Unit 5 – Individual Project Strategy Formulation and Processes Colorado Technical University Unit 5 – Individual Project Laura D Moord Strategy Formulation and Process 1 Unit 5 – Individual Project Strategy Formulation and Processes Dairy Queen Strategic Plan Industry Analysis The globally fast food industry makes up to 500 billion dollars revenue generation, which is more than most countries economic value. This sector has grown tremendously, and in the United States, there are more than 200,000 fast food outlets and an estimated 50 million Americans eat in one of these areas every day. The revenue generated in 2015 by this industry totaled to 200 billion dollars compare to 1970 revenue of 7 billion dollars (Card, 2017). As the market dynamics are changing, the industry is expected to have an annual growth of 3% for the next five years. This industry’s employees over 4.5 million people. Consumers of this product focus on three key areas: taste, price, and quality. To retain customers since completion is high these restaurants focus on one common goal; Speed. Speed involves service delivery when customers are being served. They also focus on consistency of experience, and affordability of the product (Card, 2017). Dairy Queen is one of the leading fast foods in America and it has an estimated net worth $3.6 Billion this company has served in the market for many years where it has faced competition from top leading fast food companies such as McDonald's. Every business wants to be the best and to serve its customers more every day. That what Dairy Queen is all about. The company’s vision is to be the leading and favorite Fast Food Restaurants in the United States and the whole world in the next ten years targeting 700 million customers. The company’s mission is to create a positive memory every customer who touches Dairy Queen (DQ). Daily Queen has established a name for itself. The company is a brand that is known across the world. Those who have tasted their product can live to tell the story. The firm serves quality food, and customer service is excellent. To achieve the set mission the company the company in the next five years have set some of the most important goals that the company can implement and fund 2 Unit 5 – Individual Project Strategy Formulation and Processes their progress to achieve the vision that it aims to reach. A strategic plan is important because it acts as a guide and as a tool for achieving the objectives. SMART Goals and Objectives SMART stands for Specific, Measurable, achievable, realistic, and time-bound goals and objectives. Therefore this plan will explain how the company can use each the elements accomplish its mission. Specific Goals Specific goals are important because every company needs to know what they target to achieve. What exactly do they want to make? Being specific helps in concentration. In this case, the company chain of production is fast food. Therefore, its one main goals are to ensure that the food delivered is high quality. If the company deviates from this goal and starts looking at other dimensions like oil production, then it compromises its mission and vision Measurable goals All goals need to be measured regarding figures. How much it will cost. The value of the goal needs to be known so that when setting up the plan it minimizes wastage and increases accountability. Being able to value goals and objectives then it becomes easier to know when one has achieved them. Achievable. Since the aim is to be the leading fast food in the world. Therefore the question remains to be, is it possible? Alternatively, can it be achieved? In this plan, the company needs to hire more staff, increase funding and embrace culture change from other countries. Becoming a global company will be challenging, but the company can achieve the goal. It only needs to use essential 3 Unit 5 – Individual Project Strategy Formulation and Processes tools to reach this goal. The marketing department needs to go an extra mile to improve their activities. Realistic goal After setting up a plan, it is important for the company to set realistic goals. This means that the mission statement cannot be achieved within one year. Therefore, a reasonable period needs to be set say like four years. A good plan involves strategic plans that are real and achievable. Some countries are hostile and one cannot propose the company to invest in such countries as Somalia or Afghanistan. Thus, the goal has to be realistic. Let fast the company invests in a friendly nation and eventually it will conquer the whole world. Time period For this case, the plan is within 3-5 years. During this time, the company can embrace new technology, increase workers training hours and fund the service delivery unit. This means that the company can increase the number of its workers and at the same time their self-esteem within a short period because they are the pillars of the company. A period of three years minimum can be an appropriate period to taste the target market. SWOTT Analysis Although the market has faced tremendous challenges, it has kept growing and generating billions of dollars for the last five years. It focuses on high volume low costs as well as high speed. Strengths-The most common strengths is that it saves money and time. The product at DQ is priced much lower compared to what other restaurants offer. Therefore, it serves less financially individuals in the society. It is convenient and appeals almost to everyone. The speed that services are offered is high therefore customer time is saved. DQ delivers the orders at one's doorstep. Consequently, those who cannot reach the outlet they are served. 4 Unit 5 – Individual Project Strategy Formulation and Processes On health issues, the company is adapting to health issues and offering food choices that all customers can make orders. Weakness-One of the common weakness that this company and industry at large is facing is health issue. Many people are suffering from an illness caused by consumption of fast food. This has led to ruining the reputation of the company. Obesity is associated with eating fast foods therefore due to the perception the market has slowed down, and the majority are not satisfied with what is taking place. Opportunities-The foreign market is offering chances for expansion and growth of fast foods. DQ global growth is achievable having a big brand name is an advantage. Hence, DQ is in a position to thrive in foreign markets. It also offers a profitable niche in food franchise space. Threats-The company is constantly facing challenges in the ministry of health has the policies and demands keep changing every time. Correspondingly, tax policies and political interference are becoming a problem to the growth and development of the company. Trends-The industry is fast changing and growing. Therefore, food delivery has been digitalized. The company has developed an App that customers and every person can download for free so that they can be able to make orders at the comfort of their homes at low cost. Another changing trend is advertisement and promotion strategies. Social media especially Facebook and Instagram are fast growing. Television adverts are no longer attractive (Abell, 2015). In conclusion, I have used this criterion because it is essential for one to understand the industry on fast food restaurants. After reading the analysis then one can learn about the mission and vision of the company followed by the goals and objectives of the organization and finally the strength, weakness, opportunities, threats, and trends in faced by the company. Strategic planning is important for every business that aims to grow and develop 5 Unit 5 – Individual Project Strategy Formulation and Processes References Abell, D. F., & Hammond, J. S. (2015). Strategic market planning: problems and analytical approaches (Vol. 1). Prentice Hall. Card, D., & Krueger, A. B. (2017). Minimum wages and employment: A case study of the fast food industry in New Jersey and Pennsylvania (No. w4509). National Bureau of Economic Research. Ritzer, G., & Stillman, T. (2016). The modern Las Vegas casino-hotel: The paradigmatic new means of consumption, 4(3), 83-99. 6 
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