Eric opened a restaurant 20 years ago in troy, Alabama and named it “Fajitas & More” because of the Spanish style menu, which features sizzling fajitas, nachos, tacos, burritos, and burgers. He has a limited alcoholic beverage selection-beer, wine, champagne, and margaritas. Eric is a certified chef with a culinary arts degree. He specializes in Spanish cuisines, utilizing authentic ingredients to create homestyle dishes. The company does not have a mission statement because he did not think it was necessary for a small family-owned business. Much has changed over the years, when he started the business, he had the only restaurant with his menu within 30-miles radius, New restaurant have opened in the area with similar dishes, such as Santa Fe Steak House and Taco bell. In addition, other restaurants have entered the market with various themes/concepts, such as CiCi’s Pizza, Popeye’s Chicken, and Panda express, The local economy is strong because it is home to Troy University, a well-known university, which employs a lot of people; however, the university provides an all-you-can-eat cafeteria for its students and employees. The unemployment rate is higher than the average town because of the large student population. Students like to eat out but typically have limited budgets. The demographics have changed over the years. The Hispanic and Asian populations are increasing. Additionally, many people are focused on healthy eating and fitness.
The restaurant’s operating hours are 10:00am to 9:00pm, which requires two shifts. The first shift works 8:00am-4:00pm, and the second shift works 3:00pm-11:00pm. Employees arrive at 8:00am to set up and prep and stay until 11:00pm to clean and close the restaurant. It is Monday, and Eric is in his office purchasing food and supplies and preparing the employee schedule for next week. Eric has set time aside for his annual review of the company’s operations to identify problems and develop alternative solutions. A review of last year’s financials revealed the following:
Eric is thinking about the future direction of the restaurant. He has noticed a negative trend in sales growth the last few years. He knows that a sustainable business model requires a target profit of 10%. This is the amount he needs to cover his own salary. Eric is contemplating the appropriate strategic actions to maintain the company’s competitive position.
Identify and discussion the firm’s business-level strategy
Identify and discuss the firm’s corporate-level strategy
Eric is thinking about upgrading his menu to increase his sales. Based on his research , 24 Karat edible gold is a new trend. He thinks the edible gold products would be favorites for celebrations, such as birthdays, wedding, anniversaries, etc. He is thinking about adding the following three items:
Should Eric pursue this strategy? Why or not? Discuss/ explain both the advantages and disadvantages.
Eric considers himself a creative chef. Identify and discuss the firm’s entrepreneurial strategy if Eric pursues the edible gold strategy discussed above.
Eric is approaching retirement, so he needs to hire two people to cover his functions-chef and general manager. He plans to hire a business major first to handle his general management functions/responsibilities. The training should take about a year. The new general manager will hire the new chef after completing the training program. Eric is preparing his notes for the interviews with the job applicants for the general manager trainee position. What should Eric look for (e.g.in terms of knowledge, skills, and abilities) When interviewing the job applicants? This is a crucial decision as the success or failure of the restaurant will affect Eric’s retirement income.
Tips: here is a sample question and format, when you discuss Strategy you need to follow this format!
Identify the firm’s International-Level Strategy.
Answer: An International-Level Strategy (IL Strategy) is an action the firm takes to gain/sustain a competitive advantage in multiple geographic markets, while operating in a single product market or multiple product markets. International-Level Strategies include Multidomestic, Global, and Transnational Strategies. The Multidomestic Strategy assumes __________. The Global Strategy assumes __________. The Transnational Strategy assumes __________. This firm is pursuing a _______ strategy because __________.
Explanation of answer: Note that I started with the definition. Next, I indicated the types of IL Strategies. Third, I discussed the different IL Strategies. Fourth, I indicated the specific strategy discussed in the scenario (or applied the strategic concept within the context of the scenario). My answer provides the basic framework. You must develop your answer based on the scenario and knowledge of the strategic concept(s).
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