customers in their mind and try to anticipate how these will develop so that they can meet these requirements effectively now and in the future. To help understand their customers firms are increasingly trying to gather information on them through mechanisms such as loyalty cards. By gathering data on shopping patterns and matching this to data on the individual shoppers firms can build up detailed pictures of their buyers and then offer them appropriate deals.
Competition: The success and behaviour of any business will depend on the degree of competition in its market. In some markets one firm is dominant. This is called a monopoly. If you are in a monopoly position this may allow you to exploit the consumer with relatively high prices (assuming your position is protected in some way) and you may be able to offer an inferior service if customers have no other choices. In other markets a few firms dominate; this type of market structure is called an oligopoly. In oligopolistic markets there is a high degree of interdependence and so firms will think carefully how their rivals might react to any actions they take.
Key Stakeholders, Their Needs & Expectations:
Key stakeholders of a business are:
Employees
Customers, suppliers and contractors
Shareholders
Investors
Communities
Government
Employees: are the major stakeholders of a business as they are strongly linked with the business. They want to work in a place where they can meet their personal needs and wants. Leaders who create job
assignments, work environments, and visions help employees be both competent and committed to their work.
Customers: want leaders to build compelling products and services so that they can trust and when they do, customers will give share of wallet. Customers are key to sales. Especially in fast food industries like Burger King, we ( employees ) have been instructed to focus on quality service and food. Customers should be satisfied at any cost because without them, business is nothing. Suppliers and contractors want their loyal concern with payment of goods and profit respectively.
Shareholders and Investors: are those who bought company's share and are part of ownership in the company. They are concern with maximum outcome in terms of cash from profit. Investors are those who invest their money into the business as capital to earn their share from the profit. Investors want leaders to keep their promises, develop a compelling growth strategy, align core competencies to the strategy and then to ensure that people are committed to delivering on these premises.
Communities and Government: Communities want leaders to build organizations that are socially responsible, through how they treat the environment and how they serve the larger community. Government are linked with business as to start a business, licence is required and government issue licence. And from the profit gained by a company, a percentage of profit goes to government in terms of tax which is used to build infrastructures etc.
C) SUMMARY:
The Burger King Corporation (BKC) was founded in 1954 in Miami by James Mc Lamore and David Edgerton. Following this, the famous Whopper sandwich was introduced in 1957 and it quickly became one of the best-known sandwiches in the world. Today, with the corporation's brand promise: 'Have it your way'
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