1. The Five Guys’ philosophy employed targets the welfare of their customers to realize higher sales and large profit margins. This philosophy “we figure our best salesman is our customer”, has enabled the enterprise rake in profits. Their believe and focus is laid on treating their customers well with quality products a factor that makes them sell out their name. They ensure they offer to quality products to their customers at prices determined from the sale of the ingredients. Customers retain their good relations due to offering of quality products at prices worth the quality of the goods a key factor that help maintain customers according to Worthington and Britton. The enterprise maintains originality and quality of their products over years due to diversification and customization in few products in the fast-foods industry. Their endeavors to maintain quality, affordable and regular fast-food products have enabled them maintain their customers and their relevance in the market.
2. The success of this enterprise was a result of the core values they set for themselves. For a business to successfully deliver on its mandate it has to establish the values required to guide it through its operations as illustrated by Audi and Motiwalla in their books. They lay emphasis on setting values that should govern their day to day activities for both short and long term sustenance of the enterprise. The Five Guys’ company set themselves some basic values that guided them in their operations. First, they recognized their customers’ key role in the success of their business. Therefore they set a principle of maintaining quality, honesty and fair treatment to their customers. This is seen in their continued maintenance of quality in their burgers. It is evident of the set standards by the Five Guys’ to treat their customers well since they were their best salespersons. They also set a philosophy “we figure our best salesman is our customer” which was crucial to their enterprise. The attitude they had towards the customers was well aimed and the customers felt appreciated and recognized in this enterprise. This philosophy enabled them create and define their operating environment which put their competitors off due to the customers loyalty. Their endeavor to uphold quality and taste of their burgers gave them an advantage in that they always delivered on the customers need and preference. Their customers always appreciated their products and this helped promote their relations due to their integrity and honesty to them. This company has over years tried to maintain these values and endeavoring to make their customers more satisfied with their products, a factor that has helped the business stay live and competitive compared to other fast-food enterprises. Maintenance of these values has boosted the company’s sales and relevance to their business environment.
3. For the success of any enterprise there are factors that must come into play according to Motiwalla & Thompson. For the Five Guys’ company these factors enabled the company achieve highly within a short period of time. Lying out of good strategies was a key factor that boosted them and helped them maintain competency in the fast-foods industry. These strategies were followed to the letter, ethics and integrity in treatment to their customers. The leaders (the Five Guys) had a personal commitment to the business which was a positive thing to the enterprise. They studied the market through offering different products and settled on the products their customers preferred most. This understanding enabled them deal with risk management as well as maintenance of cordial customer relations that was a key contributor to their success. Commitment and understanding of the market and their customers’ needs was a major boost in their operations. They more so had good cost control, quality control and follow up of strategies techniques. These were achieved through advertising in which they used their customers market their products by providing quality products. Resources were properly managed and expansion strategies well laid out. These factors were not affected by the external markets since their strategy was aimed at blacklisting the competitors through quality and proper treatment to customers.
4. The Five Guys’ company had a working culture based on ethics and social practices. A successful business must embrace an ethical culture in its operations according to Audi R. The Five Guys’ embraced an ethical culture in their activities as illustrated. The enterprise insists on using fresh meat on burgers always a factor that enables them maintain quality. They insist on using top quality ingredients irrespective of their price. They rather prefer to vary their prices but maintain the quality. They are also mindful of their customers’ welfare based on their philosophy “we figure our best salesman is our customer” that guides them day to day. It is therefore evident that this company aims at observing and upholding ethics and social practices a core thing insisted by various authors for the success of business activities and maintaining good customer relations.
References
Audi, R. (2009). Business ethics and ethical business. New York: Oxford University Press.
Worthington, I., & Britton, C. (2006). The business environment. Harlow: Financial Times Prentice Hall.
International Conference on Dynamic Modelling and Control of National Economies, Janssen, J. M. L., Pau, L.-F., Straszak, A., Österreichisches Zentrum für Wirtschaftlichkeit und Produktivität., International Federation of Automatic Control., International Institute for Applied Systems Analysis., International Federation of Operational Research Societies. (1979). Models and decision making in national economies: Proceedings of the 2nd International Conference on Dynamic Modelling and Control of National Economies : a symposium. Amsterdam: North-Holland Pub. Co.
Klein, L. R. (2006). The economics of supply and demand. Baltimore, Md: Johns Hopkins University Press.
Motiwalla, L. F., & Thompson, J. (2009). Enterprise systems for management. Upper Saddle River, NJ: Pearson Prentice Hall.
