Laura Trust and Alan Litchi's became the coefficients and sole owners of Finagle A Bagel after Joining with Larry Smith who owned six bagel shops in the Boston area. They were able to experience the full business cycle because of the downfall in economy that occurred in the United States. They grow continuously in their business by monitoring their sales from outside sources.
When a grocery store markets their product and there is an increase of sales in that Vincent then Trust and Litchi's consider opening up a new store in that area where they may see profit. The company was at it's peak in expansion and sales.It started introducing new product and a different view in marketing for the company. During the economic recession there was a delay in customers temporarily.
This lasted for approximately a year, but as the economy began to recovery so did the company. The company now sells millions of dollars worth of bagels, soups, and sandwiches yearly. Finagle A Bagel competes constantly with not only other bagel shops in the Boston area, but every place that sells a salad or a cup of coffee. They want you to spend our dining dollars getting their product over a competitor.They differentiate by having their bagels baked fresh daily every day and receive daily deliveries of their fresh salad products and other ingredients.
They offer high quality product, fresh produce, friendly staff that are educated in their positions, and a restaurant that is clean and inviting. Finagle A Bagel would donate bagels to local charities rather than give them away to customers or employees in order to establish a part in the community. It earns them not only a name to the individuals that their helping, but to the community as a hole. They help feed participants that volunteer for different causes.It makes customers look at the company as a place that wants to help change the world.
It's not only about feeding those that are paying, it's giving back to the community and those who may not be able to afford it. If I wanted to open a bagel shop in Hong Kong I would choose Finagle A Bagel. Trust and Litchi's have already looked into the area previously; there were no bagel shops, but multiple Western shops such as McDonald's. Trying to open a shop that isn't in the area would be more beneficial, especially since the owners have searched and previously stayed in Hong Kong.
They know the area and know the response of the individuals in that vicinity. Another reasoning would be the amount of charity work they could establish in China where society isn't as privileged as it is in the United States. They may be numerous shelters or families to give left oversee too and make a difference in their life. Aside from community benefits you could also analyze cost.
Bagels are relatively cheaper items and it doesn't require a long wait time for them. Customers can receive fast service for a low cost.Finagle A Bagel would still maintain a business to customer website even though it does not process orders for customer's because it maintains a relationship with the consumer. They are going to this website to sign up for information, whether or not they may willing want newsletters from the company they may want the points established with their card for the company. It's not only about ordering online to be convenient, but also about the relationship it establishes. Customer's enjoy a tree meal or coffee occasionally and by becoming a member you get that opportunity to et free gifts from the company.
Personally franchises are not as personal as locally owned places. That is a highlight experience I have going to my downtown local coffee shop rather than Cataracts coffee. There is a more personal relationship established and many local non-franchised locations can monitor their inventory and staff on a different level. However, Finagle A Bagel is a growing company.
They don't have 1 or 2 stores anymore, they are well known in their area and want to expand rapidly. That makes franchising on their ends understandable.They personally cannot maintain dozens f stores on their own and need others to help them maintain their stores as well as the quality foods and service. The co-presidents decision to not go through with an PIP is a wise decision.
The main advantage would be financial benefit in the form of capital; this adds in debt pay, research pay, etc,. It may be costly to open stores using only the funds available to you from your company and not relying on the public to help you, however there are many disadvantages. When going through an PIP your not looking at an individual Just helping you, you are having a third party monitor your profits as well.Feature Article - Mid Term Exam ReviewWhat if a recession occurs and business is not booming or the numbers for a month may low. You are having a constant eye on your stocks.
Public companies are also regulated by the Securities Exchange Act of 1934 for periodic financial reporting and that can be a difficult task for newer public companies. Companies pay a price for following regulatory requirements as well and this can be a high cost that could increase. A summary to an executive regarding Finagle A Bagels would highlight the companies personal relationship they have established with their customers.Building a relationship with the company is a foundation for a company. The summary would include that employees here known regulars by name and order; preparing their usual as they see them walk through the door.
Customers are not customers, they are a guests. A guest to your restaurant and guests deserve to be treated with the up most respect. The next key points would highlight the high quality foods that are received daily at every store and maintained to freshness. The company also has a cleanliness about the store and an atmosphere that makes the guest want to return again.
