Entrepreneurial Leadership Yashiqua Jenkins Prof. Victoria Figiel BUS508 –Contemporary Business Strayer University October 28, 2012 An idea is all it takes to ignite the process to start a business. To find a need of the people for a particular product or service and expand on it in order to make a profit is what many entrepreneurs do to start their company. A perfect example is the formation of Five Guys Burgers and Fries by the Murrell family. Their desire to focus on providing the consumer with quality burgers and fries have led them to be very successful in a short amount of time. This paper will determine how Five Guys’ philosophy sets it apart from other fast-food chains.
Jaeger and Macfie (Jaeger & MacFie, 2010) states, ‘if a product is personally relevant to consumers, they are more likely to become involved in gathering information about the product and with the product itself’, this level of involvement is measured as high or low. Therefore, the involvement theory is the understanding that consumers will go through certain ‘more or less’ (2003) activities when making purchase decisions. McDonald’s ‘build your own burger’ campaign strategy further enhanced the level of involvement the consumer had with the product compared to what they were used to. However, whether consumers perceive McDonald’s as more ‘feasible exchange partner’ (Dwyer et al., 1987) compared to other options or not, was determined by whether the customer’s experience with the online platform, was a positive or negative one. Forming a relationship with the consumer actively reinforced a positive experience with the McDonald’s brand, and
Solution and Suggestion 11 4.1. Strength of Family Firms……………………………………………………………………13 4.2 4P Strategies……………………………………………………………………………………….13 4.2.1 Place…………………………………………………………………………………………………13 4.2.2 Product, Price, Promotion 15-17 1. Executive Summary 1.1 Fast food industry in United States facts The hamburger most likely first appeared in the 19th or early 20th centuries. The modern hamburger is a product of the culinary needs of a society that was rapidly changing due to industrialization. In America’s history, the hamburger has come to represent patriotism and festivity.
Advertising of fast food keeps costumers wanting more and more. Anytime costumers see the satisfying sandwich, instantly their mouth waters for the taste of it. Local grocery stores and convenient shops have ads and coupons from the local fast food franchises. The coupons increase the costumers appeal to the restaurant because of a possible discount and full belly. The situation is very ironic because the grocery stores with nutritious food advocates for fast food restaurants that are, in context, competing with their sales.
Lastly, a well-known and respected brand name can indirectly be a important factor of success through word-of-mouth. 2. What does a SWOT analysis reveal about the attractiveness of Panera Bread’s situation and future prospects? Some of the strengths Panera Bread has is that it serves its customers fresh bread that arrives daily to the cafe. Also, it uses all natural ingredients in its cooking so customers think they are getting a better value along with eating healthier.
In terms of fast food restaurant life span, even twenty-five years in business can seem like an eternity. In an article published in the New York Times, it was reported that instead of advertising heavily, franchising or redesigning stores, White Castle relied on a simple menu of a square little hamburger that die-hard fans would buy by the bagful and devour in one sitting (Siler, 1988). Although the article was published in 1988, much of White Castle’s promotion has remained the same. This paper discusses a number of strategies that have contributed to the sustainability of the White Castle’s hamburger; identifies the intangible aspects such as crave times and company culture which has contributed to the company’s growth; and discusses the marketing strategies that have contributed to the product’s lengthy life cycle in the fast food business. In an article in Investor’s Business Daily, it was revealed that one of the keys to White Castle’s success has been the company’s ability to keep family in management positions.
Their mission is to be their customers’ favourite place and thing to eat, and too improve their operations to provide the most delicious fast food that meet their customers’ expectations (CITE). The international campaigns that McDonald’s use are made to increase the popularity and sales of their products. How does McDonald’s use rhetorical appeals in their advertisements and restaurants to gain popularity and higher sales values? This can be shown by a series of approaches such as ethos, pathos, and appeal to authority. McDonald’s is one of the most common fast food
The company is world-renowned for its golden arches, and a varied menu that includes the Big Mac, McNuggets, and other well-known food items. The restaurants are operated by the company or by independent owners under franchise agreement. The company’s main competitors (in order of sales) are Starbucks, Wendy’s and Burger King, (McDonald’s, 2012). McDonald’s continues to build its brand and stay competitive through the use of marketing research. Specifically, the company strives to identify and understand customer desires in a constantly changing environment so that it meets those needs better than the competition, (The Times 100 Business Case Studies,
3. Why do you think In-N-Out Burger has an estimated 20% profit margin while McDonald's reports a 6% profit margin? I think In-N-Out Burger has a bigger profit margin than McDonald’s because In-N-Out has a simple menu and McDonald’s changes theirs frequently. In-N-Out has also been run the same strategic way since its opening, while McDonald’s changes it strategy and marketing frequently. In-N-Out also seems to have a more customer loyalty basis, while McDonald’s seems to be just a pit stop fast food joint and is known to not be fresh and gross.
McDonald’s vs. In-N-Out The rise of the fast-food industry has changed not only what Americans eat but also how their meals are prepared. According to Time magazine, over 25% of Americans are eating fast-food two or more times a week. Two popular choices for fast food dining are McDonald’s and In-N-Out restaurants. With one of them just a few blocks or a few miles away it does not take much to fall into temptation and grab a fast meal. Eating at a fast food restaurant is inexpensive, fast, and convenient for many Americans.