Question: After reading through the case study, please post 3 different areas that would be helpful to forecast better for McDonald’s. Include the type of model and what you are forecasting.
Forecasting is the key to the success of a business and it helps in better organizing future business activities. I believe that there are certain areas where forecasting can be used to help McDonald’s improve their business operations and serve their customers better. The first area that would be helpful to forecast better is the demand forecast by keeping a record of their sales at their different locations. This will help McDonald’s better manage their supply chain and they will be able to decrease their wastes.
Secondly, social media has become a huge business booster in the recent years. It has been used by a large number of youth around the world. McDonalds can use social media to gather information about targeted areas by offering their localized social media pages like Facebook pages. This will help in understanding the expectations of the customers and communicating with them.
Lastly, technological forecasting can help McDonald’s introduce technological changes to their physical locations in a way that they are appreciated by their customers and they are attracted to it. It could include the introduction of new music systems, customer self-services automated system and other digital appliances depending on the trends in a specific area.