Many fast food retailers,including McDonald's and Burger King,have followed a predictable pattern of how new forms of retail outlets enter the marketplace.McDonald's has evolved from a relatively simple hamburger joint with low margins,low prices,limited product offerings,and low institutional status to a worldwide chain with higher margins,high status,and a diverse list of products.This evolution of McDonald's restaurants is consistent with the:

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The evolution of McDonald's, as described in the scenario, is consistent with the wheel of retailing theory. This theory suggests that new forms of retail outlets enter the marketplace as low-status, low-price, low-margin establishments and gradually evolve into higher-status, higher-price, higher-margin operations over time. This pattern of evolution is similar to the evolution of a wheel, which starts small and low to the ground and gradually becomes larger and higher. This is exactly what has happened with McDonald's, which started as a simple hamburger joint with low prices and margins and has evolved into a worldwide chain with higher margins, prices, and status, and a diverse range of products on offer.

Many Fast Food Retailers,including McDonald's and Burger King,have Followed a Predictable