Management's claims regarding strong competitive activity appear to be true. Players such as Chipotle Mexican Grill, Qdoba under the umbrella of Jack in the Box, Inc. (JACK), and Domino's Pizza, Inc. (DPZ), which all operate using different formats, are giving McDonald's a run for its money. But why aren't other fast food restaurants affected by the competition to the same extent as McDonald's? The US is experiencing a demographic shift and Millennials prefer healthier food. For more on this topic, read Part 19 of the series An in-depth overview of the US restaurant industry. Clearly, McDonald's needs a big turnaround. Management listed some of its initiatives to this effect during its earnings call. We'll look at what they said in the next part of this series.