Regression analysis: Simple Linear Regression Multiple Linear Regression
ruth chris: a tireless enterpreneur
1. Ruth Chris A Tireless Entrepreneur Do what you love, love what you do.
2. A Tireless Entrepreneur Ruth Fertel: "I've been so lucky to fall into a business that I really love. The hard work is never been a chore." that's the spirit of an entrepreneur. "I've always tried to operate on the KISS principle - keep it simple, stupid," says Fertel.
3. Desire for Responsibility She shows up her own house as collateral to the bank even the bank manager warns that “she is going to deals with failure" but she takes responsibility for the consequences if occurs…….
4. Future Oriented she is strongly oriented towards future success as she has confidence in herself that she can do well in future
5. Risk Takers She is great risk taker; as everyone threatens her that she is going to acquire a great risk because Chris steaks encounters failures six time before her purchase.but; “It never entered [her] mind that [she] would fail.
6. Skills in organizing she has strong organizing skills as she was to good at organizing her employees. She worked with her employees in an organized way: She trained them according to the hirarichal needs of employyes
7. Ruth Chris has the following qualities as an entrepreneurship: Mental Ability Human Relations Ability Communication abilities Technical knowledge Decision making ability Conceptual ability
8. A look on financial condition of Ruth Chris steak house(RCHS) In 1965, she mortgage her home for $18000 to buy CHRIS steakhouse. Founded: 1927 Purchased by Ruth Fertel: 1965 1996 vitals: $176 million in sales Number of steaks served daily: 11,000 Company sold out to an private equity firm for $160 million. Completed its first IPO in 2005 with 13,000,000 shares at $18 per share.
9. A look at technical's of RCHS She designed a special boiler in which the steaks are prepared. All franchises of RCHS used the same technology and ways of cooking for which the RCHS became popular in new Orleans.
10. Marketing aspects of Ruth Chris steakhouse(RCSH) Ruth is not being known as a great entrepreneur but she was also a great marketer. Ruth knows what the particular marketplace wants and what will draw customers, so for the restaurant industry her formula was, A combination of quality product. USDA prime + service + southern hospitality=magnet for diners
11. The main objective of ruth is: The customers want good food and they wanted to be treated well. Ruth’s Chris Steakhouse should operate under the Golden Rule – “Treat customers and associates the way [you] would want to be treated.”
12. Marketing mediums used by RCSH Marketing has come a long way from being one of the first restaurants to advertise in-flight magazines to now using television, radio, outdoor advertising, and online marketing.
13. Competitors of RCSH Ruth’s Chris competes while having 110 branches all over the world with companies like ; Morton’s with 74 restaurants, Fleming’s with 51, the Capital Grille with 28.
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16. Awards and titles won by Ruth Chris 1985: The First Lady of American Restaurants No doubt she has been asked countless times what is having been like being a woman in a male-dominated industry. Fertel would answer assertively, “It’s not whether you’re a man or a woman. It’s whether you try or not. It’s in the individual to succeed or not. I just have great drive. I don’t mind taking a chance.”And succeed she has.
17. 1992: recognized as “Regional entrepreneur of the year” by Inc magazine 1995: “Entrepreneur of the year" named by Hereto Alger association. 2001:presented with Ella Brenan savior faire award
Editor's Notes
Ruth has battled with all the typical (as well as atypical) restaurant ailments: a demand for healthier fare, an increase in the price of beef, fires, and hurricanes, yet has been able to persevere through all of the above.
Ruth’s product consists mainly of steaks that are cooked in specially designed broilers, an invention for which Ruth can take credit, and are then topped with butter. All of her employees are trained for a minimum of a week. Chefs and managers complete an eight-week program. Also, Ruth is viewed as a role model for women and is known for employing single mothers in her restaurants, showing support and recognition of their drive to work hard.
Like in this case study we have notices that in every era marketing plays an important but with the passage of time different names or modifications given to it.Like Ruth is not being known as a great entrepreneur but she was also a great marketer.Like marketer has to do research before launching new products or at which place certain product is required. Marketer always acts according to the need of his customers. So Ruth did the same. As we have read the Maslow’s hierarchy’s of need. Every person wants to fulfil those levels of need.Physiological needsSafety needsLove and belongingEsteemSelf-actualization So she is well aware of these needs. So that’s why she always wants to feel her customers as their home.Because once the feeling of love and belongings built or customers feel himself superior to the marketer never failed to achieve his goals.Ruth knows what the particular marketplace wants and what will draw customers, so for the restaurant industry her formula was, A combination of quality product.USDA prime + service + southern hospitality=magnet for dinersShe knows the customers want good food and the wanted to be treated well.Her business boosted up because she succeeded to gain customers attention.When she is making something she let the door opened that she wanted that her customers know how efforts I am putting in. they felt sympathetic=c and they loved my product.As her customers feel a part of her home so as restaurant, so feeling of belongingness creates in both sides, so when the hurricane stuck people had nothing to eat. So she starts supplying her food to her customer with the help of her brother. So she only gets appreciation but also discovered that many of them turned up as customers.
Ruth’s Chris appeals to both men and women and across a variety of ages. (Figure 3) The company is introducing the ‘luxury lounge’ as bar where their hope is to provide all customers, but especially business customers, a place to feel comfortable when dining alone. This year the company will also be experimenting with the ‘power lunch’ concept, remaining open for lunch on Fridays in some locations. Short term expansion includes 12-14 new restaurants this year and up to 250 locations domestically in the long term. Ruth’s Chris will continue to focus on their core concept, but is “examining the possibility of a second brand in the future.”
