Truett’s model for selling his franchises is unique for the industry. Instead of requiring candidates to commit to purchasing several restaurants in a region and requiring the candidate to pay high prices up front for rights, buildout and equipment, Truett assumes most of the financial responsibility. He feels this is important in order for him to cast a wide net in his search for prospective franchise owners. In 1964, the buy in price to own a Chick-fil-A franchise was $5,000. Today the price remains $5,000.
P4 Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy. Market research is a key factor to maintain competitiveness over competitors. Market research provides important information to identify and analyse the market need, market size and competition. A marketing plan may be part of an overall business plan.
Because the Food and Drug Administration regulates the claims made about foodstuffs, these companies are forced to be creative and come up with witty advertising techniques. In this advertisement for Oscar Mayer bacon, the advertisers use a specific color scheme, skillfully selected words, and a cleverly orchestrated setting to convince the consumer that Oscar Mayer bacon is delectable and superior. Yellow and red are the two most prominent colors in the advertisement. These colors are commonly associated with hunger and a desire for food in the Western world. A prime example of this color usage is the colors of McDonald’s fast food restaurants.
The company will have to forge alliances with partners to participate in the loyalty program which will affect the sales department as well as upper management. Operational The loyalty program should be functional during the times that the company is open for business. It should passively collect customer data as customers swipe their loyalty cards during transactions. The system should make reports available to management so that they can focus on reducing the cost of orders and stock-outs while increasing customer purchase behavior with targeted offerings.
Running head: PROBLEM SOLUTION: KUDLER FINE FOODS Problem Solution: Kudler Fine Foods University of Phoenix MGT/521 Management Problem Solution: Kudler Fine Foods Kudler Fine Foods is a premier gourmet grocery store for shoppers searching to buy the finest meats, produce, cheeses and wine. Kathy and the company’s management need to take a step back to analyze the stores’ strengths and weaknesses to ensure success in any future expansion plans. Situation Analysis Issue and Opportunity Identification Kudler Fine Foods has several issues they should address in their stores before implementing any expansion plans as outlined in Table 1. One issue is 12% of perishable goods being thrown away or donated to charity
Demographics and Psychographic, both help explain the customer in general, and what he or she is looking for in the business. The importance of completive intelligence was explained. Knowing what the competitor is offering and how to find this information out is important to any
Marketing research is important in the development of Kudler Fine Foods’ marketing strategy and tactics because it provides information that they can use to create a long-term business plan. For example, through marketing research Kudler Fine Foods can gain concrete information on how their customers feel about their product and services. They can then use the information they gathered to make adjustments to their business plan so it provides them with a better chance to meet their customer’s wants and needs. Without the information that is provided from marketing research Kudler Fine Foods would have to rely on conjecture in relation to the steps that they should take in developing a market strategy. Marketing research takes the guess work out of being able to provide products that their target market desires and provides information about what type of product changes are needed to increase their
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.
Other such businesses are J. C. Whitney Auto Parts and Kentucky Fried Chicken. Unlike other chain auto parts stores such as Auto Zone, J. C. Whitney focused on hard to find or discontinued parts. Their clientele consists mostly of auto restorers, and those who hate to part with their “old Betsy” and continue to repair it rather than buy a new vehicle. One example is being able to find a headlight for a 1937 Ford if you need it. Kentucky Fried Chicken started much like the Urban Outfitters.
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,