Drive, will- power, creativity, independent, self confident, dedication, perseverance, and goal oriented. These words are some of the characteristics that describe a successful business. A business needs drive to continue to strive and focus on the business even during the hardest of times. A good business needs will-power to do what is in the best interest of the business even if running the business is not enjoyable anymore. Creativity is definitely a key factor because with creativity to make the business unique, the business is just like any other corner shop, and will not get the desired attention from the consumer. Creativity is also very important for marketing strategies. For example, America is on a low carb craze which has the potential to cause problems if Krispy Kreme does not have a creative plan to keep them profitable. Success entrepreneurs are independent. They tend not to rely on other people to make decisions for them. They want to make their own decisions and do something they enjoy. Self confidence is another key factor. If a business owner is not confident in them self, it will be extremely have to be confident in the success of a business. They must also have the confidence to bounce back for a poorly made decision. Dedication may be the most important characteristic. In order to make the business a success and for the business to have continued successful the owner must be dedicated. For example, if the owner of the business is not dedicated to his work; the employees will not be dedicated. The work will not be done to its full capability. The customers will not enjoy shopping with the company which will result in loss of profit. The business continues to lose revenue, and ultimately it will have to shut down. Business owners must also have perseverance. They need to be able to persist through hard times until goals are met. Lastly, the successful business owner must be goal oriented. To ensure success entrepreneurs must set high standard but maintain realistic goals for the business. They must know what it is they want to see happen with their business and continue to be focus to make sure it happens. All of these characteristics are extremely important in franchising the business. Krispy Kreme seems to have all of the listed characteristics which attributes to their continued success.
Using e-commerce has the ability to greatly expand the company. You can complete on line orders, buy par aphelia, list comments and concerns, view the different locations of the Krispy Kreme stores and view and read about each individual doughnut. The company would benefit because being able to place orders online at a near by store allows the orders to be ready prior to pick up. This entails less traffic in and out of the doughnut shop at the same time, as well as creates less wait times for customers. Viewing the doughnuts online allows the consumer to know what they want before hand this also creates less of a wait time for other consumers. The store may also choose to set up e-commerce for the international market. By choosing to utilize the international market Krispy Kreme would definitely benefit though use of an untapped market.
Krispy Kreme Stores seem to have somewhat of a gimmick. They provide live entertainment while you wait for your doughnuts. Inside the store you can see all the doughnuts are being made. You can see the doughnuts being fried glazed on the hot doughnut machine. Now, Krispy Kreme has developed a smaller machine which allows Krispy Kreme shops to open inside the airports and shopping malls. These machines easily attract customers to the shop. Who can resist the site of the “hot doughnuts” sign flashing in the window luring you insider the shop. This is another way Krispy Kreme used its resource to develop cliental. The smell of the fresh baked bread also lures the customer to the Krispy Kreme counter.
A support system can assist the managers through online support with problems. Online support will allow faster feedback for the managers. Krispy Kreme could create a 24 hour chat room that allows managers to get assistance with decisions immediately. By doing so this will almost eliminate stress caused by the decision making process. Krispy Kreme can also use PAI which is a knowledge-based decision application that offers you customizable prediction capabilities which are geared to your unique business challenges, allowing you to make better decisions, faster. You will benefit from real-time access to integrated systems providing insight into your organizational strategy, marketing effectiveness, operational efficiency, and risk management through use of the Web.
Through careful research I found the most important tangible asset is the long term investments. These investments provide the business owner with sponsorship to keep the business running strong. The most important intangible asset would have to be equipment. Without the necessary equipment the business would not be as profitable.
According to the annual report, the revenue last year was the highest ever if Krispy Kreme continues on this pattern there will be nothing but success in the future. However, I am concerned with the low carb craze and the effects it has had on Krispy Kreme. Of course fried bread, glazed or filled may be delicious but not healthy for consumers. If the low carb craze is just a phase I predict much continued success for Krispy Kreme. However, if it’s not just a phase and enough people are really ready, willing and able to change their lifestyles and eating habits, Krispy Kreme has to come up with a new idea quickly but a fad like this does have the potential to destroy the doughnut shop.
www.newsweek.com article by: Barker, Robert Retrieved on Feb 19,2005
www.msnbc.com article by: Catherine Skipp Retrieved on Feb. 19, 05
www.krispykreme.com articles retrieved on Feb 17,05
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www.franchiserestaurant.com articles retrieved on Feb. 19.05