The risks of failure can come from many different reasons, such as “changing demographics, accommodating the unrealized demand for new services and products, market consolidation to gain market share in selected regions, and realignment of the product portfolio that requires selected unit closures” (Parsa, Self, Njite, & King, 2005). The ever-shifting trends can also be a risk to a restaurant if the trends move away from the concept of the restaurant. Market saturation of restaurants can also be detrimental to a business, if there are too many business’s in the area serving the same style menu as you, then you could lose out on a lot of potential customers in the slew of competition (Scott, ). Poor management is another reason a new restaurant can fail. This includes poor planning of labor and ordering of inventory.
Sixth, Jamba Juice could partner with a gym, or other type of fitness center in an effort to reach a more nutritionally-minded, athletic market segment. Threats: First and most importantly, there is a high threat of consumers backward integrating and making their own smoothies. Second, other smoothie competitors could cut their prices or innovate new products and steal some of Jamba Juice’s market share. Third, potentially, raw material prices could unexpectedly increase due to a variety of environmental or business factors Fourth, fairly stagnant market demand and low barriers to entry could lead to new entrants entering and stealing market share. Fifth, the changing economy may leave consumers with less disposable income, which will result in a decline in the sales of Jamba Juice.
For industry information, the franchise would need to analyze and see what the trends are of fast-food chicken. The trend is going up and will continue to rise because of the bold flavors of the food and with technology being the new norm. With the trend increasing, this is one reason that investing in a Popeyes franchise will be
Does it clearly answer the question: What do we want to become? Yes The Vision statement stated what the company wants to become basically on all aspects such as in terms of image, customer and employee relations. However, the measurability of the Company’s Vision is not incorporated within the statement. Is it concise enough yet inspirational and motivating? Yes The Vision statement is generally concise enough since it uses fewer words and the different components were expressed in phrases.
However, the biggest challenge that stood along the way was insufficient capital and lack of resources to start up the business, and there were concerns about the quality of the initial services. In this regard, the restaurants had to provide quality food at affordable prices while at the same time focusing on making profits. Possibly, there are different ways of addressing
A mission statement defines the company purpose. The mission describes the purpose of the company business, what the company stands for and address the needs of the customers, employees, stakeholders, their suppliers and community. A successful mission statement should be both engaging and memorable. Wal-Mart Vision Statement Wal-Mart original mission was to save their customers money. Their current mission is not only important to their customer but to their employees around the world.
From the restaurateurs' perspective, digital menu boards, flat screens and in-store signage will be critical marketing tools. It opens a new era for take-out foods. Even though they don’t use much technology in cooking process but applying a lot of currently technology is one of their strength. There is no product technology or research and developments occurs which can make a real difference in the products they offers. But it has a secret recipe, which separates its fried chicken and other foods from other fast food providers and attracts more customers.
QUESTION 1 Explain why organisations should have a clear corporate purpose. (25 marks) Once upon a time, many companies used to lay out their corporate purpose for their operations only in compliance to a fiduciary requirement arising from their incorporation. Over time, the term “corporate purpose” has come to be more widely used by companies. The writer is going to explain why organisations have gone “beyond compliance” and have a clear corporate purpose. Terms to be defined “ corporate purpose” Definition of terms Mazutis et al (2015:9) defined corporate purpose as: “ a company’s core "reason for being.” It is the organization’s single underlying objective that unifies all stakeholders and embodies its ultimate role in the broader
Challenges/Resolution The two main challenges our company could face are attracting and retaining customers and job satisfaction. According to Tracy McAllister in her article “The Top 5 Challenges New Small Businesses Face”, attracting and retaining customers is one of the five top challenges new businesses encounter. In order to handle this challenge, we are offering commodities and dishes other food trucks do not offer. As a result, customers would be attracted to visit our food truck and our rewards program will motivate them to visit again. On the other hand, food trucks are not the most comfortable environments to work.
The restaurant may make up for pricing differences by offering better customer service, higher quality ingredients, a more engaging dining atmosphere or extra services as children's entertainment, live music, disco. It is better to find ways to set the restaurant apart from the competition. Pricing can play a big role in that strategy, but it needs to be backed up with some