Burger King 2012 Annual Report Download - page 16
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Table of Contents
The restaurant industry is intensely competitive and we compete in the United States and internationally with many well-established food service
companies on the basis of product choice, quality, affordability, service and location. Our competitors include a variety of independent local operators, in
addition to well-capitalized regional, national and international restaurant chains and franchises. In the FFHR industry our principal competitors are
McDonald’s and Wendy’s as well as regional hamburger restaurant chains, such as Carl’s Jr., Jack in the Box and Sonic. To a lesser extent, we also compete
for consumer dining dollars with national, regional and local (i) quick service restaurants that offer alternative menus, (ii) casual and “fast casual” restaurant
chains, and (iii) convenience stores and grocery stores. Furthermore, the restaurant industry has few barriers to entry, and therefore new competitors may
emerge at any time.
Our ability to compete will depend on the success of our plans to improve existing products, to develop and roll-out new products and product line
extensions, to effectively respond to consumer preferences and to manage the complexity of our restaurant operations as well as the impact of our competitors’
actions. Some of our competitors have substantially greater financial resources, higher revenues and greater economies of scale than we do. These advantages
may allow them to (1) react to changes in pricing, marketing and the QSR segment in general more quickly and more effectively than we can, (2) rapidly
expand new product introductions, (3) spend significantly more on advertising, marketing and other promotional activities than we do, which may give them a
competitive advantage through higher levels of brand awareness among consumers and (4) devote greater resources to accelerate their restaurant remodeling and
rebuilding efforts. Moreover, certain of our major competitors have completed the reimaging of a significant percentage of their store base. These competitive
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Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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