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Economic importance of entrepreneurship
Economic importance of entrepreneurship
Economic importance of entrepreneurship
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Introduction
A company aiming for profitable growth and long term success begins with the end in mind. This company started up with a clear vision on what they wanted their business to accomplish in the future. Hero Certified Burgers is a very well rounded Canadian owned business. This report will outline the company’s success and what makes their food more preferable than other various fast food restaurant competitors.
Goods and Services
Hero Certified Burgers (HCB) is a quick service restaurant franchise chain that operates in Canada. Their main goal is to sell all-natural, fully-traceable 100% Canadian Angus beef from reliable Canadian partners. All cattle used in their products have been raised in the finest way without additional
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antibiotics or hormones. The birth of HCB was with the intention of giving consumers high quality food. Therefore, the menu contains a vast variety of different burgers and sauces. Customers select their preferred choice of protein (meat), bread, cheese and toppings and then sides/extras. Apart from the main course, desserts and drinks are also offered. Alongside the goods sold, their food service trucks are very well known and convenient during public community events. Chefs and cashiers make up an enormous part of their business as well. Not to mention, their free and high speed wifi which is included amongst their services. Customers who use the “Grabb” app can pre-order and pay using their smartphones, eliminating the need to wait in line. "We have always focused on providing the best customer experience to our patrons," said Carlo Lucia, Director of Operations, Hero Certified Burgers. Target Customers Clientele of all ages qualify as consumers to this versatile business.
The reason Hero Certified Burgers are infinitely successful is due to the fact that they cater to everyone's desires with their innovative …show more content…
ideas. Needs and Wants Hero Certified Burger meets the requirement of fast and high quality food. Most fast food restaurants receive complaints for the conditions their meat is produced in. However, HCB is proud to disclose the exact roots of all their food. While they are known for their Canadian beef, tons of alternatives are included in the menu. They are frequently looking at what their consumers want. An example of this is their new introduction of gluten-free options and also their Halal meal options. They also use a lot of advertising techniques to attract customers, the biggest being their pop machine. If people don’t come to eat, they’ll sure enough come to try a drink mixture. To keep customers interested, they present different limited edition specials several times a year. By doing this, more people of different ethnicities and backgrounds are encouraged to pay their restaurant a visit and try their food. Economic Resources Natural resources are practical raw materials that we get from the Earth. They occur naturally, meaning humans cannot manufacture them. Instead, we use and convert natural resources in ways that are beneficial to us. Some examples of natural resources that are used by HCB are water, tomatoes along with other vegetables, potatoes, oil, cheeses, the land the restaurant is on, and many more. Human resources are people, and human resource management is the process an organization undergoes to designate people in a particular order to achieve its goals. Examples of human resources used in this business are chefs, cashiers, custodians, managers and other employees who run the business. Capital resources are the machines, man-made tools, or locations used in the manufacturing of goods. Capital resources can be any piece of equipment, or housing facility that is used by HCB over an extended period of time. Some examples of capital resources are stove tops, grills, silverware, pots/pans, tables, chairs, counters and most importantly the restaurant building. Supply and Demand Supply and demand is one of the most fundamental concepts of economics and it is the backbone of a market economy.
Demand refers to how much of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. In other words, supply is the producer's side of the market while demand is the consumer's side.
A decrease in costs of production is one of the countless factors that affect the supply of Hero Certified Burgers. When the production costs are low, this allows HCB to supply more at each price. In addition, an increase in the number of producers or a related good such as beef, will cause an increase in supply.
As there are multiple factors that affect the supply of HCB, there are also various factors that affect the demand. The first being advertising, which would fall under awareness. When more people are aware of the goods posed by HCB, more people will purchase them. Advertising can increase brand loyalty to the goods and increase demand. The second factor is quality. HCB offers exceptional quality goods and services, which most definitely affects the demand. Lastly, an increase in disposable income enables consumers to afford HCB. Similarly, if our economy is in recession, the demand for expensive foods will
decrease. Business Ownership Hero Certified Burgers is a franchise business. Which means they are a business in which the owners sell the rights to their business logo and name to third party operators, called franchisees. They offer 10 years of Franchise experience in the Toronto and GTA marketplace. The first franchise was opened up in 2003 with a clear vision. After 10 years and 60 different locations, HCB has become one of the most popular burger spots across Ontario. Type of Business HCB is one of the fastest growing quick food service companies. Their main goal is to maximize and generate profit by selling and serving their food. This is a specific type of restaurant which includes its fast food fare and minimal table service. The food is not formally served by waiters but are given in trays by cashiers at the front. Quick service restaurants in general have the priority of getting their food to their customers in the least amount of time. Many have chain restaurants with franchising opportunities, like HBC themselves. Corporate Social Responsibilities Hero Certified Burger pays a lot of attention to providing a fair and safe working environment for their workers. In order to be environmentally responsible, they look past their food products for innovative answers. For an example, their way of packaging their burgers/fries in a “Magic Bag ™” which is made from 100% recycled material keeps food warm while staying eco friendly at the same time. As a business, they are also extremely socially aware and do their best in actively supporting the community and various charity events. Some charities they have supported are “Relay For Life: Canadian Cancer Society” and “Prostate Cancer Canada”. International Elements Although HBC is not entirely an international franchise company, it is taking the “all- natural” approach across borders slowly but surely. They have developed a strong association with top national and international brands such as Arla, Cavendish, Coca Cola and Heinz Ketchup. The company is also remarkably proud to be the official burger of Toronto Maple Leafs and Marlies. Conclusion In conclusion, Hero Certified Burgers is a well known, and a very successful franchise business. We all await more from HCB in terms of their products and locations in the near future.
...rted In-N-Out Burger where their philosophy was simple “Give customers the freshest, highest quality foods you can buy and provide them with friendly service in a sparkling clean environment.”
Perman, Stacy. In-N-Out Burger: A Behind-the-counter Look at the Fast-food Chain That Breaks All the Rules. New York: Harper Paperbacks, 2010. Print.
Marcus thinks the Brooklynn Burger could be the golden goose for the company because they can hopefully get the product into the grocery stores around the country. Marcus also thinks that the concept of the Brooklyn Burger is a real winner to the company because it has a very efficient manufacturing process.
November 15th 1969, in Columbus, Ohio, was a very phantasmagoric day in Dave’s life. He opened his very first restaurant naming it after his little baby girl, Wendy. He expected nothing more from his little family owned restaurant, but Dave decided to approach fast food in a different angel. On November 21st 1970 he broke new grounds by opening a new feature, the pick up window. Now he could do twice as much business at the same time. This idea expanded to all of the quick service industries. Over the next thirty ones years, Dave opened up over five thousand Wendys Restaurants, not only in the United States but in twenty-seven other countries around the world. With competition rising among other fast food places, such as McDonalds, Burger King, and Arbys. Promotion would be one of his great ideas (Wendys Web Page).
This report will provide about world famous hamburger brand “McDonalds”. The business started in 1940 at San Bernardino, California. Now, it became world largest scale of hamburger fast food restaurants. Their principles of modern Fast food restaurant was originated from “Speedee Service System” in 1948. We can observe many of McDonalds logo very easily especially in mall or city area. Their main selling items are hamburgers, French fries, chicken and breakfast items. Not only these items, they are expanding their menu such as smoothies, salads, fish and wraps. As they provide various choice of menu. They can attract more customers. McDonalds serves around 68 million customers daily in 119 countries across 35,000 outlets. In 2012, the company showed annual revenues of $27.5 billion and profits of $5,5 billion. In addition, according to BBC report, the company is the world`s second largest private employer behind Walmart. The McDonalds provide not only indoor services, they also provide other type of services such as Drive-thru which allows customers to buy and pay in the car without getting off from it.
Overall, In the fast food industry, Chick-Fil-A and McDonald’s do seem to be on the opposite sides of the spectrum when it comes to the cost of the food, the quality and nutritional value of the food, and the service each customer receives when visiting. It seems that Chick-Fil-A comes out on top in all three categories because they go above and beyond in everything they do no matter if it is the cost of the food or the great service they are providing to their guests. That is why Chick-Fil-A is growing around the Quad City area and is becoming number one in fast
McDonald’s and Burger King is one of the growing fast food organizations in the United State, and around the world. The two fast food is well known for it’ success because of the taste in burgers, fries, and other beverages. These two companies came from nothing to something. They work hard to make sure people enjoy the food, have good customer’s services, enough employees, strong committed managers, investors, and a well-organized team for the production of the company. Both companies have just the right amount to fill you up. They are some worth cheap from a dollar menu up to ten dollars. The two companies also see the need for the welfare of children by installing fun games in the building, and a yearly round games for all age group. They
According to Strategic Brand Management, “ a brand audit is a comprehensive examination of a brand to assess its health, uncover its source of equity, and suggest ways to improve and leverage that equity,” (Keller, 2008). Burger King will benefit from a brand audit because it provide new insights into brand strengths and weaknesses, growth opportunities and develop a strong competitive advantage in the fast-food industry.
Another strength is Burger King’s franchise development having 90% of its restaurants franchised. The franchise concept allowed the company to grow with minimal capital expenditure and receive royalties and fees. Burger King went above and beyond and created a new model of its restaurant to attract mo...
"Localized menu, delivered with precision quality at a price that works. One other trick they have used very effectively is an entry level ice cream which fuels the ability for consumers who might not ordinarily be able to afford to become a customer." The kind of customers McDonald 's attracts in India is very different from other countries. Adapting McDonald 's for the uniquely Indian market was a big expense when they started, for example: there was no lettuce supply chain in India and most people used cabbage on burgers- so they had to set it up from scratch and the infrastructure is also now becoming a local venture. They took apart the concept of the burger and piece by piece every component is now made locally as well as all the kitchen fabrication. The refrigeration, chillers and freezers and furniture are also made locally and in most cases their global suppliers have worked with local businesses to make that happen. They want to take it further and their current challenges are to make fryers locally. While recent weakening of consumer spending has seen a slowdown in sales, overall they have managed to grow same-store sales by 200% and are still not done. The plans are to open another 1,000 restaurants in the next decade since India’s
· Hardee’s that continually introduce new items in the menu and join the price-promotion burger wars
Furthermore, while many types of businesses, including food business, are expanding, prices across the board have been rising resulting in the current high rate of inflation. In case of the inflation rate below the growth rate, the market price of material resource may be higher in the short-run which can force the price of dairy product to rise and thus lower the demand.
Their low cost menu strategy has been effective in driving customer traffic and benefits customers through its low cost options. McDonald’s is also a pioneer in fast food restaurant chain; it takes the advantages of entering new markets around the world and this has equipped McDonald’s with largest market share. However, McDonald’s has problems providing unhealthy food and high employee turnover rates with workers’ strike (Fox 2012). Many years until now, McDonald’s has been recognized as fast food restaurant providing junk food as burgers, fries; and they were accused of causing obesity disease and many other diseases for people today. McDonald’s has been changing their menu many times by reducing calories, adding healthy food options such as salad, fruit and milk instead of providing fries, sodas in their standards meal. However, they haven’t successful at attracting customers with new healthier menu because it’s hard to make customers change their perception about McDonald’s nature. Besides, McDonald’s is also affected by operational risks; it has to face with labor strikes by its workers relating to the right of employees, increasing minimum hourly wages plus more pressure on workers. Furthermore, one of the biggest problems that McDonald’s menu is too complicated because it contains too many options for customers to
Burger King uses a dispersed configuration for day to day operations as the majority of their restaurants are franchises with local suppliers. Yet Burger King Headquarters uses a concentrated configuration for marketing and development of products, as well as pricing. This centralization of marketing assists all franchises worldwide and provides the greatest value for the company, but the direction of available products and pricing has proven detrimental to the overall success of the firm. An article on CNNMoney.com describes the failure of the $1 double cheese burger to stimulate sales and how a number of franchisees filed lawsuits against the headquarters due to being forced to sell the double cheese burger at less than cost in order to boost revenues for the headquarters and shareholders and not the franchisees.
The law of demand and supply, and the factors affecting demand and supply will be covered by using the binge drinking situation in this report.The concept of demand and supply is building block of market dynamics. The concept of demand says that as the price increases, the no of quantity demanded decreases. While the concept of supply says that with increase in price of goods, the supply of quantity of goods increases.