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Thinking like an economist: The basic vocabulary of the field SLP - Admission/Application Essay Example

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I have chosen McDonalds as a franchise because it had proven itself to be a successful outfit around the world with 12,484 units of franchise in the United States as of 2011 and 33,009 locations in all parts of the globe. It had become from its beginnings in 1955 as an…
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Thinking like an economist: The basic vocabulary of the field SLP
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Thinking like an economist: The basic vocabulary of the field SLP

Download file to see previous pages... As regard to the first fundamental question, McDonalds is known to produce hamburgers, fried chicken, French fries, salads and other fast-food food items. The answer to the second question given above is that the fast-food chain produced it in mass through efficient cooking equipment and systems. All of these knowledge and technology will be provided to the new franchisor as a major benefit (Entrepreneur, 2011).
The answer to the third question is that these goods are produced for the mass market around the world. It had proven itself to be a good business since millions of McDonalds hamburgers and other food items had been served in its restaurants located internationally.
There is a minimum financial requirement of $500,000 in order for you to be considered by McDonalds and there is a financing option wherein you need to put up at least 25% of the minimum amount required mentioned above. There is also a 4% monthly service fee charged for the franchise as
The trade-off for the high investment are the satisfactory profits you will get from it and the advantage of having this franchise is that there is training at the headquarters of McDonalds for 1 week and also 12 to 24 months of training at a local McDonalds restaurant. The modules would include: Restaurant Management Program, Business Management Program, and Preparing for Ownership. These modules are designed to prepare the owner to management the restaurant as well in managing it as a business (Subway Franchise Cost, 2011).
There is also more support such as purchasing cooperatives, meetings, toll-free phone line, newsletter, grand opening, and field evaluations. A strong marketing support is also provided such as regional advertising, national media, ad slicks, co-op advertising, and restaurant-specific report (Entrepreneur, 2011). In addition, the McDonalds franchise have proven to be a highly successful one ...Download file to see next pagesRead More
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Thinking like an economist: The basic vocabulary of the field
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