...Five Guys Name: Institution: FIVE GUYS Five Guys is a private owned restaurant chain that serves fast and casual food. The restaurant focuses on French fries, hot dogs, soft drinks, and hamburgers. Five Guys started in 1986 and with its headquarters in Lorton, Virginia. It has branches in more than 40 states in the US, as well as in six Canadian provinces. This paper aims to determine the business that Five Guys is in, run the rule on their primary competitors, perform the restaurant’s SWOT analysis, and finally give strategies for the hotel chain in the coming five years. 1. Business Case Five Guys began in 1986 by the Murrells together with their 4 sons. Originally, the restaurant's name was Jerry and the sons. After beginning the business, Janie and Jerry Murrell had a fifth son, with all sons involved in running the business as the Five Guys. Together, the brothers did away with ideas of broad menus, favouring a more honest and solid bugger (DATAMONITOR, 2010). They pride themselves in offering non-frozen buggers, which are hand-patted from ground beef, and 80% lean. The fries preparation occurs daily including cutting the potatoes, along with in the house and fresh buggers. The restaurant created a cult following by word of mouth. Five Guys price their burgers at four dollars; yet manage to keep their clients coming back due to their appeal for high quality and fresh food. The pricing makes the restaurants enjoy increased success in areas with higher...
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...As a food service company, Five Guys has its own strengths that could see them increase the influence it has in the world market over the other companies. First of all, it has more than seven hundred locations in forty different states and even in four Canadian Provinces (Weise, 2011). An extensive network of a business and its operations is strength in accordance to what their competitors present. They offer a wide variety of foods and drinks in regard of their competitors. Moreover, funny enough, the company offers free peanuts while clients wait for their orders. They have the president’s stamp of approval. The information they provide on the type of foods they produce is equally strength for the company. Five Guys’ Weaknesses All businesses have their strengths and weaknesses. In order to survive and be successful, business should try as much as hard to ensure that their strengths are more than their weaknesses. This increases the chances of succeeding. In the context of Five Guys, the company seems to concentrate more on the production of fries and burgers maximally in disrespect to other kinds of food services (Weise, 2011). For instance, fries are considered to be a health hazard given the amount of fats it increases to the body. Hence, the company should also increase the provision of other types of foods in line with the burgers and fries. Opportunities for Five Guys While engaging in business activities, one should be able to discover the opportunities in the macro...
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...world of Accounting has seen several major scandals since the early 1990s. These include major accounting failures such as Enron, WorldCom, Adelphia, Tyco, Phar-Mor, Cendant, Computer Associates, AOL, Freddie Mac, ImClone, Qwest Communications, Royal Ahold, Health South Corporation, AIG, Lehman Brothers, and most recently the Olympus Corporation. Some of these have resulted in the collapse and dissolution of the company – Enron, Adelphia; others have resulted in a major restructuring of the company – AOL, AIG, Freddie Mac. Whatever the result, they have all been caused by accounting fraud – either “cooking the books” to hide major losses or to hide the theft of funds. It has also resulted in the failure and absorption of the one of the Big Five Accounting firms – Arthur Anderson. Besides the whistle blower who brought most of these to public view and the lawyers who have been involved their dismantling one of the other major role players, though unsung and unknown, has been the Forensic Accountant. We will be taking a look at this last individual or groups of individuals in most cases. We will look at what they do, their “required” skills and role in courtroom and possibly examine their role in a couple of the noted scandals. The Forensic Account What is a forensic accountant? Bolgna...
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...Janie Murrell’s four sons. Soon thereafter Five Guys Burgers and Fries was born. The Murrell family opened the restaurant in Arlington, Virginia in 1986, quickly becoming an institution in the area. From 1986-2001 the Murrell family business went from one location to five in the Washington – DC metropolitan area. In 2003 the Murrell’s decided to give franchise opportunities and have exploded nationally, becoming America’s Fastest Growing Fast-Food Chain. In this analysis I will determine the Five Guys philosophy and differentiating factors from its competitors. I will also analyze the firm’s original values, and other factors that have contributed to its explosive success as a start-up and over the last 10 years. The Philosophy and Original Values The philosophy of Five Guys Burgers and Fries has been to “sell a really good, juicy burger on a fresh bun. Make perfect French fries. Don't cut corners. (Welch)” Five guys competes in what is known as the fast-casual restaurant market. This is a mix of the traditional fast-food / quick service restaurant like McDonalds and more casual dining entities such as Applebees. By focusing on quality as a primary driver rather than speed it creates a sub-set within the restaurant industry. Five Guys has a very a limited menu and focuses its attention towards creating the highest quality burgers and fries at a reasonable price point. Jerry Murrell, founder, chief executive and father of the “Five Guys” is committed to nothing less than the best...
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...off in the future. One of the most well known fast-food chains, Five Guys Burgers and Fries, started its business in 1986 in Arlington, Virginia. Jerry Murrell and his sons opened four other locations over the next 13 years. As years went on, Five Guys started to franchise. Now, they have more than 1000 stores with approximately $483 million sales as of 2009 (Five Guys, 2012). The reason why Five Guys is growing so much is because it has philosophies that set it apart from other fast-food chains, such as, their recipe, and quality and customer. The Company has had strong business philosophies since its origin. Two of the main ideas that separate Five Guys from its competitor are its quality and recipe. Aside from their juicy hamburgers and fries which appealed to the masses; Five Guys also have a unique recipe and fresh marketing tactics to appeal to the market. The recipe in itself differentiates the product from that of its competitors; the major ones being McDonalds; Wendy’s and Burger King. The company does not serve frozen or dehydrated products to customers which sets its taste apart from the other companies' products (Inc, 2013). Today, it is showing everywhere how frozen food are unhealthy and should not be consumed. The company also makes their fries from real potatoes that make the taste better and healthier. Therefore, people who care about eating healthy and fresher food prefer to go to Five Guys to eat. Besides this, the company sells burgers; only what they...
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...Entrepreneurial Leadership: Five Guys Burgers and Fries At the heart of every entrepreneur is a drive and motivation to take an idea and see it evolve into a fully functional and striving business. To see a business progress and be successful there has to be vision, fearlessness, determination, and resources. When these things are in place a dream can become reality. A true entrepreneur knows this and will do what it takes to bring the vision to pass. “Treat that person right, he'll walk out the door and sell for you." This statement embodies the belief and philosophy of Five Guys Burger and Fries owner Jerry Murrell. From the beginning Mr. Murrell wanted the focus of the company to be on producing a quality product and customer satisfaction. In a world where there is a fast food restaurant on every corner, there has to be something to make one establishment stand out from the others. Five Guys’ stance on quality and satisfying the customer has gotten them many awards and recognition over the years. They have proven to be a grade above most of their competitors. From day one Five Guys has stayed simple by sticking with the basics. The company was founded on the principles of quality, great customer service, and cleanliness. The company wants the place so clean the floor could be eaten off of. As reviewed in “Five Guys Burgers and Fries: Ingredients for Success”, they take pride in cooking fresh meat and having their fries grown in Idaho which is considered...
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...BUSINESS Assignment #1 Five Guys Burgers and Fries: Ingredients for Success By Ignatius B. Perry Sr Presented to Professor Lundondo Mumeka Five Guys Burgers and Fries: Ingredients for Success Introduction What if you woke up one day and said I would like to make the very best hamburger there is. In your mind you said I don’t want to be like McDonald, Burger King, Wendy’s or any other hamburger maker that is out there. You decided that you didn’t want to people to have the ‘normal” experience of going to a fast food restaurant when they cam into your hamburger shop. Not only that you didn’t want your customers to be confused with tons of choices on your menu. So instead you would keep it very simple and be the most customer friendly establishment out of all burger joints there where. If this was you then you would be the owner and visionary behind the restaurant know as Five Guys. We will take a look at what set the Five Guys restaurant apart from the other fast food chains. We will look at the values of the food chain and how they are still growing strong today just like when they first started. We will look at a few of the factors that have made Five Guys so successful and it’s effect on an all ready crowded market. We will look at the company’s ethical and social practices and see how it affected its success. Factual Analysis Five Guy’s philosophy sets apart from other fast food chains because of their ideal burgers. “Five Guys goal is to sell the best...
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... Entrepreneurial Leadership When most Americans think of fast food burgers they think of long time successes like McDonald’s, Burger King, and Wendy’s but Jerry Murrell and his five sons have been trying to change that since 1986. And depending on who you ask, some might say that they are doing just that. Murrell and family started “Five Guys Burgers and Fries” at a Virginia shopping center with just one restaurant and an initial investment of a little less than $70,000 (Burke, 2012). Now the company has grown and franchised to over 1,000 stores and is worth close to an estimated $500 million (Burke, 2012). Many think that a burger and fries are simple but it is no accident that they have become a successful burger chain. Five Guys Burgers and Fries has a unique business model, philosophy, and culture that are a credit to their success, and understanding and examining these things can help any entrepreneur pave the road for success of their own business. Five Guys’ philosophy The Five Guys philosophy is to keep the business strategy simple, sell burgers and fries, while implementing quick and crucial cooking procedures that result in a quickly delivered but juicier, more upscale burger than other restaurants like McDonald’s (Rosenwald, 2006). The simple menu for Five Guys burgers has just that, burgers and fries. Although many people, customers and franchise owners alike, have begged for the Murrells to expand their menu to include many things that other restaurants...
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...Assignment 1: Five Guys Entrepreneurial Leadership “Five Guys Burgers and Fries: Ingredients for Success” Five Guys Burgers and Fries has become a major contender for the forefront of the fast food market. The Company was founded by the Murell brothers in 1986 in Washington D.C. They created a fast food chain that quickly grew to become one of the largest revenue producing chains and franchises in the country. Five Guys was created with a very simple plan that has helped to set it apart in the fast food business. The founders adopted a philosophy that at the time was a leader on the fast food market. They created the business on the philosophy of “Sell a really good, juicy burger on a fresh bun. Make perfect French fries. Don’t cut corners” (Boone, 2012) This philosophy was extremely simple and helped to guide the future of the business. Five Guys puts extreme emphasis on providing the highest quality of food possible for the customer. The company uses grass fed 80% lean beef for their burgers. They also never freeze the meat. Everything that is prepared at the restaurant is fresh. The company spends extra money on quality ingredients such as Idaho Potatoes, and even takes the extra effort to prepare them in a way as to minimize the amount of oil the fries absorb when being made. Five guys have also followed the mentality that the customer will be the company’s best salesperson. The typical fast food chain spends 3% of revenue on advertising. Five Guys does not put...
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...head: “Entrepreneurial Leadership” Assignment 1: “Entrepreneurial Leadership” Abstract This paper will show the analysis of how successful this business has been setting itself apart from other fast food chains in relation to their philosophy, their original values as a family run business all the while giving contributions of success. You will see how the ethical and social practices of this family business as paved a customer appreciated restaurant of today with old fashion hard work and common sense. Assignment 1 – “Entrepreneurial Leadership” Determine how Five Guys’ philosophy sets it apart from other fast-food chains? In today’s fast food market chains businesses have to focus more on nutrition as well as making profits. Today within our health conscience world we now live in and with all the media hype about overweight people in the United States fast food chains need to really market themselves in a way to stand out above others in order to compete. Although the number one goal of any business model is to maximize profits and minimize costs in order to meet shareholders expectations as well as growing the business to maximize profits they now have to be thinking of creative ways to grab the customers and make them feel they are making a well educated guess in eating healthier even though it is still considered fast food. The Five-Guy business model has really been creative in certain ways to capture this. The owner Jerry Murrell believes in order to...
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...INTRODUCTION ABOUT APU APIIT Education Group has risen throughout the years as one of Malaysia's Largest Education Groups tending to all levels of Education. The Asia Pacific University of Technology and Innovation (APU) is amongst Malaysia's Premier Private Universities, and is the place a one of a kind combination of innovation, advancement and imagination works adequately towards planning graduates for huge parts in business and society all around. APU has earned an advantageous notoriety as a honor winning University through its accomplishments in winning a large group of prestigious grants at national and global levels, and additionally a fabulous reputation in creating profoundly employable graduates who can quickly add to industry upon graduation. . Initially settled as the Asia Pacific Institute of Information Technology (APIIT) in 1993 and the Asia Pacific University College of Technology and Innovation (UCTI) in 2004, APU's sound way to deal with supporting school leavers into qualified experts has brought about our graduates being exceptionally looked for after by businesses. With a universal understudy group from more than 110 nations examining in its Malaysian grounds, APU offers a genuinely cosmopolitan learning environment which gets ready understudies well for the worldwide difficulties which lie ahead. While Technology frames a typical center as an empowering influence over its scholarly projects, APU offers a wide scope of projects including territories...
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...Five Guys: An Honest Business Built on Simplicity Reyna Haynes-Smith Professor Barry Adkins Contemporary Business BUS 508 October 19, 2012 Food. It’s a major topic of discussion today. What’s healthy, what’s not. What’s filling, what’s worth the money. There are many factors that contribute to the reason consumers choose one business over another. Most choose fast food options because they don’t have the time for a sit down meal. Time is short and many want a meal that is filling but also want something healthy. Enter Five Guys Burgers and Fries. Five Guys was founded in 1986 by Jerry and Janie Murrell in Washington DC. They wanted to give their sons the opportunity to either build a business or go to college. The business route won and the family opened a carry out burger joint in Alexandria, VA. Their premise was to concentrate on the quality of their product and the satisfaction of their customer. From that a simple yet beneficial business was born. The “Keep it simple” mindset has brought Five Guys tremendous success. “Now, over 20 years after Five Guys first opened, there are over 1,000 locations nationwide and over 1500 units in development. Five Guys continues to receive media attention and has grown a cult-like following around the world”. Five Guys took many years to perfect their business practices. Many of their practices differed from those of other businesses...
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...The Economics of Five Guys Determine how Five Guys’ philosophy sets it apart from other fast-food chains. “Do good in school or you will end up flipping burgers your whole life!” How many times have kids heard their parents talk like that? Well that has worked out very well for Jerry Murrell and his sons. Jerry Murrell is the founder and owner of the first Five Guys Burgers and Fries. Their business plan includes making the very best burger around, matching that with perfect fries and not cutting any corners in the process. They started in 1986 and in 2002 when they began selling franchises they only had 5 burgers joints. Today there are over 570 of them and annual sales reach the $483 million mark. The Murrells spend their time overseeing the opening of around four new stores each week. And just think your parents said flipping burgers was a dead end job. When Jerry Murrell began franchising he was just a small burger operation with an almost cultish following in Northern Virginia. Today, the business is, by some, estimated heading in the direction of the $1 billion in value mark. Five Guys only has 87 locations. That is 87 cities or areas where their stores are located. Most of these are in the Washington region, but a hundred more are located along the East Coast this year. There are thousand more being phased into the business plan. Each store, the company says, will make around $1 million per year. Jerry and Janie Murrell and their sons are often asked...
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...“Five Guys Burgers and Fries: Ingredients for Success” How does one start a business in an industry that is dominated by companies that emphasizes speed and quantity over quality? Jerry and Janie Murrell with the help of their sons have come up with a formula to compete and beat some of the top fast foods companies. When the boys where proposed “start a business or go to college”, they picked to be entrepreneurs (Boone and Kurtz, 2012). Jerry Murrell and his wife started Five Guys Burgers and Fries in 1986. They opened the doors to the first carry out store in Arlington, Virginia with a philosophy that is accredited for the success of Five Guys Burgers and Fries. The original values of the company still stand strong today. There are three factors that contribute to the success for the company. Along with the social practices of the company which has also been a factor in the overall success of the company. “Sell a really good, juicy burger on a fresh bun. Make perfect fries. Don’t cut corners” (White 2009). This has been the Murrell’s basic philosophy since the beginning of Five Guys. Five Guys is known as a chain that sells fresh burgers that are never frozen and are prepare when ordered. There are 15 fresh ingredients that allow customers to specialized there burgers just the way they want. The fries are fresh cut and also made to order. The fries are only cooked in peanut oil. When a customer goes inside one of the Five Guys stores they have can see a sign...
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...1. Determine how Five Guys’ philosophy sets it apart from other fast-food chains. The five Guys’ philosophy, Jerry Murrell and his five sons saw the vision to opened a fast food restaurant, on the menu is Americans favorite meal, hamburger and fries. The first store opened in Arlington, Virginia, 1986. Welch (2010) found…Jerry Murrell and his sons believed to set apart for other fast-food chains they would need to concentrate on the quality of the quality of their product, and the satisfaction of their customers. Boone and Kurtz (2012) Found…In his own words, Jerry Murrell’s business plan was simple. “Sell a really good, juicy burger on fresh bun. Make perfect French fries. Don’t cut corners. Five Guys’ burgers are made to order, it is different from the other fast-food chains, not place under a light for extended hours. According to Boone and Kurtz, (2012); the Five Guys Burger stores had a sign “If you are in hurry, there are a lot really good hamburger places with short distance from here.” 2. Analyze the original values for the start-up company and how it remains strong today. Boone and Kurtz (2012) found… the original values from the beginning, Five Guys fast-food restaurant wanted people to known that their money went to providing quality food. Money not spend on décor, the stores have simple red and white tiles. The hamburger meats are 80 percent lean, never frozen, always fresh. The fries are made from potatoes from Northern Idaho. The potatoes in Florida and California...
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