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Weaknesses I Financial planning is not done properly and Essay
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Nov 26th, 2019

Weaknesses I Financial planning is not done properly and Essay

Weaknesses: I. Financial planning is not done properly and efficiently. The current asset ratio and liquid asset ratios suggest that the company can use the cash more efficiently than what it is doing at present.II. Long waits in lines III. Relatively higher prices due to costs increaseOpportunities: I. Reduce prices II. There are opportunities for new restaurants outside the United States, and Shake Shack has been taking advantage of them. Germany is a great opportunity for the company, as is much of France.

III. More Menu options for example: salad menu Threats: I. The salad became a major source of food poisoning in the US, Romaine lettuce warning from CDC after E. coli outbreak.II. The Fast Food business is competitive. These include brands like Five Guys and Smash burger in the better burger business that includes higher-quality burgers. Chapter 11Customer-Driven MarketingThe marketing mix The marketing mix is a model of creating and implementing marketing strategies. The elements are the marketing tactics, also known as the ‘four Ps’, the marketing mix elements are price, place, product, and promotion.

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1. Product: Shake Shack uses only the best ingredients for its burgers, hot dogs, fries, and custards. Burgers and hot dogs are made from all-natural, hormone and antibiotic-free beef and chicken, while fries are made from premium golden potatoes and are prepared 100% free of artificial trans-fat. Frozen custards use only real sugar, no corn syrup, and milk without artificial growth hormones, and are spun daily on-site. Each Shack is localized with design and menu options that are intended to pique the interest of local guests. The company is also dedicated to using sustainable materials and equipment; for example, using handmade tabletops constructed from reclaimed bowling alleys. It also posts information about suppliers, sustainable sourcing, and community relationships.2. Price: Price range is $5 and not more than $10 for an item. It is a dining on a budget when thinking of the great value of food.3. Place: Shake Shack is located in more than 90 locations in the US mostly in parks and outdoor areas also international opened 12 other fast-casual restaurants: Istanbul, Dubai, London, Moscow etc. 4. Promotion: a) There are a variety of different promotions of new flavors of the month or season.b) Free food items from the menu for the birthday celebration (born in this day).c) Serving a sales promotion method which makes customers save money by getting coupons easily and very simple, with this method they can have deals up to 50% discount and buy Shake Shack burgers with a cheap price on $2.d) Donating a lot of communities. They have donations events and various campaigns that people who enjoy Shake Shack can participate.Market Segmentation: Shake Shack segmentation, targeting and positioning are one of the integral components of its marketing strategy. Segmentation involves dividing the population into groups according to certain characteristics, whereas targeting implies choosing specific groups identified as a result of segmentation to sell products. Market segmentation is defined as dividing a single market into smaller segments. The basic reason for dividing the market into small segments is to make it simple to address the needs of smaller groups of customers and try to manufacture different products according to their consuming habits. Particularly it is done according to the people who have similar characteristics. It can be done on the basis of age, gender, lifestyle, region, etc. In order to develop a marketing strategy, it is very important for the company to understand its target customers. If the company can understand its customer then only it can communicate itself to their consumer market. Better you know about your consumers, more effectively you could communicate and market them. Shake Shack has segmented their products according to bases of Demographic, Psychographic and Behavioral. Shake Shack in Istanbul segmentation it has done is on three different bases:I) Demographic Segmentation: Kids, Family, and Students Shake Shack offers different products for families it has made different outlets and meals which are suitable for takeaways. Shake Shack has made its environment which is suitable for students of the school to hang out with their friends and can get their lunch at Shake Shack who wants fresh and organic burgers.II) Psychographic segmentation: Convenience and lifestyleShake Shack has adopted itself according to the convenience and lifestyle of the Istanbul consumers, as Istanbul has a huge Muslim population so Shake Shack came up with a different and new product line which includes items like a Veggie burger and chicken spicy Burger. They also made Shake Shack as a place to relax and even for entertainment.III) Behavioral segmentation: Occasions, for Birthday Parties of kids and adults. Chapter 8Human Resource ManagementSelecting and Hiring EmployeesCostumes are an important asset of Shake Shack because customer satisfaction begins with the attitudes and abilities of employees who are committed and effective. Shake Shack represents an ideal job opportunity for anyone interested in food service and hospitality. The chain offers fast-paced work environments allowing for exciting customer interactions. The burger chain looks for bright, friendly team members with high energy and the ability to make work fun. Only highly capable individuals earn the ability to uphold the reputation for quality food and friendly service at a participating location. Casual workers may find fun, flexible part-time jobs or work as seasonal hires during busy summer months. Committed entry-level associates may take on full-time roles and work year-round. For positions like a team member, the regional chain hires individuals without any prior work experience. The company only requires candidates to show the willingness to learn and genuine interests in the fast food industry. Shake Shack accepts paper applications and online submissions. To apply online, candidates simply need to visit the careers page on the company website and search for available opportunities. After selecting a job opening, an aspiring worker may fill out an online form, which asks for contact information, education background, past employment, and references. The hiring form also asks candidates to describe what drove initial desires to work for the restaurant as well as favorite and least favorite aspects of past jobs. Employees at Shake Shack earn competitive hourly pay and generous salary options. The minimum age requirement for employment varies by state. Packages available to qualified workers include comprehensive medical, future savings, and personal well-being plans, which all qualified associates may access. Healthcare benefits include medical, dental, and vision insurance for employees and dependents. For financial security, employment benefits packages include revenue-sharing and 401(k) retirement plans available to crew members over 21 years old who worked over one year on staff.Motivating EmployeesAt the center of Shake Shack’s mission is CEO Danny Meyer’s philosophy of enlightened hospitality, where the idea is to create a welcoming atmosphere first for employees, next for customers, and then for the outside community. Those people are motivated by the training and development opportunities that Shake Shack offers, which is one of the reasons that they invest a lot of money on training annually. The Staff is then provided with learning and development opportunities that will assist them with their future employment, and that they can apply throughout their working lives. Opportunity is a big part of the company’s strategy to attract the best talent, employees who have an opportunity to prove their excellence, friendliness to customers and have a real future with the company.Conclusion: Shake Shack leads to a better burger. The rapid growth of Shake Shack from a hot dog stand, to its first restaurant in 2004, has made a change in the community. They continue their path for success by keeping their consumers in mind regarding their product selection as well as their prices. They encourage their employees to do a good job, usually promote and offer several pieces of training to encourage education. I’ve learned that modifying the product or service is one example of how foreign firms are able to distribute their goods effectively in diverse markets. Another is by modifying the businesses’ marketing mix in order to fit global resources to local market conditions in this case Shake Shack has been successful because of the value that the company gives for its customers. It also faces competitors like McDonald’s who offer less quality, but at a lower price point. The company also has competition from other chains that offer different, healthier, options, like chipotle. I believe that Shake Shack is a learning organization, one that is willing to learn and open to change. I came to the conclusion that Shake Shack has an opportunity to be a standout company, assuming quality remains a top priority and expansion initiatives going ahead as planned.

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