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KARIN KA MAN CHAN, HIU TUNG WONG, WAI-KI WONG
AGENDA
BUSINESS
OVERVIEW
ANALYSIS OF
POSSIBLE SOLUTIONS
RECOMMENDATIONS RECAP
BACKGROUND ▸ Vision
▸ To become the most prestigious and iconic family-like restaurant in Tacoma
▸ Mission▸ To serve customers local and unique food in a family-like environment
▸ Value▸ Friendly and personal customer service
▸ Great food at reasonable prices
▸ Integrity in all you do
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
GENERIC STRATEGY
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
Source of Competitive AdvantageCost Differentiation
Cost
LeadershipDifferentiation
Focused
Cost Leadership
Focused
Differentiation
Sco
peN
arro
wB
road
ISSUE IDENTIFICATION▸ Passed a new minimum wage law
▸ How to maintain balance for the concerns and expectations of the stakeholders?
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
Year 2015 2016 2017 2018
Min. Wage $9.47 $10.35 $11.15 $12.00
FACTS ABOUT MINIMUM WAGE▸ Protect lower class
▸ Cost transfer to somebody
TRUE?
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
ANALYSIS OF POSSIBLE SOLUTIONS
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
▸ Decrease the number of hours worked per employees
▸ Decrease the number of employees
▸ Increase the price
▸ Develop some new compensation package
▸ Receive service charge that gets evenly distributed to employees
RECOMMENDATIONS▸ Budgeting
▸ Human Resources
▸ Marketing & Public Relations
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
BUDGETING▸ Original profit margin = 3.62%
▸ Boost sales at least by 3.16%
▸ By increasing quality of food and service
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
HUMAN RESOURCES▸ Salary
▸ Benefits
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
Source: http://www.myemployees.com/blog/restaurants-are-an-ideal-industry-for-employee-recognition-done-right/
HUMAN RESOURCES▸ Salary
▸ Increase everyone’s salary by ratio
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
HUMAN RESOURCES▸ Benefits
▸ Impose efficiency wage
▸ Empower employees by holding social activities
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
MARKETING & PUBLIC RELATIONS▸ Loyalty Program
▸ Social Media
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
Source: http://focuspos.com/wp-content/uploads/2014/06/bigstock-Waitress-Serving-Food-To-Senio-47117440.jpg
▸ Loyalty Program
▸ Give out punch cards for free event
MARKETING & PUBLIC RELATIONS
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
▸ Social Media
▸ Update customers with new menu and promotions
▸ Maintain close relationships with customers
▸ Remind customers “Come home for dinner!”
MARKETING & PUBLIC RELATIONS
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
▸ Social Media
MARKETING & PUBLIC RELATIONS
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
RECAP
INCREASE
PRICE
IMPROVE QUALITY OF
SERVICE & FOOD
MEET ALL
STAKEHOLDERS’
NEEDS AND WANTS
l Business Overview l Issue Identification l Analysis of Possible Solutions l Recommendations l Recap l
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