STAKEHOLDER ANALYSIS - Monique Laforest (2.5pg)
The Owner
Penny Thomas has three needs from the business: profit, job satisfaction, and to a lesser extent an easy commute.
Thomas needs her franchise to earn enough revenue to cover operational costs and allow her enough extra to pay herself a living wage. It is important to note that Thomas is in the prime earning stage of her financial life based on 25 years of experience as a buyer for the Hudson’s Bay Company. The average salary for an assistant buyer with HBC is currently between 39,000 and 57,000 and given her years of service Thomas was most likely earning the full 57,000. Most people increase their spending to meet their yearly salary, therefore it can be assumed that Thomas will need …show more content…
The parent company allows franchises because they receive profits from these businesses with less of the personal hassle. Thomas must earn a profit in order for her to be an asset to the parent company.
The second thing the company needs is for franchisees to be compliant with company policies and this ties into two the “four I’s of services:” inconsistency and inseparability. The reputation of the parent company depends on maintaining the integrity of their brand and the franchise is inseparable from the parent company and if a consumer receives poor service or an inferior product they will hold the parent company accountable. Marble Slab requires the franchise to remain consistent in both the quality of the product and the quality of the service.
The Employees
An employee is an investment for the business, it takes time and energy to raise a new hire to the level of an experienced worker and once the employee is trained they are a valuable asset.
In business, an employee would expect a fair salary and future career growth, and in exchange, they would put in 40 hours a week and have moderate company loyalty. This is not the case for minimum wage workers; employees in food service are not given to long-term loyalty. They typically earn a low wage, receive few hours and are highly …show more content…
Marble Slab does offer a high-quality product and that product comes in 45 varieties but the prices are slightly higher. It will be up to Thomas to make sure that she stands out in her community and appeals to her customer base. CONCLUSION - Monique Laforest
In summary, the best course of action for Thomas is to locate herself in the Toronto Annex area, purchase one year of monthly advertising in ‘Now Magazine’ to target young adults in the Toronto Annex area, and purchase two 30 second advertisements on Chum Radio to run during the morning and evening commute the day of the grand opening to increase excitement. She should also do a street survey in the area outside her location the week before to get an idea of which flavours the locals would best respond to and to promote her business in the immediate neighbourhood. 2008 May have been the most challenging year for her to start a business, but there is no reason why she should not turn a profit despite economic
The Owner
Penny Thomas has three needs from the business: profit, job satisfaction, and to a lesser extent an easy commute.
Thomas needs her franchise to earn enough revenue to cover operational costs and allow her enough extra to pay herself a living wage. It is important to note that Thomas is in the prime earning stage of her financial life based on 25 years of experience as a buyer for the Hudson’s Bay Company. The average salary for an assistant buyer with HBC is currently between 39,000 and 57,000 and given her years of service Thomas was most likely earning the full 57,000. Most people increase their spending to meet their yearly salary, therefore it can be assumed that Thomas will need …show more content…
The parent company allows franchises because they receive profits from these businesses with less of the personal hassle. Thomas must earn a profit in order for her to be an asset to the parent company.
The second thing the company needs is for franchisees to be compliant with company policies and this ties into two the “four I’s of services:” inconsistency and inseparability. The reputation of the parent company depends on maintaining the integrity of their brand and the franchise is inseparable from the parent company and if a consumer receives poor service or an inferior product they will hold the parent company accountable. Marble Slab requires the franchise to remain consistent in both the quality of the product and the quality of the service.
The Employees
An employee is an investment for the business, it takes time and energy to raise a new hire to the level of an experienced worker and once the employee is trained they are a valuable asset.
In business, an employee would expect a fair salary and future career growth, and in exchange, they would put in 40 hours a week and have moderate company loyalty. This is not the case for minimum wage workers; employees in food service are not given to long-term loyalty. They typically earn a low wage, receive few hours and are highly …show more content…
Marble Slab does offer a high-quality product and that product comes in 45 varieties but the prices are slightly higher. It will be up to Thomas to make sure that she stands out in her community and appeals to her customer base. CONCLUSION - Monique Laforest
In summary, the best course of action for Thomas is to locate herself in the Toronto Annex area, purchase one year of monthly advertising in ‘Now Magazine’ to target young adults in the Toronto Annex area, and purchase two 30 second advertisements on Chum Radio to run during the morning and evening commute the day of the grand opening to increase excitement. She should also do a street survey in the area outside her location the week before to get an idea of which flavours the locals would best respond to and to promote her business in the immediate neighbourhood. 2008 May have been the most challenging year for her to start a business, but there is no reason why she should not turn a profit despite economic