Essay Sample on Domino's: Strategic Plans and Goals to Thrive in the Food Industry

Introduction

Domino's pizza company has succeeded in expanding over the continent and achieved in recent years. The company is thriving to keep economic situations in mind and also increasing competition in the food industry. To attract more customers, the company can have prices to cater for everyone given that people live in hard economic times. In this paper, I will discuss the strategic plans of the company and its goals.

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Describe the Strategies of the Company

Domino's has its policy to attain its goals, one of the approaches that the company adopted is expanding both internationally and locally, the company has plans to open stores at various locations in areas of operation. Domino's has also developed its products which are healthy for consumption; this would attract customers and also act as a competitive benefit.

Dominoes can also carry out continuous adverts to promote its products. Such adverts would have an impact on the companies market in terms of the responses of the consumers. Advertisements will act as a competitive advantage as more customers will be attracted to the stores all over the continent.

Introducing delicacies was also a strategy for the company's growth to compete with other organizations and companies in the food industry, Domino' s also changed pizza recipes, and the consumers realized the changes from the previous pizza recipes which was a mistake due to the taste. This changes affected the company's product hence confirmed the new methods in one of the adverts and promoted it.

Domino's has also expanded online advertisements such as Facebook. In the future, the company has plans to continue investing online because there was tremendous growth in sales. The company also introduced an application where customers would order pizza online using their phones. The company recorded a large number of customers downloading the app and using it, Domino's company hopes that there will be an increase of customers to their application.The company can also help the community by sponsoring schools and children who need help. Sponsorships would increase the number of consumers given that people are living in a hard economic time; they can also have promotions to the customers who use the applications online to increase consumers.

With the Above Analyze, According to Porter's Five Force Analysis.

According to porter's analysis, existing firms and industries are likely to make more profit if it is difficult to enter; there is a little number of suppliers, buyers are relatively small, the rivalry is limited, and the substitutes are few. An industries competitive structure can be analyzed using porters five sources within a market

The likelihood of new entries in the market (Nawaz, Al-laith, Ahmad, Tharanidharan & Nazar, 2018, October), the more difficult it is for the new firms to enter the market the more likely it is for the existing companies to a make high profits, it would be challenging to come to an exchange if the costs for starting are high therefore firms that have been in the food industry, for instance, have better experience and understanding of how the market operates.

The power of buyers in the industry, control of the buyer will be high if there are a few big buyers in a trade (Nazir, Tharanidharan, Mian, Ahmad, Hayat, Nazar & Ghumman,2018, October). The company has to provide excellent services at an affordable price to avoid switching off the buyers.

The degree of rivalry in the market ( Kirkpatrick, Cuvelier, & Flanagan,2018), a rivalry is brought about due to competition. The higher the degree of contention, the harder it is for existing industries to make profits. For instance if there is a firm with similar products as another, the degree of competition will be higher hence competing with each other for customers. Because of high investments, the cost of leaving the company will be very high therefore existing industries will fight hard to remain in the market because it is hard to transfer resources elsewhere due to differences in the products. Companies that exist in the market will try and boost their product sales in the market.

The power of suppliers in the industry( Gerhardt, Joiner, & Dittfurth, 2018), suppliers, determine the terms and conditions on how to carry out business so the higher the power of suppliers, the more difficult it is for the sectors to make a profit. Suppliers will be powerful if there are few of them; therefore, the firms will have fewer alternatives because changing the suppliers is expensive and complicated.

The substitute threat which measures with the ease of consumers to switch to another product (Mian, Ahmad, Hayat, Nazar, Zaman, Mustafa, & Ghumman,2019), for instance, a change in the recipes of pizza and how the customers will react to the new changes, switching to new products would depend on the costs.

Conclusion

In conclusion, it is evident that Domino's pizza strives to make its customers happy; it has provided affordable, fast food products to the consumers. It has had a good history despite the taste criticism. Domino's pizza company has a well-improved health service whereby its food products have a low-fat content, and its advertisement has worked at improving sales and competition with other existing firms.

References

Gerhardt, S., Joiner, S., & Dittfurth, E. (2018). An Analysis of Expected Potential Returns from Selected Pizza Franchises. Journal of Business and Educational Leadership, 8(1), 101-111.

Kirkpatrick, J., Cuvelier, K., & Flanagan, J. (2018). Chartered Financial Analyst Challenge: Analysis & Research of Domino's Pizza.

Mian, M. S., Ahmad, I., Hayat, K., Nazar, S. K. A., Zaman, S., Mustafa, S., & Ghumman, M. R. (2019). Social Media Competitive Analysis-A Case Study in the Pizza Industry of Pakistan. In Intelligent Technologies and Applications: First International Conference, INTAP 2018, Bahawalpur, Pakistan, October 23-25, 2018, Revised Selected Papers (Vol. 932, p. 313). Springer.

Nawaz, H., Ali, T., Al-laith, A., Ahmad, I., Tharanidharan, S., & Nazar, S. K. A. (2018, October). Sentimental Analysis of Social Media to Find Out Customer Opinion. In International Conference on Intelligent Technologies and Applications (pp. 110-115). Springer, Singapore.

Nazir, M. U., Tharanidharan, S., Mian, M. S., Ahmad, I., Hayat, K., Nazar, S. K. A., ... & Ghumman, M. R. (2018, October). Social Media Competitive Analysis-A Case Study in the Pizza Industry of Pakistan. In International Conference on Intelligent Technologies and Applications (pp. 313-325). Springer, Singapore.