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Presen nted to o: Dr. Ke ent Spr ringdal l
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e Intern nationa al Busin ness Environm ment Word d Count: 2,770
29 O
October 2
2015

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Table of Contents

Content

Page Number

1‐

Executive Summary

2

2‐

The Company Profile

2

3‐

Restaurants Industry Sales and
Locations

3

4‐

Global Outlook & Analyzing Regions

3

5‐

Regions' GDP% (Annual Growth)

4

6‐

Global Consumer Demand

5

7‐

Global Competitiveness

5

8‐

Target Country : China (Shanghai)

6

A‐ Economic Growth (GDP%)

6

B‐ Disposable Income

7

C‐ Consumer Behavior

7

D‐ Technology

7

9‐

Risk Factors

8

10‐

Recommendations

8

References

9

Appendices :

11

Appendix 1 : SWOT Analysis for
Chinese Market

11

Appendix 2 : PESTLE Analysis

12

Appendix 3 : Useful Charts and
Diagrams

13

1

1‐ Executive Summary
In response to the good world economic growth, the global restaurant industry is increasing in a striking way. In order to preserve higher sales and revenues, companies must seek new strategies to attain success. One of those good strategies is to expand in countries that possess healthy economic situation. The Cheesecake Factory already has well‐recognized footsteps in America and Middle East, but still needs to adjust with the high competition in these regions to get distinguished. Therefore, one of the regions that the Cheesecake Factory has no presence in it is
China, the country with the highest population in the world. By entering the Chinese market, the restaurant would be able to target the upper middle class of people due to the considerable rise in their forecasted disposable income throughout the years. Taking the advantage of this will boost The Cheesecake Factory's sales and so its profits. 2‐ The Company Profile:
The Cheesecake Factory Incorporated (TCFI) is an American Casual Dining Restaurant that serves cheesecakes and different kinds of food. TCFI has been a prominent restaurant for 36 years and has earned its success through offering very large portions of food and delectable cheesecakes at reasonable prices. The creative menu and the decoration of the restaurant are important distinguishing attributes as well.
In 2014 and for a third year in a row, the Company has recaptured the title of "Most Preferred Casual Dining
Restaurant" by the Nation's Restaurant News Consumer Picks (The Cheesecake Factory, 2015). The cheesecake
Factory was selected for its menu assortment and for its outstanding reputation that includes Food Quality, Service,
Cleanliness and Value (Mark Brandau, 2015). Winning such award for three times indicates that the Company has been always seeking for a competitive position to attract the customers and to meet their satisfactions at every time they visit the restaurant. Moreover, this has made the Cheesecake Factory the leader in the dining industry and made it generating higher profit margins year after year (Mark Brandau, 2014).
The Company has created unlimited opportunities for its growth during the past 5 years which can be noticeably shown through the gradual increase of its revenues through the years from 2010 to 2014. The Cheesecake Factory made $1,977 revenues (in millions) in 2014 which equals to an increase of 5.3% from the $1,878 revenues earned in
2013 (The Cheesecake Factory, 2015).Getting higher volumes of sales and revenues came out from the fact that the
Cheesecake Factory always wanted to leave a fingerprint in each spot around the world. So, to be on this line, the
Company has adopted the strategy of Global Expansion throughout the years. In which, the start was in the US, specifically in California and then growing up within the multiple States of America to reach 182 restaurants in total.
Furthermore, The Cheesecake Factory has broadened the local circle and entered the International Market through the Middle East, Latin America and Asia, all under Licensing Agreements (The Cheesecake Factory, n.d.).

2

3‐ Restaurants Industry Sales and Locations:
The restaurant industry represents a leading segment among all other segments, forming more than 50% of the overall industry value (King, 2013a).Selecting a right geographic location for expansion is a crucial decision for The
Cheesecake Factory because it will have a powerful impact on its profits. Typically, this can be attained through considering locations in countries where the economic situation is in a growth state; so ensuring higher sales.
And, as long as "sales" indicates to how much the consumers buy, then, the plan that should be followed to increase sales is to look after what those consumers "want" in order to let them "buy". In other words, to look after the demand. Generally, there are lots of factors that can increase or decrease the demand on restaurants, such as, population, demographics, economic growth, health consciousness and convenience. The effect of these factors varies from country to another (Chen, 2015).
Significantly, the economic cycle of the country is the main determinant that stands behind taking the decision of whether to eat at a restaurant or at home. If the economy situation in the country is going well and witnesses a growth, then the demand on the restaurants would be high and consumers would be able to pay more at restaurants. While, countries with a sluggish economy would be more likely to spend their money at home, hence the demand on restaurants would be low. 4‐ Global Outlook :
In accordance with Restaurants Market Research in 2013, the global restaurant industry has been forecasted to measure its growth after the next 3 years, the results showed that it would increase at a compound annual growth
(CAGR) of 7.2% and the revenues will witness a lift, rising from $2,457.1 billion in 2011 to $3,482.5 billion by the end of 2016 (King, 2013b).
‐ Analyzing Regions :
‐ The Cheesecake factory has already its existing footprint in the below regions:
1‐ America (North and South): 182 Restaurants
2‐ Middle East: 7 Restaurants ‐No footprint in the below regions: North Africa, Central and Eastern Europe and Asia.
While the US is sweeping the food service market, accounting for 25% of the global market in 2013 (Pearson, 2015), the Cheesecake Factory was responsive to that and have taken the full advantage in developing themselves locally and opened almost 186 restaurants in the US . Throughout those years, TCFI revenues were raising upward, growing from a range of 3% to 6% (Shankar, 2015).Since The Cheesecake Factory has a strong footprint in the U.S., that will weaken the probability of choosing it as a next considered site.
Considered Regions for expansion:
1‐ Asia
2‐ Europe
3‐ Middle East
4‐ North Africa

3

The Gross Domestic Product (GDP %) Annual Growth measurement is a good indicator on the health of the countries' economy. Inspecting each region's GDP through fixed number of years will ease the process of choosing a next expansion location for The Cheesecake Factory.
5‐ Regions' GDP % (Annual Growth):
Asia, Europe, Middle East and North Africa GDP% Annual Growth Rates , by World Bank 2015

5
4

East Asia & Pacific (all income levels)
Middle East & North
Africa (all income levels)
Europe & Central Asia (all income levels)

3
2
1
0
2011

2012

2013

2014

2015

Figure1: Asia, Europe, Middle East and North Africa GDP % Annual Growth (The World Bank, 2015a).
Europe and Central Asia accounted for a GDP of 2.1% in 2011 and then got decreased by 2.1% in 2012. Although
2013 and 2014 witnessed a growth, but 2014 has ended up with a GDP of 1.3%, which is less than what it was in
2011. That would indicate a non stability in the economic growth of this region(The World Bank, 2015a). Middle East and North Africa have experienced a GDP of 3.8% in 2011, which is more than what Europe and Central
Asia have accounted for at that year. Then, it increased by 0.6% to reach 4.4% in 2012, and that was the highest percentage the Middle East and North Africa have reached during the 4 years. After that, a noticeable decrease in the GDP% was shown in 2013 and 2014, reaching a GDP of 2.6% and 2.2% respectively. This reduction would make it a hard decision to consider these two regions as next expansion locations since the economy situation can be best described as a volatile one, giving no predictions about what could the future bring (The World Bank, 2015a).
East Asia and Pacific have accounted for the highest GDP in 2011 among all of the other compared regions.
Maintaining a GDP of 4 %, 4.4% and 4.2% in 3 years a row can provide a great insight on how much their economy is stable. Giving that, in the last year, they have experienced a decrease by .06%, but nonetheless, they still retain a flourishing economy in comparison with all (The World Bank, 2015a).
Overall, Asia and Pacific regions look like good regions to invest in.

4

6‐ Global Consumer Demand
A recent report by the National Restaurant Association highlighted that while people are getting health aware and tending to look at less‐calories options at the menus, the restaurants at the same time are being responsive to that.
Offering meals that have high nutritional values became the restaurants core of attention. A survey was conducted to ensure the correctness of that and 8 people out of 10 have confirmed. Also, the report came up with factors that people are considering when they want to dine out, these factors are such as choosing a restaurant that serves a quality and innovation in food at the same time, in which, they request meals that can't be made at home. And because we are in a technological era, people are liking to go to restaurants that offer technology trends, such as self‐service kiosks and applications on smart phones that ease the process of ordering and paying, particularly, the number of those people have increased by 20‐25% from year ago (National Restaurant Association, 2015).
Casual dining restaurants are attracting more visits from the customers year after year, this was proven when NPD
Group; a Leading Global information Company has released figures that shows a growth in the visits; attracted more than 47 million visits compared to 5 years ago. Moreover, Casual dining restaurants' spending has increased by 2% this year in comparison with a year ago (NPD, 2015). Moreover, the main determinant in each industry is the price and because The Cheesecake Factory is classified as a casual dining restaurant, this means that people who plan to visit such type of restaurants hold expectations to pay money that worth the service and quality provided (The Cheesecake Factory, 2015).

7‐ Global Competitiveness
The base of determining the global competitors for The Cheesecake Factory is those local, regional or global restaurants that are directly and indirectly classified as casual dining restaurants.
Generally, the chief competitors for The Cheesecake Factory include Applebee's, Longhorn Steakhouse, Olive Garden and Red Lobster. All of these restaurants are owned by just 2 companies, who are Darden Restaurants and Dine
Equity.
Below are some of these 3 companies' basic metrics: Restaurant
Revenue
Net Income
Restaurant Count
Reference
The Cheesecake
$ 1.98 billion
$101.28 million
189
(The Cheesecake
Factory
Factory, 2015)
Dardens
$ 6.2 billion
$ 183.2 million
1,501
(Darden
Restaurants
Restaurants,
2015)
Dine Equity
$ 6.5 billion
$ 35.93 million
1,620
(Market Watch,
2015)

Despite the fact that The Cheesecake Factory is counting for less than (11.6%‐12.59%) from Dine and Darden's restaurants count, but earning more than what they generate from one restaurant.
The Cheesecake Factory net income per 1 restaurant (estimations): 189/101.28 = 1.86 million per 1 restaurant
Dardens restaurants net income per 1 restaurant (estimations): 1501/183.2= 0.122 million per 1 restaurant
Dine Equity restaurants net income per 1 restaurant (estimations) = 1620/35.93 = 0.022 million per 1 restaurant. Although TCFI has little restaurants than what other competitors have, customers still prefer to eat at it over and over. According to a report by Forbes in 2013 titled "America's Best Chain Restaurants", The Cheesecake Factory has scored the first place among consumers' preferences regarding the restaurant's menu, quality and value of price based on meals' portions (Forbes, 2013).

5

8‐ Target Country: China (Shanghai). As a result of analyzing the GDP for 3 regions, East Asia and Pacific's GDP% indicated a good economy health, which made it considerable as a target region.
The USA is still number one in the world's chain restaurant market, but the center of the largest population in the world is China, particularly Shanghai. In which, the number of Shanghai population has exceeded 24.15 million at the end of 2014 that is more than 347,200 from 2012 (King, 2013c).
Shanghai is the global commercial and financial center in China and the main contributor to the country's economic expansion since China was opened to foreign investment in 1979 (Yeandle, Mainelli and Berendt, 2005). Furthermore, Shanghai holds number of matchless characteristics for the global restaurants investors to consider it as their first choice when they want to establish in its market place, such as: ‐ Shanghai has preserved a high level of economic growth for many years; its GDP was growing by an average of 7.7% yearly to $382.88 billion (2,356.1 billion RMB) (Ni, 2014).
‐ The world has approximately 15 million restaurants, 1/3 of those restaurants (5,000,000) are in China and specifically 38,000 are in Shanghai, most of them are independently owned street stalls and small restaurants that are run by American standards(King, 2013c).
‐ Shanghai's local residents have a high spending power to help in establishing more and more restaurants in the future (FT Special Report, 2015).
‐ 41% is the ratio of Shanghai's food consumption in relative to its retail sales. Which is almost high (HKTDC
Research, 2015).
‐ Shanghai restaurants have four main classes; Chinese, Fast food, Casual Dining and Western. A recent study made in China has released that Shanghai represents the top dining city in China, with the largest consumption (FT Special Report, 2015). A‐ Economic Growth (GDP%): 20

World & China GDP Growth Annual Rate %

15
10
5
0
2006 2007 2008 2009 2010 2011 2012 2013 2014

-5

World

China

Figure 2: Shanghai's GDP in recent years, (HKTDC, 2015).

Figure 3: World & China GDP% (World Bank, 2015b)

Figure 2 shows that Shanghai has preserved a high level of economic growth for many years; its GDP% was growing by an average of 7.7% yearly to reach $382.88 billion in 2014 (HKTDC, 2015). 6

Figure 3 is comparing both of the World and China's GDP during the past years. It can be significantly found that while the world was witnessing one of the worst recessions in 2009 (GDP of ‐2.1%), China was experiencing a flourishing economy at that time; accounted for a growth in its GDP 8.2% (World Bank, 2015b).

B‐ Disposable Income

Average Annual Disposable Income China‐
Middle Class

8,000.00

Annual
Disposable
Income China

6,000.00
4,000.00
2,000.00
0.00
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Figure 4 : Average Annual Disposable Income‐ China‐Middle Class in USD (Euromonitor International, 2015) Figure 4 is showing forecasts of disposable income growth for middle class Chinese people.
It can be seen that China's per capita forecasted disposable income will increase gradually over the years.
It is estimated that Chinese people will experience a growth in their disposable income over the upcoming 6 years
(2014‐2020), expecting a growth from $ 4,702 to $6,594, with a percentage of 40.23 % (Euromonitor International,
2015).

C‐ Consumer Behavior :
Nowadays, more than 100 million people in China are obese, which is 5 times as 2002 has recorded. Surprisingly,
China is competing with America with diseases related to obesity (Wilson, 2013). Chinese people started realizing the bad effects of such problem and their habits have completely changed, they started focusing on healthier food, hence the demand on healthy food has increased (KEYOU and McNUTT, 2000). Having rice and noodles served with the meal is critical to Chinese, this totally contradicts with the eating habits to the Americans (Wilson, 2013). D‐ Technology
Implementing information technology into the restaurant's system is the new shaped theme that The Cheesecake
Factory is looking for in the next years (The Cheesecake Factory, 2015).And since China is leading the world in technology after America (The World Bank, 2015c), TCFI could easily benefit from this advantage and apply new innovative ideas that would add extra values to their outcome (sales and profits).

7

9‐ Risk Factors : ‐Recently, China's government has formulated new law restrictions regarding its food safety due to latest scandals especially on dairy food such as milk and butter. This was effective in Oct 2015 (Mark, 2015).
‐ The cost of entering markets in China is very high in terms of fees required to issue mandatory certificates and other resources (EU SME Centre, 2011).
‐China still lacks the sufficiency of protecting the Copyrights and Trademarks (China‐un.ch, 1994).
‐Cultural Variations; Chinese people tend to be non‐confrontational when doing business (Li, 2012).
‐Language Barrier; few people in China speak "The Global Business Language; English" (Yuming and Li, n.d.). 10‐ Recommendations
 Due to the fierce competition in the restaurant industry market, The Cheesecake Factory needs to make an eminent leap to the Chinese market (specifically; Shanghai) to grow its sales and overall revenues.
 Because Chinese people possess a good economy (based on forecasted average annual disposable income per capita), the TCFI target customers will be the upper and middle class of people.
 TCFI has to understand the consumers' preferences in China, in which, some tweaking should be made on the menu of the restaurant to meet part of their habits and choices in eating (Adding rice and noodle plus trying to be healthy as much as they can).
 Take the advantage of technology in China and implement new improved systems, such as ordering and paying through mobile phones.
 It's recommended to take the advantage of spring's weather in Shanghai and pursue this kind of expansion in that season because it's the favorable season for Shanghai's citizens to hang out. Also, the city witnesses high number of tourists at that time of year. So, spring 2016 would be a good decision.

8

References
1‐ Chen, L. (2015) Forbes Welcome, Forbes.com. Available at: http://www.forbes.com/sites/liyanchen/2015/07/07/can‐shake‐shack‐be‐the‐next‐chipotle‐here‐are‐the‐ 14‐fastest‐growing‐restaurant‐chains/ (Accessed: 23 October 2015).
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%2FDarden_2014AR.pdf&usg=AFQjCNGQZ80LPjl86rqx3k9nqDxAAx2WvA&sig2=MjVza7UtSAlYOvHogxbHvQ
&bvm=bv.106130839,d.d2s (Accessed: 27 October 2015).
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(Accessed: 28 October 2015).
5‐ Euromonitor International, (2015) Current Prices‐ Annual Disposable Income. Available at: http://www.portal.euromonitor.com/portal/statistics/tab (Accessed: 27 October 2015).
6‐ Forbes, (2013) America's Best Chain Restaurants. Available at: http://www.forbes.com/pictures/ejeg45glj/americas‐best‐chain‐restaurants‐2/ (Accessed: 27 October
2015).
7‐ FT Special Report, (2015) Inside the outsider's Shanghai. Available at: http://www.ft.com/ig/sites/2015/special‐reports/shanghai/ (Accessed: 28 October 2015).
8‐ HKTDC Research, (2015) Shanghai: Profile of a Consumer Market. Available at: http://china‐trade‐ research.hktdc.com/business‐news/article/China‐Consumer‐Market/Shanghai‐Profile‐of‐a‐Consumer‐ Market/ccm/en/1/1X000000/1X0A3FYT.htm (Accessed: 28 October 2015).
9‐ HKTDC, (2015) Shanghai: Profile of a Consumer Market. Available at: http://hkmb.hktdc.com/en/1X0A3FYT/hktdc‐research/Shanghai‐Profile‐of‐a‐Consumer‐Market (Accessed:
27 October 2015).
10‐ KEYOU, G. and McNUTT, K., (2000) 'How tile Cllinese link dietary advice to their' national plan of action for nutrition', OURNAL OF THE AMERICAN DIETETIC ASSOCIATION,.
11‐ King, M. (2013a) Food and Drink, Companies and markets. Available at: http://www.companiesandmarkets.com/News/Food‐and‐Drink/Global‐restaurant‐industry‐to‐be‐worth‐3‐5‐ trillion‐by‐2016/NI7503 (Accessed: 23 October 2015).
12‐ King, M. (2013b) Global restaurant industry to be worth $3.5 trillion by 2016, Companies and Markets.
Available at: http://www.companiesandmarkets.com/News/Food‐and‐Drink/Global‐restaurant‐industry‐to‐ be‐worth‐3‐5‐trillion‐by‐2016/NI7503 (Accessed: 25 October 2015).
13‐ King, M. (2013c) Global Restaurant Industry, Companiesandmarkets.com. Available at: http://www.companiesandmarkets.com/MarketInsight/Food‐and‐Drink/Global‐Restaurant‐Industry/NI7961 (Accessed: 29 October 2015).
14‐ Mark Brandau, (2014) Cheesecake Factory continues to lead Casual‐Dining competition. Available at: http://nrn.com/consumer‐picks/consumer‐picks‐2014‐cheesecake‐factory‐continues‐lead‐casual‐dining‐ competition (Accessed: 18 October 2015).
15‐ Mark Brandau, (2015) Consumer Picks 2014: Winning brands. Available at: http://nrn.com/consumer‐ picks/consumer‐picks‐2014‐winning‐brands?page=2 (Accessed: 18 October 2015).
16‐ Mark, L. (2015) Highlights Of China's 2015 Food Safety Law ‐ Law360, Law360.com. Available at: http://www.law360.com/articles/681619/highlights‐of‐china‐s‐2015‐food‐safety‐law (Accessed: 28 October
2015).
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17‐ Market Watch, (2015) Annual Financials for DineEquity Inc.. Available at: http://www.marketwatch.com/investing/stock/din/financials (Accessed: 27 October 2015).
18‐ National Restaurant Association, (2015) 7 factors consumers consider when choosing a restaurant. Available at: http://www.restaurant.org/News‐Research/News/7‐factors‐consumers‐consider‐when‐choosing‐a‐resta
(Accessed: 27 October 2015).
19‐ Ni, W. (2014) Shanghai's permanent population exceeds 24 million, China Daily. Available at: http://www.chinadaily.com.cn/china/2014‐02/27/content_17311272.htm (Accessed: 27 October 2015).
20‐ NPD, (2015) After Years of Weakness, Casual Dining Traffic Stabilizes Resulting in its Highest Growth in
Dollars Since 2011. Available at: https://www.npd.com/wps/portal/npd/us/news/press‐releases/2015/after‐ years‐of‐weakness‐casual‐dining‐traffic‐stabilizes‐resulting‐in‐its‐highest‐growth‐in‐dollars‐since‐2011/ (Accessed: 27 October 2015).
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Force Study Finds. Available at: http://www.restaurantnews.com/cheesecake‐factory‐is‐consumers‐favorite‐ casual‐dining‐restaurant‐market‐force‐study‐finds/ (Accessed: 27 October 2015).
23‐ Shankar, N. (2015) Does The Cheesecake Factory's Success Hinge On Their Management's Succession Plan?,
Seeking Alpha. Available at: http://seekingalpha.com/article/3547906‐does‐the‐cheesecake‐factorys‐ success‐hinge‐on‐their‐managements‐succession‐plan (Accessed: 26 October 2015).
24‐ The Cheesecake Factory, (2015) 2014 Annual Report. Available at: http://phx.corporate‐ ir.net/External.File?item=UGFyZW50SUQ9Mjc2NDYwfENoaWxkSUQ9LTF8VHlwZT0z&t=1 and http://investors.thecheesecakefactory.com/phoenix.zhtml?c=109258&p=irol‐newsArticle&ID=2015879 (Accessed: 27 October 2015)
25‐ The Cheesecake Factory, (n.d.) International Global Development. Available at: http://investors.thecheesecakefactory.com/phoenix.zhtml?c=109258&p=irol‐interglobaldevelopment (Accessed: 18 October 2015).
26‐ The World Bank, (2015a) World Development Indicators. Available at: http://databank.worldbank.org/data/reports.aspx?Code=NY.GDP.MKTP.KD.ZG&id=af3ce82b&report_name= Popular_indicators&populartype=series&ispopular=y&l=en (Accessed: 26 October 2015).
27‐ The World Bank, (2015c) World Development Indicators. Available at: http://databank.worldbank.org/data/reports.aspx?Code=NY.GDP.MKTP.KD.ZG&id=af3ce82b&report_name= Popular_indicators&populartype=series&ispopular=y&l=en (Accessed: 26 October 2015).
28‐ Wilson, B. (2013) China's changing eating habits, Telegraph.co.uk. Available at: http://www.telegraph.co.uk/foodanddrink/9850858/Chinas‐changing‐eating‐habits.html (Accessed: 28
October 2015).
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31‐ Yuming, L. and Li, W. (n.d.) The Language Situation in China.

10

Appendices
Appendix 1

SWOT analysis for the Chinese market Strengths:
1‐
2‐
3‐
4‐
5‐

Assortment of American food options in the menu
Well‐recognized awards
Large portions of food per meal
Price worth what's offered (quality in food)
Layout of the restaurant (décor and design)

Weaknesses
1‐ Menu lacks Chinese preferable type of food.
2‐ Meals contain high portions of fat (un‐healthy food). Opportunities
3‐ The only Cheesecake Factory in the Asian region
4‐ The competitive position is good in regard with other global restaurants
5‐ Offering not only food, but Cheesecakes also. Threats
1‐ Has no flexibility to raise its menu prices ( to remain in the same position and better)
2‐ Economic situation in China get worse rather than what is expected
3‐ New government regulations in relevant to the restaurant's industry

11

Appendix 2

PESTLE Analysis Political Environment Slightly stable, due to what the government has regulated on the food safety rules (dairy products). Economic Environment Healthy economy due to the forecasted economic growth in China Society Environment Targeting upper middle class with higher disposable income, which really exist Technology
Chinese people are used on the new technological trends, which will benefit the Cheesecake Factory in marketing itself better as well as in gaining better operating systems. Legislation China still lacks protecting the companies' trademarks and copyrights. Environment There are no environmental factors that could affect the restaurant's operations.

12

-Appendix 3
Useful Charts and Diagrams

Research, M. (2015) Restaurant & Food Services Industry Analysis, Statistics & Trends, Reportlinker.com.
.(Available at: http://www.reportlinker.com/ci02054/Food‐Services.html (Accessed: 28 October 2015))

Duprey, R. (2015) You'll Never Guess Which Casual Dining Restaurant Is Everyone's Favorite ‐‐ The Motley Fool, The
Motley Fool. Available at: http://www.fool.com/investing/general/2014/08/17/youll‐never‐guess‐which‐casual‐ dining‐restaurant‐i.aspx (Accessed: 28 October 2015).

13

e Are Social Singapore,
, (2015) Soc cial, Digital &
& Mobile in n China 2014
4. Available e at:
We
http://wear resocial.sg/ /blog/2014/
/04/social‐d
digital‐mobile‐china‐20 (Acces
014/
ssed: 28 October 2015) t ).

Stat tista, (2015) The Cheesec cake Factory:
: employees by segment 2014 | Statis stic. Availabl le at: http://www w.statista.com/statistics/
/321545/num ‐of‐emp mber ployees‐at‐th ‐cheesecake‐factory‐by‐segment/ he b (Accesse ed: 28 October 2015).

14

Yahoo Finance, (20
015) 4 reason ns The Chees secake Facto ory is crushing the compe etition. Availa able at: http://finance e.yahoo.com m/news/why‐cheesecake‐factory‐crushing‐compe e etition‐20562 27427.html (Accessed: 2
28
O
October 2015
5).

15