Review Of Quick Service Restaurants Commerce Essay Example

executives may require a variety of models, sizes,and colors to target different market segments. Financial executives often have stricter recognition and disbursal limits than salespeople believe are necessary for competitiveness. On the other hand, the external micro environment of the market includes uncontrollable factors that impact an organization's strategies such as variables in the market mix. Analyzing these factors and summarizing their trends helps develop strategies that meet consumer demands and achieve market mix objectives.The organization's micro environment is composed of the market it operates in and internal environmental factors that influence marketing strategy development. This development is based on information gathered from a market audit. To succeed, the organization needs to assess suppliers, distribution networks, consumers, competition, and interest groups. By understanding the behavior of these elements or groups, the organization can create marketing strategies that foster customer loyalty, effectively engage with suppliers and distributors, positively impact competition dynamics, and enhance profitability by satisfying consumers.

To gain or expand their market share, organizations must analyze supplier quantity, size, bargaining power while ensuring a consistent supply of goods at stable prices without compromising on quality products. Distribution networks might impose limitations due to consumer awareness about existing distributors and their level of market power.

Understanding consumers and prioritizing their satisfaction is crucial for developing a marketing strategy that increases profitability. To overcome competition and achieve customer satisfaction while maximizing profitability, organizations must establish competitive advantages and have a clear understanding of rivals' strengths, weaknesses, and strategic approaches.Understanding the impact of interest groups and the public on an organization's success is crucial in analyzing the market environment. By comprehending these groups, organizations can present themselves in the most

favorable way. The internal environment, which is under the organization's control, relies on corporate culture and employee attitudes and beliefs. Depending on their priorities, organizations may need a flexible internal environment for innovation and risk-taking or a more stable one for low-risk market followers with reliable products. Competitive pressures may require adjustments to internal structures.

On the other hand, the external macro environment consists of uncontrollable forces that significantly influence marketing opportunities and activities - known as PEST (political, economic, social, and technological) external macro environmental forces. These forces encompass demographics, economic conditions, competition, social/cultural factors, political/legal factors, and technological factors. It is vital for organizations to understand and study these PEST forces in order to develop effective management and marketing strategies aligned with their goals. Failure to do so would hinder an organization from fulfilling its objectives. Marketing executives particularly need to pay attention to demographics as they form the foundation of markets by considering population characteristics like size, distribution, and growth.The company's marketing plans are significantly influenced by the competitive environment, as competition in the macro environment is intense and beyond organizational control. There are three main types of competition that organizations face: brand competition, competition from substitute products, and competition for customers with limited purchasing power. Marketing executives also face challenges due to rapidly changing socio-cultural patterns, lifestyles, values, and beliefs. Therefore, conducting a market audit before developing marketing strategies is crucial for effective plans. The political/legal environment also impacts organizational strategies through interactions with government or regulatory bodies. This includes legal restrictions on business activities and formal aspects of government relations with industry. Government attitudes and facilities provided are important considerations for

industry growth. Measures implemented aim to ensure price stability and create a favorable environment. To succeed in developed and developing markets, organizations must establish policies that comply with economic regulations. Achieving this requires research on economic systems and implementing strategies based on findings. The marketing executive plays a critical role in utilizing research to implement these strategies.
The economic environment, encompassing factors like inflation, unemployment, economic growth, consumer income, interest rates, and currency fluctuations, has a significant impact on profitability and success in business. Likewise, the technological environment determines how technology affects business operations in terms of its level and rate of change. It enables organizations to effectively showcase their potential and meet consumer needs within the region.

Government attitudes towards the industry and the facilities provided by the government for its growth are also crucial considerations for success. These measures aim to meet consumer needs through price stability while creating an appropriate industry environment. To succeed in both developed and developing markets, organizations must develop effective policies and strategies that comply with economic regulations. This can be achieved by conducting research on economic systems, gaining information, and implementing appropriate strategies accordingly.

The marketing executive plays a vital role in implementing strategies that rely on research. Overall, it is important for organizations to understand how the economic environment impacts profitability and success while considering the influence of technology on business operations.This allows the organization to display its potential and demonstrate how it can meet consumers' needs at a regional level. Additionally, the text emphasizes the importance of an organization's contribution to the development of the country in which it operates. To achieve its objectives, an organization must consider

various forces and factors relevant to its organizational environment, including external micro and macro environments. By doing so, they can develop a successful strategy that overcomes obstacles and competitors in the market over time.

Moving on to stakeholders, they are defined as individuals and groups who depend on a project to achieve their own goals. The success or failure of a project often hinges on how well Project Managers manage their relationships with stakeholders. Regrettably, many Project Managers overlook this aspect, putting the project at a disadvantage. To ensure successful projects, Project Managers must learn to effectively handle stakeholder relationships by balancing their conflicting demands.

In the past, corporations were primarily controlled by owners solely focused on economic objectives. However, as shareholding expanded, owner control weakened and corporations grew larger in size. Consequently, their actions began to have significant social impacts. As a result, these large corporations gradually came under implied control of their directors and embraced the concept of societal duty to legitimize their actions.The impact of various individuals and groups on businesses today includes owners, employees, public interest groups, strategic partners, journalists, and public monitoring bodies. This list can be expanded depending on each company's unique situation. As a result, businesses operate within a complex system of interests and influences that management must assess to align with corporate objectives. Understanding the expectations of different stakeholders and their level of influence is crucial when making important corporate decisions. Therefore, stakeholder management involves both daily business activities and long-term strategic decisions that affect specific stakeholders.

When identifying stakeholders, it is important to consider both the formal structure of the organization and informal and indirect relationships. A helpful approach

is to envision the stakeholder environment as a series of inner and outer circles, with influential stakeholders represented in the inner circles. The following exhibit provides an overview of potential stakeholders and their impact. The formation of stakeholder groups varies based on each company's unique circumstances. While stakeholder analysis is valuable for evaluating industries, its true value lies in assessing specific issues for businesses and organizations.The text discusses how the assessment of strategies is important in understanding the behaviors of individuals and groups in different situations. This assessment also considers the impact that environmental interest groups can have on location choices, even if they are not concerned about staffing decisions.

The text then explores the factors that contribute to stakeholder power and position within a company. These factors include the budget, number of staff in a department, resource dependence, representation in powerful organizations/structures, ranking of task teams and committees, negotiation agreements, and status symbols such as being a secretary or having a company car.

In stakeholder analysis, the power of stakeholders refers to their ability to influence others through direct authorization, persuasion, or leveraging market dominance. It is crucial to identify visible indicators such as hierarchy status, salary level, bonuses, and available resources when identifying sources of stakeholder power.

Internal Stakeholders

Business Leader
Technical Leader

External Stakeholders

- Capable Matter Technical Experts

Sponsor Project Steering Committee

Undertaking Team

Undertaking Manager

The text highlights the importance of considering all sources and indicators of power to fully understand stakeholders within the organization. It is crucial to assess how much power each stakeholder exercises.

C

Inform stakeholders in sector C, who are typically institutional investors or legislative bodies

with low interest in corporate affairs.

Calciferol

Stakeholders in sector A have minimal ability and low power to influence corporate programs. It is important to inform them without excessive effort.

Bacillus

Key players are stakeholders in sector B with high interest but limited means to influence the corporation. They can be valuable allies in important decisions, so it is advisable to keep them informed about their areas of interest.

Power

Low LOW HIGH

Degree OF Interest

The power/interest matrix provides useful information for managing specific stakeholders and groups. It shows whether certain decisions will receive support or opposition and which groups should be involved in the decision-making process.The text stresses the importance of analyzing stakeholders' intentions and reactions, particularly those in sector D, to involve them appropriately. It highlights involving stakeholders with high interests and power in all relevant developments. The matrix categorizes all identified stakeholders, providing insights such as recommendations for stakeholder relationships, identifying project supporters and opponents, and rearranging stakeholder positions (e.g., reducing power of a major opponent from D to B; increasing involvement of a powerful supporter from C to D). Organizations take measures to keep stakeholders in favorable positions by meeting information demands in sector C. They compare the current stakeholder map with a more favorable one to identify differences and find ways to shift specific stakeholders. For instance, involving an important client early on can influence their opinion and achieve mutually beneficial solutions. Furthermore, involving representatives from supportive departments in project teams and planning committees can enhance their power. This analysis also determines if larger stakeholder groups should be divided into smaller ones based on individual needs for better support gain.This approach to risk management strategy ensures ethical

and legal boundaries are upheld while facilitating the formation of new alliances and power shifts. It is an essential part of an organization's strategic management process, addressing risks associated with activities to achieve sustained benefit across the entire portfolio. Effective risk management focuses on identifying and managing both positive and negative factors that can impact the organization's success, integrating past, present, and future risks into the overall strategy. Led by senior management, it is embedded within the organization's culture by translating strategy into objectives for each manager and employee as part of their job description. This promotes accountability, performance measurement, rewards, and enhances operational efficiency at all levels.

Regarding challenges in corporate strategic planning in the future, globalization brings both positive and negative impacts to organizations' external environment. It serves as sources of threats and opportunities for their businesses.

Challenges in Corporate Strategic Planning in the Future

Globalization brings both positive and negative impacts to organizations' external environment, serving as sources of threats and opportunities for their businesses.According to Bertrand and Azevedo (2001 [3]), it is essential for corporations to acquire the skills necessary to navigate these obstacles in order to expand their presence globally. By doing so, corporations can effectively capitalize on the advantages of globalization while effectively addressing potential risks to their global strategic management. When entering new markets, businesses encounter a range of challenges that encompass social and cultural issues, geopolitical conflicts, economic demands, inflation and deflation, uncertainty surrounding government policies, terrorism threats, and environmental concerns. These challenges vary from one state to another due to differences in economic systems, lifestyle choices, cultural practices, religious beliefs, and other factors. Although certain challenges may be

universally similar (such as increasing prices or deflation) or linked to economic environments or threats posed by competitors or other countries/terrorism), they are still influenced by the distinct circumstances of each state.Despite the challenges, globalization presents opportunities for companies including access to multiple markets, new revenue streams, knowledge transfer opportunities, and competitive technologies. In a world marked by conflicts and risks, economic and financial threats pose significant dangers. Additionally, the imbalanced global economic system contributes to conflicts and hazards. Within organizations, managers guide others on what to do and how to do it. Previously, it was clear-cut to distinguish between managers and non-managerial employees - the latter being those who directly worked on specific tasks without anyone reporting to them. However, in today's context, this distinction is no longer as straightforward due to changes in organizations and work dynamics. Many traditional non-managerial roles now involve managerial tasks that blur the line between directors and non-managerial employees in many organizations. The process of globalizing organizations involves three stages that require increasing investment and come with associated risks: Phase 1 entails exporting or importing products for domestic sales as initial steps towards becoming a global business with minimal investment and risk involved.In the global business landscape, many organizations, especially small ones, continue engaging in international trade through exporting and importing. In phase 2 of their operations, directors choose to expand investment by either selling products in foreign markets or outsourcing production to factories located abroad. However, it is important to note that there are no physical company employees present outside the organization's home country.

On the sales front, domestic employees often travel on business trips to meet potential

clients from different countries. Alternatively, organizations have the option to hire foreign agents as representatives for their product line. On the manufacturing side, directors may choose to enter into contracts with foreign companies to produce their goods.

As they progress into phase 3 of global expansion, directors make a greater commitment to penetrate international markets. There are various strategies that can be employed for this purpose. Licensing and franchising are two similar approaches where an organization grants another entity the right to use its brand name, technology, or product specifications in exchange for a lump sum payment or fee based on sales performance.

It is important to note that licensing is primarily used by manufacturing organizations while franchising is commonly used by service-based enterprises.Franchises are a practical example of how strategies can be implemented. British Shilling's Large Boy hamburgers has franchises worldwide, allowing people in different countries to enjoy their offerings. Similarly, Shakey's Pizza has established franchises in the Philippines, giving locals the opportunity to dine at these establishments.

Strategic alliances involve partnerships between organizations and foreign companies. Through collaboration, both parties work together to develop new products or establish production facilities. These alliances also entail sharing risks and rewards associated with such partnerships.

The organization's manager plays a crucial role in overseeing and managing all agreements within the organization. They are responsible for controlling activities and handling product introduction and marketing in global or overseas markets if that decision is made.

In order to effectively navigate international markets, the manager assesses the external macro environment, identifying opportunities and weaknesses for the organization. They strategically utilize strengths to address threats while keeping other members informed about relevant facts and potential

benefits.

Ultimately, it is up to the manager to formulate schemes aimed at benefiting the organization and helping achieve its goals using their discretion.