IP InterviewPublished April 25, 2020
Brand Turnarounds: McDonald's 2003-2005
inpractise.com/articles/McDonalds-turnaround-larry-light
Executive Bio
Larry Light
Former Global CMO, McDonald's
Why is this interview interesting?
- How McDonald's lost its way (lack of customer-centricity, focus on new store openings to drive revenue vs driving revenue from existing footprint, failure to drive successful innovation)
- The Pillars of the 2003-2005 turnaround (customer-centricity, change from focus on building new stores to focus on driving better economics from existing footprint, focus on franchisee success and profitability)
- Obstacles To Implementing The Turnaround Plan (How cultural resistance to the turnaround plan was overcome by redefining McDonald's mission as a business: changing the mission statement)
- A Framework For Turning a Brand Around: The Eight Ps (Purpose. Promise. People. Product. Place. Price. Promotion. Performance)
- How McDonald's defined the success metrics for the 2003-2005 turnaround plan: more customers, more often, more loyal, more revenues, more profit
- The Eight P Framework Applied to McDonald's 2003-2005 turnaround (Purpose, Promise, People, Product, Place, Price, Promotion, Performance)
Interview Transcript
Disclaimer: This interview is for informational purposes only and should not be relied upon as a basis for investment decisions. In Practise is an independent publisher and all opinions expressed by guests are solely their own opinions and do not reflect the opinion of In Practise.
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