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Executive Summary
Wendy's offers a variety of fast food. The food selection ranges from hamburgers, French fries, salads, chicken, potatoes, and chili. Wendy's income is based on the sale of fast food. The demand of Wendy's service is highly elastic. A change in price will affect demand for products. Wendy's market structure is an oligopoly and has two main competitors; McDonalds and Burger King. In an oligopoly, the market is dominated by a few large producers of a homogeneous or differentiated product. Because of their "fewness," oligopolies have considerable control over their prices, but each must consider the possible reaction of rivals to its own pricing, output, and advertising decisions (McConnell & Brue, 2005). Since there are many substitutes, Wendy's has to be willing to keep their prices and quality of food relative to competitors.
McDonalds and Burger King offer substitutes to Wendy's food. Advertising and promotional offers can help Wendy's stay competitive.......

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Approximate Word Count: 1501
Approximate Pages: 7 (250 words per double-spaced page)

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