Burger King is changing everything, and it's about time that it does. Wendy's surpassed it at the end of last year, and it has been completely left in the dust by arch rival McDonald's.

Bill Ackman's wittily titled presentation, "Justice is a dish best served flame broiled" outlines the rebranding process Burger King is counting on to turn things around.

The main goal is to make the brand more appealing to a wider demographic.

Previously, Burger King put all its energy into targeting 18-35 year old males, but they only represent only 17% of the fast food market.

Menu — New salads, wraps and smoothies were developed to attract more females. Meanwhile, it's revamping its core items, like fries and soft-serve. Fries are a major concern for Burger King because it's the second biggest "brand attribute gap" between it and McDonald's.

burger king

Bill Ackman

Burger King's old image and its new image.

Marketing — Burger King's old marketing tried to attract young males with humor and its King mascot. Now, it's going for a broader audience with a food-focused message.

Image — It's reimaging 40% of the chain's U.S. stores in the next three years to match its shift in marketing. That's the fastest reimaging of any major chain in the country.

Operations — Behind the scenes, Burger King is restructuring its U.S. teams and increasing its mid-level management so that operations can work more closely with restaurants.

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