McDonald's is hosting an investor day as its U.S. business struggles. Here are 4 things to expect

McDonald's is expected to share more details about its new strategy to win back diners at its investor day on Wednesday in Chicago.

The company unveiled its new global growth plan, called McDonald's > NEXT, in June at its biennial worldwide convention for franchisees. Pillars of the strategy include a new restaurant design, better-tasting food and drinks and consumer-led innovation. But executives have otherwise offered few details, holding back until Wednesday's event.

Nearly three years after McDonald's previous investor day, the presentation comes after McDonald's U.S. business disappointed in its most recent quarter. The chain's same-store sales increased just 0.8%, and traffic to its restaurants fell.

CEO Chris Kempczinski said that the problems were due to shortcomings in execution, like a mixed implementation of its value offerings, rather than issues with the chain's overall strategy. Skye Anderson, who was tapped as president of McDonald's U.S. business in the wake of the weak quarter, will likely speak on Wednesday.

Kempczinski, Anderson and the rest of the McDonald's executive team will have to win over investors, who are increasingly skeptical that the fast-food giant can win over diners in the near term.

Over the past 12 months, the stock has fallen 18%, dragging McDonald's market value down to about $175 billion. The S&P 500 has climbed 16% in the same period, as optimism about artificial intelligence has offset concerns about the financial health of consumers.

Over the past two years, value has become all-important to restaurants, which are competing over a smaller pool of customers who care about both price and experience. While chains like Taco Bell and Chili's have thrived, McDonald's has struggled recently as its value offerings got lost among its other promotional messages.

Plus, its franchisees have pushed back against discounts, which grow sales but eat into operators' profits, especially as high beef prices raise expenses. Only about two-thirds of McDonald's U.S. franchisees implemented its recent "under $3 menu," executives said in August. For its part, McDonald's lets franchisees set their own prices, but the company assesses how operators' menu prices help deliver value.

Analysts expect that McDonald's will continue to emphasize value, and franchisees' cooperation will be key to its success.

"We expect MCD to use this event to make it clear to franchisees that adherence to pricing recommendations will be a key factor in evaluating agreement renewals," Citi Research analyst Jon Tower wrote in a note to clients with his investor day predictions.

Tower also cut his price target for the company to $310 per share from $345 a share, citing investor concerns about franchisees' buy-in for the company's overall strategy.

Besides value, McDonald's is also looking to attract diners through menu offerings with elevated taste and quality.