Thursday, December 22, 2011

Quality

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Krispy Kreme Donuts


History


Vernon Rudolph founded Krispy Kreme in 1 in Kentucky. In the mid-10’s he moved the to Nashville, Tennessee where it became a family operated business. Two additional shops were opened in Georgia, and West Virginia around this time. These shops originally sold only to grocery stores. In 17, Rudolph opened his own shop in Winston-Salem, NC. He began his shop with $5 and by borrowing the ingredient’s he needed from a nearby grocer. He soon became so busy that he began selling doughnuts from his shop window. According to the Krispy Kreme web site (KK1), this marked the beginning of Krispy Kreme’s retail service. In the 150s the doughnut making process was automated with the creation of the automatic doughnut cutter. Also according to the web site (KK1), this equipment was the foundation of the doughnut-making process used by Krispy today. In 16 the equipment was replaced by a system, which used air to force the doughnuts from the hopper to the trays instead of cutting them. In 176 Beatrice Foods Company bought the Krispy Kreme Corporation. Then in 18 a group of Krispy Kreme franchisees bought the company back from Beatrice Foods.


The Company


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Headquartered in Winston-Salem, North Carolina, Krispy Kreme produces over 5 million donuts daily (KK1, 00). With locations in 6 states, the company is seeking to open franchises around the world. Currently, however, the only franchises outside the United States are in Canada.


The company is a “branded specialty retailer of premium quality doughnuts” publicly traded on the New York Stock Exchange under the symbol of KKD (Yahoo Finance, 00). With just under .5 million shares initially offered in June 001, there are now � only years later - almost 7 million shares outstanding. Operating on a fiscal year of the last Monday in January through the last Sunday in January of the following year, Krispy Kreme employs over 00 persons in America and Canada.


Each of the company’s 45 franchises can produce daily between 4,000 and 10,000 donuts each. Krispy Kreme also sells its products from stores other than its franchises, such as grocery stores and gas station convenience stores.


Mission, Vision, Goals, and Objectives


Krispy Kreme does not have a mission statement. The Krispy Kreme web site indicates that Krispy Kreme has plans for international expansion. However, this expansion has taken longer than Krispy Kreme’s competitors. Krispy Kreme needs to better define its mission, vision, goals and objectives to help it to continue to grow in a timely manner.


Dunkin Donuts one of Krispy Kreme’s biggest competitors is doing business in 40 different countries and 5,000 stores worldwide. This is a competitive threat to Krispy Kreme. Through the years, Krispy Kreme stores have opened slowly, while competitors are opening many stores and expanding their market share more quickly. In 000, Krispy Kreme began to recognize international opportunities and began working on its strategy for expansion. By 001, the company opened their first two stores outside of the United States, in Canada and Australia.





SWOTt Analysis


STRENGTHS Krispy Kreme is said to be on top with its donut taste. The company provides a great atmosphere and mood. Krispy Kreme also has competitive pricing and a competitive advantage. They get their competitive advantage by having a “doughnut theater” not featured anywhere else. Krispy Kreme also provides an easy accessible drive-thru for the customers in a hurry. Their menu reaches many different taste buds, with a variety of both hot and cold coffee drinks. Although Krispy Kreme has its strengths, what come along and eventually help the company to grow, by soon becoming the strengths are the weaknesses.


WEAKNESSES Krispy Kreme also does not advertise publicly, their only way of advertising is by word of mouth, publicity at Grand Openings, and by sponsoring fundraisers. Unlike some of its competitors, Krispy Kreme lacks a lunch or dinner menu. They only serve breakfast and treat items, although some customers may use a doughnut as a meal substitute. Although Krispy Kreme is short of a wide menu, it does very well providing a sugar fix for its doughnut lovers and caffeine junkies.


OPPORTUNITIES Krispy Kreme has the opportunity to develop new markets with area developers who share similar visions, standards, and objectives to those of Krispy Kreme. They could build successful relationships looking for long-range benefits for area developers and for themselves. Krispy Kreme needs franchisees who have strong commitments to the area developers and who will provide them with support in both the development and operation of the stores.


THREATS Krispy Kreme does not currently have a clear vision/mission statement. It seems that they announce their next opening 6 months before they open. Another threat is that competitors have a wider variety of products offered.


TRENDS A new trend, which Krispy Kreme should keep an eye on, is bagels. The trend toward healthy eating together with an insistence on good-tasting food produced a shortage of acceptable natural food alternatives, for example. Dunkin Donuts has already launched a successful line of bagels.


Recommendations


The following are suggestions and recommendations that Krispy Kreme will benefit from in future growth. The most important document for a company to have is a clear vision and mission statement for their company. Krispy Kreme doesn’t have a well-documented vision and mission statement thus leaving them with no goals of where they want to go and how they want to be portrayed. Once the vision/mission statements are written the company then can move in the direction to fulfill those statements. A company without a clear vision and mission doesn’t have a good direction of where they are going and what they want to achieve. Vision/mission statements tell the consumers a little about the organization and how it is tying to meet the consumer’s needs. Customers want to see where a company is going and what they are trying to achieve.


Another suggestion is that Krispy Kreme needs a higher advertising budget. Relying on word-of-mouth is the biggest form of advertising, but that’s not always the best way. Other forms of advertising we recommend Krispy Kreme use are, billboards, newspapers, radio commercials, and/or TV commercials. Also, as stated in their weaknesses, they could offer a broader line of products. This could help increase their market share, because they would have more to offer to the customers. They cold offer other breakfast items, lunch items, dinner items, or possibly other snack items.


The most important suggestion is to expand internationally at a faster rate. It has taken Krispy Kreme years longer then their biggest competitors to do business outside of the United States.


Krispy Kreme’s Mission Statement


Krispy Kreme is in the doughnut business and our goal is to provide the freshest product, highest level of service, the broadest selection of products and the most competitive prices worldwide.


Vision Statement


Krispy Kreme will be the consumer’s first choice for hot, fresh doughnuts worldwide.





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