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Key Topics
- Requirement
- 1. What factors are driving change in the industry Panera Bread is in?
- Answer:
- 2. What are the key success factors (KSF) in this industry?
- Answer:
- 3. Apply the Five Forces Model of Competition tool to analyze the industry the company is in.
- Answer:
- 4. Apply the Strategic Group Mapping tool to determine the place of the Panera Bread Company vis-a-vis the others in the industry.
- References
Requirement
1. What factors are driving change in the industry Panera Bread is in?
Answer:
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Competition: It is an important factor as a new competitor in the restaurant market causes the existing players to improvise their marketing strategies. However, Panera Bread has three top existing competitors in the market – Starbucks Corporation, Einstein Noah Restaurant Group, Inc. and La Madeleine Group, Inc.
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Technology: Organizations have to rely on the innovations in technologies that force them to deliver their quality products or services in order to remain relevant in the competition. Also, the new improved technological changes increase productivity and efficiency (Eklund and Waluszewski, 2015).
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Desire for growth: it is the desire for growth that has made several restaurant companies to change their method of operations. Panera Bread is one of them as it has variety of products offerings to cater to their customers.
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Need to improve processes: The performance indicators of Panera Bread in the first quarter of 2012 show an 18 % increase in sales revenue and 30% increase in net revenue. It was all because of improving its processes.
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Government regulations: the changes in the policies of the government can have huge impacts on the business of a company, such as interest rates and investment policies.
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2. What are the key success factors (KSF) in this industry?
Answer:
The restaurant industry which Panera Bread is in, is an extremely competitive industry, which is why it is pretty important to understand as to how the Key Success Factors (KSF) could be implemented to get competitive advantage (De Vasconcellos, 1991). The following list is an effectively compiled list of KSFs in this industry:
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Hospitality is one the most observed aspects of any restaurant business, so it’s a key that influences the choice of the customers
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It is generally observed that any business is as good as its reliable employees are.
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Cost or differentiation always help in getting competitive advantages
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Monitor and control waste in the kitchen
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Portion control shouldn’t be too much or too less
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It is pretty crucial to use benchmarking as it measures the quality of organization’s policies, products, programs and strategies.
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A restaurant is said to be as successful as its last meal was, therefore quality food matters most.
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A differentiated brand image makes any restaurant or company for that matter stand out.
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Effective capitalization: as is generally known that a restaurant’s life cycle is of five years, so with effective capitalization, it is able to reinvent business for the customers.
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Place Your Order3. Apply the Five Forces Model of Competition tool to analyze the industry the company is in.
Answer:
Five forces model of competition for Panera Bread
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Rivalry among competitive sellers: in the restaurant industry, there are constantly new entrants making the companies to worry about their profits. These companies compete on many levels including fast casual dining and specialty foods. Its existing competitors are Mc. Donald’s are, Starbucks Coffee and Subway.
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Threats of substitutes: in the restaurant segment, there are no major substitutes because they have to eat anyhow, as food is a basic need which nothing can be substituted with. So with respect to Panera, there are no major threat but in the domain of coffee selection.
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Threats of new entrants: this threat is significantly high due to the low barriers on the entry with a large pool of entrants because people always look new and different places to eat. Also, because of limited government regulations, barriers are low (Grundy, 2006).
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Buyers bargaining power: the buyer bargaining power is relatively high as the food industry is highly competitive with low switching costs. For Panera, it must stay in tune with customer preferences.
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Supplier bargaining power: the industry’s suppliers have low bargaining power due to the fact they implement lot of controls to keep bargaining power low. Panera has an edge in terms of suppliers because it makes its own bread in quality dough facilities.
4. Apply the Strategic Group Mapping tool to determine the place of the Panera Bread Company vis-a-vis the others in the industry.
The strategic group mapping is done with an intention of ensuring the needs of the customers in account. So, Panera bread requires to identify its direct and indirect competitors. It helps in illustrating as to how easy it might get for Panera in order to move from one strategic group to another. The Mapping tool also identifies future opportunities or strategic problems for Panera, at the same time the beneficiaries’ views are take into account to assess its strategy (Huff and Jenkins, 2002). The following figure shows the application of the Strategic Mapping Tool:
Fig. 1 Strategic Group Map for Panera Bread
References
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De Vasconcellos, J. (1991). Key success factors in marketing mature products. Industrial Marketing Management, 20(4), pp.263-278.
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Eklund, M. and Waluszewski, A. (2015). The diversity of systemic innovation thinking. IMP Journal, 9(1), pp.26-45.
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Grundy, T. (2006). Rethinking and reinventing Michael Porter's five forces model. Strat. Change, 15(5), pp.213-229.
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Huff, A. and Jenkins, M. (2002). Mapping strategic knowledge. London: SAGE.
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