Wannaburger Restaurant - Assignment Example

?Wannaburger Restaurant Case Study Wannaburger Restaurant Case Study All businesses have to make an approach towards establishing an improvement in their performance. However, not all approaches are successful in enhancing a business. For example, the approach that is used should be measurable. This ensures the business can make the appropriate changes in ensuring they reach at the forecasted results. However, neglecting the measurement of all the objectives will not likely give the required performance. For example, when a business wants to improve in its sales, it should give a measurement on the planned improvement (International Institute of Business Analysis, 2005). Leaving out this particular aspect does not give an approach that will be instrumental in the improvement. Therefore, there is a need to look at measurable objectives before stating an approach in solving the incumbent issues. In this case, Wannaburger restaurant wants to make an improvement in its performance since the situation is not appealing. Therefore, it has to make succinct approaches in ensuring it has achieved what it wants both in the long term and in the short term. This is an approach that will guarantee better performance in terms of offering its services and products to the market in need. Therefore, the business has to put its focus on the best approach that will increase its performance (Palepu and Healy, 2007). For example, the business has to make use of a better marketing mix that will attract a larger part of the market in demand for its products and services. Attracting a larger part of the market guarantees that the business will have an increase in the turnover. This means that their products will be highly demanded by the market (Hay, 2003). This will directly reflect an influx in the revenue of the business as it will garner more sales. This will in the end give a positive result on the profitability of the business. First of all, the business has to look for ways of enhancing its product. Most of the people in the market only appreciate the product and services that are offered. The market does not look for other aspects that are involved in the business and this could affect the business. For example, when a market is attracted to the quality of a product or a service, they will continue using the product or service due to its quality. When the quality of the product or good is enhanced, the product or service will attract an even larger market. Therefore, enhancing their product is one of the aspects that should be considered. For example, when the quality of a product deteriorates, the market is likely to look for alternative products that have more quality (International Institute of Business Analysis, 2005). As such, the business is likely to loose a number of its esteemed customers due to deteriorating quality of products. Therefore, if the business wants to give a positive performance in the market, it should look forward into improving its products and services that are offered to the market. This will attract an even larger market in need of its products and services. In addition to this, the business should look at its competitors. When competitors are making an improvement in their businesses, other businesses have to take the same route. This is due to the attraction the business poses to the market. With improved service and product delivery, the business is likely to attract a larger part of the market. The second aspect that should be considered in plotting a solution inn this scenario is the bordering market. At times, market expansion improves the performance of the business. For example, the business is likely to record an increase in the number of people that are allied to the services and products that are sold by the business (International Institute of Business Analysis, 2005). Therefore, this is a considerable approach that should be taken by Wannaburger restaurant. Apparently, an approach that would be used in this aspect is enhancing the market that borders the business. The business should be centrally placed in the market and it has a larger market is its surroundings. This is a positive attribute that should be exploited. The Solution Finding a solution for such a problem is not an easy task. It requires gathering information and evaluating the results that are gathered from the market. Therefore, when providing a solution for Wannaburger restaurant there is a need to evaluate the current situation in ensuring the solution that is given is practical (Palepu and Healy, 2007). First, there is a need to look at the financial position of Wannaburger restaurant and the amount that can be used in improving the business. If the business has enough resources that can be used to improve its performance, then the solutions that will be given will be achieved. For example, if the restaurant needs to establish a new branch in the central business district, it should have enough resources for such. Secondly, the business should be prepared to make a massive improvement in the quality of its products (International Institute of Business Analysis, 2005). When the quality of products improves, there is a high possibility that a larger part of the market will appreciate the services and products that are offered by the restaurant. Thirdly, the stated solutions must be measurable. The solutions should look towards establishing numbers in measuring the improvement in the business. To begin with, the first solution to the business is improving the quality of its products. When conducting a SWOT analysis on its product, it is explicitly seen that the business will mark an improvement. To begin with, the quality of product will have improved, which is an internal strengths. As such, the value of the product will have immensely taken an improvement. Secondly, this will be an opportunity to attract the market that has never had high quality products. As such, many people will be attracted to the business in demand for its products and services. There is a steady market that is demanding high quality products and services and they will demand these products and services once they are introduced in the market. Apparently, this will also be a boost in that customers and the market will feel the value for their money in the products and services (International Institute of Business Analysis, 2005). With such an improvement, the business will make a positive impact in product and services delivery. In addition to this, the business will have an added advantage over its competitors. The competitors have not considered using the new ingredient that is in the market. Therefore, using such an ingredient is likely to boost the business. Though the business would make a positive impact in delivering products and services of high quality, there are some issues that should be considered. First, there will be a weakness in the pricing. The market at times does not welcome new pricing on some products and services that have been in the market for quite a while. Therefore, when the business is improving the quality of the products and services, it will not be an easy task in changing the prices of the products and services. As such, some customers will be affected. This might force the business to maintain its previous pricing, which could cut on its profitability. Similarly, there is a threat in this aspect where the competitors are likely to copy this solution and start offering products and services that are of the same quality. Apparently, the competitors could take a more preferred ingredient and use it in production. This will taunt the business as it is likely to face stiffer competition. Defining Business Case The approach that is used in solving the scenario is likely to give positive results. However, the business has to be defined especially in the way the results will be achieved. To begin with, the business is likely to use more resources in production of high quality products and services (Palepu and Healy, 2007). Therefore, there is a need to look at the pricing. Since the market does not need to spend more on the products and services, the business will have to maintain the pricing. Though the profitability levels will be low, there is positivity in this aspect. In countering this, the business could use the “scalping” aspect where it gets minute profits but on a massive sale of individual products. This will still heighten its profitability index. Apparently, maintaining the pricing level is likely to create a shift in demand where the people will have to demand more (International Institute of Business Analysis, 2005). Another way of defining this approach is by maintaining the pricing of the products but slashing the quantity. When the quality of the product is reduced, the expenses are likely to reduce in terms of offering each product or service to an individual consumer. As such, the restaurant will sell more items to the market. This will still heighten its profit levels. In conclusion, the business is likely to be defined by two scenarios. First, there will be low profits in the beginning but they will increase as business grows. This is due to the establishment of the business in a new market and with an improved product. The market will need time to test and evaluate the product. After evaluating the product, the market will stabilise its demand for the product. As such, it will be prepared to keep consuming the product. The second scenario is defined by economies of large scale as business grows. After initiation of the business, the business will start increasing its sales as the market increases. This will be a steady rise as the market increases its demand for the products and services of the business. Therefore, Wannaburger restaurant will increase its establishment in the market by making high quality products and services. References Hay, D. C. (2003). Requirements analysis: From business views to architecture. New York: Prentice Hall Professional. International Institute of Business Analysis. (2005). A guide to the business analysis body of knowledge (BABOK guide). Toronto: International Institute of Business Analysis. Palepu, K. G., & Healy, P. M. (2007). 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