RISE AND FALL OF
SUBWAY
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“What made subway to fall down from being the third largest food chain to an era of
downfalls?”
Chapter 1: Introduction
A fast-food service restaurant or the limited-service restaurant serves meals at a low price and
generally provide quick service, a very limited food options and very limited table services
for the customers. These types of establishments are mostly called the fast-food restaurants
out the food industry. The fast-food industry present in in the United States is considered one
of the most rapidly growing and very developed in the world. Amongst the many world's
biggest brands in this industry many of them originated in the United States and covered a
huge chunk of the industry. In the United States, all the regions divided as the states have
large number of fast-food chains and restaurants. In 2019 list of the U.S. states with the most
number of fast-food restaurants , California had the largest number of nearly 31,5 thousand
units, while the state with the least population, Wyoming, accounted for the least. The rise in
the number of fast-food restaurants and hotels is due to more rapid banalization and
globalisation, which is very much expected to fuel the growth of this industry in turn. In
addition, the growth of the market is driven by increasing customer health awareness and
increased demand for nutritious and tasty food. There is very much development in issues
regarding the fast food. Research has shown that eating fast food causes body weight,
obesity, and many other medical issues. In the development of the fast-food industry, the
health problem is the greatest constraint. This increase in issues made individuals to move
from fast food to healthy options. This industry for fast casual food is losing its market share.
The total generated revenue of this industry in 2019 exceeded 273B $ in the United States.
This figure is expected to fall to 239B dollars in the year 2020 as a result of the COVID-19
pandemic (Perrigot et al., 2011).
The industry in itself is vast and have many players which makes it complex to analyse.
Various factors like economy of any particular country, changing consumer behaviour and
choices, Suppliers and Owners makes it challenging to understand and requires analysis with
consideration of all factors. This research includes understanding of the fast-food chain
industry and analyse the different players and understand the rise and fall of Subway with
respect to the industry. Through this research we try to figure out what all marketing forces
and contemporary consumer choices affected the growth of Subway. We also try to
understand the strategies undertook by Subway in order to meet the consumer demand as well
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as make it successful. The fall of Subway, closure of stores in large numbers and fall in sales
is one of the most important aspect of this research. This research is in direction to analyse
the strategies of Subway’s competitors and how they excelled in the industry. With different
frameworks we try to figure out how Subway is positioned in current market and what
strategies can benefit it in the long term (Lesser et al., 2013) .
Chapter 2: Background
With more than 40000 restaurants worldwide, Subway is the global leader in the maximum
number of restaurants of any fast-food chain. The chain began its operation as Pete’s super
submarine in Bridgeport, Connecticut in the year 1965 by a 17-year-old boy named Fred De
Luca. He took a $1000 loan from Dr. Peter Buck, who was his family friend and opened this
restaurant in order to manage finances and pay the fees of his medical college. After three
years of its inception, CO-founders Peter Buck and Fred De Luca rebranded it to Subway.
Subway was, and still is, appreciated for it’s open kitchen format and the freedom to
customers to customise their sandwiches. Subway acknowledged the health concern
pertaining to fast food and allowed its customers to see the fresh ingredients that the
restaurant is using. In contrast to the other fast-food chains, customers found subway healthy
option due to this transparency. This strategy did wonders for this blooming fast-food chain
as by the year 1981, there were 200 locations across the United States of America and soon
after, subway touched the international market. Apart from being a successful food chain
franchise, it is comparatively cheaper when compared to its other competitors. The cost of
buying a subway franchise ranges between $116000-$263000, whereas the cost to buy
McDonald’s franchise is around $2.2 million which makes it an easy choice for buyers and
hence the number of franchises of subway skyrocketed in no time. Subway is one of the
primary growing single brands across the globe. As toward the finish of 2014, the restaurant
chain had an overabundance of 43,000 distinct restaurants in more than 108 operational
regions (Covert & Gibson, 2015). In the initial days of its inception, Subway was focused
more on the markets of northern America. It broadened its area domain in 1978 when it
expanded to California. And after that, there was no turning back, Subway opened its first
franchise in Bahrain in the year 1984 and became an international brand. The success of
something was getting noticed and acknowledged Globally. It Succeeded at securing top
positions in the list of United States best performing entrepreneurial franchises starting from
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the year 2007. In the year 2010, subway surpassed McDonald is by about 1012 outlets
worldwide in terms of total number of franchises. Though there are several competitors of
subway including McDonald’s, Wendy’s, yum food, Burger King, still it managed to cope
with the competitive environment bites right promotional strategies and other techniques for
gaining customer trust (Liutu, 2010).
Subway has managed to be ranked just after McDonald’s in terms of market penetration.
While the effects of the worldwide financial emergency incredibly impacted the livelihoods
of Subways low-end buyers, economies in subway’s market have enormously recuperated at
this point. Along these lines, the hypothesis that low-end pay workers battle to eat stays
invalid (maze, 2013). It changed its advertisement Accordingly and when people were
suffering from the economic depression, it moulded its advertisements in the direction of
savings which would attract the customers. It even managed to grow at the rate of 22%
during the worst recession in 75 years. Subway has coped with every downfall diligently and
made its way back to the top even in unfavourable conditions. But how did it fail to do so
after the year 2017 When thousands of its outlets shut their operation? Our aim is to study the
downfall of Subway and analyse the reasons why it could not fight back the recent challenges
that it faced (Pandey et al., 2019).
Chapter 3: Research Methodologies
3.1 Research Philosophies
While conducting this research paper, we have used the combination of both the philosophies
that is the Positivism and Interpretivism. With this approach, we had collected and gathered
the data from various published articles, research paper and have analysed them thoroughly.
Also, in order to understand the impact of various decisions and the rise and fall of Subway
we had taken the help of Interpretation method.
We have tried to cover as many sources as possible to include as part of our research in order
to analyse the ground realities as well as understand the fall of subway in objective manner.
3.2 Research Approach
Our research approach focused mainly on the secondary research where we analysed different
research papers and articles available by genuine authors reflecting the fall of subway (Sensff
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et al.,1996).
The research refereed as secondary research consists of the research material available in the
authentic and verified research reports and similar documents. All pf these documents are
there by public libraries, government websites, data is also obtained from previous
researchers who already have filled in surveys etc. Some of the governments and other non-
government agencies also store data, that we have used for the purpose of research. The
secondary research is proved to be much more cost-effective than other methods like the
primary research, as secondary research uses the already available data, unlike the other
method of a primary research where the data is collected by the organizations themselves or
by the businesses themselves also some employ third party to collect the required data on
their behalf. This also provides opportunity to verify the information from multiple sources
hence increase credibility of the research (Sensff et al.,1996).
Commercial information sources which included news websites, journals, magazines, and
online media portals were very important and informative source. We also used sources like
Statista which provided the authentic data about Subway which included the growth rate of
company sales, stores expansion, profit, losses, and revenue. It helped to research with data
based on location like country and city specific. Quantitative and Qualitative Research
Method was also used in order to understand the change of consumer behaviour with respect
to Subway as a brand from its inception. It helped us to analyse the major factors and events
happened like the 2008 crisis and how the Subway dealt with it. This research also helped as
prepare a groundwork for our other analysis like Porter’s five forces and SWOT analysis
(Zheng et al.,2016).
3.3 Choice of Method
The research methods we chose were multiple which included qualitative and qualitative and
also secondary research. We focused on them to support most of our research work. It was
done with using information from authentic online collection of research paper websites as
well. Some of them are researchgate, restaurantdive etc. After the gathering of data, we
validated our data from multiple sources we had to make sure the data we analyse is authentic
and we obtain accurate results. This research method was selected as they provide large
amount of information and also the leverage to check the authenticity of information in order
to validate our research work (Knutson, 2000).
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3.4 Time Horizons
Time horizon for the research was from 1965 to present i.e., the time from the inception of
Subway to now where it show the expansion in outlets, rise, and fall in sales and many other
things. This time horizon was selected to understand the business of Subway from its core
and analyse its fall (Bove et al.,2006).
Chapter 4: Presentation of the research
The demand for sandwiches, subs and wraps has risen 70% since 1999, or from $9.9 billion
in 1999-2004 to an estimated $16.8 billion. Growth and traction have been fuelled mainly by
Subway, Quiznos, and Panera Bread. Significant sales growth has also been seen by regional
chains, adding more traction to the marketplace. Creation is driven by a combination of
strategic franchise planning, coupled with tactical marketing campaigns and creative menu
designs that rely on both demographic and demographic concepts ( Login, O.N). Hence this
market is highly competitive and requires the firm to operate In such a way that it is one step
ahead of the competition.
The marketing campaign of Subway addresses customer perceptions of health, new, custom-
made sandwiches across a variety of approaches. The television advertisements featuring
Jared were the most popular. By showcasing the 245 pounds Jared lost by eating a Subway
sandwich diet, these advertisements stress the nutritious benefits of a Subway sandwich.
Subway also markets programmes such as American Heart Association Heart Walks and
local competitions such as triathlons and children's athletic teams through national
sponsorships. The Subway scenario shows advertisement and product strategies that rely on
market demand, consumer trends, product leverage and imagination as iconic examples.
Subway has been strategically designed to advance market share in the near future by
marketing campaigns to build high brand recognition, brand and product association, and
market demands. This marketing strategies are often repeatable, quick marketing strategies
that exceed the need for fast food. (Siriwardena, T., Marketing Plan for SUBWAY.
Marketing, 1009, pp.16-17).
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The classic BMT, the signature chain sandwich, was first launched in 1996. The 7 under 6
menu, containing seven underwater sandwiches of 6 grammes or less of fat, was first released
in 1997! In 2001, another new vegetable was introduced to the SUBWAY menu, which also
contains cabbage, mushrooms, red onions and green peppers. 2004 The SUBWAY chain is
releasing a series of new crab-controlled wraps. Just 5 grammes of Net Crabs have the wrap
on their own. In 2005, the SUBWAY menu launched delicious, fresh toasted subscriptions.
(Siriwardena, T., Marketing Plan for SUBWAY. Marketing, 1009, pp.16-17).
There are four Ps in the Marketing Mix. Item, Cost, Location and Promotion.
Adolescents bought an average of 1,038 calories at McDonald's and 955 calories (SEM 39) at
Subway (standard mean error [SEM]: 41). The difference of 83 calories was not statistically
significant (p=.11) (95 percent confidence interval [CI]:-20 to 186). At McDonald's,
participants bought slightly more calories from beverages (151 vs. 61, p < .01) and side
dishes (i.e. French fries or potato chips; 201 at Subway, p < .01 at McDonald's vs. 35). For
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comparison, they bought fewer cups. This study found that adolescents buying a meal at
Subway order just as many calories as at McDonald's, despite being advertised as "healthy."
Although there were more vegetables in Subway meals, meals from both restaurants are
likely to lead to overeating (Lesser, L.I., Kayekjian, K.C., Velasquez, P., Tseng, C.H., Brook,
R.H. and Cohen, D.A., 2013. Adolescent purchasing behavior at McDonald's and Subway.
Journal of adolescent health, 53(4), pp.441-445.). So there is actually not much use of that
healthy tag. Although the strategy of making the tagline as eat healthy seems to be a smart
strategy but when we look at the outcomes, it does not make a lot of difference in the sales of
the product.
Analysts propose that the quality of service be connected to the credibility of the company,
that is, the quality of service is converted into a device that can display a good or bad
reputation (Wirtz et al., 2000). Having a good reputation ensures the growth of ubiquity by
word of mouth (Walsh et al., 2009). Interestingly, unknown item consistency can have a
detrimental effect on the creation of a brand image (Selnes, 1993). Jin and Leslie (2009)
affirm this relationship by showing that chain grocery chains have chosen the consistency of
food cleanliness over independent food chains due to the prestige of the chain's driving
powers. Analysis carried out by Han, S. H., Nguyen, B., & Lee, T. J. (2015) found that food
& service quality had a positive impact on the image of the brand in the restaurant sector
(Ramzan, I. and Ahmad, N., 2018). Hence the downfall of subway can be considered as an
outcome of the Image crisis of the brand that was caused due to the face of subway, Jared
Fogle’s Pleading guilty in the case of child pornography and molestation. Fogle was the face
of the Subway chain, based on his testimony that he had lost weight on a constant diet of
burgers, and one of the nation's most famous stalkers before he became enmeshed in a
controversy involving sex with underage women (USA Today). The brand wants an image
creation with a clever approach to involve people with a clean image in the higher
management of the subway. The ex-wife of former Subway pitchman Jared Fogle sued the
restaurant chain for damages, alleging that the organisation had received three complaints
suggesting his inappropriate involvement in children but refused to take sufficient action.
(Oct. 24, USA)
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Chapter 5: Analysis of the Research Findings using frameworks
5.1 Subway Porter’s Five Forces Analysis
Analysis of Subway using the five forces of Porter’s model.
5.1.1 Threat of New Entrants
● The food chain industry in which Sub-way operated works on a large scale as it
reduces the cost utilising economies of scale. For new entrants it is not easy to capture
at such large scale to compete with existing players hence the threat of new entrant’s
force is a weak force.
● Brand distinction is still high in this field, as every business offers some kind of
specialised product and has a strong focus on customer service and advertisement,
leaving new competitors a weak force in this sector.
● The capital demand in the sector is also very high, making it impossible for potential
entrants to start up a company with such high investment.
● An important aspect of this industry is the requirement of licenses and permissions in
order to start selling. This makes difficult and act as barrier for new entrants (Brindal
et al.,2008).
5.1.2 Bargaining Power of Suppliers
● There is a large number of suppliers in the industry in which Subway operates
compared to the number of buyers hence reduces the control over prices in the
hands of suppliers and makes this power of suppliers a weak force.
● There is extremely low switching cost for the buyers for them to switch to a new
product also there are various options with the buyers to switch to.
● The aspect that makes this a greater influence is that there are no alternatives for
the commodity other than those offered by the manufacturers themselves.
● Vendors do not face a credible threat to Subway's potential inclusion in the market
in which it works. This makes the purchasing power of manufacturers a lesser
factor within the industry.
● With its vendors, the business in which Subway works is a significant customer.
This ensures that the earnings of the industry are directly related to those of the
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suppliers. Accordingly, these manufacturers must have a fair price. This makes the
purchasing power of manufacturers a lesser force within the industry (Pitta, 2010).
5.1.3 Bargaining Power of Buyers
● In the market in which Subway works, the number of vendors is much larger than
the number of companies manufacturing the goods. This ensures that consumers
have a few firms to pick from, but they don't have any leverage over costs. It
makes this a poorer power in the sector.
● Within the industry, product differentiation is high, which ensures that customers
are unable to find alternative businesses selling a single product. This challenge in
transitioning renders the purchasing power of the consumers a lesser factor within
the market.
● Inside the company, buyers' income is low. This suggests that there is an
opportunity to buy at reduced costs, making buyers more price conscious.
● Product quality is important to the buyers, and such buyers make frequent
purchases. This suggests that consumers are less price sensitive in the industry.
● The buyers are not in any serious danger of integrating backwards. This makes the
negotiating hazard within the industry a weaker force for buyers (Feng, 2020).
5.1.4 Threat of Substitute Products or Services
● There are very few options suitable for the products made in the field in which
Subway operates. The very few alternatives available are often provided by low
profit-generating industries. This ensures that there is no limit on the total benefit that
companies will earn in the field in which Subway operates.
● The relatively few available alternatives are of good quality, but they are much more
expensive. Comparatively, subway-produced firms compete at a lower price than
alternatives of reasonable productivity within the market in which Subway operates.
This shows that consumers are less likely to turn to new goods. ( Dumanovsky
et.al.,2010).
5.1.5 Rivalry Among Existing Firms
● There are very few players in the field in which Subway is active. All of these are
also broad in size. This implies that firms in the sector cannot make any moves
without going unnoticed. It's going to make this a smaller power.
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● A few competitors have a large market share. This suggests that they will take part
in competitive steps to achieve a role to become business leaders. This makes
rivalry between existing firms a greater force in the industry.
● The field in which Subway is increasing last year is projected to continue to do so
for a few years to come. Positive growth in the industry means that competitors are
less likely to take full action when they do not need to snatch market share from
each other. All of this makes competition between existing companies a weakened
power (Makki,2016).
5.2 Subway SWOT Analysis
5.2.1 Strengths
Subway's size and number of sites give it a significant advantage in terms of its visibility and
access to its customers. Its franchisees are required to obtain all the raw ingredients from
Subway-certified suppliers. This certification ensures that the quality standards specified by
Subway are met by suppliers and ensures that franchisees supply the appropriate standards
required by Subway. The European Independent Purchasing Company oversees this sourcing
for the UK. Also, Subway was the least costly among the competitors which made it easy for
the franchisee owner to acquire and run and hence increase its visibility and accessibility for
every potential and existing customer (Spiekermann et.al., 2011).
5.2.2 Weaknesses
The different levels of customer service and income that can be generated across different
locations can be one of the weaknesses of operating a franchise system for the entire
company. In addition, outlet growth has seen a decrease in the volume of sales for outlets as
competitors offering a lower price point and a higher level of convenience such as a drive
through have been able to take some of the market share of Subway. Other weakness for the
Subway was cannibalisation as the stores were very near the sales per store decline and this
acted as weakness for Subway (Kawaguchi et al.,2009).
5.2.3 Opportunities
Subway's opportunities include enhancing the customer experience by offering higher levels
of convenience through a delivery service, an online ordering and payment system, and a
greater range of menu choices. Subway also provides franchisees with considerable
opportunities by providing a low-cost investment and operating a variety of sites of different
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sizes. The franchise system is also an effective way of utilising the local knowledge of the
franchisee and to enter new markets (Lundgren, 2009).
5.2.4 Threats
Subway faces threats from other players in the fast-food industry and this has been seen by its
decline from being the second largest fast-food retailer in the world to third behind Starbucks,
despite more outlets for Subway. This threat may indicate a downward sales trend and
indicate a saturation of outlets in certain markets. This is a significant threat to Subway as a
further loss of market share to its competitors may result from the failure to address this.
Also, the thrust which Subway got through its healthy choice snack is adopted by all new
entrants and major food chains which is existing threat for it as it makes it chances of losing
its brand value it created for healthy option (Block,2013).
5.3 Competitor Analysis
In the US and the world, Subway is the largest fast-food chain. Opened first in 1960, Subway
grew exponentially in the following decades and had stores in 41,512 locations in more than
100 countries as of October 2019, with more than half of the stores in the US alone. It is both
the world's largest single-brand restaurant chain and the largest operator of restaurants.
Subway restaurants have been struggling with rising pains and declining profits in the past
few years. All these problems have led to the closure of hundreds of shops in the US (Bassett
et al.,2008).
McDonald's is the first on Subway's list of top competitors. Two of the world's biggest
multinational fast food restaurant chains are McDonald's and Subway. Each business has a
strong brand and is an established name in the restaurant sector of casual eating. Subway
edges out McDonald's as the biggest global chain with 41,000+ stores worldwide. Globally,
McDonald's currently has 37,000+ outlets. That is not it – There are some meaningful
differences between the two brands that are beyond just the number of stores. McDonald's is
a public company, while Subway is a company that is privately owned. Subway and
McDonald's both use franchising in their business models to varying degrees. Subway does
not own any of its restaurants itself, and all of its stores have been franchised. Whereases,
McDonald's owns 20% of its restaurants, with independent franchisees owning and operating
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the remaining 80 percent. With all these differences, McDonald's still remains one of
Subway's top rivals, giving its cash a tough run (Pandey et al., 2019).
Kentucky Fried Chicken, also known as KFC, is an American fast-food restaurant chain
based in Louisville, Kentucky, which specialises in fried chicken and ranks second among
Subway's top competitors. Measured in sales terms, after McDonald's, KFC is the second-
largest restaurant chain in the world. Unlike Subway, thanks to KFC's innovative business
strategies such as the introduction of plant-based fried chicken sandwich and popcorn chicken
on their menu in Canada, the last few years have been growth years for KFC (Swift, 2005)
As per estimate by Statista, the customer satisfaction index scores for McDonald’s, KFC and
Subway would be 70, 79 and 79, respectively.
5.3 Growth Analysis of Subway ( 2020 v/s 2019)
As per the Technomic estimate, Subway will see a decline of 2% YOY US sales this year.
The year which saw the pandemic reaches its peak has many business face losses . Subway
was one amongst the hits ones and may see a 4% decline in the YOY US units sold. In terms
of customer satisfaction index scores, the Subway may see the same score of 79 in US.
Worldwide, 2019 witnessed the closure of more than 1000 Subway outlets and with the rise
of COVID pandemic, it is expected more than 1000 Subway will be closed in 2020 (Pandey
et al., 2019).
Chapter 6: Recommendation and Conclusion
Recommendation
Franchisees should focus on the brand contrasts of their Subway eatery by imparting their
UAP, and how it distinguishes from the major competitors. As they are important for a
soaked market, it is the objective to make an exceptional publicizing message. To create an
advantage in the demanding competition, a selling suggestion must be made by interfacing
the publicizing message with the item. There should be one fundamental goal to the
advancement crusade. Accordingly, Subway needs to zero in its message on delicious, yet
solid food, which is arranged promptly and just before the eyes of the client (CIM,2005).
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To get into the market, advancement exercises as per the customers‟ desires like menu
specials, free beverages and different exhibitions should be thought of, as an instrument to get
publicity (Bassett et al.,2008).
As rebate significance and kids‟ menu and amusement are viewed as very considerable in the
urban communities, it is prescribed to change the showcasing blend to the customers‟
inclinations. One of the principal target gatherings of Subway has been recognized as young
people and understudies. As they invest their free time spending it with companions, online
networks like Facebook or talking on the web, internet showcasing would fit this fragment.
One open door is to add standards with hyperlinks or potentially pop-ups on the most famous
sites. They could show the week after week and day by day specials or advance the initial
occasion.
Subway should work on policy reframing as the older policies backfired for them only.
Having a prescribed distance within which no two subway franchises can be there. Proper
training of staff with more accountability and involvement of upper management with the
franchises. A person from higher management should be held responsible for few franchises,
and the franchises should be inspected by him on a regular basis to keep a check on the policy
compliance and services.
Image rebuilding is needed in order to gain customer's trust again. Employing people who are
having a clean image is very important after the 2015 crisis. It is crucial to make sure Subway
is committed to quality food as it promises, another fail in the random check might lead to a
bigger damage (Siriwardena, 2009).
Subway needs a hybrid model to operate, unlike the current model which is more of
customisation. Increasing the share of standardisation will ensure good quality and customer
satisfaction (Bassett et al.,2008).
Training of representatives to set up an effective arrangement of taking requests, making
sandwiches and changing out clients. Set up three individuals at all active occasions on the
sequential construction system. The main individual cuts the bread and starts the sandwich,
the second handles the particular fixings and the third rings out the client (Min et al., 2013).
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More focus on quality than the quantity of Subway chains can greatly enhance the reputation
and profits. Option of home delivery can boost the sales as people consider it an easier choice
to order food and eat it at the convenience of their home. Online presence enhancement is
required to survive in this competitive market and era of digitalisation (Zheng et al., 2016).
The global pandemic which has disrupted the global supply chain and business across
industries have significantly impacted fast-food industry as well. However, this also gives
opportunity to Subway to re-invent itself n to a more healthy, nutritious option as consumer
preference has shifted towards this due to pandemic. People prefer more ingredients which
helps them strengthen their immunity and Subway can bring in new products and try to
capture as much as possible (Compton,2014).
Also, as the evidence highlights the recent case of phishing scam in the name of Subway,
such incidents are very bad for the image of this fast food chain and the process of loyalty
card use should be more secured where the users can make sure their data is going to the right
place. Subway loyalty program members in U.K. and Ireland have been sent scam emails to
trick them into downloading malware (threat Post). Leakage of email of customers is a
serious concern and subway should strengthen its information security ( Dones et al.,2011).
Conclusion
Subway being such a huge brand name with a massive number of outlets, they must adopt a
whole new marketing strategy, image rebuilding, policy modification and understanding the
need of this brand to be back in the market. The focus of subway should shift from quantity
to quality, instead of giving licence to roughly anyone and everyone and making the
supervision difficult. There need to be an administrative officer to look after every outlet (Joe
et.al.,2020).
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Evidence
https://threatpost.com/subway-loyalty-card-phishing-scam/162308/
http://www.dailyjournal.net/2020/12/15/restaurant_inspections__december_15/
https://www.google.com/amp/s/www.dailymail.co.uk/news/article-8977171/amp/Moment-
Subway-worker-falls-asleep-slumps-face-sandwich-making.html
https://www.google.com/amp/s/www.wtnh.com/news/connecticut/labor-organizers-fighting-
for-better-wages-hours-for-subway-restaurant-workers/amp/
https://www.meatpoultry.com/articles/24250-subway-hires-new-senior-vp-of-culinary-
innovation
https://industrytoday.co.uk/market-research-industry-today/fast-food-market-forecast-to-
2027---mcdonald-s--pizza-hut--starbucks-corporation--subway-ip--auntie-anne-s---burger-
king--domino-s-pizza
https://41nbc.com/2020/12/15/restaurant-report-card-december-7-11/
https://www.emerald.com/insight/content/doi/10.1108/09590551111137985/full/html
https://www.sciencedirect.com/science/article/abs/pii/S1054139X13001195
https://www.theseus.fi/bitstream/handle/10024/23519/Liutu_Riina.pdf
https://www.academia.edu/download/59152398/V5I2-156820190506-113908-8kes5q.pdf
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Chapter 7: References
Lesser, L.I., Kayekjian, K.C., Velasquez, P., Tseng, C.H., Brook, R.H. and Cohen, D.A.,
2013. Adolescent purchasing behavior at McDonald's and Subway. Journal of adolescent
health, 53(4), pp.441-445.
Ramzan, I. and Ahmad, N., 2018. Factors of Restaurant Brand Equity and Their Impact on
Brand Reputation. Pakistan: Journal of Marketing and Consumer Research.
Login, O.N., Subway Analysis of Strategy, Marketing and Competition.
Siriwardena, T., Marketing Plan for SUBWAY. Marketing, 1009, pp.16-17.
McDonald, M. (2003) Marketing Plans, 5 th ed.., Kent: Butterworth-Heinemann publications.
CIM (2005) Marketing Environment, 4 th ed.., London: BPP professional education.
Swift, I. (2005) Marketing, 4 th ed.., London: Holder & Stoughton.
Lancaster, G and Reynolds, P (2003) Marketing made simple, 2 nd ed.., Oxford: Made
simple.
Subway (2009) ‘Mission and values’, web page accessed on 02/08/2009 from
http;//www.subway.co.uk.
European Franchising (2009) ‘Subway’, webpage accessed on 27/07/2009 from
http;//www.europeanfranchising.net
Subway (2009) ‘student educator’, webpage accessed 20/07/2009 from
http;//www.subway.co.uk
Siriwardena, T., Marketing Plan for SUBWAY. Marketing, 1009, pp.16-17.
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