McDonald’s CEO plans to ‘get back into the mind of consumers’

Recently, Yum Brands brand Taco Bell decided to enter the fast food breakfast sector, one that has brought McDonald's more than $10 billion in 2012. Although McDonald's CEO Don Thompson told analysts during an earnings call they haven't felt the pinch yet, they are mindful of the situation.

Thompson's call comes days after the fast food mogul posted lower than expected first quarter earnings, according to reports from the Wall Street Journal.

"It seems every year, there's someone new that is making a run and none of them have really stopped their focus on breakfast, whether that be the closer in competitors or if that's sandwich shops or if that's taco shops or anything else," Thompson said.

Thompson explained that the 5.2 percent dip from a year earlier was partly due to inclement weather, but believes that these findings show that McDonald's needs to do more to reach out to consumers. During the recession, the fast food company committed more time to focusing on "optimizing profitability."

Because these adjustments will take some time, as budgets are only adjusted during six or 12 month planning cycles, Thompson plans on creating custom logo decals and other print displays that highlight the food establishment's core menu items. According to to Marketing Week, fries, the Big Mac and McMuffin make up 40 percent of McDonald's global sales.

McDonald's hopes to keep its grasp within the fast food industry, one that it has dominated for more than 35 years. As a recognizable brand all over the world, it has plenty of leverage. However, this shows that it is equally important for both new and established businesses alike to take marketing seriously, because failing to do so can heavily impact sales.