“Fame is the name of the game for an impressive portfolio of famous brands that are on the entire country’s lips” – says the traditions in business axioms. Mass customization, appropriate operation strategy, efficient location factor analysis, effective modus operandi and virtually comprehensive corporate strategy can serve as a solid foundation for inaugurating a company to be equipped with ingredients of acquiring name and fame.
The central claim of the present paper is to provide a roadmap for launching a new franchising outlet of Wimpy in a specified location. The principal objective of this work is to offer guideline and instructions for opening a new fast food enterprise named Wimpy. As the operation strategy is the most important step to be sorted out in the very beginning of such a venture, the focus is widely awarded to devise the ways and means of a sustainable corporate strategy. Moreover, the issues and problems that may constraint the operation of a new company might duly be addressed and equally the prospective solutions be offered. In addition, the location factor analysis, which serves as the criterion for installing such companies, is made with appropriate theoretical vigor and empirical rigors.
This work is based on both primary and secondary sources of materials. The secondary materials include books, literatures and journal articles related to the topic. Internet sources have also been consulted to have an access to the required data and information on Wimpy. The primary sources include the menu chart, brochure and archives preserved by Wimpy authority. Interviews with customers as well as established fast food entrepreneurs and their human resources have also been undertaken.
1.2. Analytical Structure
Compared to an extended time line to be required for such a rigorous work, the researchers got the unprivileged of serious time constraints. Also as the component of a comprehensive corporate strategy, a wide dimension of factors needs to be addressed, while in this paper only the important strategies and location factors are considered.
Structurally and chapter wise, the paper has been divided into seven sections. The introduction and methodology have been discussed in the first section. The second section is dedicated to the conceptual analysis of operational strategies which is followed by- a discussion on the historical profile of Wimpy in section three. Section four explains launching the proposed outlet of Wimpy. Section five is designed to focus on the operational strategies of the new outlet. Some constraints and recommendations are listed in section six. Finally the write-up ends with some concluding remarks.
2. THEORETICAL ASPECTS
The scholars as well as business people follow a number of operational strategies in order to launch, establish and succeed in new ventures. Keeping in consideration of this launching strategies, the most important procedural techniques are furnished below that will work as the theoretical foundation of the present world.
2.1. Corporate Strategy
Corporate Strategy specifies the businesses that the company pursues, isolates new opportunities and threats in the environment, and identifies the growth objectives that it should achieve. The corporate strategy also highlights the business strategy or how a firm can differentiate itself from the competition (Operations Management, 2006). Thus the Corporate strategy provides an overall direction that functions as the operational framework of the organization. The corporate strategy, however, includes a number of strategic considerations, market segmentation, needs assessment and so on.
Strategic considerations focus on the following:
There are five ways companies can respond to the need for flexibility:
• Scenario Building: Strategists plan several different outcomes for each initiative, thus permitting quick responses to competitive threats.
• Reality Checks: Key decision makers meet regularly at short intervals to assess ways that rivals might make inroads in the marketplace.
• Communication: To get everyone thinking of the effects of the change on their operations, executives announce strategy shifts to employees within hours of a decision.
• Hires: Employers fill jobs with people who thrive on change and ambiguity.
• Shortening the Budget Cycle: To ensure that individual and departmental goals are properly revised, managers link the budget review to strategy review.
From a strategic perspective, the message is clear: develop a capability for change.