Strategic plan for Wendy's

Four employees worked together to build a strategy plan that would guide the growth of Wendy's services and business with the assitance of the company's vice-president. The employees tasked with this effort developed a new mission, vision, and short-term goals that will help determine working methodology at Wendy's.
Mission
To offer top-notch services that foster a sense of respect and value among all those that interact with our outlet. The company aspires to achieve success via collaboration and to foster a culture of giving back to the community. Wendy's has a long history of assisting foster children through the Dave Thomas Foundation for Adoption.
Vision
A premier facility of the highest caliber in the world for the provision of high quality food products and services that innovatively focus on the community and the customer



(SMART) Goals and Objectives

The following are the short-term goals that Wendy’s seek to attain in its five-year strategic plan:

Specific

Health-conscious food offerings

2. All-New Breakfast menus

3. Kids menu (Health Choices)

4. Increase Value menu

5. Introduce healthy desserts

Measurable

Menu review and hire firm for focus groups

Achievable

Implement changes for January 2018

Realistic

Breakfast, kids and desert menu changes

Time

1. Implement changes for January 2018



Industry Analysis: Wendy’s

Competition

The fast food industry is highly competitive in America because its players are established businesses with outlets all over the country. The main competitors of Wendy’s in the country are McDonald’s, Burger King, Chik-Fil-A, and Taco Bell. The competitors have some diversity with respect to menu choices and restaurant concepts. For instance, Taco Bell is known as the specialist of Mexican Cuisine. However, they all target a common customer base, which are the 50 million Americans who consume fast food on each day (Sheel, 03).

SWOTT Analysis

Strengths

One of the strengths of Wendy’s is its brand. The company has enjoyed 40 years of such good branding that no matter if one is at the airport, in the city or the suburbs, it is impossible to think about fast food without Wendy’s coming into the mind.

The second strength of Wendy’s is the freshness of its beef. The fast food lovers know that the company has consistently demonstrated commitment to its slogan, Choose Fresh. Choose Wendy’s. Even in 2009 when Wendy’s ran a mega campaign to rejuvenate its brand, it used freshness as the key selling ingredient.

The other strength of the organization is its global presence. It has outlets in more than 30 countries Asia, Europe, Africa, The Caribbean, USA, and Latin America. Wendy’s does business with franchises, which have contributed to its expansion, especially in the United States.

Weaknesses

Wendy’s does not have a breakfast menu; therefore it misses out on millions of dollars that go to its competitors in purchase of breakfast.

Moreover, our menu is very simple and this limits the choices of clients who would like to have diversity packed in one order. The main items in the menu are normally hamburger, pizza, fries, sandwich and chicken.

The other weakness of Wendy’s is its weaker global positioning compared to its competitors. For example, while Wendy’s can only be found in 30 countries, McDonald’s exist in at least 119 countries around the world. Burger King is behind McDonald’s but is far better than Wendy’s in terms of global presence.

Opportunities

Despite the weaknesses, Wendy’s has a number of opportunities that can be exploited to leverage profits. First, given very simple menu, coming up with an aggressive product menu would be a good starting point. Wendy’s will not specialize in any cultural menu but will offer varieties of food product menus of popular cuisines like Chinese, French and Italian. In addition, the chain will have multiple value menus to serve consumers who cannot afford expensive food in the restaurants.

There is also a lot of room for expansion in the global market. Wendy’s should welcome more franchises to open outlets both within and outside USA. Developing economies such as China and India are some of the best of the markets to target with the expansion because they have big populations and a growing number of middle class earners who are important consumers of fast foods.

Wendy’s will also introduce a breakfast menu to make it a one stop centre for all the day’s meals. In most parts of the world, people rarely skip breakfast although many on diet would want to do without lunch or supper.

Threats

The fast food industry is dominated by larger chains such as McDonald’s, which have more menu diversity and greater number of outlets. Such chains pose great threats to smaller ones like Wendy’s. Besides the larger chains, fast foods outlets are losing sales to fast casual. Fast casual is a new segment of the industry that offers faster services at lower prices than the fast food outlets although their quality is inferior and less their menu choices are less dynamic as compared to the fast food products (Sheel, 03).

Increased health awareness campaigns have led to greater demand for health food options, which were not served at Wendy’s outlets. Most of the health foods are natural foodstuff which would mostly be found in fresh food stores and vegetable markets. Although Wendy’s just like other fast food chains are beginning to make health food an important part of their servings, they are yet to completely erase the notion that fast food are “junk” (Young, and Marion, 239).

Trends

Most fast-food chains are now including breakfast menus in their products to increase profits. The breakfast menu has a number of products that are common in typical American breakfasts and are served in the morning hours only. At Wendy’s the breakfast menu is served until 10.30 am.

Fast food industry is also changing to adopt health foods because many people who once loved junk food in the industry are turning to healthier food options due to the claims that fast foods for a long time were associated with health problems like obesity and cardiovascular complications. However, the fast food product sellers are succeeding in fighting the “unhealthy” notion.

The other trend is that is quickly picking up in the food industry is value menu. All the major fast food companies offer a number of selected items in portions that cost less than $ 1. Wendy’s is in record for having come up with the idea of value menu which was introduced in its stores in the year 1989. Food bargain is an important discourse in the world over because of financial limitation. Moreover, most of the people who buy fast foods are low income earners, who would benefit greatly from the value menu idea (Young, and Marion, 239).



















Work Cited

Sheel, Atul. "2016-A Year in Review for Restaurant Firms." (2016): 1-4.

Young, Lisa R., and Marion Nestle. "Portion sizes and obesity: responses of fast-food companies." Journal of public health policy 28.2 (2007): 238-248.