How Is Economic Development Different Than Economic Growth

Econ 201 Emily Rutledge Case Study 1 The Meaning of Development: How is Economic Development Different than Economic Growth? Numbers can say a lot about the economic health and general prosperity of a nation. But, as we ve learned in the case of Brazil and Costa Rica, some numbers can be far more important than others. Even if your country is experiencing phenomenal economic growth, its people may be suffering. In many cases, economic development is needed before economic growth can make a real difference. High economic growth can even hurt the people, especially those in poverty, if the country has not reached a certain level of economic development. This analysis of Brazil and Costa Rica seeks to define, compare, and contrast economic development and economic growth and their presence and affect on the two countries. As we know from macroeconomics, Gross Domestic Product is the sum of consumption, investment, government spending, and exports. We use GDP to understand the economic health of a country. If GDP is going up, the country is experiencing economic growth. Through growth accounting, we c ould also assume that we could see an increase in economic growth if we used the Cobb-Douglas function and saw an increase in output. The Cobb-Douglas function is essentially a more complicated form of the production function that states that output itself is a function of its inputs (capital and labor) and is augmented by technology. Economic development isShow MoreRelatedDevelopment And Development Of The Field Of Community Economic Development1633 Words   |  7 PagesTorres, Maria CED 301 Midterm Development and growth go hand-in-hand in the field of Community Economic Development. Community economic development is a field of study that actively elicits community involvement when working with government, and private sectors to build strong communities, industries, and markets (Riley, 2012). Economic Development applies to the context of people’s sense of right and wrong. The definition given by Michael Todaro suggests it is an increase in living standardsRead More economic Essay1701 Words   |  7 Pages Globalisation - Economic Growth and Development and development indicators. â€Å"Outline the differences between economic growth and economic development. Discuss how economic development may be measured. Outline how globalisation may impact upon a nation’s development. Where appropriate make reference to a relevant case study.† Although economic growth and development are similar in meaning, they have some essential differences. Economic growth refers to the increasing ability of a nation toRead MoreRole Of Infrastructure And Rural Development1243 Words   |  5 PagesRural Development in Explaining the Banking-Growth Nexus in India: Evidence from State Level Data.The relation between financial development and economic growth has been under debate for a long time, despite there being evidences of financial and banking sector devolvement playing an important role in economic development the evidences from within the developing economies is rather mixed. Literature Review Economists hold different opinions regarding the role of finance in economic growth and developmentRead MoreEconomic Growth Between Emerging And Developed Economics Essay1181 Words   |  5 PagesNowadays, the various economic growth patterns are very common in both emerging and developed economy. The countries that are having most advanced economy and highly developed capital markets with high levels of liquidity is called developed country. Developed countries are mostly located in North America and Western Europe, including nations like the U.S, Germany, U.K., Canada, Australia, New Zealand and Japan. Emerging countries can be identifying with rapid growth rate and development but lower per capitaRead MoreEconomics Hsc China Essay641 Words   |  3 PagesFor an economy other than Australia, explain how government development strategies have responded to the process of globalisation. Globalisation refers to the process of increased integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity. Since 1978, the Chinese â€Å"tiger† economy has embarked on a process of social and economic reform designed to improve the quality of life of the population and open theRead MoreDoes The Environmental Kuznets Curve Exist?1371 Words   |  6 Pagesbetween income inequality and economic development. Later it is found that the Kuznets curve is useful for describing the relationship between environmental pressure and the economic growth or known as the Environmental Kuznets Curve (EKC) (Dinda, 2004). The hypothesis of the EKC is that at early stages of a country’s development, the quality of its environment will be deteriorated faster and getting slow down at some level of income per capita that the economic growth support the increasing of environmentalRead MoreHave Your Cake And Eat It1128 Words   |  5 Pageswithin the previous two months and analyze the issue using the economic concepts and theory learned in this class. Include at least one graph developed in our course. Introduction The article â€Å"have your cake and eat it† in The Economist, it talks about the economic growth of different countries with regards to the political system operating in the different countries. The main point discussed in the paper is that evaluating the economic impact of a country caused by its political system can be trickyRead MoreEssay on India China Economic Growth893 Words   |  4 PagesCATALYSTS TO GROWTH IN CHINA AND INDIA. India with about 1.2 million populations and china with about 1.3 billon population are two big demographic and emerging countries in the world .Over a past few decade Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s combination into the economic has been accompanied by remarkable economic growth (World Bank 2011 ¬).India is having the 3th position on the economy in purchasing power parity (PPP) terms (The Economic Times, 2012). Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s total GDP (gross Domestic Product) growth was 5.5% inRead More Income Distribution and Economic Growth in LDCs Essay1673 Words   |  7 PagesIncome Distribution and Economic Growth in LDCs INTRODUCTION In recent years, one of the major concerns of economic development is the study of poverty, the income distribution and growth in the less developed countries (LDC’s) or Third World countries. Economists from all over the world have been doing researches and studies on how to induce a growth in those underdeveloped countries. However, countries differentiate in historical backgrounds, cultural believes and natural resources.Read MoreFactors of Economic Development1163 Words   |  5 PagesFactors of economic development Economic development involves actions that are sustained and concerted by policy makers and the entire community. These actions lead to improved standards of living as well as the economic health within a specified area either in the local, regional or global environment. Economic development can also be termed as the qualitative and quantitative changes that occur within an economy. For economic development to take place there has to be contributions by various

The Influence of the Renaissance on English Literature Free Essays

string(91) " but it was written in Latin \(1516\) and only later \(1555\) was translated into English\." Introduction: It is difficult to date or define the Renaissance. Etymologically the term, which was first used in England only as late as the nineteenth century, means’ â€Å"re-birth†. Broadly speaking, the Renaissance implies that re-awakening of learning which came to Europe in the fourteenth and fifteenth centuries. We will write a custom essay sample on The Influence of the Renaissance on English Literature or any similar topic only for you Order Now The Renaissance was not only an English but a European phenomenon; and basically considered, it signalised a thorough substitution of the medieval habits of thought by new attitudes. The dawn of the Renaissance came first to Italy and a little later to France. To England it came much later, roughly about the beginning of the sixteenth century. As we have said at the outset, it is difficult to date the Renaissance; however, it may be mentioned that in Italy the impact of Greek learning was first felt when after the Turkish conquest of Constantinople the Greek scholars fled and took refuge in Italy carrying with them a vast treasure of ancient Greek literature in manuscript. The study of this literature fired the soul and imagination of the Italy of that time and created a new kind of intellectual and aesthetic culture quite different from that of the Middle Ages. The light of the Renaissance came very slowly to the isolated island of England, so that when it did come in all its brilliance in the sixteenth century, the Renaissance in Italy had already become a spent force. It is difficult to define the Renaissance, but its broad implications in England do not defy discussion. Michelet exaggeratedly calls the Renaissance â€Å"discovery by mankind of himself and of the world. This is, indeed, too sweeping. More correctly we can say that the following are the implications of the Renaissance in England : (a) First, the Renaissance meant the death of mediaeval scholasticism which had for long been keeping human thought in bondage. The schoolmen got themselves entangled in useless controversies and tried to apply the principles of Aristotelean . philosophy t o the doctrines of Christianity, thus giving birth to a vast literature characterised by polemics, casuistry, and sophistry which did not advance man in any way. b) Secondly, it signalised a revolt against spiritual authority-the authority of the Pope. The Reformation, though not part of the revival of learning, was yet a companion movement in England. This defiance of spiritual authority went hand in hand with that of intellectual authority. Renaissance intellectuals distinguished themselves by their flagrant anti-authoritarianism. (c) Thirdly, the Renaissance implied a greater perception of beauty and polish in the Greek and Latin scholars. This beauty and this polish were sought by Renaissance men of letters to be incorporated in their native literature. Further, it meant the birth of a kind of imitative tendency implied in the term â€Å"classicism. † (d) Lastly, the Renaissance marked a change from the theocentric to the homocentric conception of the universe. Human life, pursuits, and even body came to be glorified. â€Å"Human life†, as G. H. Mair observes, â€Å"which the mediaeval Church had taught them [the people] to regard but as a threshold and stepping-stone to eternity, acquired suddenly a new momentousness and value. . The â€Å"otherworldliness† gave place to â€Å"this-worldliness†. Human values came to be recognised as permanent values, and they were sought to be enriched and illumined by the heritage of antiquity. This bred a new kind of paganism and marked the rise of humanism as also, by implication, materialism. Let us now consider the impact of the Renaissance on the va rious departments of English literature. Non-creative Literature: Naturally enough, the first impact of the Renaissance in England was registered by the universities, being the repositories of all learning. Some English scholars, becoming aware of the revival of learning in Italy, went to that country to benefit by it and to examine personally the manuscripts brought there by the fleeing Greek scholars of Constantinople. Prominent among these scholars were William Grocyn (14467-1519), Thomas Linacre (1460-1524), and John Colet (14677-1519). After returning from Italy they organised the teaching of Greek in Oxford. They were such learned and reputed scholars of Greek that Erasmus came all the way from Holland to learn Greek from them. Apart from scholars, the impact of the Renaissance is also; in a measure, to be seen on the work of the educationists of the age. Sir Thomas Elyot (14907-1546) wrote the Governour (1531) which is a treatise on moral philosophy modelled on Italian works and full of the spirit of Roman antiquity. Other educationists were Sir John Cheke (1514-57), Sir Thomas Wilson (1525-81), and Sir Roger Ascham (1515-68). Out of all the educationists the last named is the most important, on account of his Scholemaster published two years after his death. Therein he puts forward his views on the teaching of the classics. His own style is too obviously based upon the ancient Roman writers. â€Å"By turns†, remarks Legouis, â€Å"he imitates Cicero’s periods and Seneca’s nervous conciseness†. In addition to these well-known educationists must be mentioned the sizable number of now obscure ones—†those many unacknowledged, unknown guides who, in school and University, were teaching men to admire and imitate the masterpieces of antiquity† (Legouis). Prose: The most important prose writers who exhibit well the influence of the Renaissance on English prose are Erasmus, Sir Thomas More, Lyly, and Sidney. The first named was a Dutchman who, as we have already said, came to Oxford to learn Greek. His chief work was The Praise of Folly which is the English translation of his most important work-written in England. It is, according to Tucker Brook, â€Å"the best expression in literature of the attack that the Oxford reformers were making upon the medieval system. † Erasmus wrote this work in 1510 at the house of his friend Sir Thomas More who was executed at the bidding of Henry VIII for his refusal to give up his allegiance to the ‘ Pope. More’s famous prose romance Utopia was, in the words of Legouis, â€Å"true prologue to the Renaissance. † It was the first book written by an Englishman which achieved European fame; but it was written in Latin (1516) and only later (1555) was translated into English. You read "The Influence of the Renaissance on English Literature" in category "Papers" Curiously enough, the next work by an English man again to acquire Euro pean fame-Bacon’s Novum Organwn-was also written originally in Latin. The word â€Å"Utopia† is from Greek â€Å"ou topos† meaning â€Å"no place†. More’s Utopia is an imaginary island which is the habitat of an ideal republic. By the picture of the ideal state is implied a kind of social criticism of contemporary England. More’s indebtedness to Plato’s Republic is quite obvious. However, More seems also to be indebted to the then recent discoveries of the explorers and navigators-like Columbus and Vasco da Gama who were mostly of Spanish and Portuguese nationalities. In Utopia, More discredits mediaevalism in all its implications and exalts the ancient Greek culture. Legouis observes about this work : â€Å"The Utopians are in revolt against the spirit of chivalry : they hate warfare and despise soldiers. Communism is the law of the land; all are workers for only a limited number of hours. Life should be pleasant for all; asceticism is condemned. More relies on the goodness of human nature, and intones a hymn to the glory of the senses which reveal nature’s wonders. In Utopia all religions are authorized, and tolerance is the law. Scholasticism is scoffed at, and Greek philosophy preferred to that of Rome. From one end to the other of the book More reverses medieval beliefs. † More’s Utopia created a new genre in which can be classed such works as Bacon’s The New Atlantis (1626), Samuel Butler’s Erewhon (1872), W. H. Mallock’s The New Republic (1877), Richard Jefferies’ After London (1885), W. H. Hudson’s The Crystal Age (1887), William Morris† News from Nowhere, and H. G. Well’s A Modern Utopia (1905). Passing on to the prose writers of the Elizabethan age-the age of the flowering of the Renaissance-we find them markedly influenced both in their style and thought-content by the revival of the antique classical learning. Sidney in Arcadia, Lyly in Euphues, and Hooker in The Laws of Ecclesiastical Polity write an English which is away from the language of common speech, and is either too heavily laden—as in the case of Sidney and Lyly-with bits of classical finery, or modelled on Latin syntax, as in the case of Hooker. Cicero ? eemed to these writers a verv obvious and respectable model. Bacon, however, in his sententiousness and cogency comes near Tacitus and turns away from the prolixity, diffuseness, and ornamentation associated with Ciceronian prose. Further, in his own career and his Essays, Bacon stands as a representative of the materialistic, Machiavellian facet of the Renaissance, particularly of Renaissance Italy. He combines in himself the dispassionate pursuit of truth and the keen desire for material advance. Poetry: Sir Thomas Wyatt (1503-42) and the Earl of Surrey (15177-47) were pioneers of the new poetry in England. After Chaucer the spirit of English poetry had slumbered for upward of a century. The change in pronunciation in the fifteenth century had created a lot of confusion in prosody which in the practice of such important poets as Lydgate and Skelton had been reduced to a mockery. â€Å"The revival†, as Legoius says, â€Å"was an uphill task; verse had to be drawn from the languor to which it had sunk in Stephen Hawes, and from the disorder in which a Skelton had plunged it; all had to e done anew†. It was Wyatt and Surrey who came forward to do it. As Mair puts it, it is with â€Å"these two courtiers that the modern English poetry begins. † Though they wrote much earlier, it was only in 1557, a year before Elizabeth’s coronation, that their work was published in Tottel’s Miscellany which is, according to G. H. Mair, â€Å"one of the landmarks of En glish literature. † Of the two, Wyatt had travelled extensively in Italy and France and had come under the spell of Italian Renaissance. It must be remembered that the work of Wyatt and Surrey does not reflect the impact of the Rome of antiquity alone,. but also that of modern Italy. So far as versification is concerned, Wyatt and Surrey imported into England various new Italian metrical patterns. Moreover, they gave English poetry a new sense of grace, dignity, delicacy, and harmony which was found by them lacking iil the works of Chaucer and the Chaucerians alike. Further, they Were highly influenced by the love poetry of Petrarch and they did their best to imitate it. Petrarch’s love poetry is of the courtly kind, in which the pining lover is shown as a â€Å"servant† of his mistress with his heart tempest-tossed by her neglect and his mood varying according to her absence or presence. There is much of idealism, if not downright artificiality, in this kind of love poetry. It goes to the credit of Wyatt to have introduced the sonnet into English literature, and of Surrey to have first written blank verse. Both the sonnet and blank verse were later to be practised by a vast number of the best English poets. According to David Daiches. Wyatt’s sonnets represent one of the most interesting movements toward metrical discipline to be found in English literary history. † Though in his sonnets he did not employ regular iambic pentameters yet he created a sense of discipline among the poets of his times who had forgotten the lesson and example of Chaucer and, like Skelton, were writing â€Å"ragged† and â€Å"jagged† lines which jarred so unpleasantly upon the ear. As Tillyard puts it, Wyatt â€Å"let the Renaissance into English verse† by importing Italian and French patterns of sentiment as well as versification. He wrote in all thirty-two sonnets out of which seventeen are adaptations of Petrarch. Most of them (twenty-eight) have the rhyme-scheme of Petarch’s sonnets; that is, each has the octave a bbaabba and twenty-six out of these twenty-eight have the c d d c e e sestet. Only in the last three he comes near what is called the Shakespearean formula, that is, three quatrains and a couplet. In the thirtieth sonnet he exactly produced it; this sonnet rhymes a b a b, a b a b, a b a b, c c. Surrey wrote about fifteen or sixteen sonnets out of which ten use the Shakespearean formula which was. to enjoy the greatest popularity among the sonneteers of the sixteenth century. Surrey’s work is characterised by . exquisite grace and tenderness which we find missing from that of Wyatt. Moreover, he is a better craftsman and gives greater harmony to his poetry. Surrey employed blank verse in his translation of the fourth book of The Aeneid, the work which was first translated into English verse by Gavin Douglas a generation earlier, but in heroic couplets. Drama: The revival of ancient classical learning scored its first clear impact on English drama in the middle of the sixteenth century. Previous to this impact there had been a pretty vigorous native tradition of drama, particularly comedy. This tradition had its origin in the liturgical drama and had progressed through the miracle and the mystery, and later the morality, to the interlude. John Heywood had written quite a few vigorous interludes, but they were altogether different in tone, spirit, and purpose from the Greek and Roman drama of antiquity. The first English regular tragedy Gorboduc (written by Sackville and Norton, and first acted in 1562) and comedy Ralph Roister Doister (written about 1550 by Nicholas Udall) were very much imitations of classical tragedy and comedy. It is interesting to note that English dramatists came not under the spell of the ancient Greek dramatists â€Å"(Aeschylus, Sophocles, and Euripides, the tragedy writers, and Aristophanes, the comedy writer) but the Roman dramatists (Seneca, the tragedy writer, and Plautus and. Terence! the comedv writers). It was indeed unfortunate, as Greek drama is vastly superior to Roman drama. Gpfboduc is a s’avish imitation of Senecan tragedy and has all its features without much of its life. Like Senecan tragedy it has revenge as the tragic —otive, has most of its important incidents (mostly murders) narrated on the -stage by messengers, has much of rhetoric and verbose declamation, has a ghost among its dramatis personae, and so forth. ‘. â€Å". is indeed a good instance of the â€Å"blood and thunder† kind’ of tragedy. Ralph Roister Doister is modelled upon Plautus and Terence. It is based on the stupid endeavours of the hero for winning the love of a married woman. There is the cunning, merry slave-Matthew Merrygreek-a descendant of the Plautine slave who serves as the motive power which keeps the play going. Later on, the â€Å"University Wits† struck a note of independence in their dramatic work. They refused to copy Roman drama as slavishly as the writers of Gorboduc and Roister Doister. Even so, their plays are not free from the impact of the Renaissance; rather they show it as amply, though not in the same way. In their imagination they were all fired by the new literature which showed them new dimensions of human capability. They were humanists through and through. All of them—Lyly, Greene, Peele, Nashe, Lodge, Marlowe, and Kyd-show in their dramatic work not, of course, a slavish tendency to ape the ancients but a chemical action of Renaissance learning on the native genius fired by the enthusiasm of discovery and aspiration so typical of the Elizabethan age. In this respect Marlowe stands in the fore-front of the University Wits. Rightly has he been called â€Å"the true child of the Renaissance†. How to cite The Influence of the Renaissance on English Literature, Papers

Market analysis Of Mc Donalds free essay sample

Largest Food Chain: Mc Donalds is the largest food chain specifically in hamburgers all over the world. It is serving daily 69 million customers around the globe. 2. Geographical Presence: McD is present in almost 119 different countries with 33,500 restaurants and is the 6th most valuable brand over the globe. 3. Locally adapted food menu: As Mc D is present in so many countries having different and diversified cultures, where the eating habit and taste is very different in comparison to US market. Thus McD ability to adapt its menu is one of the major strength. Eg. Aloo tikki burger in India 4. Franchisee: McD enters into different market through the concept of franchising. In such markets almost 80% of chains are opened through independent franchisees. Through this strategy McD saves more time in perfecting its serving system and advertising campaigns. 5. Partneship: McD uses the raw material of famous brands only like Heinz Ketchup, and offers other brands such as Coca Cola. Through which it generates more revenue and stand in the market. 6. Advertising budget: Mc Donald is spending around 2$ billion in advertising campaigns, which create competitive edge over the competitors like subway. WEAKNESS 1. Junk Food: Burgers are known as junk food. As McD caters to children market where eating junk food leads to obesity. McD is known for its unhealthy menu, which included oily patties, coke, French fries that leads to obesity. 2. High Employee Turnover: McD gives lesser pay to its employees. As the Mc D job requires less skilled employees, because of which they higher less skilled staff and gives less salary which creates frustration among employee and they are force to leave the job. 3. Low Differentiation: McD is still counted in Fast food chain, where others companies have also jumped in like Jumbo king, Subway etc. McD is not able to differentiate itself from other fast food chains; it is focusing more on Lessing the price instead of adding some additional features. OPPORTUNITIES 1. Demand for Healthy Food: Now a day the customers are more conscious towards their health. In such scenarios Mc D should introduce new varieties=s in menu which has more nutritive value. 2. Home delivery: Most of the global fast food chains are entering into Home delivery strategy. In fact customers are more interested for Home delivery of their orders as its saves their time and petrol. But still McD has not full flegedly started the concept of home delivery 3. Remodeling: Mc D has redesigned its logo and restaurant in 2006 and has applied the changes in the restaurants, where they have 8-9% higher market share. Thus Mc D should remodel all its restaurants and practices as soon as possible. 4. Targeting new Customer Groups: Till date Mc D is catering to youngster crowd, it should include new menu cards, varieties, concepts so that it can attract other customer group too. THREATS: 1. Too many Competitors: In developed countries there are too many fast food retail chains.  Eg KFC, Jumbo King, Subway, Piza hut etc. 2. Changing Trends: Due to so many campaigns by government and NGO’s towards fight against obesity, customers are becoming more health conscious. 3. Local Fast food chains: the trend has changed; people like to eat outside home. They want more varieties but in their local taste. The local fast food chains are best options where the customers various demand can be fulfilled with their own local taste. 4. Currency Fluctuations: As the firm is operating in so many countries and the revenue generated from them has to be converted into dollars. When dollar is appreciating against other currencies, the firm profit is affected. INTERNAL ANALYSIS OF Mc DONALD Mc Donald is one of the leading global fast food chain retailers, having presence in 119 countries with local 30000 restaurants and daily serving around 55 million people. For any firm to operate globally should do proper analysis of its internal and external environment. The firm have proper marketing plan, with a starting point and proper analysis of the market. On the basis of it company’s objective, tactics, vision, mission are drawn in order to achieve organizational success and profitability. The external environment contains may factors which can be broadly classified into macro and micro environment. The macro environment consists of political, economical, social, technical, legal and environment factors. The micro environment includes factors like market structure, competitors, suppliers, distributors, public type. On the other hand internal environment company’s marketing mix and service mix. It also includes other factors such as sales, profit, and market share and customer loyalty. Main Product and the Markets: The main products of Mc Donald’s revolve around the varieties of hamburgers, French fries, salad and desserts. The taste and filling may vary as per the market type. After the global crisis McD has recovered surprisingly fast and still the growth rate is increasing. The key success factor in recovering the losses was not to convince people to spend money at Mc D and eat, they just said we have improved our breakfast menu with new frappe drinks at lower prices which attracted more customers generated revenues. 5P’s Of Mc Donald’s 1. Promotion: McD promotes itself with various tag lines like: â€Å"I’m Loving it’, which is a worldwide campaign. It uses all sources of advertisement like billboards, TV, internet etc. The price of McD products is lesser in comparison to other global food retailers. 3. Place: The restaurants follow the same interior all over the world, also provide music, Wi-Fi, and flat screen which keeps the customer involved and busy, so that he can eat more and order more. 4. Products: Mc D keeps on introducing new menus, as per the local market like aloo tikki burger for vegetarian market, rice burgers, salad for health conscious customers. 5. People: The Mc D employee are given proper training and induction program to better serve the customer and serve in time. How to be dressed and to serve with a smile. How to maintain the hygiene in the store and follow the dress code. EXTERNAL ANALYSIS OF Mc DONALD’S PESTLE ANALYSIS 1. POLITICAL FACTOR: The international operations of McD is under the influence of different governments. In different countries Mc D faces different political factors for eg in Europe and US the government demand that there should be nutritive value and medical value of meal offered as fast food to the nation. When Mc D entered Indian market, it was a major loss to Mc D because they served meat burger which was against the right and religious law. Actually meat burger in Mc D menu was an offensive step towards Indian religion. McD has also argue with the problems of employment practices, like in some country part time employment is not allowed. 2. ECONOMICAL FACTOR: As stated above the revenues generated from the other countries have to be converted into Dollars. In case of dollar appreciation, there will be a loss to the company. Also it prices products as per the spending capacity of its customers. 3. SOCIO-CULTURAL FACTORS: It has been noticed that company has given choice in lunch to US market. They strive to win customer loyalty. It promises to deliver high quality food. The company tries to identify the need of the market and accordingly bring changes in its menu for a particular country. 4. TECHNOLOGICAL FACTORS: Mc D restaurants use technical machines where the product is ready without human touch that too in front of the customer. The vending machine speed up the serving time. With such technical factor introduction in the restaurant they attract more customers and decrease their waiting time. 5. LEGAL FACTORS: Such factors talk about CSR.. Corporate social responsibility. McD has been sued several times for serving such food which increases obesity. For Eg in Muslim countries, their meat corresponds to Halal as per the law. Other legal concepts factors faced by MC D are tax obligation, employment practices. 6. ENVIRONMENTAL FACTORS: This means charges from harm to environment. In Hong Kong McD faced problem related to use of plastic glass which is not decomposable. FIVE FORCE MODEL For a business to compete effectively and intensively in the marketplace has to understand the dynamics of its industries and market. Michael E. Porter has given the Five Forces Framework. The five forces are interconnected directly to the company’s ability to serve its customer and to make a profit. If there is any change in any one of these forces, a company is required to re-assess it competitive strategies. The five forces are: 1. COMPETITIVE RIVALRY: If a company’s entry into the market is easy, then similarly the entry of its rivalry is likely too high. Mc Donalds enters into a particular country; simultaneously its rivalry for eg Burger King likely will be entering the same market. 2. In fast food Industry entry of new chains is easy as there is no legal barrier for them. For entering a new market Mc D has to face various challenges like economies of scale, distributor chain, advertising capital, so that it can enjoy a long life into the market, but entry into ne markets is not easy for big brands because they has to face price competition with the local brands. 3. SUPPLIER BARGAINING POWER: Mc Donald’s whole business rotates around the suppliers, because MC D restaurants use the same products from the same suppliers all over the globe. In case if Mc Donald loses any of its supplier than it has to change its whole menu. Thus suppliers of Mc Donald enjoy high bargaining power. 4. BUYER BARGAINING POWER: Buyers of the Mc Donald are the customer who orders through internet, telephone or in the restaurant. If the fast food chain is not able to satisfy their need they will shift to other food chain. In fast food industry wining customer loyalty is very difficult as the taste of the customer keeps on changing. 5. THREAT OS SUBSITUTES: In fast food industry there are so many firms whose costs is low, high with Mc D product or may be giving same quality product to the customers. Such factors lead to threats from the substitutes. CRITICAL SUCCESS FACTOR From the above research the critical success factor of Mc Donald are: 1. STANDARIZATION: Mac Donald maintains its quality by standardizing its production process and method. In different countries Mc Donald’s adjust their menu as per their local taste like spicy for Asian countries, veggie for Buddhist countries. Thus it achieves balance by maintaining standardization in its products with local taste. 2. ENVIRONMENT ORIENTED: Mac Donald is committed towards protecting the environment for its future generations and also business leaders are acting as a environment leaders. 3. ONE DOLLAR MENU: With such price strategy, the company lures the customer at lower prices. 4. WILLINGNESS TO INNOVATE: While entering into different countries, Mc D keep innovating with its menu as per local taste and also adding new varieties in the menu to serve the other customers too. Eg they introduce salads for health conscious generation. 5. FOLLOWING HEALTHY FOOD TRENDS: In response campaigns related to obesity from junk food, Mc D has introduced other food like coffee, ice-cream, salads, wraps etc. CONCLUSION At last we can conclude saying that Mc Donald one of the leading global fast food chain company owes 32000 local restaurants in 119 countries worldwide. It enjoys 75% of business through franchising so that it can spend more time increasing service speed, serve standardized products and marketing strategies. The vision of the company is to be the world’s best quick service restaurant along with provider of high quality, cleanliness and high quality food to the customer. McDonald thinks globally but acts locally. The strengths and weakness of the company are the internal factors and are crucial in strategic decision making and implementing these strategies. Although some of the weaknesses can be minimized but not all. There are lot of issues which the company is facing like advertising, use of animals for their product, employment, environment etc. Above we have also talked about the 5 force model for the company and key success factors.