Management Fundamentals

Business

Quiz 4 :

Strategic and Operational Planning

Quiz 4 :

Strategic and Operational Planning

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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. Are both goals and objectives necessary for a business?
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A goal is a desired result a person or organization envisions and plans to achieve with in a specific period of time. It refers to what one is totally committed to achieve as a business owner. Where one want to be in six months, one year or more.
Objectives are stepping stones which guide one to achieve the goal. They are quantified steps between the current state and the goal.
Setting goal is only the way to the direction a person or an organization wants to move but to achieve its objectives are needed. Therefore these two cannot rest in isolation and needed together for an organizational success.

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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. Should a mission statement be customer-focused?
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Mission statements are also called 'Customer Charters'. Mission statement is the first step towards making any organization. A mission statement serves as a guide for day to day operations and acts as the foundation for future decision making.
Customers are most important people for any organization. Success of any company depends on them. All strategies, rules, policies or procedures should be made such a way that the emphasis should be on consumers. Mission statement is also not an exception. It is better for a company to design mission statements in such that the customers feel attached to it. It must not be the case for all organization like a political party, who are not consumer focused. But any company that is offering products and services directly to the consumers should emphasis on the consumer and hence can have a mission statement that is consumer focused.

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When Dunkin' Donuts founder William Rosenberg opened the first Dunkin' Donuts, he had a simple philosophy: "Make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores." This philosophy still holds true today and is the foundation that has enabled Dunkin' Donuts to grow into America's favorite everyday, all-day stop for coffee and baked goods. Founded in 1950 by Rosenberg in Quincy, Massachusetts, Dunkin' Donuts became famous for its many varieties of donuts and wide range of bakery products, such as bagels and muffins. Located primarily in the Northeast and Mid-Atlantic, most of Dunkin' Donuts' business competition came from small locally owned stores. However, Dunkin' Donuts began facing formidable competition from both Krispy Kreme and Starbucks in the 1990s. Krispy Kreme began a phase of rapid expansion, opening stores outside the southeastern United States, where most of its stores were located, and Starbucks was opening a new U.S. store every workday. By 2002, Dunkin' Donuts had become a sleeping giant. Krispy Kreme was running circles around it and Dunkin' Donuts hadn't even bothered to offer the lattes that Starbucks offered. However, armed with a new business strategy, Dunkin' Donuts' luck began to change in the mid-2000s. Krispy Kreme, which traditionally offered only its very sweet glazed donuts, began to see its domination over Dunkin' Donuts vanish. As a result of mismanagement, overexpansion, and faltering sales due to the low-carb diet craze of the early 2000s, Krispy Kreme posted a staggering loss of $135.8 million in 2006 and has never been able to make a comeback. With Krispy Kreme out of the way, Dunkin' Donuts set their sights on Starbucks. To better compete with the coffee giant, Dunkin' Donuts decided to focus its growth on its coffee and began offering a larger variety of lattes, espressos, iced coffee, and other beverages at a lower price than Starbucks. The strategy worked. While Starbucks's overexpansion and high prices hurt the company during the economic recession of the late 2000s, Dunkin' Donuts' business boomed. By 2008, 63 percent of its U.S. sales were from beverages, including more than 226 million servings of iced coffee that year. It also edged out Starbucks in a national taste test of coffee each year from 2007 to 2009, even in Starbucks's hometown of Seattle. Today, Dunkin' Donuts is the largest coffee and baked goods chain in the world, serving 2.7 million customers per day at approximately 8,800 stores in 31 countries. The company is continuing its push toward global coffee-and-donut dominance, opening 338 new locations in the first half of 2010, with plans to have 15,000 locations worldwide by 2020. Nigel Travis, CEO of Dunkin' Brands, Dunkin' Donuts' parent company, said: "The strength of our brand and the quality of our products continue to enable us to be one of the fastest growing brands in the quick-service restaurant industry." Which grand strategy did Dunkin' Donuts use in the mid-2000s?
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Dunkin Donuts' was facing severe competition from Krispy Kreme and Starbucks. Its business was declining. The attempt to reverse the declining business as quickly as possible is called turnaround strategy.
Thus the correct option is c
In growth strategy company focuses on increasing size. This was not the focus of Dunkin Donut in mid-2000s. So option 'a' is not correct.
In stability strategy a company attempts to maintain its present size. But in mid-2000s Dunkin Donut's strategy was to attack competitors rather than defending itself. So option 'b' is not correct.
In retrenchment strategy company liquidates non-performing assets. But Dunkin Donut did not liquidate any of its product lines, rather added more products in the product line. So, option 'd' is not correct.

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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. Should all businesses formally analyze the environment?
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When Dunkin' Donuts founder William Rosenberg opened the first Dunkin' Donuts, he had a simple philosophy: "Make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores." This philosophy still holds true today and is the foundation that has enabled Dunkin' Donuts to grow into America's favorite everyday, all-day stop for coffee and baked goods. Founded in 1950 by Rosenberg in Quincy, Massachusetts, Dunkin' Donuts became famous for its many varieties of donuts and wide range of bakery products, such as bagels and muffins. Located primarily in the Northeast and Mid-Atlantic, most of Dunkin' Donuts' business competition came from small locally owned stores. However, Dunkin' Donuts began facing formidable competition from both Krispy Kreme and Starbucks in the 1990s. Krispy Kreme began a phase of rapid expansion, opening stores outside the southeastern United States, where most of its stores were located, and Starbucks was opening a new U.S. store every workday. By 2002, Dunkin' Donuts had become a sleeping giant. Krispy Kreme was running circles around it and Dunkin' Donuts hadn't even bothered to offer the lattes that Starbucks offered. However, armed with a new business strategy, Dunkin' Donuts' luck began to change in the mid-2000s. Krispy Kreme, which traditionally offered only its very sweet glazed donuts, began to see its domination over Dunkin' Donuts vanish. As a result of mismanagement, overexpansion, and faltering sales due to the low-carb diet craze of the early 2000s, Krispy Kreme posted a staggering loss of $135.8 million in 2006 and has never been able to make a comeback. With Krispy Kreme out of the way, Dunkin' Donuts set their sights on Starbucks. To better compete with the coffee giant, Dunkin' Donuts decided to focus its growth on its coffee and began offering a larger variety of lattes, espressos, iced coffee, and other beverages at a lower price than Starbucks. The strategy worked. While Starbucks's overexpansion and high prices hurt the company during the economic recession of the late 2000s, Dunkin' Donuts' business boomed. By 2008, 63 percent of its U.S. sales were from beverages, including more than 226 million servings of iced coffee that year. It also edged out Starbucks in a national taste test of coffee each year from 2007 to 2009, even in Starbucks's hometown of Seattle. Today, Dunkin' Donuts is the largest coffee and baked goods chain in the world, serving 2.7 million customers per day at approximately 8,800 stores in 31 countries. The company is continuing its push toward global coffee-and-donut dominance, opening 338 new locations in the first half of 2010, with plans to have 15,000 locations worldwide by 2020. Nigel Travis, CEO of Dunkin' Brands, Dunkin' Donuts' parent company, said: "The strength of our brand and the quality of our products continue to enable us to be one of the fastest growing brands in the quick-service restaurant industry." Dunkin' Donuts' strategy of opening more stores in the future is a(n) strategy.
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This exercise enables you to apply the strategic planning process to your college or university as an individual and/or group. Objective To develop your planning skills. Step 1. Developing the Mission 1. What is the mission statement of your university/ college or school/department? ________________________________________________ _________________________________________________ 2. Is the mission statement easy to remember? ________________________________________________ _________________________________________________ 3. How would you improve the mission statement? ________________________________________________ _________________________________________________ Step 2. Analyzing the Environment A. Conduct a five-force competitive analysis, like that in Exhibit 4-4 (page 131). B. Complete a SWOT analysis. 1. SWOT analysis. img 2. Determine the competitive advantage (if any) of your university/college or school/department. ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ Step 3. Setting Objectives What are some goals and objectives of your university/ college or school department? ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ Step 4. Developing Strategies 1. Identify your university/college's or school/ department's: A. Grand strategy: B. Adaptive strategy: C. Competitive strategy: 2. If it has a growth strategy, what is it? ______________________________________________________________________ 3. Where would you place your program/major on the BCG growth-share matrix? ______________________________________________________________________ 4. What stage of the product life cycle would a college education be in? ______________________________________________________________________ Step 5. Implementing and Controlling Strategies How would you rate your university/college's or school/ department's strategic planning? How could it be improved? ______________________________________________________________________ ______________________________________________________________________ Apply It What did I learn from this experience? How will I use this knowledge in the future? ______________________________________________________________________ ______________________________________________________________________ Your instructor may ask you to do this Skill Builder in class in a group. If so, the instructor will provide you with any necessary information or additional instructions.
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When Dunkin' Donuts founder William Rosenberg opened the first Dunkin' Donuts, he had a simple philosophy: "Make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores." This philosophy still holds true today and is the foundation that has enabled Dunkin' Donuts to grow into America's favorite everyday, all-day stop for coffee and baked goods. Founded in 1950 by Rosenberg in Quincy, Massachusetts, Dunkin' Donuts became famous for its many varieties of donuts and wide range of bakery products, such as bagels and muffins. Located primarily in the Northeast and Mid-Atlantic, most of Dunkin' Donuts' business competition came from small locally owned stores. However, Dunkin' Donuts began facing formidable competition from both Krispy Kreme and Starbucks in the 1990s. Krispy Kreme began a phase of rapid expansion, opening stores outside the southeastern United States, where most of its stores were located, and Starbucks was opening a new U.S. store every workday. By 2002, Dunkin' Donuts had become a sleeping giant. Krispy Kreme was running circles around it and Dunkin' Donuts hadn't even bothered to offer the lattes that Starbucks offered. However, armed with a new business strategy, Dunkin' Donuts' luck began to change in the mid-2000s. Krispy Kreme, which traditionally offered only its very sweet glazed donuts, began to see its domination over Dunkin' Donuts vanish. As a result of mismanagement, overexpansion, and faltering sales due to the low-carb diet craze of the early 2000s, Krispy Kreme posted a staggering loss of $135.8 million in 2006 and has never been able to make a comeback. With Krispy Kreme out of the way, Dunkin' Donuts set their sights on Starbucks. To better compete with the coffee giant, Dunkin' Donuts decided to focus its growth on its coffee and began offering a larger variety of lattes, espressos, iced coffee, and other beverages at a lower price than Starbucks. The strategy worked. While Starbucks's overexpansion and high prices hurt the company during the economic recession of the late 2000s, Dunkin' Donuts' business boomed. By 2008, 63 percent of its U.S. sales were from beverages, including more than 226 million servings of iced coffee that year. It also edged out Starbucks in a national taste test of coffee each year from 2007 to 2009, even in Starbucks's hometown of Seattle. Today, Dunkin' Donuts is the largest coffee and baked goods chain in the world, serving 2.7 million customers per day at approximately 8,800 stores in 31 countries. The company is continuing its push toward global coffee-and-donut dominance, opening 338 new locations in the first half of 2010, with plans to have 15,000 locations worldwide by 2020. Nigel Travis, CEO of Dunkin' Brands, Dunkin' Donuts' parent company, said: "The strength of our brand and the quality of our products continue to enable us to be one of the fastest growing brands in the quick-service restaurant industry." Dunkin Donuts' primary competitive strategy against Starbucks has been
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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. Should all businesses have corporate, business, and functional strategies?
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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. Should all businesses have a competitive advantage?
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When Dunkin' Donuts founder William Rosenberg opened the first Dunkin' Donuts, he had a simple philosophy: "Make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores." This philosophy still holds true today and is the foundation that has enabled Dunkin' Donuts to grow into America's favorite everyday, all-day stop for coffee and baked goods. Founded in 1950 by Rosenberg in Quincy, Massachusetts, Dunkin' Donuts became famous for its many varieties of donuts and wide range of bakery products, such as bagels and muffins. Located primarily in the Northeast and Mid-Atlantic, most of Dunkin' Donuts' business competition came from small locally owned stores. However, Dunkin' Donuts began facing formidable competition from both Krispy Kreme and Starbucks in the 1990s. Krispy Kreme began a phase of rapid expansion, opening stores outside the southeastern United States, where most of its stores were located, and Starbucks was opening a new U.S. store every workday. By 2002, Dunkin' Donuts had become a sleeping giant. Krispy Kreme was running circles around it and Dunkin' Donuts hadn't even bothered to offer the lattes that Starbucks offered. However, armed with a new business strategy, Dunkin' Donuts' luck began to change in the mid-2000s. Krispy Kreme, which traditionally offered only its very sweet glazed donuts, began to see its domination over Dunkin' Donuts vanish. As a result of mismanagement, overexpansion, and faltering sales due to the low-carb diet craze of the early 2000s, Krispy Kreme posted a staggering loss of $135.8 million in 2006 and has never been able to make a comeback. With Krispy Kreme out of the way, Dunkin' Donuts set their sights on Starbucks. To better compete with the coffee giant, Dunkin' Donuts decided to focus its growth on its coffee and began offering a larger variety of lattes, espressos, iced coffee, and other beverages at a lower price than Starbucks. The strategy worked. While Starbucks's overexpansion and high prices hurt the company during the economic recession of the late 2000s, Dunkin' Donuts' business boomed. By 2008, 63 percent of its U.S. sales were from beverages, including more than 226 million servings of iced coffee that year. It also edged out Starbucks in a national taste test of coffee each year from 2007 to 2009, even in Starbucks's hometown of Seattle. Today, Dunkin' Donuts is the largest coffee and baked goods chain in the world, serving 2.7 million customers per day at approximately 8,800 stores in 31 countries. The company is continuing its push toward global coffee-and-donut dominance, opening 338 new locations in the first half of 2010, with plans to have 15,000 locations worldwide by 2020. Nigel Travis, CEO of Dunkin' Brands, Dunkin' Donuts' parent company, said: "The strength of our brand and the quality of our products continue to enable us to be one of the fastest growing brands in the quick-service restaurant industry." Dunkin' Donuts wanting to open 15,000 locations worldwide by 2020 is an example of planning.
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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. Is it important to write objectives?
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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. As a manager, would you use management by objectives (MBO)?
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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. Why are strategic and operational planning important?
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When Dunkin' Donuts founder William Rosenberg opened the first Dunkin' Donuts, he had a simple philosophy: "Make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores." This philosophy still holds true today and is the foundation that has enabled Dunkin' Donuts to grow into America's favorite everyday, all-day stop for coffee and baked goods. Founded in 1950 by Rosenberg in Quincy, Massachusetts, Dunkin' Donuts became famous for its many varieties of donuts and wide range of bakery products, such as bagels and muffins. Located primarily in the Northeast and Mid-Atlantic, most of Dunkin' Donuts' business competition came from small locally owned stores. However, Dunkin' Donuts began facing formidable competition from both Krispy Kreme and Starbucks in the 1990s. Krispy Kreme began a phase of rapid expansion, opening stores outside the southeastern United States, where most of its stores were located, and Starbucks was opening a new U.S. store every workday. By 2002, Dunkin' Donuts had become a sleeping giant. Krispy Kreme was running circles around it and Dunkin' Donuts hadn't even bothered to offer the lattes that Starbucks offered. However, armed with a new business strategy, Dunkin' Donuts' luck began to change in the mid-2000s. Krispy Kreme, which traditionally offered only its very sweet glazed donuts, began to see its domination over Dunkin' Donuts vanish. As a result of mismanagement, overexpansion, and faltering sales due to the low-carb diet craze of the early 2000s, Krispy Kreme posted a staggering loss of $135.8 million in 2006 and has never been able to make a comeback. With Krispy Kreme out of the way, Dunkin' Donuts set their sights on Starbucks. To better compete with the coffee giant, Dunkin' Donuts decided to focus its growth on its coffee and began offering a larger variety of lattes, espressos, iced coffee, and other beverages at a lower price than Starbucks. The strategy worked. While Starbucks's overexpansion and high prices hurt the company during the economic recession of the late 2000s, Dunkin' Donuts' business boomed. By 2008, 63 percent of its U.S. sales were from beverages, including more than 226 million servings of iced coffee that year. It also edged out Starbucks in a national taste test of coffee each year from 2007 to 2009, even in Starbucks's hometown of Seattle. Today, Dunkin' Donuts is the largest coffee and baked goods chain in the world, serving 2.7 million customers per day at approximately 8,800 stores in 31 countries. The company is continuing its push toward global coffee-and-donut dominance, opening 338 new locations in the first half of 2010, with plans to have 15,000 locations worldwide by 2020. Nigel Travis, CEO of Dunkin' Brands, Dunkin' Donuts' parent company, said: "The strength of our brand and the quality of our products continue to enable us to be one of the fastest growing brands in the quick-service restaurant industry." Opening 15,000 locations worldwide by 2020 is a(n) for Dunkin' Donuts.
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The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions. Is it ethical to copy other companies' ideas through benchmarking?
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When Dunkin' Donuts founder William Rosenberg opened the first Dunkin' Donuts, he had a simple philosophy: "Make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores." This philosophy still holds true today and is the foundation that has enabled Dunkin' Donuts to grow into America's favorite everyday, all-day stop for coffee and baked goods. Founded in 1950 by Rosenberg in Quincy, Massachusetts, Dunkin' Donuts became famous for its many varieties of donuts and wide range of bakery products, such as bagels and muffins. Located primarily in the Northeast and Mid-Atlantic, most of Dunkin' Donuts' business competition came from small locally owned stores. However, Dunkin' Donuts began facing formidable competition from both Krispy Kreme and Starbucks in the 1990s. Krispy Kreme began a phase of rapid expansion, opening stores outside the southeastern United States, where most of its stores were located, and Starbucks was opening a new U.S. store every workday. By 2002, Dunkin' Donuts had become a sleeping giant. Krispy Kreme was running circles around it and Dunkin' Donuts hadn't even bothered to offer the lattes that Starbucks offered. However, armed with a new business strategy, Dunkin' Donuts' luck began to change in the mid-2000s. Krispy Kreme, which traditionally offered only its very sweet glazed donuts, began to see its domination over Dunkin' Donuts vanish. As a result of mismanagement, overexpansion, and faltering sales due to the low-carb diet craze of the early 2000s, Krispy Kreme posted a staggering loss of $135.8 million in 2006 and has never been able to make a comeback. With Krispy Kreme out of the way, Dunkin' Donuts set their sights on Starbucks. To better compete with the coffee giant, Dunkin' Donuts decided to focus its growth on its coffee and began offering a larger variety of lattes, espressos, iced coffee, and other beverages at a lower price than Starbucks. The strategy worked. While Starbucks's overexpansion and high prices hurt the company during the economic recession of the late 2000s, Dunkin' Donuts' business boomed. By 2008, 63 percent of its U.S. sales were from beverages, including more than 226 million servings of iced coffee that year. It also edged out Starbucks in a national taste test of coffee each year from 2007 to 2009, even in Starbucks's hometown of Seattle. Today, Dunkin' Donuts is the largest coffee and baked goods chain in the world, serving 2.7 million customers per day at approximately 8,800 stores in 31 countries. The company is continuing its push toward global coffee-and-donut dominance, opening 338 new locations in the first half of 2010, with plans to have 15,000 locations worldwide by 2020. Nigel Travis, CEO of Dunkin' Brands, Dunkin' Donuts' parent company, said: "The strength of our brand and the quality of our products continue to enable us to be one of the fastest growing brands in the quick-service restaurant industry." Dunkin' Donuts' primary adaptive strategy of the past few years has been
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When Dunkin' Donuts founder William Rosenberg opened the first Dunkin' Donuts, he had a simple philosophy: "Make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores." This philosophy still holds true today and is the foundation that has enabled Dunkin' Donuts to grow into America's favorite everyday, all-day stop for coffee and baked goods. Founded in 1950 by Rosenberg in Quincy, Massachusetts, Dunkin' Donuts became famous for its many varieties of donuts and wide range of bakery products, such as bagels and muffins. Located primarily in the Northeast and Mid-Atlantic, most of Dunkin' Donuts' business competition came from small locally owned stores. However, Dunkin' Donuts began facing formidable competition from both Krispy Kreme and Starbucks in the 1990s. Krispy Kreme began a phase of rapid expansion, opening stores outside the southeastern United States, where most of its stores were located, and Starbucks was opening a new U.S. store every workday. By 2002, Dunkin' Donuts had become a sleeping giant. Krispy Kreme was running circles around it and Dunkin' Donuts hadn't even bothered to offer the lattes that Starbucks offered. However, armed with a new business strategy, Dunkin' Donuts' luck began to change in the mid-2000s. Krispy Kreme, which traditionally offered only its very sweet glazed donuts, began to see its domination over Dunkin' Donuts vanish. As a result of mismanagement, overexpansion, and faltering sales due to the low-carb diet craze of the early 2000s, Krispy Kreme posted a staggering loss of $135.8 million in 2006 and has never been able to make a comeback. With Krispy Kreme out of the way, Dunkin' Donuts set their sights on Starbucks. To better compete with the coffee giant, Dunkin' Donuts decided to focus its growth on its coffee and began offering a larger variety of lattes, espressos, iced coffee, and other beverages at a lower price than Starbucks. The strategy worked. While Starbucks's overexpansion and high prices hurt the company during the economic recession of the late 2000s, Dunkin' Donuts' business boomed. By 2008, 63 percent of its U.S. sales were from beverages, including more than 226 million servings of iced coffee that year. It also edged out Starbucks in a national taste test of coffee each year from 2007 to 2009, even in Starbucks's hometown of Seattle. Today, Dunkin' Donuts is the largest coffee and baked goods chain in the world, serving 2.7 million customers per day at approximately 8,800 stores in 31 countries. The company is continuing its push toward global coffee-and-donut dominance, opening 338 new locations in the first half of 2010, with plans to have 15,000 locations worldwide by 2020. Nigel Travis, CEO of Dunkin' Brands, Dunkin' Donuts' parent company, said: "The strength of our brand and the quality of our products continue to enable us to be one of the fastest growing brands in the quick-service restaurant industry." Dunkin' Donuts' strategy of offering donuts, bagels, muffins, coffee, and other beverages is a(n) strategy.
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This exercise is an extension of Skill Builder 4 in Chapter 1; if you have not completed that Skill Builder, do so now. You are now going to develop a strategic plan for your new venture by completing the strategic planning steps that follow. Objective To develop your entrepreneurial strategic planning skills. Skills The primary skills developed through this exercise are: 1. Management skill - decision making (setting objectives is the first step to planning) 2. AACSB competencies - communication abilities, analytic skills, and reflective thinking skills 3. Management function - planning (strategic) Step 1. Developing the Mission Write a mission statement for your new venture. ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ Step 2. Analyzing the Environment A. Develop a five-force competitive analysis. B. Complete a company situation analysis. 1. SWOT analysis img 2. Determine your company's competitive advantage (if any). You may wish to do a competitive strength assessment. ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ 3. What conclusions did you come to concerning competitive position? ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ 4. Determine the issues and problems that need to be addressed through the strategic planning process. ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ Step 3. Setting Objectives List three objectives for your new venture. ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ Step 4. Developing Strategies Being in a single line of business, you do not need to develop a grand strategy or conduct a portfolio analysis. However, you should have an adaptive and competitive strategy based on the product life cycle. Stage of the product life cycle: __________________________________________ _______________________________________________________________ Adaptive and competitive strategies (explain each briefly): ______________________________________________________________________ ______________________________________________________________________ Step 5. Implementing and Controlling Strategies List a few major controls you will use after implementing each strategy. ______________________________________________________________________ ______________________________________________________________________ Apply It What did I learn from this experience? How will I use this knowledge in the future? ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ Your instructor may ask you to do this Skill Builder in class in a group. If so, the instructor will provide you with any necessary information or additional instructions.
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For this exercise, you will first work at improving ineffective objectives. Then you will write nine objectives for yourself. Objective To develop your skill at writing objectives. Skills The primary skills developed through this exercise are: 1. Management skill - decision making (setting objectives is the first step to planning) 2. AACSB competencies - communication abilities and analytic skills 3. Management function - planning (both strategic and operational) Part 1 Indicate which of the "must" criteria each of the following objectives fails to meet and rewrite the objective so that it meets all those criteria. When writing objectives, use the following model: To + action verb + single, specific, and measurable result + target date 1. To improve our company image by the end of 2014 Criteria not met: ___________________________ _______________________________________________ Improved objective:___________________________ _______________________________________________ 2. To increase the number of customers by 10 percent Criteria not met: ___________________________ _______________________________________________ Improved objective:___________________________ _______________________________________________ 3. To increase profits during 2013 Criteria not met: ___________________________ _______________________________________________ Improved objective:___________________________ _______________________________________________ 4. To sell 5 percent more hot dogs and soda at the baseball game on Sunday, June 14, 2012 Criteria not met: ___________________________ _______________________________________________ Improved objective:___________________________ _______________________________________________ Part 2 Write three educational, three personal, and three career objectives you want to accomplish. Your objectives can be short-term (something you want to accomplish today) or long-term (something you want to have accomplished 20 years from now) or in between those extremes. Be sure your objectives meet the criteria for effective objectives. Educational Objectives 1. ______________________________________________ ________________________________________________ _________________________________________________ 2. ______________________________________________ ________________________________________________ _________________________________________________ 3. ______________________________________________ ________________________________________________ _________________________________________________ Personal Objectives 1. ______________________________________________ ________________________________________________ _________________________________________________ 2. ______________________________________________ ________________________________________________ _________________________________________________ 3. ______________________________________________ ________________________________________________ _________________________________________________ Career Objectives 1. ______________________________________________ ________________________________________________ _________________________________________________ 2. ______________________________________________ ________________________________________________ _________________________________________________ 3. ______________________________________________ ________________________________________________ _________________________________________________ Apply It What did I learn from this experience? How will I use this knowledge in the future? ________________________________________________________ ___________________________________________________________________ Your instructor may ask you to do this Skill Builder in class in a group. If so, the instructor will provide you with any necessary information or additional instructions.
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When Dunkin' Donuts founder William Rosenberg opened the first Dunkin' Donuts, he had a simple philosophy: "Make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores." This philosophy still holds true today and is the foundation that has enabled Dunkin' Donuts to grow into America's favorite everyday, all-day stop for coffee and baked goods. Founded in 1950 by Rosenberg in Quincy, Massachusetts, Dunkin' Donuts became famous for its many varieties of donuts and wide range of bakery products, such as bagels and muffins. Located primarily in the Northeast and Mid-Atlantic, most of Dunkin' Donuts' business competition came from small locally owned stores. However, Dunkin' Donuts began facing formidable competition from both Krispy Kreme and Starbucks in the 1990s. Krispy Kreme began a phase of rapid expansion, opening stores outside the southeastern United States, where most of its stores were located, and Starbucks was opening a new U.S. store every workday. By 2002, Dunkin' Donuts had become a sleeping giant. Krispy Kreme was running circles around it and Dunkin' Donuts hadn't even bothered to offer the lattes that Starbucks offered. However, armed with a new business strategy, Dunkin' Donuts' luck began to change in the mid-2000s. Krispy Kreme, which traditionally offered only its very sweet glazed donuts, began to see its domination over Dunkin' Donuts vanish. As a result of mismanagement, overexpansion, and faltering sales due to the low-carb diet craze of the early 2000s, Krispy Kreme posted a staggering loss of $135.8 million in 2006 and has never been able to make a comeback. With Krispy Kreme out of the way, Dunkin' Donuts set their sights on Starbucks. To better compete with the coffee giant, Dunkin' Donuts decided to focus its growth on its coffee and began offering a larger variety of lattes, espressos, iced coffee, and other beverages at a lower price than Starbucks. The strategy worked. While Starbucks's overexpansion and high prices hurt the company during the economic recession of the late 2000s, Dunkin' Donuts' business boomed. By 2008, 63 percent of its U.S. sales were from beverages, including more than 226 million servings of iced coffee that year. It also edged out Starbucks in a national taste test of coffee each year from 2007 to 2009, even in Starbucks's hometown of Seattle. Today, Dunkin' Donuts is the largest coffee and baked goods chain in the world, serving 2.7 million customers per day at approximately 8,800 stores in 31 countries. The company is continuing its push toward global coffee-and-donut dominance, opening 338 new locations in the first half of 2010, with plans to have 15,000 locations worldwide by 2020. Nigel Travis, CEO of Dunkin' Brands, Dunkin' Donuts' parent company, said: "The strength of our brand and the quality of our products continue to enable us to be one of the fastest growing brands in the quick-service restaurant industry." Dunkin' Donuts can benefit from conducting industry and company (SWOT) situational analysis.
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