Benchmarking for Performance Evaluation Essay Example for Free

Benchmarking for Performance Evaluation Essay IntroductIon In September 2004, Wendy Wiley, the Northlake Bookstore manager, was considering the implications of a shocking development. For the first time in her seven years as the Bookstore manager, textbook sales for this fall had decreased from the prior fall sales. The sales decrease was approximately $180,000, or 3% of annual textbook sales. Wendy wanted to address this problem before it got worse. She found that this sales decrease was due to two emerging technology problems, possibly of equal magnitude: 1) the students’ increasing use of online textbook vendors, and 2) the professors’ increasing use of online textbook publishers. Wendy reported the bad sales news to her boss, Chuck Irwin, the Vice Chancellor of Finance at Northlake University. After commiserating with her, Chuck told her that he was not surprised by this sales problem and that she should consider how to deal with these emerging technologies in her next performance evaluation report by comparing the performance of the Northlake Bookstore against competitors using benchmarking analysis. This analysis would help Wendy find the strengths and weaknesses of the Bookstore. Additionally, Chuck wanted Wendy to develop a few key related short-term performance goals and related measures that could be used in future performance evaluations. He wanted to discuss the situation at their meeting next week, which was the annual review of the Bookstore’s performance for the prior fiscal year 2004 (July 2003 through June 2004). A benchmarking analysis was required by Chuck for the annual review of all the nonacademic departments under his management. Northlake is a private university, located in a major metropolitan area in the Midwest, with an annual enrollment of 12 ,700 students, mostly undergraduates. Northlake is quite dependent upon student tuition, which typically accounts for 60% of its total revenues. However, the Chancellor was concerned because donations and gifts to the University were down, possibly due to uncertain economic conditions and erratic stock market performance. Prior to becoming the Northlake Bookstore manager, Wendy had spent 15 years in retail sales, most recently as a Wal-Mart sales manager. She was an outgoing, supportive individual who really liked being a retail sales manager and enjoyed working with her employees. She strongly believed in continuous improvement of any sales department that she managed. Despite her extensive retail experience in the for-profit sector, this was her first experience working in an academic environment. Wendy occasionally became frustrated working with faculty due to their late or inaccurate book orders. However, she liked helping students and enjoyed working in an academic environment without all the pressures of a for-prof it business with aggressive sales and earnings targets like Wal-Mart. China Case Competition 2009 To prepare her benchmarking analysis report required for the upcoming annual performance evaluation of the Bookstore, Wendy had collected income statement, product line, and other performance measures for the last three fiscal years. To aid evaluation, she summarized the various Bookstore operations into five product lines: textbooks, supplies and sundries, clothing, software and accessories, and computers. The textbook product line included new texts, used texts, class notes (course packs), and general reference books. The supply and sundry line included school and office supplies, electronics, food, sundries, greeting cards, and miscellaneous campus department sales. The clothing line included all insignia clothing, gifts, and memorabilia. Wendy knew she needed to act fast to thoroughly analyze all the information needed for the Bookstore’s annual benchmarking analysis that Chuck and the Chancellor required. She had a lot of historical information and was wondering how to analyze this financial information for her benchmarking analysis report. BEncHMArKInG Benchmarking is the process of identifying superior performance of other organizations for products, services, and processes, and then attempting to improve necessary areas with the goal of achieving similar excellence. The benchmarking process first became popular in 1989 after Xerox advertised its success with the tool; however, the tool was initially employed by Xerox in 1972. In fact, more than 70% of the Fortune 500 companies—which includes ATT, Ford Motor Company, IBM, and Eastman Kodak—reported using benchmarking regularly. Benchmarking is useful in countless decision-making settings including performance evaluation, health and safety management, and supply chain management. To reach for greater standards of excellence, Ford would likely consider foreign automobile manufacturers that have been well known for high efficiency and quality, such as Toyota, the current world-wide leader in automobile sales. Wendy currently benchmarked the performance of the bookstore against other college bookstores and major booksellers. In performing a benchmarking analysis, it was imperative for Wendy to benchmark processes that were aligned with organizational strategic objectives. Since the Bookstore was a profit center, it was imperative that she compare the profitability of the various product lines with other universities. The Bookstore also had an objective to provide service excellence. Thus, if available, it would be beneficial for Wendy to benchmark customer satisfaction data with other universities. Once processes that were consistent with strategic objectives were identified, it was necessary to collect and analyze internal information vis-Ã ¡-vis external information from competitors. The benchmarking process did not stop once areas of excellence and inferior performance were identified. Rather, it was imperative for Wendy to identify how to sustain the areas of excellence and improve the areas of inferior performance. In determining how to improve poor performance, she needed to understand the reason behind the poor performance. Once that was attained, it would be possible to determine a long-term plan for improvement. A key role of the Bookstore was to supply the Northlake University communitywhich included but was not limited to faculty, students, alumni and parentswith textbooks, supplies, clothing and gifts, computers and software, and much more. The Bookstore’s formal mission statement was as follows: The Northlake Bookstore is an academic resource for the students, faculty, staff, alumni, and guests of the University. The Bookstore serves the University with a business presence dedicated to providing service excellence that meets or exceeds the needs of each customer and University department. The Bookstore played a significant role in enabling parents of freshmen to participate in getting their children ready for the first day of class. Additional temporary staff was hired to ensure there was adequate assistance available for new students and returning students who were purchasing their textbooks. These staff members were readily available and happy to answer any question that new parents or students might have regarding textbooks or the University in general. Also, congruent with the University laptop requirement for all students, the Bookstore sold computers and software. This was a great way for parents to enjoy onestop back-to-school shopping. Additionally, the Bookstore tried to promote the University as a brand name by selling clothing and accessories with the University logo and/or name. Availability of clothing and accessories was also a service provided to students, parents, and alumni who wanted to show their support for the school. Sales of merchandise with the University logo indirectly promoted the University, but the Bookstore did not try to formally create alumni support nor was that a formal goal. This was the function of the University Alumni Advancement (funding) office. As indicated by the mission statement, by the role taken to familiarize new parents and students, and by the sale of merchandise with the University logo, the Bookstore operated in a manner aimed at achieving high customer satisfaction. To measure customer satisfaction the Bookstore conducted an annual customer satisfaction survey and a separate faculty satisfaction survey. Customer suggestion forms were also readily available on the Bookstore website. In her years as the Bookstore manager, Wendy had developed various financial performance measures to help assess the performance of the Bookstore. Over the last few years, she had used these measures as part of her benchmarking analysis. She felt fortunate to have a fairly comprehensive benchmarking database available to her. It was provided annually to all bookstore members free of charge by the National Association of College Stores (NACS). The only requirement was that each bookstore had to contribute its own data to the benchmarking database in order to use it. The NACS database included income statement, product line, and other types of benchmarks. With the looming threat from online textbook vendors, Wendy had started to benchmark Northlake’s textbook prices against the major online textbook vendors. She also tracked mail orders and Web orders from Northlake’s own website (started in 2000). Her task now was how best to use this benchmark information. She believed that her first step was to compare her current financial and operating results with the benchmark data to pinpoint areas in need of improvement. This analysis would likely uncover some areas that needed her attention, which would be useful in identifying areas in need of improvement.

Snowmobiling on Priest Mountain Essay -- Descriptive Writing Examples

Snowmobiling on Priest Mountain In late May I never pictured myself carving a highmark on Priest Mountain. Priest Mountain is nestled on the east edge of the Grand Mesa National Forest. Deep sugary snow and feathery blue spruce trees cover the mountain and the area around. One fine day it occurred that I had the opportunity to carve my highmark and I still I have the mental image of my territory after that day. Even before that day, Priest has left a impression on me. Priest Mountain, for me, has been such a majestic riding area; IÃ ­ve been riding in this area for more than 10 years, and it is such a magical place to ride. On this one fine day, we had a typical Colorado snow storm.. I can recall this very trip to the wonderful Grand Mesa because my mom was sick and it was Mother's Day. She told me to go have fun, and that she'll wait until she feels better. My dad wanted to play in a golf tournament, but I wanted to go snowmobiling. We both agreed that he would play golf in the morning and once he was done, I would meet him in the parking lot on the mesa to go snowmobiling. My dad said, "Don't leave until I call you!" "Dad, just watching TV, I'll be here." I replied. The snow began to fall, and I could not control myself; so I just left. Jeff rode with me in the Power Stroke, and Alex rode with Justin in the Dodge. By the time I reached Cedaredge, I couldn't even see the sleds behind me because the snow was flying like crazy. I wondered why my dad was still playing golf in this weather, but that's my dad; he loves to play golf. The whistle of the turbo diesel and the classic rock was getting me pumped for the awesome ride to come. By the time we were on top of the mesa, there was one foot of new fluffy snow... ... halfway. Justin followed, he came down and told us to take the high side, there is less snow. I was ready; I hit the throttle and from the basin up, the ride seemed to last forever. I began to climb and my Yamaha screamed like a cat in a fight. I followed the backbone and kept climbing until I came out on top I arrived at the crest and quickly noticed the mountain top bowl lined with snow. I plowed through the snow up to the peak of the bowl; man, what a view from the top. I could see the guys down at the bottom and miles into the distance. I could almost see all of Delta County in one shot and it was magnificant. I had now conquered the mountain, Priest from now on feels like my place. This mountain will certainly be a part of me for the rest of my life. I'm sure I will travel to other places that will be beautiful, but nono of them will match Priest Mountain.

KFC Exploring Strategy Essay

Summary You are introduced to KFC organization. A fast-food chain restaurant comes from North Corbin, Kentucky that featuring fried chicken. KFC is recognized as the best fried chicken with its original 11 herbs recipes and produce most fried chicken to the world. What makes KFC still remain strongly while other companies are struggling to find a spot in the market? To answer this question, you will be finding out KFC strategic profile, vision, mission and values that is created and brought towards customers. Understanding the company strategic development and how the Corporate and Business level create and develop strategies and knowing what your competitors are doing. We will acknowledge about its customers perception, innovation and international strategy. What has KFC been doing to innovate its staffs, how innovation is created, what changes the companies has made and how did it result. The strategy analysis and main focus on home country – competitive advantage developed from hom e country. At the end of this report, you will be able to perceive the organization values in order to create competitive advantages that make the business sustainable in the presence and future. 1.0 Introduction 1.1 Background KFC (originally known as Kentucky Fried Chicken) a subsidiary of Yam! Brands. Together with Taco Bell, Long John Silver’s and Pizza Hut they are forming the world’s largest restaurant system with more than 32,500 outlets in 118 countries worldwide. KFC was founded by an entrepreneur named Harland Sanders in North Corbin, Kentucky, 1930. He started by selling fried chicken at his roadside restaurant during The Great Depression and discovered the potential of fast-food restaurant franchising concepts. Since then he expanded his first franchise market in Utah and foreseen a rapid successful business. 1.1.1 Company Vision/Mission/Objective The company’s vision statement is to be â€Å"To be the leading integrated food services group in the ASEAN region delivering consistent quality products and excellent customer-focused service†. Its purpose is to bring people from all religions, ages and backgrounds together to enjoy good food, ‘proper food at reasonable prices’ KFC mission is about reasons to â€Å"Celebrate their achievements of others and have funs doing it† by customers focus and belief in people. â€Å"Recognition is everybody’s responsibilities† (Adonis Chapel, 2008) In achieving its vision and mission KFC plans to offer a healthy menu to customers. Providing customers with their best and making customers with smile every time they eat at KFC in order to make repeated and potential customers. On the other hands, all associates need to be trained to be customers maniacs. KFC has invented some options for healthier choices to meet different types of customers and expectation. They still continue to expand their business to get more customers purchasing their food 1.1.2 SWOT (www.business-docs.co.uk/documents/swot-analysis-template) Below table is SWOT analysis of KFC in 2013 Strengths KFC has earned the second largest sales in 2013 among those fast-food restaurants Secret homemade 11 herbs recipes First western food style to establish in China Subsidiary of the second largest fast-food in the world together with of KFC, Pizza Hut and Taco Bell Offering the most original and the advantage of market leader among restaurants offering chickens as their primary menu Weaknesses Too many anonymous suppliers that caused the excessive antibiotics in used chicken Experience high employee turnover as they always short of long term staffs Unhealthy menu, most of items are deep fried Not focusing on advertisement campaign Negative publicity Weak in marketing effects Opportunities Innovation on healthy menu in order to target different type of customers Providing customers’ needs by offering 24hour services, drive through and home delivery Expending on the variety of food choices, not only chicken Potential growth in Asian countries such as Vietnam, Malaysia and Philippines Threats Lawsuits against the company for its unsafe chicken Consumers are more concerned about their health and tend to reduce on fast and oily food Ups and downs currency rates in different countries More people are following the trend of healthy eating 1.1.3 PESTEL (www.dineshbakshi.com/igcse-business-studies/external-environment/revision-notes/63-external-environment-factors) KFC combines three major elements PESTEL which are P- Political: KFC political analysis is their directive to run the restaurant. They use politics to solve the problem. Because the claim of excessive antibiotics in chicken. They made a loss in their profits. CEO of Yum Chinese operations apologized to the public for the mistake and did a makeover menu for China to revive its sales and image. S- Social: analysis which supports the operation’s progress. It may involve culture, values, norms, behaviour and belief of a particular country and they have social activities for the environment. Malaysia is a Muslim country. In order to understand and satisfy its people, KFC has cut off the other meat in their menu. 100% chicken used is Halal certificate. It is a way to respect a country’s religion and its people. T- Technological: the most important element in order to be competitive and follow up your competitors and trends. Without modern technology a company will collapse in the market. KFC was the first to introduce new baking system in their restaurant. Preparation process which involves cooking, frying and all other works are seen in front of customers. 1.2 Strategic Development How does KFC create and develop strategies (www.functionformulabusinessstrategy.blogspot.sg/2010/10/strategic-visioning.html) 1.2.1 Corporate Level Headquarters are located in Louisville, Kentucky. Working as a whole organization at the corporate level, its headquarters first made KFC as a basic model focusing on limited menu, low price meals and convenience. Chairman and CEO of Yum!, David C. Novak is in control of the operations. He makes most important decisions that will affect the whole organization. His key focus are 1) build leading brands across China in every significant category; 2) drive aggressive international expansion and build strong brands everywhere; 3) dramatically improve U.S. brand positions, consistency and returns; and 4) drive industry-leading, long-term shareholder and franchisee value (source: Taking people with you, David Novak, 2007) 1.2.2 Business Level In 1987 KFC was the first western restaurant to open in China; the brand has since grown rapidly throughout the island. KFC adapts its menu internationally to suit regional tastes, and there are over three hundred  KFC menu items worldwide. The company is now the largest restaurant chain in China. Sam Su is the chairman and CEO of Yum!’s Chinese operations. At the Business Level, the regional executive must have the understanding in the taste and culture of its country, to make some changes from the original menu that will satisfy the citizen but won’t affect the Corporate Level menu. Other than chicken, KFC in China is serving pork and skewers as well. Still keeping the original fried chicken but adding more items to interest customers and more various selections. Porridge is also being served because Chinese used to believe that eating a hot bowl of porridge in the morning is good for health and it is not too heavy. By inventing more items on the menu, Sam Su has on ly not targeted to the young people, but also people at different ages. Menu includes an average of 50 different menu items per store as he believes different people have different tastes. 1.2.3 BCG Besides fried chicken, KFC is also known for its delicious Zinger burger, which is at Star and the second best selling in store. Zinger burger is high for both market share and growth. Rice and Spice, newly invented item, high for market share but low growth. Twister is low for market share but high for market growth, certainly public acceptance. Arabian rice is low at both market share and growth. Today we hardly see it on the menu as it has recently removed. (www.download-reports.blogspot.sg/2011/09/new-product-development-at-kfc.html) 1.2.4 Porter’s 5 forces framework for KFC (www.hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy/ar/1) Force 1: Power of Suppliers Suppliers are in control of providing KFC’s raw materials. Suppliers have the right to decide whether they still want to carry on contract with buyer. Any other buyers want to duplicate KFC menu they can just approach this supplier and offer a better price. If the supplier cut off the contract KFC will lose its market. Force 2: Power of Buyers KFC is in charge of making decision of which suppliers to get from. The amount of poultry used for KFC daily use is numerous. So suppliers must be able to supply the necessary amount without fail and ensuring that their raw materials are hygiene standard. Last year in China, KFC was having problem with its suppliers for the excessive antibiotics used in chicken. KFC immediately cut off more than 1,000 their suppliers after the scandal has affected the company’s image. Force 3: Threat of new Entrants New entrants are companies that recently enter in the same market and provide the same food. Radix Fried Chicken also specializes in fried chicken and has grabbed customers’ attention by switching their taste. Radix Fried Chicken was found in 2013 while KFC has started since 1930. Force 4: Threats of Substitute or Services Popeye’s is known for Louisiana kitchen. Their menu and taste are mostly similar to KFC. While KFC is specialised for its chicken Popeye’s also offer customer few seafood choices such as tempura and shrimp. They also invent biscuit and chicken mashed potato on their menu. Popeye’s is also offering free Wi-Fi. Force 5: Rivalry among existing competitors McDonald’s is KFC strongest competitors which also offering its menu items similar to KFC. Speed of service is extremely competitive and set meal price is mostly the same. McDonald’s has been offering its drive thru and 24hour services for years when KFC just recently tried out but only available in certain places. 2.0 Critical themes 2.1Customers (www.imeeta.wordpress.com/2012/04/27/business-strategy-bowmans-clock/) As evaluated, KFC is at position 3 which is Hybrid (moderate price and  moderate differentiation). Menu items offered like fried chickens, burgers, wings, drumsticks, side dishes, carbonated beverages and desserts are similar to other fast food restaurants such as McDonald’s, Popeye’s, and Burger King. Services are at tip stop speed comparing to other restaurants in the fast-food chain. KFC is always public acceptance and first option when they think of the phrase â€Å"fried chicken at an affordable price†. 2.2 Innovation In order to achieve a company’s success, staffs need to be encouraged. David C. Novak CEO and chairman of Yum! Brands, was recognized as one of the quick-serve industry’s Top 10 Most Innovative People on QRS Magazine. On his interview with â€Å"The CEO TV show- Interviewing American’s top CEO† he shared his learning while creating one of the most American products. He believed that people get excited about news and in the food business people love to try new things. The specific thing of what a CEO should do is extremely focus by looking and his own people and the way they do things. Driving innovation by getting out of the company and see what other people are doing. Listen to the voice of our customers, connect with them, and always reach for new innovations and excellence in everything they do He innovate his business by learning from his competitors in order to keep consistence. â€Å"Innovation by people’s inspiration† he said. David C. Novak devotes much of his time to personally train leadership skills for the company’s management staffs and franchisees, emphasizing teamwork and a belief in people that rewards and recognizes customer-focused behavior. In KFC there is no discrimination for old staffs. People after retirement can join KFC as a front clean-up staff. 2.3 International strategy KFC China’s global growth base on â€Å"go global, act local† by understanding the local culture, economic and regulatory differences becomes the key element to perform the business’s success. First KFC identified what the local like and dislike from customers’ feedback. Then they adapt the fast-food model to fit the local cuisine and culture. You won’t be able to find such thing called chicken with Sichuan spicy sauce, rice, egg tarts, and soybean milk on American menu. Chinese people use to in eat large group so KFC has  created larger value meal as well. They also hire local management staffs to take good care of customers and understand their way of local doing business well. The company also follows Chinese strict foreigner investment laws and in action with local producers. 3.0 Conclusion 3.1 Value KFC aims to achieve value by creating quality food at a reasonable price and convenient service. Making customer satisfaction as a priority and fulfill customer’s demands in order to meet their satisfaction. They have also developed value menu for kids and school children with lower prices, value meal and combo for large group of people to share instead of buying each person individually. Value is also created for royal staffs and who are rewarded with good customer services. 3.2 Competitive advantage KFC biggest competitive advantage is being the first fast-food restaurant chain to grow globally. They have gain popularity among years in the fast food chain featuring fried chicken. KFC is well-known for its homemade 11 herbs secret recipes and the leader market among those restaurants selling the same food. Secondly the company is in charge of setting the lowest price for others to follow. If any restaurant goes lower than that they will fail in the market share. 3.3 Sustainability For the last 84 years KFC has remained sustainable in the market. In 2016 KFC established the eco environment program by reducing the volume of water used and carbon footprint, encouraging energy efficiency and sensible material use. They have been working with Carbon Trust and to reduce their emissions. KFC is playing its part to reduce the environmental impact and protect our planet. 4.0 Recommendations Judging on the company business strategy, KFC should improve on its menu by creating for more choices of healthier food options. The purpose is to target different type of customers, customers with special needs or diet or people with obesity problems. They can offer brown rice or whole meal rice  instead of white rice, steamed chicken, boiled veggies. Or they can follow up with McDonald’s by offering KFC’s cafà ©, serving cakes, hot and cold coffee or tea, more ice cream options for the kids’ craving. In addition, they may also expand their areas for 24hour services and drive through for the convenience of late customers. References 1. The Associated Press (2011, October). Colonel Sanders secret recipes discovered; manuscript reveals KFC founder’s favorite hometown foods. Retrieved April 18, 2014, from http://www.nydailynews.com/life-style/eats/colonel-sanders-secret-recipes-discovered-manuscript-reveals-kfc-founder-favorite-hometown-foods-article-1.975651 2. Brady, D. (2012, March). KFC’s Big Game of Chicken. Retrieved April 19, 2014, from http://www.businessweek.com/articles/2012-03-29/kfcs-big-game-of-chicken 3. ENP Newswire (2014, March 28). KFC China Launches New Menu and Marketing Strategy Nationwide; Milestone Signifies Next Phase of Company’s Aggressive and Comprehensive Plan to Restage KFC in China. Retrieved April 20, 2014, from http://smart-grid.tmcnet.com/news/2014/03/28/7749628.htm 4. Harvard Business School (2011, June 17). KFC’s Explosive Growth in China. Retrieved April 20, 2014, from http://hbswk.hbs.edu/item/6704.html 5. Jurevicius, O. (2013, March 10). KFC SWOT anal ysis 2013. Retrieved April 19, 2014, from http://www.strategicmanagementinsight.com/swot-analyses/kfc-swot-analysis.html 6. Kassidy Emmerson, K. (2006, March 10). The History of Colonel Harland Sanders and His Kentucky Fried Chicken. Retrieved April 19, 2014, from http://voices.yahoo.com/the-history-colonel-harland-sanders-his-kentucky-23199.html 7. KFC Development (n.d.). Sustainability. Retrieved April 19, 2014, from http://www.kfcdevelopment.co.uk/sustainability.aspx#tab_greenfacts 8. Lencioni, P. M. (2010). The Five Temptations of a CEO: A Leadership Fable. Hoboken: John Wiley & Sons. 9. Liu, W. K. (2008). KFC in China: Secret recipe for success. Singapore: John Wiley & Sons (Asia. 10. Novak, D. (2012). Taking people with you: The only way to make big things happen. New York: Portfolio/Penguin. 11. Novak, D. (2007). The education of an accidental CEO: Lessons learned from the trailer park to the corner office.

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