10) www.raınforestcafe.com

I 1) www.starbucks.com

12)www.dfwmusıc.com/fastfood

13) www.yahoo.com/finance

(39)
(40)

APPENDIX l

MC DONALD'S

I'

ii

(41)

-rıess .'itıırıııı;ıı v

Jona Id's ( ·, npo,aı ion , ·pc, n ı, .., in ıı,,. Ii ıod sen ice i ndıı.sı, ,, pnlıı;ıı ;ı, """' , ı i ng cııı ick­

cc , csı,,,,, "nı busi ıı,·s·«·s ıı," le, ı hc-

,\i

cDoı,;ı Id's /ı, ,11,d These , csı,,," n nı ,, ,,., ve a varied,

_, ·nı i ı ed. va I uqı, iced ,,,,. "" in I.> I rn, n,ı cic, a, oıı nd ı he

o"'

Id ~

k

I >onn ı,ı· s menu includes

ıhucgc,s ;rnd clıccscln11cc,,

Ilic •\Inc. <)uaree, l'nunde,

oiıh nc,·se

Fil,·ı (),Fis/, and

cea I clıicl. ,.,n "'nd wic ı ,, .. ,. ('III c I. en •\ le Nuggcl s. frenci, Ii ies. sa l«ds. , ni Ik ,,h;ıl. es, Mc Fl1111y

'Cris, ,,, nd;ıes and so

fi-sc,

ve '<ones p ics, cookies a nd S<ı

fi

d ri nb ;ı

n,I

«11

w,

heveıages

In

.. ion, (/ıe resı n ur;ı ııts ''1·11 ;ı "" i ,., v

o/'

oı /ıe, po,du cıs du, i ııg Ii nı i ı cd- Ii nw ı•rnnıotioııs

'Os

i matcly 80% of

'1,

I ı,,n,d d's ,c,, ı ,,, ,ra,,ıs and more

ti""'

C!O",

o ı· ı /w S,

q

en ıwid

c

sııles

Oona Id's rcstı1tır:ı nı, "' ,, i,, cig l,ı , "" ket.s · \ u st r:ı Ii a.

,;ı ,; 1. Ca nc,,h

I rn 11cc, Gerınn ny,

--,ı,

tlıe

Urıitcd

Kirıg.J<,1

11 nııd ıhe

l

lııiıcd States

--!lcİc1I

Suııınınry

M cOoıı;, Id's Corp

, I,:, cl,

'J'S,

np,•,«les, Ii a nc/ı i ses a11d sm

i

ce.s " ,.,,., 1,1, ·· ide

svsrem

of

<rants w/ı ic/ı p,eparı>, ;ısseoı

ı,

k.

I "H•knge and sell a Ii mi I ed menu o /', "ı ,,c · priced

foods

'he three nıonı hs ended

.1/1

I

/it

2, Int :ı/ ı·evenues rose 2% to $3 6 bi II io, ı Net iııcoıne bel(,re

nting cha ııge fell 7% to

ı::

SI. 7 nı i II ion Revenues

benefited

froıı, "'""na

ııt espıınsioıı

'troııg Eucopean

per

Ii''

ma

n•.c.

Net

i

nconıe was oflseı

hy

ini

/1

i,",

in

wccet imııa i rmen ı

lncorrıe staıenıcrıı

ı'\'1:ır 3

ı,

2002

Dec 31, 2001

Sep 30, 200 I

.J mı

30, 200

J

:SJ,597,400,000

$J,

nı,soo,ooo

$3,879_,Joo,ooo

$3,GS-5,900,000

$2,5

I

2,300,000 $2,629,900,000

$2,64~1,200.000 $2,539,500,000

$1JJ85,IOOJ)OO

$1,141,600,000

$1,235,100,()()()

$/,/tl6,400,000

NIA

NIA

N/,ı\

NIA.

ing General Arıd

$4,J3,800, ()()()

$490,800,000

$4 5 6.

Ii()(),()()()

$373,900,000

rative Expenses lo

N/A

$200,000,000

NI;\

NIA

' ı\J/,\

($31,900,00())

$.l 1, ()()()_(){)()

Nlı\

.ıc;

I I, 100.

fl()()

$'1R2, 700,000

$7

%,

(i()(I_ ()( }()

$772,500,000

her Income And

($/

UlOOJJOO)

($9,400.000)

ı

14,500.()()()

( $

ı,

700,000)

es Net s Before Interest

$6'.:/>. "()()_

0(1(/

$'-173,

300,000

$861. I

nn,rınu

$770,800,000

Expense $(

'.?, 3 ()(). ( )()()

i/OJ,800,000

$

I l O, WO,

UO()

$

I 17, l 00,000

_ Before Tax

$\;

7,200,()()()

$J69,500,000

$7 5 O. 500,rırıo

Referanslar

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