ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Observation
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Experiment
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Focus Group
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Survey
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Detailed explanation-1: -McDonald’s generic strategy is cost leadership, which builds competitive advantage through cost minimization. The company has standardized processes designed to maximize efficiency, minimize costs, and ensure profitability despite the use of competitive selling prices.
Detailed explanation-2: -Example of Polycentricism McDonald’s is a prominent example of a firm following polycentric approach. Having originated in USA, its menu in USA is centered around their local preference which is beef and meat.
Detailed explanation-3: -Standardization strategy Anywhere the company operates, it offers identical food products such as McFlurry, McNuggets, McChicken, Happy Meal or Filet-O-Fish. The plan provides the company with a strong image. The strategy is a time and money saver for McDonald’s as it helped build economies of scale.