BUS 508: Contemporary Business
Dr. Evangeline Jefferson
July 17, 2012
An Analysis of Five Guys Burger and Fries: Ingredients for Success Introduction
The purpose of this assignment is to examine the Five Guys Burger and Fries recipe for success as it relates to entrepreneurial leadership. Five Guys Burger and Fries was established in 1980 by Mr. Jerry Murrell and Mrs. Janie Murrell. Since that time the company has blossomed into a franchise with locations all over the United States and Canada. In developing this paper concepts will be identified in the areas of the free enterprise system, factors that drive supply and demand, factors of stability in a nation’s economy, and social and ethical responsibility. According to Boone & Kurtz (2012), “the willingness of individuals to start new ventures drives economic growth and keeps pressure on existing companies to continue to satisfy customers” (p.11). After reviewing the Five Guys website it is evident that the company has what it takes to remain a competitor in today’s fast food market. 1. Determine how Five Guys’ philosophy sets it apart from other fast food chains. The philosophy of Five Guys is to focus on the foods that they are producing by utilizing quality products. Major food chains usually concentrate on producing food at a high speed versus producing quality foods that contain quality ingredients. All of the Five Guys franchises are designed uniformly and each chain uses the same ingredients. Quality is more important than speed and customer satisfaction is a guarantee. In fact, “to compete successfully, each firm must find a basis for competitive differentiation, which is their unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers” (Boone & Kurtz, 2012, p.9). By understanding the consumers that they serve, Five...