KFC remained the largest chicken restaurant chain in the world in 1996 with over 9,000 locations globally. While it dominated the US market, international operations accounted for most new restaurant growth as domestic expansion became more difficult. To address changing consumer demands for healthier options and variety, KFC introduced new products and changed its logo from "Kentucky Fried Chicken" to "KFC" to move beyond its image as solely a fried chicken chain. However, issues with older facilities and attitudes, as well as significant service problems, posed challenges to transitioning into a brand that could meet evolving customer expectations.
KFC has grown from $105 in sales in 1952 to over $7 billion in sales currently through franchising and acquisitions. However, recent management changes and a saturated US market have led to stagnating sales. Recommendations include improving internal operations like the employee culture and offering a healthier menu. KFC should also close unprofitable US stores and use the funds to expand internationally, starting in chicken-focused regions like Asia and Latin America by adapting offerings locally. The long term strategy is to stay focused on quality while achieving growth objectives internationally.
The document discusses the history and global expansion of Kentucky Fried Chicken (KFC) from its founding in 1952 to present day. It covers key events such as KFC's acquisition by PepsiCo in 1986 and the formation of Yum! Brands in 1997. The document also analyzes KFC's strengths, weaknesses, opportunities, and threats. It examines strategic issues KFC has faced such as maintaining quality control as it expanded globally and adapting menus to local tastes.
KENTUCKY FRIED CHICKEN CASE STUDY OF KFC .docxcroysierkathey
KENTUCKY FRIED CHICKEN
CASE STUDY OF KFC:
ESTABLISHMENT OF A SUCCESSFUL GLOBAL BUSINESS MODEL
By the mid 1950s, fast food franchising was still in its infancy when Harland Sanders
began his cross-country travels to market “Colonel Sanders’ Recipe Kentucky Fried Chicken.”
He had developed a secret chicken recipe with eleven herbs and spices. By 1963, the number
of KFC franchises has crossed 300. Colonel Sanders, at 74 years of age, was tired of running the
daily operations and sold the business in 1964 to two Louisville businessmen—Jack Massey and
John Young Brown, Jr.—for $2 million. Brown, who later became the governor of Kentucky,
was named president, and Massey was named chairman. Colonel Sanders stayed in a public
relations capacity.
In 1966, Massey and Brown made KFC public, and the company was enlisted on the New
York Stock Exchange. During the late 1960s, Massey and Brown turned their attention to
international markets and signed a joint venture with Mitsuoishi Shoji Kaisha Ltd. In Japan.
Subsidiaries were also established in Great Britain, Hong Kong, South Africa, Australia, New
Zealand, and Mexico in the late 1970s. Brown’s desire to seek a political career led him to seek
a buyer for KFC. Soon after, KFC merged with Heublein, Inc., a producer of alcoholic beverages
with little restaurant experience and conflicts quickly arose between the Heublein management
and Colonel Sanders, who was quite concerned about the quality control issues in restaurant
cleanliness. In 1977, Heublein sent in a new management team to redirect KFC’s strategy. New
unit construction was discontinued until existing restaurants could be upgraded and operating
problems eliminated. The overhaul emphasized cleanliness, service, profitability, and product
consistency. By 1982, KFC was again aggressively building new restaurant units.
In October 1986, KFC was sold to PepsiCo. PepsiCo had acquired Frito-Lay in 1965, Pizza
Hut in 1977 with its 300 units, and Taco Bell in 1978. PepsiCo created one of the largest
consumer companies in the United States. Marketing fast food complemented PepsiCo’s
consumer product orientation and followed much the same pattern as marketing soft drinks
and snack foods. Pepsi soft drinks and fast food products could be marketed together in the
same restaurants and through coordinated national advertising.
The Kentucky Fried Chicken acquisition gave PepsiCo the leading market share in three
of the four largest and fastest growing segments in the U.S., quick-service industry. By the end
of 1995, Pizza Hut held 28% of the $18.5 billion, U.S. pizza segment. Taco Bell held 75% of &5.7
billion Mexican food segment, and KFC held 49% of the $7.7 billion U.S. chicken fast food
segment.
Japan, Australia, and the United Kingdom accounted for the greatest share of the KFC’s
international expansion during the 1970s and 1980s. During the 1990s, ot ...
The document summarizes a case involving student protests at the University of Missouri and Yale University in 2015 over issues of racial insensitivity and unsafe climates for minority students. At Yale, a lecturer questioned administrators' guidance on culturally insensitive Halloween costumes. Students signed a letter asking to feel respected on campus. At Missouri, protests were sparked by racial slurs and poor administrative responses to racial tensions. Journalists debated tensions between freedom of speech and students' desires for safe spaces during confrontations covering the protests. Commentators discussed balancing free expression, social justice, and making all students feel safe and included on campus.
Kentucky Fried Chicken & The Global Fast FoodAwais Ahmad
Kentucky Fried Chicken and the Global Fast Food Industry is a case at number 10 of Strategic Management Book by Arthur A. Thompson, Jr. and A.J Strickland III. This case presentation provides very useful information about KFC and Global Fast Food Industry\'s Facts and Figures.
KFC Founded on September 24, 1952, United States. Presently, KFC is among the best chicken restaurants recognized globally. Colonel Harland Sanders, the founder of KFC, initially used to sell fried chicken from his roadside restaurant in Kentucky, USA. KFC has its branches in about 150 countries and 22622 outlets making it the 4th largest fast-food restaurant in the world. KFC is the second largest fast-food restaurant after MacDonald's. It was one of the 1st American Fast- Food chains to expand Internationally. KFC is operated partly as equity, and partly as a franchised model with the reports as late as December 2018, 98% of its restaurants are operating as franchises. With the main focus being on fried chicken, the company also sells chicken pieces, wraps, salads, and sandwiches. KFC is one of the best-established brands in the Western Quick Service Restaurants. It has earned a revenue of about US$27.9 billion as of 2020.
In 1964, Sanders sold KFC to a group of investors led by John Y. Brown Jr. and Jack C. Massey for US$2 million (around US$17 million in 2020).
The chain had reached 3,000 outlets in 48 countries by 1970. In July 1971, Brown sold the company to the Connecticut-based Heublein, a packaged food and drinks corporation, for US$285 million (around US$1.8 billion in 2020).
As of 2022, there are 24,999 KFC outlets in 147 countries and territories in the world.
The first KFC franchise opened in the US in 1952 and the first overseas franchise was established in the UK in May 1965.
The major markets for KFC include China (7166 stores), US (3943 stores), Japan (1140 stores), Russia (979 stores), South Africa (955 stores), UK (928 stores), Thailand (853 stores), Malaysia (743 stores), Indonesia (742 stores), Australia (699 stores), and Canada (601 stores).
Kentucky Fried Chicken (KFC) was founded in 1930 by Colonel Harland Sanders and has since expanded to become a global fast food franchise. It is one of the largest restaurant chains in the world but has faced declining market share and increased competition in recent decades. A SWOT analysis identifies KFC's strengths as its well-known brand and recipes but weaknesses include lost market share and lack of innovation. Opportunities exist in expanding to new markets like Asia, while threats are new competitors and changing consumer preferences. The analysis recommends increasing investment to gain more control over franchises and prioritizing growth in emerging markets.
KFC remained the largest chicken restaurant chain in the world in 1996 with over 9,000 locations globally. While it dominated the US market, international operations accounted for most new restaurant growth as domestic expansion became more difficult. To address changing consumer demands for healthier options and variety, KFC introduced new products and changed its logo from "Kentucky Fried Chicken" to "KFC" to move beyond its image as solely a fried chicken chain. However, issues with older facilities and attitudes, as well as significant service problems, posed challenges to transitioning into a brand that could meet evolving customer expectations.
KFC has grown from $105 in sales in 1952 to over $7 billion in sales currently through franchising and acquisitions. However, recent management changes and a saturated US market have led to stagnating sales. Recommendations include improving internal operations like the employee culture and offering a healthier menu. KFC should also close unprofitable US stores and use the funds to expand internationally, starting in chicken-focused regions like Asia and Latin America by adapting offerings locally. The long term strategy is to stay focused on quality while achieving growth objectives internationally.
The document discusses the history and global expansion of Kentucky Fried Chicken (KFC) from its founding in 1952 to present day. It covers key events such as KFC's acquisition by PepsiCo in 1986 and the formation of Yum! Brands in 1997. The document also analyzes KFC's strengths, weaknesses, opportunities, and threats. It examines strategic issues KFC has faced such as maintaining quality control as it expanded globally and adapting menus to local tastes.
KENTUCKY FRIED CHICKEN CASE STUDY OF KFC .docxcroysierkathey
KENTUCKY FRIED CHICKEN
CASE STUDY OF KFC:
ESTABLISHMENT OF A SUCCESSFUL GLOBAL BUSINESS MODEL
By the mid 1950s, fast food franchising was still in its infancy when Harland Sanders
began his cross-country travels to market “Colonel Sanders’ Recipe Kentucky Fried Chicken.”
He had developed a secret chicken recipe with eleven herbs and spices. By 1963, the number
of KFC franchises has crossed 300. Colonel Sanders, at 74 years of age, was tired of running the
daily operations and sold the business in 1964 to two Louisville businessmen—Jack Massey and
John Young Brown, Jr.—for $2 million. Brown, who later became the governor of Kentucky,
was named president, and Massey was named chairman. Colonel Sanders stayed in a public
relations capacity.
In 1966, Massey and Brown made KFC public, and the company was enlisted on the New
York Stock Exchange. During the late 1960s, Massey and Brown turned their attention to
international markets and signed a joint venture with Mitsuoishi Shoji Kaisha Ltd. In Japan.
Subsidiaries were also established in Great Britain, Hong Kong, South Africa, Australia, New
Zealand, and Mexico in the late 1970s. Brown’s desire to seek a political career led him to seek
a buyer for KFC. Soon after, KFC merged with Heublein, Inc., a producer of alcoholic beverages
with little restaurant experience and conflicts quickly arose between the Heublein management
and Colonel Sanders, who was quite concerned about the quality control issues in restaurant
cleanliness. In 1977, Heublein sent in a new management team to redirect KFC’s strategy. New
unit construction was discontinued until existing restaurants could be upgraded and operating
problems eliminated. The overhaul emphasized cleanliness, service, profitability, and product
consistency. By 1982, KFC was again aggressively building new restaurant units.
In October 1986, KFC was sold to PepsiCo. PepsiCo had acquired Frito-Lay in 1965, Pizza
Hut in 1977 with its 300 units, and Taco Bell in 1978. PepsiCo created one of the largest
consumer companies in the United States. Marketing fast food complemented PepsiCo’s
consumer product orientation and followed much the same pattern as marketing soft drinks
and snack foods. Pepsi soft drinks and fast food products could be marketed together in the
same restaurants and through coordinated national advertising.
The Kentucky Fried Chicken acquisition gave PepsiCo the leading market share in three
of the four largest and fastest growing segments in the U.S., quick-service industry. By the end
of 1995, Pizza Hut held 28% of the $18.5 billion, U.S. pizza segment. Taco Bell held 75% of &5.7
billion Mexican food segment, and KFC held 49% of the $7.7 billion U.S. chicken fast food
segment.
Japan, Australia, and the United Kingdom accounted for the greatest share of the KFC’s
international expansion during the 1970s and 1980s. During the 1990s, ot ...
The document summarizes a case involving student protests at the University of Missouri and Yale University in 2015 over issues of racial insensitivity and unsafe climates for minority students. At Yale, a lecturer questioned administrators' guidance on culturally insensitive Halloween costumes. Students signed a letter asking to feel respected on campus. At Missouri, protests were sparked by racial slurs and poor administrative responses to racial tensions. Journalists debated tensions between freedom of speech and students' desires for safe spaces during confrontations covering the protests. Commentators discussed balancing free expression, social justice, and making all students feel safe and included on campus.
Kentucky Fried Chicken & The Global Fast FoodAwais Ahmad
Kentucky Fried Chicken and the Global Fast Food Industry is a case at number 10 of Strategic Management Book by Arthur A. Thompson, Jr. and A.J Strickland III. This case presentation provides very useful information about KFC and Global Fast Food Industry\'s Facts and Figures.
KFC Founded on September 24, 1952, United States. Presently, KFC is among the best chicken restaurants recognized globally. Colonel Harland Sanders, the founder of KFC, initially used to sell fried chicken from his roadside restaurant in Kentucky, USA. KFC has its branches in about 150 countries and 22622 outlets making it the 4th largest fast-food restaurant in the world. KFC is the second largest fast-food restaurant after MacDonald's. It was one of the 1st American Fast- Food chains to expand Internationally. KFC is operated partly as equity, and partly as a franchised model with the reports as late as December 2018, 98% of its restaurants are operating as franchises. With the main focus being on fried chicken, the company also sells chicken pieces, wraps, salads, and sandwiches. KFC is one of the best-established brands in the Western Quick Service Restaurants. It has earned a revenue of about US$27.9 billion as of 2020.
In 1964, Sanders sold KFC to a group of investors led by John Y. Brown Jr. and Jack C. Massey for US$2 million (around US$17 million in 2020).
The chain had reached 3,000 outlets in 48 countries by 1970. In July 1971, Brown sold the company to the Connecticut-based Heublein, a packaged food and drinks corporation, for US$285 million (around US$1.8 billion in 2020).
As of 2022, there are 24,999 KFC outlets in 147 countries and territories in the world.
The first KFC franchise opened in the US in 1952 and the first overseas franchise was established in the UK in May 1965.
The major markets for KFC include China (7166 stores), US (3943 stores), Japan (1140 stores), Russia (979 stores), South Africa (955 stores), UK (928 stores), Thailand (853 stores), Malaysia (743 stores), Indonesia (742 stores), Australia (699 stores), and Canada (601 stores).
Kentucky Fried Chicken (KFC) was founded in 1930 by Colonel Harland Sanders and has since expanded to become a global fast food franchise. It is one of the largest restaurant chains in the world but has faced declining market share and increased competition in recent decades. A SWOT analysis identifies KFC's strengths as its well-known brand and recipes but weaknesses include lost market share and lack of innovation. Opportunities exist in expanding to new markets like Asia, while threats are new competitors and changing consumer preferences. The analysis recommends increasing investment to gain more control over franchises and prioritizing growth in emerging markets.
Kentucky Fried Chicken (KFC) was founded in 1930 by Colonel Harland Sanders and has since expanded to become a global fast food franchise. KFC has focused on foreign markets since the 1960s and now has over 32,500 locations in more than 100 countries. A SWOT analysis identifies KFC's strengths as its unique recipes and brand loyalty, but also notes weaknesses such as losing U.S. market share to competitors. Opportunities exist in expanding to emerging markets, while threats include increased competition from other fast food chains. The analysis recommends KFC focus its strategy on high-growth regions like China and India to maintain its position as a market leader.
KENTUCKY FRIED CHICKEN CASE STUDY OF KFC JospehStull43
KENTUCKY FRIED CHICKEN
CASE STUDY OF KFC:
ESTABLISHMENT OF A SUCCESSFUL GLOBAL BUSINESS MODEL
By the mid 1950s, fast food franchising was still in its infancy when Harland Sanders
began his cross-country travels to market “Colonel Sanders’ Recipe Kentucky Fried Chicken.”
He had developed a secret chicken recipe with eleven herbs and spices. By 1963, the number
of KFC franchises has crossed 300. Colonel Sanders, at 74 years of age, was tired of running the
daily operations and sold the business in 1964 to two Louisville businessmen—Jack Massey and
John Young Brown, Jr.—for $2 million. Brown, who later became the governor of Kentucky,
was named president, and Massey was named chairman. Colonel Sanders stayed in a public
relations capacity.
In 1966, Massey and Brown made KFC public, and the company was enlisted on the New
York Stock Exchange. During the late 1960s, Massey and Brown turned their attention to
international markets and signed a joint venture with Mitsuoishi Shoji Kaisha Ltd. In Japan.
Subsidiaries were also established in Great Britain, Hong Kong, South Africa, Australia, New
Zealand, and Mexico in the late 1970s. Brown’s desire to seek a political career led him to seek
a buyer for KFC. Soon after, KFC merged with Heublein, Inc., a producer of alcoholic beverages
with little restaurant experience and conflicts quickly arose between the Heublein management
and Colonel Sanders, who was quite concerned about the quality control issues in restaurant
cleanliness. In 1977, Heublein sent in a new management team to redirect KFC’s strategy. New
unit construction was discontinued until existing restaurants could be upgraded and operating
problems eliminated. The overhaul emphasized cleanliness, service, profitability, and product
consistency. By 1982, KFC was again aggressively building new restaurant units.
In October 1986, KFC was sold to PepsiCo. PepsiCo had acquired Frito-Lay in 1965, Pizza
Hut in 1977 with its 300 units, and Taco Bell in 1978. PepsiCo created one of the largest
consumer companies in the United States. Marketing fast food complemented PepsiCo’s
consumer product orientation and followed much the same pattern as marketing soft drinks
and snack foods. Pepsi soft drinks and fast food products could be marketed together in the
same restaurants and through coordinated national advertising.
The Kentucky Fried Chicken acquisition gave PepsiCo the leading market share in three
of the four largest and fastest growing segments in the U.S., quick-service industry. By the end
of 1995, Pizza Hut held 28% of the $18.5 billion, U.S. pizza segment. Taco Bell held 75% of &5.7
billion Mexican food segment, and KFC held 49% of the $7.7 billion U.S. chicken fast food
segment.
Japan, Australia, and the United Kingdom accounted for the greatest share of the KFC’s
international expansion during the 1970s and 1980s. During the 1990s, ot ...
KFC’s radical approach to china presentation - 21.3.2013Melih Torlak
KFC radically adapted its business model in China by (1) infusing Western branding with Chinese characteristics like regional menus, (2) rapidly expanding through smaller cities, (3) developing logistics networks with local suppliers, (4) extensively training employees in customer service, and (5) focusing on company ownership over franchising. This localized approach made KFC China more profitable than its US operations, demonstrating how adapting to local markets can lead to emerging market success.
This case was written by Dr. Sam DeMarie, Pam Manhart, and .docxMARRY7
This case was written by Dr. Sam DeMarie, Pam Manhart, and Dr. Charles B. Shrader all of the Department of Management,
College of Business, Iowa State University, December 28, 2010. It is intended to be used as a basis for classroom discussion
rather than as a demonstration of either effective or ineffective management of a situation. The dialog included in the case is
fictional and is for illustrative purposes only.
Samuel M. DeMarie, Pam Manhart and Charles B. Shrader
McDonald’s: From Big Mac to P’tit Plaisir
Introduction1, 2, 3
Jim Skinner, current CEO of McDonald’s Corporation, sat in his office and reflected on his
company’s recent experiences. The firm had overcome many obstacles in its quest to be viewed
as a valued business partner in each of its operating regions. The future looked bright.
Was it only a few short years ago that McDonald’s had been the focus of demonstrations and
sometimes violent protests? McDonald’s had doggedly used its tried and true business practice
of standardization to create a consistent customer experience throughout the world. This allowed
the company to become the world’s largest fast food restaurant business. Yet somehow this
previously sound business strategy had unintentionally led to the company becoming an icon for
much that was wrong with global business. Those were challenging times and required
significant changes to rebuild the global brand of McDonald’s.
As Skinner considered his company’s situation the phone rang. It was Cindy Goody, Director of
Nutrition for the company. Goody told Skinner about a troubling commercial she had just
finished watching on US television. In the commercial the iconic Golden Arches appear
shackled over the feet of a dead man with the caption ‘I was lovin’ it’. A hamburger is clutched
in his hand, and a woman weeps over his body. Goody, knew this was exactly the type of thing
she and Skinner thought they had defeated. The commercial, developed by the nonprofit group
Physicians Committee for Responsible Medicine, was the latest in a series of attempts to blame
fast food consumption for increasing rates of heart-disease and obesity. Frustrated but resolute,
Goody knew the company was now committed to providing balanced menu choices for
customers, and that many of its menu items were healthy while being reasonably priced. She felt
confident in the company’s new menu that reflected traditional American tastes but also
incorporated foods from around the world. The new, more expansive menu now included
everything from one-dollar burgers and snack wraps to moderately expensive salads, and was
gaining appeal to an ever widening range of customers.
2 Iowa State University College of Business
Goody had been instrumental in developing the healthier and more international menu over the
past few years. Her work entailed traveling the world for menu ideas, infusing the menu with
healthier items, and hirin ...
Jollibee Food Corporation-An International Expansion Case StudyKartik Mehta
The document discusses Jollibee's international expansion strategies. It started as an ice cream parlor in the Philippines and became the largest fast food chain in the country. In the 1990s, it began expanding internationally but faced challenges implementing Tony Kitchner's strategy of rapid expansion without proper research. By 1997, a new general manager, Noli Tingzon, was considering three options for growth: entering Papua New Guinea by partnering with a franchisee, opening a fourth store in Hong Kong, or supporting existing stores in California to expand to other markets in the US. The recommendation was to pursue the Papua New Guinea opportunity to gain a first-mover advantage with minimal risk.
This document provides a case study on Jollibee Foods Corporation and their consideration of expanding internationally to Papua New Guinea, Hong Kong, and California. It summarizes Jollibee's history and growth in the Philippines since 1975. It also outlines some of the key human resources, operating, financial, and marketing issues Jollibee has faced in previous international expansions. These include strained relationships between domestic and international operations, cultural differences hampering decisions, and management issues at locations like Hong Kong. The document analyzes the fast food industry and Jollibee's position to help inform their choice of international strategy and location.
Launching Krispy natural: Cracking the Product Management CodeAsif Momin
Pemberton Products tested the relaunch of its Krispy Natural cracker line in two markets. In Columbus, Ohio, Krispy Natural achieved an 18% market share through heavy promotional activity. However, in the Southeastern US, it only gained a 10% share due to lower discounts and display activity. While sales responses were positive in Columbus, an industry analyst argued the results relied too heavily on unsustainable discounts. Pemberton's executive VP, Fredrick, wanted a national rollout but recognized risks from potential competitive responses and varying consumer tastes. The document recommends an expanded marketing and rollout strategy while addressing these risks.
Role of advertisement on customers in KFCOmais Arshid
This document summarizes a study on consumer responses to advertisements for KFC Halifax. 150 surveys were distributed to KFC customers in December 2013. Key findings include: the radio campaign was not successful, TV was the most successful but still only satisfied 43.3% of people, billboards and internet ads were also not very effective. The urge to buy KFC products after seeing ads increased. Youth found the ads more effective than older people. Female customers outnumbered males. Recommendations were made based on the findings.
KFC is a fast food restaurant chain known for fried chicken that was founded in 1952 in Utah by Colonel Harland Sanders. It operates as a subsidiary of Yum! Brands. KFC focuses on chicken pieces, sandwiches and sides, though it also offers other meats and regional items internationally. While known for fried chicken, it has expanded its menu to include grilled options. KFC has experienced rapid growth in India with over 100 locations across major cities targeting urban consumers aged 15-45 in the A, B and C income groups.
This document summarizes the market opportunity and business plan for Loeb's Crunch, a consumer goods company introducing a new condiment product. The seasoning, sauce, and condiment industry is growing and expected to continue growing in the coming years. Loeb's Crunch aims to capitalize on this as a first mover with its unique crunchy toppings. The business plan outlines strategies for establishing a national retail footprint, expanding product offerings, growing brand awareness, and achieving profitability through increased sales and margins over the next 5 years.
This document discusses international marketing and provides examples of companies that engage in global and international marketing strategies. It defines global marketing as maintaining uniformity of products across countries, while international marketing localizes products to different markets. Examples provided include Apple maintaining consistent design globally but Dunkin' Donuts adapting products to local preferences in countries like South Korea and China. The document also outlines benefits of international marketing like providing higher standards of living and economic growth opportunities.
Problem 7. Dollars for WaitingJeffrey Swift has been a messenger.docxjeffsrosalyn
Problem 7. Dollars for Waiting?
Jeffrey Swift has been a messenger used by a couple of the local businesses where the Discrimina, Inc. machine shop is located. Sometimes he has done some extra errands inside the Discrimina building for a couple of hours. For the last several weeks, he has helped package items for shipment on Thursdays. Things have gone well, but Jeffrey is concerned because sometimes he has waited over two hours in the waiting room while waiting for the packaging to begin. He wouldn't mind but Discrimina pays only for packaging time, not for waiting time. He can never be certain when the parts will be ready for packaging because final quality checking time varies wildly.
Jeffrey has his own delivery business, but Discrimina has only paid him cash. Each time, Jeffrey has given the company a receipt for the cash. While he waits, he sometimes goes out for donuts for the crew. At other times, he plays games on his PDA or makes cell calls to friends.
Question
If Jeffrey Swift sues for the waiting time hours, what is the likely result and why? Write your answer in a Word document in 1-2 pages.
.
Problem 8-2B(a) Journalize the transactions, including explanation.docxjeffsrosalyn
Problem 8-2B
(a) Journalize the transactions, including explanations.
(Note, enter all accounts in one box.
The dates have been included to help with formatting).
Date
Account Titles and Explanation
Debit
Credit
1
2
3
4
5
(b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for Doubtful Accounts. Post the transactions to the ledger T Accounts
Be sure to post the amounts to the correct side of the T-Account!
Accounts Receivable
Bal.
(2)
(1)
(3)
(5)
(4)
(5)
Bal.
Allowance for Doubtful Accounts
(4)
Bal.
(5)
Bal.
(c)
Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that expected bad debts are $140,000.
Balance needed
...............................................................................
$
Balance before adjustment [see (b)]
................................................
Adjustment required
.......................................................................
$
The journal entry would therefore be as follows:
(d) Accounts Receivable Turnover Ratios:
Enter your answer here
Average Collection Period:
Enter your answer here
Problem 8-6B
(a) Journalize the transactions, including explanations.
(Note, enter all accounts in one box.
The dates have been included to help with formatting).
Date
Account Titles and Explanation
Debit
Credit
5
20
Feb
18
Apr
20
30
May
25
Aug
18
Sept.
1
Problem 9-2B
(a) Journalize the transactions, including explanations.
(Note, enter all accounts in one box.
The dates have been included to help with formatting).
If there are two entries for the same day, then you do not need to enter the date again.
Date
Account Titles and Explanation
Debit
Credit
April
1
May
1
May
1
June
1
Sept
1
PART B
Dec
31
31
(c)
Partial Balance Sheet
TONG CORPORATION
Partial Balance Sheet
December 31, 2014
Assets
Plant assets
Account title
Amount
Account title
Amount
Account title
Amount
Account title (or contra account)
Amount
Total plant assets
Amount
Problem 9-7B
(a)
BUS 1
Year
Computation
Accumulated Depreciation
Amount
Amount
Amount
BUS 2
Year
Computation
Accumulated Depreciation
Amount
Amount
Amount
BUS 3
Year
Computation
Accumulated Depreciation
Amount
Amount
Amount
(b)
BUS 2
Year
Depreciation Expense
Amount
Amount
.
Problem 14-4AFinancial information for Ernie Bishop Company is pre.docxjeffsrosalyn
Problem 14-4A
Financial information for Ernie Bishop Company is presented below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 70,000
$ 65,000
Short-term investments
52,000
40,000
Receivables (net)
98,000
80,000
Inventory
125,000
135,000
Prepaid expenses
29,000
23,000
Land
130,000
130,000
Building and equipment (net)
168,000
175,000
$672,000
$648,000
Liabilities and Stockholders’ Equity
Notes payable
$100,000
100,000
Accounts payable
48,000
42,000
Accrued liabilities
44,000
40,000
Bonds payable, due 2016
150,000
150,000
Common stock, $10 par
200,000
200,000
Retained earnings
130,000
116,000
$672,000
$648,000
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$858,000
$798,000
Cost of goods sold
611,000
575,000
Gross profit
247,000
223,000
Operating expenses
204,500
181,000
Net income
$ 42,500
$ 42,000
Additional information:
1.
Inventory at the beginning of 2012 was $118,000.
2.
Total assets at the beginning of 2012 were $632,000.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.
Receivables (net) at the beginning of 2012 were $88,000.
(a)
Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013.
(Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
Acid-test
Receivables turnover
Inventory turnover
PROFITABILITY
Profit margin
Asset turnover
Return on assets
Earnings per share
$
(b)
Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $50,000. Total assets on December 31, 2014, were $700,000.
Situation
Ratio
(1)
18,000 shares of common stock were sold at par on July 1, 2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $9 on December 31, 2013, and $12.50 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
Debt to total assets
Price-earnings ratio
Click if you would like to Show Work for this question:
Open Show Work
.
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Similar to S w 990G01 KENTUCKY FRIED CHICKEN IN CHIN.docx
Kentucky Fried Chicken (KFC) was founded in 1930 by Colonel Harland Sanders and has since expanded to become a global fast food franchise. KFC has focused on foreign markets since the 1960s and now has over 32,500 locations in more than 100 countries. A SWOT analysis identifies KFC's strengths as its unique recipes and brand loyalty, but also notes weaknesses such as losing U.S. market share to competitors. Opportunities exist in expanding to emerging markets, while threats include increased competition from other fast food chains. The analysis recommends KFC focus its strategy on high-growth regions like China and India to maintain its position as a market leader.
KENTUCKY FRIED CHICKEN CASE STUDY OF KFC JospehStull43
KENTUCKY FRIED CHICKEN
CASE STUDY OF KFC:
ESTABLISHMENT OF A SUCCESSFUL GLOBAL BUSINESS MODEL
By the mid 1950s, fast food franchising was still in its infancy when Harland Sanders
began his cross-country travels to market “Colonel Sanders’ Recipe Kentucky Fried Chicken.”
He had developed a secret chicken recipe with eleven herbs and spices. By 1963, the number
of KFC franchises has crossed 300. Colonel Sanders, at 74 years of age, was tired of running the
daily operations and sold the business in 1964 to two Louisville businessmen—Jack Massey and
John Young Brown, Jr.—for $2 million. Brown, who later became the governor of Kentucky,
was named president, and Massey was named chairman. Colonel Sanders stayed in a public
relations capacity.
In 1966, Massey and Brown made KFC public, and the company was enlisted on the New
York Stock Exchange. During the late 1960s, Massey and Brown turned their attention to
international markets and signed a joint venture with Mitsuoishi Shoji Kaisha Ltd. In Japan.
Subsidiaries were also established in Great Britain, Hong Kong, South Africa, Australia, New
Zealand, and Mexico in the late 1970s. Brown’s desire to seek a political career led him to seek
a buyer for KFC. Soon after, KFC merged with Heublein, Inc., a producer of alcoholic beverages
with little restaurant experience and conflicts quickly arose between the Heublein management
and Colonel Sanders, who was quite concerned about the quality control issues in restaurant
cleanliness. In 1977, Heublein sent in a new management team to redirect KFC’s strategy. New
unit construction was discontinued until existing restaurants could be upgraded and operating
problems eliminated. The overhaul emphasized cleanliness, service, profitability, and product
consistency. By 1982, KFC was again aggressively building new restaurant units.
In October 1986, KFC was sold to PepsiCo. PepsiCo had acquired Frito-Lay in 1965, Pizza
Hut in 1977 with its 300 units, and Taco Bell in 1978. PepsiCo created one of the largest
consumer companies in the United States. Marketing fast food complemented PepsiCo’s
consumer product orientation and followed much the same pattern as marketing soft drinks
and snack foods. Pepsi soft drinks and fast food products could be marketed together in the
same restaurants and through coordinated national advertising.
The Kentucky Fried Chicken acquisition gave PepsiCo the leading market share in three
of the four largest and fastest growing segments in the U.S., quick-service industry. By the end
of 1995, Pizza Hut held 28% of the $18.5 billion, U.S. pizza segment. Taco Bell held 75% of &5.7
billion Mexican food segment, and KFC held 49% of the $7.7 billion U.S. chicken fast food
segment.
Japan, Australia, and the United Kingdom accounted for the greatest share of the KFC’s
international expansion during the 1970s and 1980s. During the 1990s, ot ...
KFC’s radical approach to china presentation - 21.3.2013Melih Torlak
KFC radically adapted its business model in China by (1) infusing Western branding with Chinese characteristics like regional menus, (2) rapidly expanding through smaller cities, (3) developing logistics networks with local suppliers, (4) extensively training employees in customer service, and (5) focusing on company ownership over franchising. This localized approach made KFC China more profitable than its US operations, demonstrating how adapting to local markets can lead to emerging market success.
This case was written by Dr. Sam DeMarie, Pam Manhart, and .docxMARRY7
This case was written by Dr. Sam DeMarie, Pam Manhart, and Dr. Charles B. Shrader all of the Department of Management,
College of Business, Iowa State University, December 28, 2010. It is intended to be used as a basis for classroom discussion
rather than as a demonstration of either effective or ineffective management of a situation. The dialog included in the case is
fictional and is for illustrative purposes only.
Samuel M. DeMarie, Pam Manhart and Charles B. Shrader
McDonald’s: From Big Mac to P’tit Plaisir
Introduction1, 2, 3
Jim Skinner, current CEO of McDonald’s Corporation, sat in his office and reflected on his
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as a valued business partner in each of its operating regions. The future looked bright.
Was it only a few short years ago that McDonald’s had been the focus of demonstrations and
sometimes violent protests? McDonald’s had doggedly used its tried and true business practice
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the company to become the world’s largest fast food restaurant business. Yet somehow this
previously sound business strategy had unintentionally led to the company becoming an icon for
much that was wrong with global business. Those were challenging times and required
significant changes to rebuild the global brand of McDonald’s.
As Skinner considered his company’s situation the phone rang. It was Cindy Goody, Director of
Nutrition for the company. Goody told Skinner about a troubling commercial she had just
finished watching on US television. In the commercial the iconic Golden Arches appear
shackled over the feet of a dead man with the caption ‘I was lovin’ it’. A hamburger is clutched
in his hand, and a woman weeps over his body. Goody, knew this was exactly the type of thing
she and Skinner thought they had defeated. The commercial, developed by the nonprofit group
Physicians Committee for Responsible Medicine, was the latest in a series of attempts to blame
fast food consumption for increasing rates of heart-disease and obesity. Frustrated but resolute,
Goody knew the company was now committed to providing balanced menu choices for
customers, and that many of its menu items were healthy while being reasonably priced. She felt
confident in the company’s new menu that reflected traditional American tastes but also
incorporated foods from around the world. The new, more expansive menu now included
everything from one-dollar burgers and snack wraps to moderately expensive salads, and was
gaining appeal to an ever widening range of customers.
2 Iowa State University College of Business
Goody had been instrumental in developing the healthier and more international menu over the
past few years. Her work entailed traveling the world for menu ideas, infusing the menu with
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Jollibee Food Corporation-An International Expansion Case StudyKartik Mehta
The document discusses Jollibee's international expansion strategies. It started as an ice cream parlor in the Philippines and became the largest fast food chain in the country. In the 1990s, it began expanding internationally but faced challenges implementing Tony Kitchner's strategy of rapid expansion without proper research. By 1997, a new general manager, Noli Tingzon, was considering three options for growth: entering Papua New Guinea by partnering with a franchisee, opening a fourth store in Hong Kong, or supporting existing stores in California to expand to other markets in the US. The recommendation was to pursue the Papua New Guinea opportunity to gain a first-mover advantage with minimal risk.
This document provides a case study on Jollibee Foods Corporation and their consideration of expanding internationally to Papua New Guinea, Hong Kong, and California. It summarizes Jollibee's history and growth in the Philippines since 1975. It also outlines some of the key human resources, operating, financial, and marketing issues Jollibee has faced in previous international expansions. These include strained relationships between domestic and international operations, cultural differences hampering decisions, and management issues at locations like Hong Kong. The document analyzes the fast food industry and Jollibee's position to help inform their choice of international strategy and location.
Launching Krispy natural: Cracking the Product Management CodeAsif Momin
Pemberton Products tested the relaunch of its Krispy Natural cracker line in two markets. In Columbus, Ohio, Krispy Natural achieved an 18% market share through heavy promotional activity. However, in the Southeastern US, it only gained a 10% share due to lower discounts and display activity. While sales responses were positive in Columbus, an industry analyst argued the results relied too heavily on unsustainable discounts. Pemberton's executive VP, Fredrick, wanted a national rollout but recognized risks from potential competitive responses and varying consumer tastes. The document recommends an expanded marketing and rollout strategy while addressing these risks.
Role of advertisement on customers in KFCOmais Arshid
This document summarizes a study on consumer responses to advertisements for KFC Halifax. 150 surveys were distributed to KFC customers in December 2013. Key findings include: the radio campaign was not successful, TV was the most successful but still only satisfied 43.3% of people, billboards and internet ads were also not very effective. The urge to buy KFC products after seeing ads increased. Youth found the ads more effective than older people. Female customers outnumbered males. Recommendations were made based on the findings.
KFC is a fast food restaurant chain known for fried chicken that was founded in 1952 in Utah by Colonel Harland Sanders. It operates as a subsidiary of Yum! Brands. KFC focuses on chicken pieces, sandwiches and sides, though it also offers other meats and regional items internationally. While known for fried chicken, it has expanded its menu to include grilled options. KFC has experienced rapid growth in India with over 100 locations across major cities targeting urban consumers aged 15-45 in the A, B and C income groups.
This document summarizes the market opportunity and business plan for Loeb's Crunch, a consumer goods company introducing a new condiment product. The seasoning, sauce, and condiment industry is growing and expected to continue growing in the coming years. Loeb's Crunch aims to capitalize on this as a first mover with its unique crunchy toppings. The business plan outlines strategies for establishing a national retail footprint, expanding product offerings, growing brand awareness, and achieving profitability through increased sales and margins over the next 5 years.
This document discusses international marketing and provides examples of companies that engage in global and international marketing strategies. It defines global marketing as maintaining uniformity of products across countries, while international marketing localizes products to different markets. Examples provided include Apple maintaining consistent design globally but Dunkin' Donuts adapting products to local preferences in countries like South Korea and China. The document also outlines benefits of international marketing like providing higher standards of living and economic growth opportunities.
Problem 7. Dollars for WaitingJeffrey Swift has been a messenger.docxjeffsrosalyn
Problem 7. Dollars for Waiting?
Jeffrey Swift has been a messenger used by a couple of the local businesses where the Discrimina, Inc. machine shop is located. Sometimes he has done some extra errands inside the Discrimina building for a couple of hours. For the last several weeks, he has helped package items for shipment on Thursdays. Things have gone well, but Jeffrey is concerned because sometimes he has waited over two hours in the waiting room while waiting for the packaging to begin. He wouldn't mind but Discrimina pays only for packaging time, not for waiting time. He can never be certain when the parts will be ready for packaging because final quality checking time varies wildly.
Jeffrey has his own delivery business, but Discrimina has only paid him cash. Each time, Jeffrey has given the company a receipt for the cash. While he waits, he sometimes goes out for donuts for the crew. At other times, he plays games on his PDA or makes cell calls to friends.
Question
If Jeffrey Swift sues for the waiting time hours, what is the likely result and why? Write your answer in a Word document in 1-2 pages.
.
Problem 8-2B(a) Journalize the transactions, including explanation.docxjeffsrosalyn
Problem 8-2B
(a) Journalize the transactions, including explanations.
(Note, enter all accounts in one box.
The dates have been included to help with formatting).
Date
Account Titles and Explanation
Debit
Credit
1
2
3
4
5
(b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for Doubtful Accounts. Post the transactions to the ledger T Accounts
Be sure to post the amounts to the correct side of the T-Account!
Accounts Receivable
Bal.
(2)
(1)
(3)
(5)
(4)
(5)
Bal.
Allowance for Doubtful Accounts
(4)
Bal.
(5)
Bal.
(c)
Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that expected bad debts are $140,000.
Balance needed
...............................................................................
$
Balance before adjustment [see (b)]
................................................
Adjustment required
.......................................................................
$
The journal entry would therefore be as follows:
(d) Accounts Receivable Turnover Ratios:
Enter your answer here
Average Collection Period:
Enter your answer here
Problem 8-6B
(a) Journalize the transactions, including explanations.
(Note, enter all accounts in one box.
The dates have been included to help with formatting).
Date
Account Titles and Explanation
Debit
Credit
5
20
Feb
18
Apr
20
30
May
25
Aug
18
Sept.
1
Problem 9-2B
(a) Journalize the transactions, including explanations.
(Note, enter all accounts in one box.
The dates have been included to help with formatting).
If there are two entries for the same day, then you do not need to enter the date again.
Date
Account Titles and Explanation
Debit
Credit
April
1
May
1
May
1
June
1
Sept
1
PART B
Dec
31
31
(c)
Partial Balance Sheet
TONG CORPORATION
Partial Balance Sheet
December 31, 2014
Assets
Plant assets
Account title
Amount
Account title
Amount
Account title
Amount
Account title (or contra account)
Amount
Total plant assets
Amount
Problem 9-7B
(a)
BUS 1
Year
Computation
Accumulated Depreciation
Amount
Amount
Amount
BUS 2
Year
Computation
Accumulated Depreciation
Amount
Amount
Amount
BUS 3
Year
Computation
Accumulated Depreciation
Amount
Amount
Amount
(b)
BUS 2
Year
Depreciation Expense
Amount
Amount
.
Problem 14-4AFinancial information for Ernie Bishop Company is pre.docxjeffsrosalyn
Problem 14-4A
Financial information for Ernie Bishop Company is presented below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 70,000
$ 65,000
Short-term investments
52,000
40,000
Receivables (net)
98,000
80,000
Inventory
125,000
135,000
Prepaid expenses
29,000
23,000
Land
130,000
130,000
Building and equipment (net)
168,000
175,000
$672,000
$648,000
Liabilities and Stockholders’ Equity
Notes payable
$100,000
100,000
Accounts payable
48,000
42,000
Accrued liabilities
44,000
40,000
Bonds payable, due 2016
150,000
150,000
Common stock, $10 par
200,000
200,000
Retained earnings
130,000
116,000
$672,000
$648,000
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$858,000
$798,000
Cost of goods sold
611,000
575,000
Gross profit
247,000
223,000
Operating expenses
204,500
181,000
Net income
$ 42,500
$ 42,000
Additional information:
1.
Inventory at the beginning of 2012 was $118,000.
2.
Total assets at the beginning of 2012 were $632,000.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.
Receivables (net) at the beginning of 2012 were $88,000.
(a)
Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013.
(Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
Acid-test
Receivables turnover
Inventory turnover
PROFITABILITY
Profit margin
Asset turnover
Return on assets
Earnings per share
$
(b)
Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $50,000. Total assets on December 31, 2014, were $700,000.
Situation
Ratio
(1)
18,000 shares of common stock were sold at par on July 1, 2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $9 on December 31, 2013, and $12.50 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
Debt to total assets
Price-earnings ratio
Click if you would like to Show Work for this question:
Open Show Work
.
Problem and solution essay about the difficulties of speaking Engli.docxjeffsrosalyn
Problem and solution essay about the difficulties of speaking English language for international students in the foriegn country.
- introduction with good thesis statement( start with transition word and include the problem and solution)
- first body paragraph ( define and explain the problem)
- second body paragraph. give the solution
- conclusion
two paraphrase
.
problem 8-6 (LO 4) Worksheet, direct and indirect holding, interco.docxjeffsrosalyn
problem 8-6 (LO 4) Worksheet, direct and indirect holding, intercompany mer-
chandise,
machine. The
following
diagram
depicts
the
relationships
among
Mary
Company, John Company, and Joan Company on December 31, 2014:
Mary
John
Owns 60%
Owns 40%
Joan
Owns 50%
Mary Company purchases its interest in John Company on January 1, 2012, for $204,000.
John Company purchases its interest in Joan Company on January 1, 2013, for $75,000. Mary
Company purchases its interest in Joan Company on January 1, 2014, for $72,000. All invest-
ments are accounted for under the equity method. Control over Joan Company does not occur
until the January 1, 2014, acquisition. Thus, a D&D schedule will be prepared for the invest-
ment in Joan as of January 1, 2014.
The following stockholders’ equities are available:
John
Joan
Company
December31
,
December 31
2011
2012
2013
Commonstock ($10par). ........... ............
$150,000
Commonstock ($10par). ........... ............
$100,000
$100,000
Paid-incapitalinexcess of par ............. ..... 75,000
Retained earnings .............................
75,000
50,000
80,000
Totalequity ......... ........... ............
$300,000
$150,000
$180,000
On January 2, 2014, Joan Company sells a machine to Mary Company for $20,000. The
machine has a book value of $10,000, with an estimated life of five years and is being depre-
ciated on a straight-line basis.
John Company sells $20,000 of merchandise to Joan Company during 2014 to realize a gross
profit of 30%. Of this merchandise, $5,000 remains in Joan Company’s December 31, 2014,
inventory. Joan owes John $3,000 on December 31, 2014, for merchandise delivered during
2014.
Trial balances of the three companies prepared from general ledger account balances on
December 31, 2014, are as follows:
Mary
John
Joan
Cash ...................... ........... ......
62,500
60,000
30,000
Accounts Receivable ........................... 200,000
55,000
30,000
Inventory ................... ........... ......
360,000
80,000
50,000
Investmentin JohnCompany........... ........ 270,000
Investmentin JoanCompany........... .......... 86,000
107,500
Property, Plant,andEquipment.... ........... ...2,250,000
850,000
350,000
Accumulated Depreciation ....... ........... .... (938,000)
(377,500)
(121,800
Mary
John
Joan
Intangibles.... ........... ........... .........
15,000
Accounts Payable ............... ........... ...
(215,500)
(61,000)
(22,000)
AccruedExpenses............... ........... ...
(12,000)
(4,000)
(1,200)
BondsPayable. ........... ........... .........
(500,000)
(300,000)
(100,000)
Common Stock($5par) ........................
(500,000)
Common Stock($10par) ....................... (150,000)
Common Stock($10par) ....................... (100,000)
Paid-In Capital inExcessof Par ...... ........... (700,000)
(75,000).
Problem 4-5ADevine Brown opened Devine’s Carpet Cleaners on March .docxjeffsrosalyn
Problem 4-5A
Devine Brown opened Devine’s Carpet Cleaners on March 1. During March, the following transactions were completed.
Mar. 1
Invested $10,940 cash in the business.
1
Purchased used truck for $6,050, paying $3,025 cash and the balance on account.
3
Purchased cleaning supplies for $1,128 on account.
5
Paid $1,788 cash on one-year insurance policy effective March 1.
14
Billed customers $4,723 for cleaning services.
18
Paid $1,538 cash on amount owed on truck and $402 on amount owed on cleaning supplies.
20
Paid $1,648 cash for employee salaries.
21
Collected $1,926 cash from customers billed on March 14.
28
Billed customers $2,561 for cleaning services.
31
Paid gasoline for month on truck $393.
31
Withdrew $769 cash for personal use.
(a)
Your answer is correct.
Journalize the March transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
J1
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[removed]
Click if you would like to Show Work for this question:
Open Show Work
SHOW LIST OF ACCOUNTS
SHOW ANSWER
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Attempts: 2 of 5 used
(b) and (c)
Your answer is partially correct. Try again.
Prepare a trial balance at March 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet.
(1)
Earned but unbilled revenue at March 31 was $843.
(2)
Depreciation on equipment for the month was $463.
(3)
One-twelfth of the insurance expired.
(4)
An inventory count shows $273 of cleaning supplies on hand at March 31.
(5)
Accrued but unpaid employee salaries were $598.
DEVINE’S CARPET CLEANERS
Worksheet
For the Month Ended March 31, 2012
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
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Problem 1-4A (Part Level Submission)Matt Stiner started a delivery.docxjeffsrosalyn
Problem 1-4A (Part Level Submission)
Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The following transactions occurred during the month of June.
June 1
Stockholders invested $14,493 cash in the business in exchange for common stock.
2
Purchased a used van for deliveries for $14,932. Matt paid $3,189 cash and signed a note payable for the remaining balance.
3
Paid $669 for office rent for the month.
5
Performed $4,502 of services on account.
9
Declared and paid $203 in cash dividends.
12
Purchased supplies for $109 on account.
15
Received a cash payment of $1,468 for services provided on June 5.
17
Purchased gasoline for $124 on account.
20
Received a cash payment of $1,385 for services provided.
23
Made a cash payment of $531 on the note payable.
26
Paid $122 for utilities.
29
Paid for the gasoline purchased on account on June 17.
30
Paid $1,255 for employee salaries.
(a)
Show the effects of the previous transactions on the accounting equation.
(If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
STINER DELIVERIES
Assets
=
Liabilities
+
Stockholders' Equity
Retained Earnings
Date
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Notes
Payable
+
Accounts
Payable
+
Common
Stock
+
Revenues
–
Expenses
–
Dividends
June 1
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PROBLEM 5-5BPrepare a correct detailed multiple-step income stat.docxjeffsrosalyn
PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement.
Assume a tax rate of 25%.
WRIGHT COMPANY
Income Statement
For the Month Ended December 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income from operations
Amount
Other revenues and gains
Account title
Amount
Other expenses and losses
Account title
Amount
Amount (Total)
Income before income taxes
Income tax expense
Net Income
P5-5B
An inexperienced accountant prepared this condensed income statement for
Wright Company, a retail firm that has been in business for a number of years.
WRIGHT COMPANY
Income Statement
For the Year Ended December 31, 2014
Revenues
Net sales $952,000
Other revenues 16,000
968,000
Cost of goods sold 548,000
Gross profit 420,000
Operating expenses
Selling expenses 160,000
Administrative expenses
104,000
264,000
Net earnings $156,000
As an experienced, knowledgeable accountant, you review the statement and determine
the following facts.
1. Net sales consist of sales $972,000, less freight-out on merchandise sold $20,000.
2. Other revenues consist of sales discounts $12,000 and interest revenue $4,000.
3. Selling expenses consist of salespersons’ salaries $88,000; depreciation on equip-
ment $4,000; sales returns and allowances $46,000; advertising $12,000; and sales
commissions $10,000. All compensation should be recorded as Salaries and Wages
Expense.
4. Administrative expenses consist of office salaries $54,000; dividends $14,000; utili-
ties $13,000; interest expense $3,000; and rent expense $20,000, which includes
prepayments totaling $2,000 for the first month of 2015. The utilities represent
utilities paid. At December 31, utility expense of $3,000 has been incurred but not
paid.
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods.
Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of .
Problem 12-9ACondensed financial data of Odgers Inc. follow.ODGE.docxjeffsrosalyn
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 147,864
$ 88,572
Accounts receivable
160,674
69,540
Inventory
205,875
188,216
Prepaid expenses
51,972
47,580
Long-term investments
252,540
199,470
Plant assets
521,550
443,775
Accumulated depreciation
(91,500
)
(95,160
)
Total
$1,248,975
$941,993
Liabilities and Stockholders’ Equity
Accounts payable
$ 186,660
$ 123,159
Accrued expenses payable
30,195
38,430
Bonds payable
201,300
267,180
Common stock
402,600
320,250
Retained earnings
428,220
192,974
Total
$1,248,975
$941,993
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$710,882
Less:
Cost of goods sold
$247,892
Operating expenses, excluding depreciation
22,710
Depreciation expense
85,095
Income tax expense
49,922
Interest expense
8,656
Loss on disposal of plant assets
13,725
428,000
Net income
$ 282,882
Additional information:
1.
New plant assets costing $183,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $105,225 and accumulated depreciation of $88,755 were sold for $2,745 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $47,636 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method.
(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
$
$
$
[removed]
.
Problem 13-6AIrwin Corporation has been authorized to issue 20,80.docxjeffsrosalyn
*Problem 13-6A
Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock
and 981,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At
December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
The preferred stock was issued for land having a fair value of $142,900. All common stock issued was for cash. In
November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $14. In
December, 500 shares of treasury stock were sold for $15 per share. No dividends were declared in 2014.
Preferred Stock $119,000
Paid-in Capital in Excess of Par—Preferred Stock 23,900
Common Stock 981,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,781,300
Treasury Stock (1,000 common shares) 14,000
Paid-in Capital from Treasury Stock 500
Retained Earnings 81,600
.
Prior to posting in this discussion, completeThe Parking Garage.docxjeffsrosalyn
Prior to posting in this discussion, complete
The Parking Garage
scenario interactivity module and view the video,
This is Water by David Foster Wallace
. Reflect on what you have seen and recall a time when you experienced simplistic and unfounded stereotypical thinking. What could you have done differently? What is something that you need to work on in the future to become a better critical thinker? 200 words
.
Prior to engaging in this discussion, read Chapters 10 and 11 in y.docxjeffsrosalyn
Prior to engaging in this discussion, read Chapters 10 and 11 in your text as well as the “Steps for Effective Discharge Planning” article, and review any relevant Instructor Guidance.
For this discussion, refer to the information in the
“Introduction to the Miller Family”
document.
Select one of the family members below whose medical condition has the potential to have worsened to the point that they would need to be hospitalized. Once you have chosen your subject, create a discharge scenario. Each of these family members has been introduced in an earlier assignment. Be sure to review your materials for that assignment including any relevant instructor feedback.
Option 1:
Elías - leukemia
Option 2:
Lila - diabetes (IDDM)
Option 3:
Sam - liver disease caused by heavy drinking
Option 4:
Lucy - bipolar disorder and serious substance abuse (dual diagnosis)
In your initial post, create and present a possible scenario in order to respond to the subject’s discharge from the hospital. See earlier assignments for samples of how to begin crafting the scenario for your subject. Remember to be creative, refer to the “Introduction to the Miller Family” document, and include as much detailed information as appropriate. Be sure to address the following points in your initial post.
Describe the specific issues that need to be addressed when discharging this patient.
Briefly identify who (individuals, professionals, agencies, or organizations) might be identified in the plan, what needs to be done, and when it should happen.
Identify community resources (e.g., doctors, counselors, and agencies) that will be needed, what their roles are in the plan, and assess how they might meet the needs of your patient. Integrate the biological theory of intellect and cognition with your subject’s sociocultural experiences in order to better ascertain his or her needs.
Identify and discuss at least one barrier for success based on the individual’s intellect and his or her sociocultural experiences and perspectives. Critique the contributions of community-based programs and how they might alleviate issues related to this barrier.
dq2
Watch one of the eight videos from
The Future of Medicine
playlist. Then, go to the Ashford University Library and find two research articles related to the social impact or relevance of the topic addressed in your selected video. For assistance with finding peer-reviewed articles, please see the
tutorial
on the Ashford University Library website. Consider the work you have completed in the previous discussions throughout the course. Summarize how we, as individuals, are affected by disease, disability, or disorder. What emotions do we experience toward others with these conditions (empathy, judgment, fear, guilt)? Critique the contributions of community-based programs and how they influence our societal reactions to diseases, disabilities, and disorders. Examine and comment on the ways in which individuals, families, communi.
Privacy in a Technological AgePrivacy protection is a hot top.docxjeffsrosalyn
Privacy in a Technological Age:
Privacy protection is a hot topic in today’s data-hungry technological world
. In a well-written paper,
1.
Begin with an examination of an individual’s right to privacy
.
Then consider
2.
How advanced surveillance and monitoring technologies might intrude upon this right to privacy.
3.
How might the roles and obligations of an organization conflict with its workers right to privacy?
Provide specific examples to support your analysis.
Your well-written paper should be 2-3 pages in length and formatted according to the
CSU-Global Guide to Writing and
APA Requirements
. You should reference 2-3 scholarly sources (your textbook can count as one of these). The CSU-Global Library is a good place to find these scholarly sources
Textbook is attached
Reynolds, G. W. (2014).
Ethics in information technology
(5th ed.). Stamford, CT: Cengage Learning
Note:
I don’t need cover page.
.
Privacy Introduction Does the technology today Pene.docxjeffsrosalyn
Privacy :
Introduction
Does the technology today
Penetrates
our
privacy
?
Harms and the benefits.
What is the natural right for privacy ?
How we can trust the people or the organizations in our privacy ?
Does the governments have the right to go through our privacy? why ?
What the limit for privacy ?
How we can protect our privacy ?
Conclusion
.
Prisoner rights in America are based largely on the provisions of th.docxjeffsrosalyn
Prisoner rights in America are based largely on the provisions of the Bill of Rights. In this assignment, you will research the U.S. Bill of Rights and explain its major provisions. You should address the impact that the Bill of Rights has had on the field of criminal justice, corrections, and prisoners' rights. Also, explain how the Bill of Rights is applied at the state level.
Identify and explain the major provisions of the Bill of Rights.
How has the Bill of Rights significantly impacted the prisoners' rights and the fields of criminal justice and corrections?
Explain how the Bill of Rights is applied at the state level.
What are 2 major avenues of relief pursued by prisoners?
You must reference at least 2 credible sources in APA style.
4 pages
No plagerism
Abstract and Reference Page
.
Principles of Supply and Demanda brief example of supply and deman.docxjeffsrosalyn
Principles of Supply and Demand
a brief example of supply and demand for public health goods and services. Select two factors that might influence price elasticity of demand for public health goods or services in your example. Explain how and why price elasticity might influence the quantity of goods and services demanded in that example.
.
Primary Task Response Within the Discussion Board area, write 300.docxjeffsrosalyn
Primary Task Response:
Within the Discussion Board area, write 300–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Interest groups play a significant role in contemporary American politics, on a wide range of public policy issues, from healthcare (Affordable Care Act, for example) to gun control (the NRA is a well-known example), and from financial services regulation to regulating food production.
For this discussion board, choose an interest group that appeals to you and then identify a public policy issue that your selected interest group is working on impacting. In addition, include the following information:
What types of activities are conducted by your interest group? Provide examples of activities undertaken by the group within the last 12 months. Activities can include lobbying, television or radio spots, media spots, rallies or other activities. Also, if available, provide links to any news articles about the organization’s activities or press releases from the organization or other articles from the organization’s website for your classmates’ reference.
How is your chosen interest group connected to the average citizen, if at all? Provide examples of average citizens’ involvement in your chosen interest group, if any. If your chosen interest group rarely or does not interact with the average citizen, please discuss how the work of your chosen interest group indirectly impacts the average citizen, if at all.
Do you believe that interest groups do, or have the ability to, promote corruption in government? Explain your position. If they do or have the potential to do so, why do you believe so? If not, what do you think prevents them from corrupting government? Support your position with specific examples.
.
Pretend you are a British government official during the time leadin.docxjeffsrosalyn
Pretend you are a British government official during the time leading up the Revolutionary War.
Write a 2-3 paragraph letter to the editor of your local newspaper explaining your feelins about the actions of the colonists. Be sure to give examples. (Things to possibly include: Do you think they are overreacting? Why or why not? How do you feel the issues should be resolved?) Really put some thought into this assignment, it wouldn't hurt to do some outside research to support your Letter to the Editor
.
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
2. International Development Agency
Version: (A) 2003-05-29
In late September 1986, Tony Wang leaned back in his leather
chair in his
Singapore office and thought of the long road that lay ahead if
Kentucky Fried
Chicken (KFC) were ever to establish the first completely
Western-style fast food
joint venture in the People’s Republic of China. Wang, an
experienced
entrepreneur and seven-year veteran of KFC, had only two
months previously
accepted the position of company vice president for Southeast
Asia with an option
of bringing the world’s largest chicken restaurant company into
the world’s most
populous country. Yet, as he began exploring the opportunities
facing KFC in
Southeast Asia, Wang was beginning to wonder whether the
company should
attempt to enter the Chinese market at this time.
Without any industry track record, Wang wondered how to
evaluate the
attractiveness of the Chinese market within the context of
KFC’s Southeast Asia
region. Compounding the challenge was the realization that
although China was a
huge, high profile market, it would demand precious managerial
resources and
could offer no real term prospects for significant hard currency
profit repatriation
— even in the medium term. Wang also realized that a decision
3. to go into China
necessitated selecting a particular investment location in the
face of great
uncertainty. It was equally clear that while opportunities and
risks varied widely
from city to city, the criteria for evaluating suitable locations
remained
unspecified. With limited information to go on, Wang realized
that a positive
decision on China would be inherently risky — both for the
company and for his
This document is authorized for use only in Sandra Triana's
MBA (Roberto de la Vega Vallejo) 2018-1 course at Pontificia
Universidad Javeriana, from January 2018 to July 2018.
Page 2 9A90G001
own reputation. And while Wang was intrigued by the enormous
potential of the
Chinese market, he also knew that many others had failed in
similar ventures.
HISTORY
The origins of Kentucky Fried Chicken can be traced to Harland
Sanders, who was
born in 1890 in Henreyville, Indiana. When Sanders was a boy,
he dropped out of
the sixth grade and began a stream of odd jobs, concentrating
eventually on
4. cooking. In time he opened his own gas station with an
adjoining restaurant. In the
1930s, Sanders developed a “secret” recipe for cooking chicken
by first applying a
coating containing a mixture of 11 herbs and spices and then
frying the chicken
under pressure. This “southern fried chicken” eventually
became a hit at the gas
station, and in 1956 Sanders decided to franchise his novel
concept. By 1964, he
had sold almost 700 franchises. Much of Sanders’ success in
this pioneer industry
lay in his near obsession with product quality and a commitment
to maintaining a
focused line of products.
In 1964, at the age of 74, Harland Sanders finally agreed to sell
the business in
exchange for US$2 million and a promise of a lifetime salary.
The sale of the
business to John Brown, a 29-year old Kentucky lawyer, and his
financial backer,
Jack Massey, 60, was accompanied by the assurance that
Sanders would maintain
an active role in both product promotion and quality control of
the new venture.
With new, aggressive managers and a rapidly evolving
American fast food
industry, KFC’s growth soared. Over the next five years, sales
grew by an average
of 96 per cent per year, topping US$200 million by 1970. This
same year almost
1,000 new stores were built, the vast majority by franchisees.
A key element in this rapid growth was Brown’s ability to select
5. a group of hard-
working entrepreneurial managers. Brown’s philosophy was that
every manager
had the right to expect to become wealthy in the rapidly
growing company. By
relying heavily on franchising, the company was able to avoid
the high capital
costs associated with rapid expansion while maximizing returns
to shareholders.
Rapid sales growth provided promotion and opportunities to
purchase stock for
company managers as well as the opportunity for franchisees to
improve margins
by spreading administrative costs over a broader base of
operations. This was
critically important given the high fixed costs associated with
each store. Volume,
both at the individual store level and within a franchisee’s
territory, was thus
essential in determining profitability. Profitability, in turn,
assured the
attractiveness of KFC to potential future franchisees.
In 1971, Brown and Massey sold KFC to Heublein Inc. for
US$275 million.
Heublein, based in Farmington, Connecticut, was a packaged
goods company
which marketed such products as Smirnoff vodka, Black Velvet
Canadian whisky,
Grey Poupon mustard, and A1 steak sauce.
This document is authorized for use only in Sandra Triana's
MBA (Roberto de la Vega Vallejo) 2018-1 course at Pontificia
Universidad Javeriana, from January 2018 to July 2018.
6. Page 3 9A90G001
Challenges at Home and Abroad
The establishment of KFC’s international operations began just
prior to the
company’s acquisition by Heublein. KFC opened its first store
in the Far East in
Osaka, Japan in 1970 as part of Expo-70. By 1973, KFC had
established 64 stores
in Japan, mostly in the Tokyo area. KFC also moved quickly
into Hong Kong,
establishing 15 stores there by 1973. Other areas of expansion
included Australia,
the United Kingdom, and South Africa.
Shortly after the acquisition, KFC’s small international staff
was merged with
Heublein’s much larger international group in Connecticut. In
spite of Heublein’s
efforts to impose rigid operational controls, KFC country
managers were frustrated
by the imposition of U.S. store designs, menus, and marketing
methods on
culturally divergent host countries. Resistance to corporate
control grew and led
many stores to develop their own menus: fried fish and smoked
chicken in Japan,
hamburgers in South Africa, and roast chicken in Australia. In
some cases, local
managers seemed to know what they were doing; in other cases,
they clearly did
not. After heavy losses, KFC pulled out of Hong Kong entirely
7. in 1975. In Japan,
operations also began on shaky grounds with losses experienced
throughout much
of the 1970s.
In addition to poor relations between country managers and
corporate staff, the
1970s presented a much more challenging environment for KFC
in the United
States. The fast food industry was becoming much more
competitive with the
national emergence of the Church’s Fried Chicken franchise and
the onset of
several strong regional competitors. Important market share
gains were also being
made by McDonald’s hamburgers.
With the Heublein acquisition, many top managers who had
been hired by Brown
and Massey were either fired or quit, resulting in much turmoil
among the
franchisees. By 1976, sales were off eight per cent and profits
were decreasing by
26 per cent per year. To make matters worse, rapid expansion
had led to
inconsistent quality, poor cleanliness and a burgeoning group of
disenchanted
franchisees who represented over 80 per cent of total KFC sales.
At one point,
even white-haired Harland Sanders was publicly quoted
admitting that many stores
lacked adequate cleanliness while providing shoddy customer
service and poor
product quality.
8. Turning Operations Around
In the fall of 1975, with rapidly deteriorating operations both at
home and abroad,
Heublein tapped Michael Miles to salvage the chain. Miles was
initially brought in
to head up Heublein’s international group, which by this point
was dominated by
KFC. Miles had come to Heublein after managing KFC’s
advertising account for
This document is authorized for use only in Sandra Triana's
MBA (Roberto de la Vega Vallejo) 2018-1 course at Pontificia
Universidad Javeriana, from January 2018 to July 2018.
Page 4 9A90G001
10 years with the Leo Burnett agency. At Heublein, he had risen
to vice-president
in charge of the Grocery Products Division. While he had little
international
experience, he had developed a strong reputation for strategic
planning. His
challenge in late 1975 was to install consistency in international
operations by
increasing both corporate support and control. One of his first
decisions was to
move KFC-International back to Louisville where it could begin
to develop a
degree of autonomy within the corporation. Within 18 months,
Miles was asked to
manage KFC’s entire worldwide turnaround, including
9. operations in the United
States.
The basic thrust of Miles’ strategy was a return to back-to-
basics in terms of menu
selection and commitment to quality, service, and cleanliness
(QSC). The back-to-
basics strategy was supported by a new series of staff training
programs, random
inspections of company-owned and franchisee stores, and a new
“we do chicken
right” advertising program. The goal was to focus consumer
awareness on a
sleeker, more customer-oriented KFC which would make one
product — chicken
— better than any of its competitors.
The results of the turnaround strategy were dramatic. By 1982,
KFC had become
Heublein’s fastest growing division, with real growth of 2.3 per
cent. From 1978 to
1982, sales at company-owned stores jumped an average 73 per
cent, while
franchise unit sales rose by almost 45 per cent. Much of this
growth came from
KFC’s international operations where company units
outnumbered even
McDonald’s outside the United States. While chicken is eaten
almost everywhere
in the world, the same is not true of beef which has been poorly
received in many
countries. This provided KFC with a considerable advantage in
penetrating foreign
markets. Nowhere was this more true than in the Pacific Rim,
where by 1982, KFC
had nearly 400 stores in Japan. In Singapore alone, KFC had 23
10. franchised stores.
Acquisition by R.J. Reynolds
Although KFC had made dramatic progress, growth was limited
by restricted
expansion capital at Heublein. Most of the profits generated by
KFC were being
used to revive Heublein’s spirits operations, which were
themselves facing flat
sales and increased competition. By 1982, KFC was receiving
only US$50 million
per year in expansion funds compared with the US$400 million
being spent by
hamburger giant McDonald’s. KFC also had one of the lowest
ratios of company-
owned to franchisee stores in the industry. Many franchise
stores were slow to
upgrade facilities and it was understood that major investments
would be required
to assure the integrity of the overall KFC network.
In the late summer of 1982, R.J. Reynolds of Winston-Salem
N.C. acquired
Heublein for US$1.4. billion. The acquisition was supported by
Heublein directors
fearful that the company might be taken over and sold in pieces.
Reynolds had
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been seeking expansion possibilities in the consumer products
industry where its
marketing skills and huge cash flow could best be put to work.
Although hugely
profitable, Reynolds’ tobacco operations were being attacked by
soaring taxes and
consumers’ declining interest in smoking. The acquisition of
Heublein was only
part of a group of companies Reynolds acquired during the late
1970s and early
1980s, including Del-Monte Corp. in 1979, Canada Dry and
Sunkist Soft Drinks in
1984, and Nabisco Brands in 1985.
Soon after the acquisition, Mike Miles left the company to
become president of
Dart and Kraft. He was succeeded as CEO of KFC by Richard
Mayer who had
worked with Miles on the turnaround. Mayer had put in a 10-
year stint at General
Foods where he rose to become head of the Jell-O product
group. Mayer
characterized the acquisition as “marvellous.”
International Expansion
The heavy financial backing of Reynolds resulted in further
growth for KFC.
Betting that health-conscious consumers would increasingly
shift consumption to
chicken, Reynolds designed an ambitious worldwide expansion
12. plan that promised
US$1 billion in funds over five years. Much of this expansion
would come outside
the United States where markets remained largely untapped.
As was the case with domestic operations, franchising played a
major role in
KFC’s international growth. Franchising became the mode of
choice in many
markets where political risk and cultural unfamiliarity
encouraged the use of
locals. Another advantage with franchising was that KFC could
be assured a flow
of revenues with little investment, thus leveraging existing
equity. This was a
particularly attractive option internationally where potential
deviations of
franchisees from KFC operating procedures could be more
easily isolated.
The downside of a reliance on franchisees was that it permitted
an erosion of
system integrity. Local franchisees typically controlled a
portfolio of companies,
with KFC sales representing only a portion of revenues. Local
franchisees, driven
by a desire to maximize profits, often cut corners or “milked”
operations. While
this type of strategy would generally not compromise short-term
profitability, it
often led to the deterioration of operations over the longer term.
This problem was
only exacerbated internationally where control was more
difficult to maintain.
13. Southeast Asia Operations
By 1983, KFC had established 85 franchise stores in Southeast
Asia, including 20
stores in Indonesia, 27 stores in Malaysia, and 23 stores in
Singapore. This area
was recognized as the Southeast Asia Region, one of five
separate geographic
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regions within the corporation. Harry Schwab headed the Area
office, where he
served as a company vice-president. Schwab had been
successful in managing
KFC’s South African operations where he eventually built a
chain of 48 company-
owned stores and 95 franchise stores. After returning to
Louisville to assume the
position of KFC vice-president for international franchising, he
was given the
added responsibility of supervising the company’s Southeast
Asia area. Exhibit 1
presents a partial map of Asian Pacific nations.
THE CHINESE MARKET
14. After a 10-year absence, KFC moved back into Hong Kong in
1985. During
KFC’s long absence from Hong Kong, McDonald’s, Burger
King, Wendy’s, and
Pizza Hut had entered the market, providing the local
population with a taste for
Western fast food. After preparing a new Cantonese version of
the “we do chicken
right” advertising campaign, KFC opened the first of its 20
planned stores. During
its first week of operation, the store sold more than 41,000
pieces of chicken, the
most that any startup ever sold during its first week of
operation. With renewed
confidence that management had finally learned how to balance
the need for
corporate control with the demands for local responsiveness, the
company began
contemplating a much more ambitious move into the Chinese
mainland.
The initial discussions over the feasibility of entering the huge
Chinese market
were held in early January 1985 between Richard Mayer and Ta-
Tung (Tony)
Wang, a former executive of KFC. Tony Wang was born in
Sichuan province in
the People’s Republic of China in 1944. When Tony was five
years old, the family
made its way to Taiwan where in 1968 he graduated from
Chong-Yuan University
with a degree in engineering. He later moved to the United
States, and in 1973,
completed a masters degree in management science from
Stevens Institute of
Technology in New Jersey. Wang then attended New York
15. University where in
1975 he earned a post-master’s certificate in international
business management.
Upon completion of his studies in 1975, Wang accepted a
position in Louisville
with KFC. A series of promotions culminated with his assuming
the position of
director of business development for the company. In this
position, Wang reported
directly to Mayer where the two developed a close personal
relationship. Yet by
1982, Wang was feeling increasingly uneasy at KFC. Although
KFC had
completed a dramatic turnaround, Wang felt strongly that the
company had been
too conservative in penetrating international markets. Wang’s
conviction was that
the company was afraid to take real investment risks,
particularly in the Far East
where American managers were culturally out of touch. In his
capacity as director
of business development, Wang also saw some of the enormous
profits that many
of his projects were generating for franchisees. In Wang’s view
he was merely a
bureaucrat, “enriching a conservative, ethnocentric
corporation.” He plotted his
departure. This eventually led to the establishment of QSR
Management Company
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where Wang served as president. QSR was principally engaged
in franchisee
operations of Wendy’s restaurants in Northern California. The
company also
provided management consulting to other franchisees of major
fast food
companies.
The Tianjin Experience
In spite of QSR’s highly profitable operations in California,
Wang remained
convinced of the enormous potential for American-style fast
food in the Far East.
In the summer of 1984, the mayor of Tianjin (the third largest
city in China with a
population of seven million) visited San Francisco and spoke to
a small group of
Chinese-Americans about investment opportunities in his city.
Wang attended the
meeting and was later invited by the mayor to serve as an
advisor on improving the
food service industry in Tianjin. Wang’s counter-proposal was
to serve not only as
an advisor but as an investor in a joint Chinese-American-style
fast food
restaurant. The mayor welcomed the idea. Primary backing for
the project came
from a group of Chinese-American investors in the San
Francisco bay area;
17. additional backing was provided by Don Stephens, the chairman
of the Bank of
San Francisco. With this support, Wang reached a 50-50 joint
venture agreement
with a local Tianjin partner to establish “Orchid Food,” the first
ever Chinese/U.S.
joint venture in the restaurant industry in China. The
combination take-out/80-seat
restaurant was hugely successful from its first day of operation
with revenues
averaging 100 per cent above break even.
Buoyed by this success, Wang began reflecting on the
tremendous potential that
KFC had in China. Wang’s interests were in bringing KFC into
China through
personally winning the franchise rights for key regions of the
country. Barring this,
he would try to convince his friend, Richard Mayer, to become a
partner in a three-
way deal involving Wang, KFC, and a local and as yet
undetermined partner. In a
letter to Mayer in mid-January 1985, Wang argued that the time
was right for KFC
to move “aggressively” into China.
I am totally convinced that KFC has a definite competitive edge
over any other major fast food chains in the United States in
developing the China market at the present time. In spite of the
fact
that McDonald’s is trying to establish a relationship there, it
will be
a long while before beef could become feasibly available. On
the
other hand, the poultry industry is one of the top priority
18. categories
in China’s agriculture modernization and it is highly
encouraged by
the government. It is my opinion that KFC can open the door in
China and build an undisputable lead by first establishing a firm
poultry-supply foundation.
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Movement into China was also being encouraged by KFC’s
parent, R.J. Reynolds,
itself interested in penetrating the vast Chinese market for
cigarettes. Executives at
RJR had long realized that, unlike North American demand, the
demand for
cigarettes was soaring in Third World and communist countries.
American
cigarettes, in particular, faced almost unlimited demand. China
seemed like the
perfect market for the company.
Mayer approached Wang’s offer to bring KFC into China with
great interest. On
the one hand, Wang had a long and productive history with
KFC; Mayer could
trust him. He was aggressive and had a proven track record of
successfully
19. negotiating with the Chinese. He was also Chinese — he spoke
perfect Mandarin
and felt at ease in either Beijing or Louisville. If anyone could
get KFC into China,
it seemed that Tony Wang was the person. On the other hand,
Mayer had
considerable concerns about turning over such a strategically
important market to a
franchisee. Experiences in other international markets had
shown the perils of
relying on franchisees. The granting of franchise rights could
also jeopardize
KFC’s ability to expand later in other regions of the country.
According to Mayer,
China was “too important to not be developed as a company
operation.”
Tony Wang himself was beginning to have serious doubts about
his ability to
move KFC into China by relying on his own resources. His
experience in Tianjin
had only reemphasized his conviction that major changes in the
attitudes of
Chinese employees would almost certainly be required for
operation under the
KFC banner. These changes could only be achieved through
time consuming
training programs, suggesting heavy pre-start-up costs which
Wang could not
adequately support. Wang was also concerned about the up-
front money needed to
find and negotiate a partnership, to sign a lease and to gain
operating permits. By
late fall of 1985, it was becoming increasingly clear to Wang
that “China is too big
a market for individuals.”
20. Changes in Management
It was in April 1986 that Mayer decided to make his move. He
telephoned Tony
Wang with several announcements: Steve Fellingham was being
promoted to head
up all of KFC’s international operations. Fellingham had over
10 years’ experience
in KFC-International and was widely respected as someone who
would move
much more aggressively internationally by relying less on
franchisees and more on
joint ventures with local partners. This observation was
confirmed by Mayer.
Mayer also announced that KFC was buying up its Singapore
franchisee, which
now operated 29 KFC stores. This would result in considerably
more
administrative responsibilities for KFC’s Southeast Asia
regional office. Finally,
Mayer was moving Harry Schwab out of Singapore, and
restructuring the
Southeast Asia region. The job of running the region was
Tony’s, if he wanted it.
Mayer also expressed his encouragement that Wang pursue the
China option
according to his best judgment and efforts.
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After some soul-searching, Wang accepted the position and, in
the summer of
1986, officially became vice president of KFC Southeast Asia
with headquarters in
Singapore. According to Wang, he accepted the job because of
the “personal
challenge to develop KFC in China.” Wang viewed this
opportunity of establishing
the first Western-style fast food operation in China as an
historic opportunity —
both personally and for the company as a whole. He also
realized that with this
very visible challenge came high personal risks should the
venture fail.
With the assumption of responsibility for all KFC operations in
Southeast Asia,
Wang began to see the decision to invest in China in a different
light. The singular
objective of getting into China would now have to be balanced
with other
investment opportunities in the region. KFC had enormous
growth potential
throughout Southeast Asia. The national markets of the region,
while together
smaller than the entire Chinese market, had already been
exposed to Western-style
fast food; patterns of demand for KFC’s products were well
understood. Compared
to China, targeting these markets for growth had certain appeal.
Control over
partners and employees would be rather simple to maintain,
22. leading to rapid
growth and higher returns. Hard currency was also readily
available. China, in
contrast, would demand a huge amount of scarce managerial
resources. The
primary constraint was the limited number of Chinese-speaking
KFC managers —
many of whom were already being pushed to the limits in Hong
Kong and
Singapore. As a consequence, by the late summer of 1986,
Wang was beginning to
wonder whether committing these resources to China would be
in the best interests
of the region for which he was now responsible. Exhibit 2
presents selected
national economic and population statistics for the Southeast
Asia region as well as
KFC location and sales figures.
The China Option: Investigating Alternatives
Wang’s reaction to the ambiguity surrounding the China option
was to investigate
the Chinese market more thoroughly. Here, the principal
question facing Wang
was the intended geographic location of the first Chinese store.
The location
decision would potentially have a dramatic effect on
profitability, future expansion
elsewhere in China and managerial resource commitments — all
vital
considerations in a go/no-go decision.
In considering where to establish the first store, Wang initially
thought of Tianjin.
23. Through his earlier experiences, he had developed excellent
contacts within the
municipal government of Tianjin and he appreciated that Tianjin
was one of three
municipal governments in China that were administered directly
by the Central
Government in Beijing. (The other two were Shanghai and
Beijing.) Yet, he also
recognized that the city had several shortcomings. First, Tianjin
lacked a
convenient supply of grain-fed chickens. Experience in Hong
Kong — where in
1973 KFC had entered the market using fish meal-fed chickens
— suggested that
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Chinese consumers placed a high value on freshness and taste.
This would be
particularly important with a product prepared in a way which
was unfamiliar to
the Chinese. Another problem with Tianjin was that the city was
not generally
frequented by Western tourists. While Wang anticipated that
most sales would be
from soft currency renminbi (RMB), some hard foreign currency
sales would be
essential for profit repatriation and/or the purchase of critical
24. supplies such as
chicken coating, packaging, promotion materials, and so on.1
Finally, and perhaps
most importantly, Tianjin would be unable to provide KFC with
the profile
necessary to facilitate eventual national market penetration. In
fact, Tianjin was
generally regarded in China as a gateway to its larger sister,
Beijing, only 85 miles
to the west.
Other cities presenting viable alternative locations for KFC’s
entry into China
included Shanghai, Guangzhou, and Beijing. The location of
each is noted in
Exhibit 1.
Shanghai
As China’s largest city, Shanghai is home to some 11 million
people, almost 9,000
factories and the country’s busiest harbour. Metropolitan
Shanghai is widely
regarded as China’s most prosperous business centre. The city
alone accounts for
approximately 11 per cent of China’s total industrial output and
almost 17 per cent
of the country’s exports. It is also one of three self-
administered municipalities.
Shanghai has a long history of involvement with Westerners.
The Treaty of
Nanking, thrust upon the Chinese by the British during the
middle of the 19th
century, set Shanghai aside as one of five Chinese port cities
open to foreign trade.
25. Western commerce and cultural influence flourished. Foreign
gunboats continued
to patrol the river until well into the 20th century. Complete
expulsion of
foreigners came in 1949 with the communist victory over the
Nationalist Chinese
army. However, since then the city has maintained an interest in
international
business and trade. Today, the city is the home of a large
variety of Western hotels,
business facilities and tourists.
Shanghai also had the benefit of providing easy access to a
seemingly ample
supply of quality chickens. In fact, through joint ventures a
Thailand-based
company — the Chia Tai Group — had established 10 feed mills
and poultry
operations in the region and was the largest poultry supplier in
Shanghai. KFC’s
Southeast Asia office had good relations with Chia Tai and was
currently
negotiating with one of the company’s divisions as a potential
franchisee in
Bangkok.
1Like virtually all communist economies, the Chinese economy
operates through two separate
currencies: renminbi, or the “People’s Currency,” which is used
by local Chinese for the purchase of
goods and services; and FEC (Foreign Exchange Certificate)
which is used by foreigners to represent the
value of hard currency while in China. FEC is required at all
hotels, taxis, restaurants and shops which
cater to foreigners. A black market for FEC existed in most
large Chinese cities.
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While Shanghai remains a major centre for business, its noise
and pollution have
discouraged tourists. For KFC, the sheer population of a host
city is important,
although less so than the mix of potential customers. While
Shanghai could
provide KFC with eagerly sought-after media exposure, the
operation would also
need to promise an adequate return in FEC before an investment
could be justified.
Here, the concern was whether or not Western business people
would be attracted
to KFC or would prefer to frequent more fashionable
restaurants. Clearly, no one
knew.
Guangzhou
Another alternative was the city of Guangzhou, located in
southeast China only a
short distance from Hong Kong. Guangzhou, historically know
as Canton, is one
of 14 special coastal cities set apart in 1984 as preferential
treatment centres for
foreign investment. As such, Guangzhou was given greater
27. autonomy in approving
foreign investment projects, reducing tax rates and encouraging
technological
development. By the end of 1986, about 80 per cent of the
almost US$6 billion
foreign investment in China had been located in these open
coastal cities. In
addition, Guangzhou is the capital of Guangdong Province,
which contains three
of the country’s four “Special Economic Zones” (SEZs),
designed specifically to
attract foreign investment. The SEZs were initially set up as
part of the broad
economic reforms that were launched in China in the late 1970s.
Guangzhou was frequented by Western business people as well
as by tourists who
visited the city on one-day excursions from Hong Kong. Due to
its proximity to
Hong Kong — less than 75 miles away and easily accessible by
road or train — an
operation in Guangzhou could easily be serviced out of the
company’s Hong Kong
office. The Chinese in this region were also more familiar with
Western
management practices and culture. In fact, the people in
Guangzhou speak
Cantonese — the same language spoken in Hong Kong.
Cantonese Chinese is
quite different from the Mandarin Chinese spoken elsewhere in
China. Preliminary
investigations also indicated that little difficulty would be
anticipated in locating
an adequate supplier of chickens.
Beijing
28. Another location that warranted closer inspection was Beijing,
China’s second
most populous city (after Shanghai) with nine million citizens.
Since its
establishment as the Chinese capital by the Mongols in the 13th
century, Beijing
has remained the political and cultural centre of China. For
example, although
China spans a breath of 3,000 miles, the entire nation runs
according to Beijing
time — an indication of the power of the central government.
As the nation’s
capital, Beijing also sports a subway and freeway system and an
international
airport complete with air conditioning and moving sidewalk.
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Chinese citizens from all over the country pour into Beijing
eager to attend
meetings or to represent their factories or districts before the
authorities of the
central government. The city is also the educational capital in
the country with
university campuses ringing the city. These factors all
contribute to the relatively
29. high levels of affluence and the intellectual enlightenment of
the population —
critically important in generating RMB sales. Beijing is also a
tourist centre for
Western visitors anxious to see the Forbidden City, Summer
Palace, and nearby
Ming Tombs and Great Wall. This would mean a ready supply
of FEC currency.
Finally, without doubt a start-up in Beijing would grab the
people’s attention and
would communicate the tacit approval of the central authorities,
thus facilitating
future expansion outside the city.
Beijing could provide considerable advantages to a company
eager to expand
throughout China. A preliminary investigation indicated that
several poultry
producers were operating just outside the city. Yet, politically
and operationally,
Beijing would be more of a gamble than alternative locations.
High profile
operations heightened the possibility of government
interference for political
purposes.
Weighing the Decision
In his heart, Tony Wang knew he was a man who liked taking
risks, and clearly,
China qualified as the risk of a lifetime. However, it was also
clear that the
location of the first store could mitigate much of the obvious
risk of moving into
China. Left undetermined was whether the low risk alternatives
30. were worth
pursuing. What was needed was to weigh the possibility of
reducing the risks
against the potential benefits that could be achieved through the
investment.
Clearly, Wang had staked out a position as the person who
could bring KFC into
China. However, he now had different responsibilities which
also demanded his
attention and for which he would surely be evaluated. He was
certain that there
would be little second-guessing by Richard Mayer if he
recommended that after
careful consideration, KFC should hold off for the present from
China. He also
realized that, because there were no competitors as yet in China,
the present time
could be the most opportune time for making the move. Indeed,
even if a Chinese
location were selected, it would likely take years of
negotiations before operations
could start. To delay any further risked ceding the market to
others. The challenge
to Wang would be in balancing these possible risks with the
possible returns.
The Richard Ivey School of Business gratefully acknowledges
the generous support of
The Federation of Canadian Municipalities’ Open City Project
through a grant from the
Canadian International Development Agency and by The
University of Western Ontario
in the development of these learning materials.
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Exhibit 1
PARTIAL MAP OF PACIFIC ASIAN COUNTRIES
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Exhibit 2
SELECTED COUNTRY STATISTICS — SOUTHEAST ASIA
AND CHINA
(1986)
35. 53
25
4
—
1.5
15.0
27.0
6.8
2.7
—
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