Conceptualizing a Business - Essay Example

?Introduction In the highly fluctuating business dynamics, Fast food restaurants have huge market potential. In the cutting edge business paradigms, the fast food centers provide the professionals and working population with much needed outlet of relaxation from the stress of hectic work schedules. The fast food restaurant at good location, preferably near the Town Center and adjacent to office complex, would be a highly lucrative business. Our customers primarily consist of young professionals and just retired people whose need for social networking would be met by the restaurant objectives. It ensures customer satisfaction by meeting the changing requirements of its customers across geographical boundary. The restaurant was primarily conceptualized in terms of changing paradigms of competitive business in the era of transforming technology and rapid globalization. Its strong vision, mission and value system have helped it to maintain its niche market position even during recessive business environment. It caters to the demands of its customers coming from different demographic segmentation. Indeed, its current success can be contributed to the long term vision of its founding members who had realized at the outset the importance of customer satisfaction. Vision, mission and value system of business The vision and mission are critical elements of success for the business as they provide it with strong motivation to be creative and consistent in its performance (Pierce & Robinson, 2009). The vision and mission of the business can be described as below: Vision Our vision is primarily focused on becoming the best fast food restaurant in the world that is able to meet the challenges of time with exemplary efficiency and unmatched proficiency. Mission The mission statements of our business would reflect its customer centric policies through planned strategic initiatives so as to meet its long term vision. Become the best fast food restaurant and establish brand credibility in the field of food and hospitality services. Anticipate customer’s changing needs and provide multiple services from single window. Grant, (2007) believes that identifying and analyzing changing demands of the customer is a key to the success of a firm. The restaurant would continuously analyze its customer database to meet the changing requirements of its customers. Provide quality customer service that is affordable and facilitate customer satisfaction at all levels of communication by meeting their requirements and demands. Value system Core values of the organization are its major strength that provides it with strong edge to maintain its competitive advantage. Its core values are inherently aligned to its goals and objectives of providing state of the art customer service and quality food at competitive prices. Its value system broadly works within the following precincts of guidelines and strategies: It is committed to diversity at workplace and promotes equity amongst its workforce. Helps create conducive environment and facilitating ambience for its customers cutting across the divide of race, culture, color and nationality. It ensures ethical considerations in its business dealings with all its stakeholders like customers, suppliers, shareholders, investors and public at large. It is committed to accountability in its action, honesty, fairness and integrity within its business operations. It strongly believes in sustainable business practices and encourages environment conservation within and outside its business operations. Strategic business plans The business goals and objectives create value through customer satisfaction. The restaurant would use state of the art technology to provide the customers with ultimate experience of comfort, relaxation and quality product and services at affordable prices. It would take into considerations the need and requirements of the customers through customization of products as per their changing preferences. At the same time, it would ensure that food has adequate nutrition by providing seasonal salads that are organically produced. It would also try to replace aerated drinks by fresh fruit and vegetable juices and soups. For senior citizens, it would introduce ‘good hour’ discount in the morning so that they can enjoy the time with their friends at leisure without worrying about the escalating cost. The midday and evening rush would be met through computerized services at takeaway counters. At the same time, in-house restaurant services would be provided at slightly premium prices. This would help meet the rush while providing the long term customers with premium services within friendly ambience of restaurant. The internal resources would be exploited to gain leverage against the industry rivals like McDonald’s, Burger King, Wendy etc. The in-house training and development of workforce would improve and improvise performance. It would help understand the changing societal values so as to provide exemplary customer service to people coming from diverse background of culture, race and nationality. Elements of competitive advantage The learning environment within the organization is designed to promote personal and professional growth. At the same time, it would also encourage high standard of ethics by inculcating sense of responsibility and accountability within the broader work parameters for delivery organizational goals and objectives. In the deteriorating environment of values, the organizational efforts towards ethically delivered products and services would significantly contribute towards creating a credible brand equity based on quality products and excellent customer service (Thompson et al., 2006). Hence, its internal resources like brand equity, quality and customer service would become vital ingredients of competitive advantage. It would also constantly strive to fulfill the people’s changing requirements vis-a-vis fast food which meets with their fast paced lifestyle by adopting a rationalized approach in its work culture. It would customize its service to suit the demands of the local community within which it would operate. It would give a distinct edge as socio-cultural dynamics of community considerably influence buying behavior and attitude. Sustainable business practices would help safeguard environment for our future generation and is one of the most crucial issues of contemporary times that influence public thinking. Corporate social responsibility has increasingly become vital part of organizational success. Hence, social consciousness would be intrinsically linked to the diverse business operations. Promoting awareness regarding child labor, environment conservation, education and adult literacy etc. through proactive participation in community development across the globe would be important business agenda. It would be incorporated within the business strategy that would significantly provide the restaurant with competitive advantage. Conclusion The restaurant’s business strategies and vision are extremely important elements of its success. The business’ ability to adapt to the changing environment of social values, advancing technology and preferences of the people would ensure its continued success. The value based services and operations highlight fair intentions of the business that not only give credibility to its long term vision but also ensure niche market position. (words: 1091) Reference Grant, Robert M. Contemporary Strategic Analysis. 6th ed. NY: Blackwell, 2007. Pearce, J. A. II, & Robinson, R. B. Strategic management: Formulation, implementation, and control. 11th ed. New York: McGraw-Hill, 2009. Thompson, A. A., Gamble, J. E., & Strickland, A. J. Strategy: Winning in the marketplace: Core concepts, analytical tools, cases. 2nd ed. New York: McGraw-Hill, 2006. Read More