MGT3170 STRATEGIC MANAGEMENT – STRATEGIC ANALYSIS

SEMINAR TUTOR – JAS AHMAD

SEMINAR DAY & TIME – TUESDAY 9:00AM
SUBMISSION DATE – 22ND APRIL 2016
GROUP 3 - D

Name Surname ---------------------------------------------------- M00XXXX

Name Surname ---------------------------------------------------- M00XXXX
Name Surname ---------------------------------------------------- M00XXXX
Name Surname ---------------------------------------------------- M00XXXX
Name Surname ---------------------------------------------------- M00XXXX
 CONTENT PAGE
Company Background 1
Internal Analysis 2
Competitor Analysis 3-4
Industry Environment 5
Key General External Environment 6
Strategy 7-8
Option Analysis 9
Strategic Options 10
Recommendation 11
References 12-15
COMPANY BACKGROUND
Mission Statement - “To deliver superior quality products and services for our
customers and communities through leadership, innovation and partnerships.”

This report focuses on Wendy's Company within the United States of America, analysing it's internal organisation, external environment and competitive
landscape, determining strategic options for the company in order to continue their success.

INTRODUCTION FINANCIAL ANALYSIS

 Revenue was $464.6million and franchise revenue was $127.2 million in the 4th quarter of 2015,
Wendy's is an American fast food restaurant formed in 1969 down from the previous year. (Wendy's , 2016)
in the state of Ohio, United States. They operate in the "fast-  Net income was $161.142million in 2015, compared to $121.434 million in 2014.
casual" segment, an emergent sector within the fast food (Wendy’s,2016)
and quick service restaurant industry that offers high quality,  Gross profit increased to $660million in 2015.
fresh food without the table service. (Leung, 2012) The  Wendy’s price to earnings ratio is 28.5, indicating high levels of earnings.
 Wendy’s share price is $10.95 less than market average. (Reuters, 2015)
Wendy's Company is the world's 3rd largest quick-service
Wendy’s Profitability 2010 - 2015
hamburger company, operating through its subsidiaries:
Wendy's Restaurants LLC and Wendy's International Inc. Wendy’s Financial Margins 2012 - 2014

Posting revenue of $2.1billion in 2014, Wendy’s owns 6,500

restaurants in 30 countries worldwide, employing over
31,000 people. 85% of restaurants are
franchises. (Wendy’s, 2015)

Corporate Social Responsibility plays a large role in the customer

perceptions of Wendy's Company, as displayed in a timeline highlighting
their ethical practices with the biggest positive impact; showing their
previous market leaders qualities.
Source: (Wendy’s Annual Report, 2015)
Wendy’s Company Timeline

 Net income in 2014 was lower than 2013 - perhaps due to

Wendy’s low pricing strategy combined with the re-modelling of
all stores.
 At present Wendy’s is financially stable; with a recent significant
increase in net income (concurrent to the increase in franchising),
as the company starts to market their international franchising
options after a decade of contraction, expecting growth of 3% by
2020. (Lutz, 2013)

1
INTERNAL ANALYSIS
Resources

Compiled from Wendy’s, 2015; Wendy’s, 2014; Hoovers, 2014; Passport, 2015
Capabilities
Value Chain Activity Wendy’s Capability

Marketing Maintaining a strong brand reputation with high service quality.

The company remodelled to have modern, fast-casual style
restaurants and have a focus on new technologies improving their
processes, such as a mobile app.

Research & Regular product innovation, focusing on premium ingredients that

Development are yet to enter the market (Market Realist, 2015)

Operations Efficient distribution logistics and communication between a small Key Value Chain Activity - Technology
number of suppliers on long-term contracts. enables the company
to deliver high quality products at a lower price than competitors
• During this information age, speed to market with innovative products can be key to
competitiveness.
Human Resources High emphasis on continual employee training and development
• Wendy’s has been investing heavily in ‘consumer-facing’ marketing technology in the
past few years, investing $40million in 2015. (Dua, 2015)
Core Competences – VCRN • The company have released a point of sale mobile app system; enhancing consumer
engagement and experience. (Dua, 2015)

Wendy’s has a core competence within their brand image (strong

C.S.R. and positive customer perception) and additional strengths in
supplier relationships and innovation in R&D. It uses these to compete
effectively against competitors, but does not have a sustainable
competitive advantage, as their core competences are only short-term
due to capabilities being easily imitated by competitors.
2
 COMPETITOR ANALYSIS
Wendy’s main competitors include:
Important factors for Wendy’s and it’s
McDonalds, Burger King, and Yum
competitors to attract customers are:
Inc. Wendy’s competes with their
Although there are internationally large players such as Yum! competitors through:
• Amount and location of units
Inc. and McDonalds (with revenue of $27.4billion in 2014), the • Quality
U.S. fast-food industry is highly fragmented, with 70% of the • Quality and speed of service
• Variety
industry made up of smaller players, irrespective of the 'major • Attractiveness of facilities
• Convenience
4' in the market. • Effectiveness of marketing
• Price
• New product development
Competitor Wendy’s McDonald's Burger Yum! Brands • Perception of value
King Inc.
Comparison
Strategic Groups – U.S. Fast Food Industry
Fast Food Product Burgers Burgers Burgers KFC, Taco Bell,
Specialisation Pizza Hut Wendy’s strategic group in terms of global reach
(Burgers /
Chicken /
and product range differs from their group when
Pizza) product range and price is compared. Wendy’s
direct competitors have a far larger global reach;

Product Range
meaning greater difficulty in market penetration of
Country of Origin Ohio, U.S. Illinois, U.S. Florida, Kentucky, U.S.
U.S. these countries.

Market Share 4.3% 16.3% 4% 5.9%

(2014)*

No. of Countries 30 100 86 125 (70%

operating* international)

Total No. of 6,500+ 36,000+ 19,000+ 41,000+ Geographical Location

Stores*

Owned Stores 15% 15% 95% 80%

Franchised Stores 85% 85% 5% 20%

No. of Employees* 31,000 420,000 35,000 537,000

Price

Revenue in 2014 $2.1b $27.44b $1.06b $13.28b

Growth / Decline +2.4% +7% +7% +11%

since prev. year?*

(Euromonitor, 2014
*Correct as of December 2015. Sources: Statista, 2015; Factiva, 2015;
Product Range
Euromonitor, 2014; Marketrealist.com, 2016; Wendy’s, 2015)
Compiled from various sources 3
COMPETITOR ANALYSIS
Competitor Profitability Comparison
(Source: Hoovers, 2015)

Strategic Group Financial Analysis

 Wendy’s is aiming to position itself towards the higher end of the market.
Wendy’s has begun offering ‘value for money’ promotions such as 4 products for
$4, although McDonald’s is trying lots of new products to lure in customers, with
promotions such as 2 products for $2. (Ganapavaram, 2016)
 Investor reports show that Wendy’s have high price earnings because of
increased sales and introduction of new stores in 2016. Poor results continue an
erosion in the fast food industry; accelerating despite fast-food chain efforts to
halt their losses
 Wendy’s has median revenues compared to their strategic group, which may
be due to Wendy’s operations throughout the USA and Canada being limited in
terms of finances. Wendy’s has 6,500 restaurants compared to Burger King’s
12,000 stores but nonetheless, Wendy beats Burger King on both value and
price across the USA and Canada.
 Wendy’s is growing steadily in North American with restaurant sales increasing
by 2.4% in Q4 of 2014. (Egan, 2015) This can be compared with McDonald’s,
whose US sales dipped 2% in the last quarter, and Yum, which despite market
volatility in China right now managed to achieve a 7% sales increase in the last
quarter of 2015. (Business Insider, 2015; Jargon, 2015) Key: Wendy’s McDonalds Yum! Inc. Burger King

Resource Similarity / Market Commonality

Compiled from various sources

Sources: Burger King, 2015; Taco Bell; 2015 Wendy’s, 2015; McDonalds, 2015 4
 Industry
INDUSTRY ANALYSIS Attractiveness

Threat of New Entrants Description Threat

- MEDIUM & Analysis of Factor Level The industry grew at
a rate of 3% in 2014
Barriers to Entry Companies benefit in improvements in LOW and 2% in 2013.
efficiency and total costs, due to (Euromonitor, 2015)
Economies of Scale increasing in size of operations and
benefitting from economies of scale.
(MarketLine, 2015)
The fast food industry in the U.S. generated approx.
Product Differentiation Customer loyalty to brands is relatively MEDIUM $191billion in 2013, with forecasts for 2018 exceeding
moderate due to price sensitivity. Pricing
in the market is highly competitive. $210 billion. 77.3% of the market is comprised of
(Euromonitor, 2014) restaurants and ‘drivethrus', with the rest consisting of
Capital Requirements Physical facilities and just-in-time MEDIUM
takeaways / cafes. In 2013, there were more than
inventories are required in order to 232,000 fast food outlets in North America, employing
succeed within the market. over 3million. (Datamonitor, 2014)
Switching Costs Minimal / low switching costs between LOW Source: (Porter, 2008)
companies due to similar products and
pricing. (Hitt et al, 2013)
 In this low margin, high turnover industry the only viable ways to grow are to steal
Access to Distribution Cost disadvantages are independent of MEDIUM market share from rivals or expand overseas, utilising economies of scale. (Wall Street
Channels scale in terms of product technology and
desirable locations. (F.T., 2015) Can be Journal, 2011; Datamonitor, 2012) High levels of innovation and technology diffusion can
difficult to gain supplier relationships. 'de-mature'' the industry. (Hitt et al, 2013)
Government Policy Health and safety food licensing and MEDIUM  The U.S. fast food industry is
permit requirements (in particular the
F.D.A.) (FDA, 2015) attractive for large businesses
entering the market with high
Power of Buyers- Description & Analysis of Factor Threat capital to invest. A merger &
LOW Level
acquisition strategy will enable
them to enter the new market
Concentration of Number of buyers is larger than that of sellers LOW using an existing brand name,
Sellers to buyers
helping to combat the high
Switching Costs None - minimal switching costs when intensity of rivalry and threat of
switching between competitors. MEDIU substitutes. As the supplier and
M
buyer power is low this is also a
Substitute Products Large amount of substitute products available strong factor as to why the industry
e.g. the rise of home cooking or alternative HIGH is attractive. (Euromonitor, 2014)
healthy offerings
(Euromonitor, 2015)
Price Sensitivity Not sensitive to price LOW

Level of Products are differentiated between different LOW

The industry can be perceived to be of mid-level attractiveness due to being a fast-
Differentiation of brands cycle market; in which firms capabilities contribute to competitive advantages yet
Products
are easy to imitate, not sustainable and rapid technology diffusion is a major trend
Volume of products Products are not bought in small volumes
purchased because one meal is bought for each person.
LOW within the industry. 5
 KEY GENERAL EXTERNAL ENVIRONMENT
11 key factors affecting the U.S. fast food general market environment
Economic
 USA economy has grown by 2.5% so far during 2016 due to
consumer spending up 2% , lower heating bills and cheap oil,
boosting consumer confidence. (BBC, 2016; Oyedele, 2016)
 The labour market in the U.S. economy added 14.3 million jobs
in the last 6 years, with low unemployment rates of 4.9% in
2016. (BBC, 2016; Thielman, 2016)
 Exchange rates have fluctuated based on global market
dynamics. If U.S. dollar depreciates, imported goods become
 Between 2005 - 2010, Latin America, Asia Pacific, Eastern Europe and Russia
more expensive and prices of locally produced goods may rise
accounted for 89% of global growth in the fast-food industry, indicating their
as domestic producers face weaker competition from abroad. attractiveness (Passport, 2012) U.S.A. accounts for 35% of the global industry.
(Nber.org., 2016)
 Leading competitors now hold superior marketing and distribution, competing
Social on cost leadership strategies is imperative and the access to capital provides
opportunities for M&A into this consolidating industry.
 U.S. Child obesity epidemic has increased scrutiny on fast-food
restaurant’s healthy offerings and advertisements to children
(Wendy’s, 2015)
 Increasing consumer awareness about healthy lifestyles has  Wendy’s is affected by the general external environment mainly
pressured many fast-food players to offer healthier selections by changes in social trends and tastes within the global fast
within their menus (BBC, 2011). food industry, as the world becomes more health conscious.
 US personal income, which drives consumer decision making to
buy from fast food and quick-service restaurants, rose 4.2%  Specifically in the U.S., the recent child obesity crisis has pushed
annually 2014 -2015. companies to adopt healthier options - In 2014, Wendy’s
removed all carbonated drinks from the children’s menu.

Technological  The rise in technology has also put pressure on the industry to
 In the USA, self-service touch-screen technology is speeding up the keep up with trends; incorporating automation into their
ordering process in fast food outlets. (Engadget, 2014; Sullivan et operations and ordering processes to attract younger
al., 2015) generations .
 Increased automation in food production improves efficiency and
profit margins 6
STRATEGY CORPORATE LEVEL -
UNRELATED DIVERSIFICATION
COOPERATIVE LEVEL -
COOPERATIVE ALLIANCES
BUSINESS LEVEL – - Forms strategic sourcing groups to save on costs
Low level of diversification: dominant
INTEGRATED COST LEADERSHIP / business: (70% - 95% of revenue comes and gain supplier contracts
DIFFERENTIATION from a dominant business within the fast-
food sector; Wendy's Restaurants) 2001 - Wendy's announced a strategic alliance
between it's subsidiary Tom Horton and IAWS
Group (Tim Hortons, 2016) The alliance had 103
•Consumer markets – industry Wendy's restaurant units in Canada in 2014
WHO? wide - all genders aged between (Reuters, 2016)
(Reach) 24-49 with a low - middle class
income 2010 -Wendy's / Arby's Group, Inc. announced the
formation of a new independent purchasing
WHAT? •Customers rely on upscale food cooperative, Strategic Sourcing Group Co-
(Richness) with a quick service and fast food operative, responsible for securing a range of
prices - creating value
goods and services for both Wendy's and Arby's,
utilizing purchasing power of 10,000 restaurants in
• Superior innovation, high North America, focusing on securing competitive
HOW? emphasis on quality and efficiency contracts for indirect suppliers (equipment,
(Affiliation) •Fast casual, classy, modern furnishings , signs and restaurant-level contract
restaurant design
services). This includes evaluating items or shared
suppliers that are not proprietary to either brand.
The company has committed to fund
Source: Porter (1980) approximately $5 million of start-up expenses.
Wendy's should realise the
EXISTING Product NEW opportunity for multi-point 2011 - Wendy's established another strategic
competition - backwards alliance with Higa Industries Co. Ltd, owner and
integration - to combat the costs operator of 180 Domino's Pizza stores in Japan.
of raw materials and minimise (Wendy's, 2016). The initial plan of the Japanese
expenses. joint venture was to open approx. 100 new
restaurants by 2017 in Japan.

The key issue of Wendy’s Company business-level strategy is that they are attempting to
compete on both low cost and quality; resulting in them being ‘stuck in the middle’ of the
competitive market. Achieving a low overall cost position is easier for larger competitors (such
as McDonalds) due to their high vertical integration and therefore favourable access to raw
materials, whereas if Wendy’s continues to focus on differentiation - utilising their innovation
Source: Ansoff (1957) centre to add value for customers - this can create a sustainable competitive advantage to be
market leaders in product innovation.
7
 MERGER & ACQUISITION
STRATEGY
INTERNATIONAL LEVEL – MULTI-NATIONAL

 Wendy's aim to achieve maximum

local responsiveness by
customising their products and
marketing strategies, in order to
match different national
conditions.
 Production, marketing and R&D
departments are only opened in
these areas once a number of
franchises are established.
1978 - Wendy's founded the fried chicken chain Sisters Chicken in
Wendy’s is slow to enter into new international markets, due to choosing the strategy of franchising. 1978, and sold it to its largest franchiser in 1987.
The company aims to own just 5% of its restaurants by mid-2016. (Wendy’s, 2015) 1995 - Wendy's acquisitioned Canadian company Tim Horton's
coffee and doughnut chain (Leung, 2012).
The Case of Singapore 2001 - Wendy's hired a mergers and acquisitions specialist, with
 Wendy's signed a franchise agreement to re-enter Singapore in 2009, leaving after 29 years of approximately $400 million in cash to help pay for deals. (Leung,
presence in the country due to differences with its local franchisee. (Dulaney, C., 2016) Wendy’s 2012).
changed its approach to the customers, offering an experience and service higher than average 2002 - Wendy's completed its $275 million acquisition of Fresh
to broaden the customer base; attracting middle-agers. (Financial Times, 2011) Enterprises, the owner and operator of the Baja Fresh Mexican Grill
 To adapt the business model within a highly demanding market, Wendy’s added premium restaurant chain (Dispatch, 2018).
hamburgers to its menu to equal consumer’s tastes, introducing itself as a fast-food casual 2008 - Wendy's merged with U.S. sandwich chain Arby's to gain
gourmet hamburger chain to develop and fill into the new marker niche. Diversification greater market share of the fast food industry. (USAToday, 2016)
positively influences Wendy’s as families dining out can find something suitable for each of They created a shared services centre to handle finance, human
them. (Nagata, 2015) resources and information technology (Collier, 2009).
2011 - Wendy's sold off 81.5% of Arby's stores to Roark Capital
Group (a private equity firm) for $130million. (USAToday, 2016) This
was due to high risks involved such as: rising commodity costs and a
 Internationally Wendy’s has a weak market position in comparison to its
deceleration of same store sales growth due to high competitive
competitors due to previous failures in adapting to local responsiveness, pressures. (Bloomberg, 2014). Wendy’s tested a breakfast menu in
however has a current focus on franchising in order to penetrate global markets company-owned stores that included baked goods, coffee and
 Wendy’s has strengths within merger and acquisition abilities, however as breakfast sandwiches. (Collier, 2009).
previous activity suggests, they are yet to penetrate the healthy fast-casual 2015 - Wendy's sued Maryland based Dav Co. Restaurants, Wendy's
4th largest franchise, contended the 152-unit operator refuses to
food industry sector; highly attractive to younger generations of customers as take part in the Wendy’s remodelling program and purchase a
the trend of healthy ingredients and meals is on the rise company-wide P.O.S. system. (Stiegler, 2015)
8
OPTIONS ANALYSIS FINANCE
INTENSE COMPETITION
Wendy's faces direct and indirect
Wendy’s has large amounts competition from a large number of
STRENGTHS of debt - approximately $1.4 well-established international, national
billion and is the least and local businesses within the
 Quality of service - uniformity exists among all the profitable of it’s strategic industry. (Ebsco, 2015) Wendy’s
restaurants and continual in-service training of group. breakfast menu has failed many times
employees is practiced (Wendy’s, 2015)
 Strong capital foundations (MarketLine, 2012) as the market is highly
 Strong brand recognition – brand heritage and competitive. (Lutz, 2013)
perception of quality (Hoovers, 2015) GEOGRAPHIC
 Large presence within parts of the U.S. with 4% total DIVERSIFICATION
market share (Euromonitor, 2014) Limited scale of international
 Strong technological presence in social media operations compared to
platforms, with a mobile menu and app (Wendy’s,
2015)
 Remodelled, modern restaurant style that increased
major competitors (Market
Line, 2012)
KEY ISSUES
sales 10-15% (Market Realist, 2015) FACED
 Strengths in merger & acquisition abilities
INEFFECTIVE MANAGEMENT
Wendy’s ‘99¢ menu’ failed
because the previous CEO could
not agree on what should be
included, making advertising
OPPORTUNITIES difficult. (Bhasin, 2013)

 Global expansion through market penetration, using COMPETITOR ACTION

capital to increase levels of international franchising GLOBAL ADAPTATION
 Expansion to expanding international markets e.g. RESPONSES
Wendy’s has had issues once entered
China and Russia In the past Wendy’s has been too
into a market with local
 Increasing demand to diversify into healthier food slow to respond to strategic
options for their menu, perhaps through merger / responsiveness. Wendy’s left
actions taken by market leaders
acquisition Singapore because rent prices
such as McDonalds. Therefore
 Advancements in technology such as touch-screen increased, labour issues and the
kiosks and self-service. (Khanagha et al, 2014) they have missed out on
company failed to compete with local
 Backwards vertical integration into the supply chain opportunities such as
fast food brands in the competitive
penetrating the U.K. geographic
market. (Teo, 2015)
market segment within the
industry.
Due to Wendy’s focusing on both low cost and differentiation competitive strategies whilst also
aiming to franchise stores internationally in a maturing industry, this has resulted in various key
issues that the company now face. However, with strengths within technology, perception of
quality and recently re-designed stores – potential strategic options will now be analysed. 9
 Since Wendy’s is a multi-national company with large access to capital, efficient distribution
STRATEGIC OPTIONS channels and a skilled and experienced workforce – options have been suggested that will help
the company to compete strongly against its direct competitors.

OPTION 1 OPTION 2 OPTION 3 OPTION 4

STRATEGIC MARKET PENETRATION MARKET DEVELOPMENT JOINT VENTURE / BACKWARDS VERTICAL

OPTION ACQUISITION INTEGRATION

CAPABILITY /
DEPARTMENT New Existing New Existing New Existing New Existing
REQUIRED R&D Operations R&D Operations R&D
Operations (production, Operations R&D
Operations H.R. Operations
H.R. distribution H.R. (employees) H.R.
Marketing & stores) Marketing H.R.
Marketing Marketing

OUTCOME
Advantages Entering new markets will attract Investing in new technology Purchase / merge with a Control rising costs of raw
new customers to high product will create a fresh customer competitor company that materials, focus on reducing
freshness and quality. Attracting experience. Wendy’s specialises in healthy, fresh waste to increase C.S.R. and
the younger generation will customers can order products. With the world customer satisfaction. Increase
enable cope with recent customised food at a touch- becoming more aware of a efficiency and reduce costs
technological developments in screen kiosk to increase healthy lifestyle, Wendy's must be throughout the supply
the industry. automation and reduce staff. prepared for these changes. A chain, therefore increasing profit
Maintain competitiveness, new menu selection that offers margins.
using customisation of healthy nutritious food
products as a differentiator to (vegetarian / vegan menu) will
strengthen competitive market reflect the change in trends in the
position food industry.

Disadvantages However, the strategy requires a Will require a large investment Wendy's must adjust their value However, a large amount of
heavy investment in market chain, fund R&D and take capital to invest is needed for
analysts to ensure a positive employees on re-training courses. purchasing factories, employees
customer reception, as well as in etc., the general business
R&D, management, marketing, flexibility may decrease and may
operations and acquiring supplier lose focus within service and
relationships. product quality and may not
benefit in entering new markets

10
RECOMMENDATION
Option 1 - Market Option 2 - Market Option 3 – Joint Option 4 - Vertical
Criteria Penetration Development Venture Integration

Places the firm in a growing industry Yes Yes Yes No

sector?
Place the firm in a profitable industry Yes Yes Yes Maybe
sector?
Aligned with observable trends in the Yes Yes Yes Yes
industry?

Creates value for customers? Yes Yes Yes Yes

Aligned with mission and purpose? Yes Yes Yes Yes

Aligned with key stakeholder interest? Yes Yes Yes Yes

Adaptive and/or resilient to uncertainties? No No Maybe No

Based on robust analysis? Yes Yes Yes Yes

Allows development of future options? Yes Yes Yes Maybe

Source: Whitehead, (2011)

FINAL RECOMMENDATION: JOINT VENTURE WITH A BRAND WITHIN THE FAST-CASUAL

RESTAURANT / FAST – FOOD INDUSTRY WITH A LARGE INTERNATIONAL REACH, SPECIALISING
IN HEALTHIER CHOICE PRODUCTS IN ORDER TO UPKEEP WITH CURRENT SOCIAL TRENDS
WHILST DEFENDING AGAINST INTENSE DOMESTIC COMPETITION. OPERATIONAL RESOURCES
SHOULD BE COMBINED TO ENSURE THE MULTI-DOMESTIC STRATEGY SUCCEEDS.
11
REFERENCES (A – D) • Burger King, 2015. Burger King. [online] Available at: http://www.bk.com/about-bk
[Accessed 29th November 2015]
• Carl F, D. and Barbara E, D. (1980). Highlights of Pricing Activity. [online] Available at:
 Academic.mintel.com, (2015). Poultry - US - November 2013. [online] Available at:
http://web.a.ebscohost.com/ehost/pdfviewer/pdfviewer?sid=4aa47cc1-58ac-4899-b12f-
http://academic.mintel.com/display/684774/?highlight#hit1 [Accessed 25 Nov. 2015]. 876bd9d24d47%40sessionmgr4005&vid=12&hid=4201
• Academic.mintel.com, (2015). Sandwiches, Subs and Wraps - US - September 2012. [online] [Accessed 15 Feb. 2016].
Available at: http://academic.mintel.com/display/636724/?highlight#hit1 [Accessed 25 Nov. • Cbsnews.com. (2016). Fast-food chains vow changes to meat amid "potential
2015]. catastrophe". [online] Available at:
• Academic.mintel.com, (2015). Wendy’s upscales offerings to compete with fast casuals - 4th http://www.cbsnews.com/news/fast-food-chains-antibiotic-free-chicken-meats-moveme
April 2014. [online] Available at: http://academic.mintel.com/display/700425/?highlight nt-subway-mcdonalds-wendys/
[Accessed 25 Nov. 2015] [Accessed 31 Mar. 2016].
• Agarwal, S. (2016) Article: Sundar Pichai sees future in the Google cloud products - the economic• Cbsnews.com. (2016). How Chipotle, McDonalds and other fast food and restaurant
times, Indiatimes, The Economic Times, [online] Available at:http chains rate on antibiotics in meat supply. [online] Available at:http
://economictimes.indiatimes.com/tech/software/sundar-pichai ://www.cbsnews.com/news/fast-food-restaurant-chains-antibiotics-in-meat-supply/
-sees-future-in-the-google-cloud-products/articleshow/51544962.cms (Accessed 29 March [Accessed 31 Mar. 2016].
2016). • CBS News (2016) Farmworkers protest by home of Wendy’s billionaire chairman, CBS,
• Ahmed, K. (2015) The global impact of the US interest rate rise, BBC Business, BBC News, 16th https://www.facebook.com/CBSNews, [online] Available at:
December, [online] Available at: http://www.bbc.co.uk/news/business-35114973(Accessed 29 http://www.cbsnews.com/news/farmworkers-protest-wendys-billionaire-chairman/
March 2016). (Accessed 29 March 2016).
• Ansoff, I. (1957) Strategies for Diversification, Harvard Business Review, Vol. 35 Issue 5,Sep-Oct • Christopher Matthews (2014) 3 reasons Wendy’s is eating McDonald's lunch | TIME.com,
1957, pp. 113-124 Business Time, TIME.com, [online] Available at:
• Anon (2014) small business big technology, [online] Available at: http://business.time.com/2014/01/23/mcdonalds-and-wendys-battle-in-fast-food-wars/
http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Technology-Media-Teleco (Accessed 29 March 2016).
mmunications/gx-tmt-small-business-big-technology.pdf • Centres for Disease Control and Prevention. (2016). CDC Works 24/7. [online] Available
(Accessed 29 March 2016). at: http://www.cdc.gov/ [Accessed 31 Mar. 2016].
• Athow, D. (2014) Key considerations for enterprises in adopting a cloud strategy, Techradar, Tech• Collier, J. (2009). Wendys, Arbys form jumbo fast-food merger. [online] Ajc.com.
Radar, 22nd September, [online] Available at: http Available at:
://www.techradar.com/news/internet/cloud-services/key-considerations-for-enterprises-in-adop http://www.ajc.com/news/business/wendys-arbys-form-jumbo-fast-food-merger/nQWY
ting-a-cloud-strategy-1265963/2 s/
(Accessed 29 March 2016). [Accessed 8 Mar. 2016].
• BBC (2016) US creates 242,000 jobs in February, BBC, [online] Available at: • Deloitte (2014) Gx tmt small business big technology, London, Deloitte, [online] Available
http://www.bbc.co.uk/news/business-35725487 (Accessed 29 March 2016). at: http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Technology-
• BBC (2016) US economic growth revised upward, BBC Business, BBC News, 25th March, [online] Media-Telecommunications/gx-tmt-small-business-big-technology.pdf (Accessed 29
Available at: http://www.bbc.co.uk/news/business-35897472 (Accessed 29 March 2016). March 2016).
• BBC (2016) US election 2016: The 40-year hurt, BBC Magazine, BBC News, 26th March, [online] • Deloitte (2015) International tax jurisdiction national rate local rate branch rate notes,
Available at: http://www.bbc.co.uk/news/magazine-35890784 (Accessed 29 March 2016). USA, Deloitte Touche Tohmatsu Limited, [online] Available at:
• BBC (2016) US raises growth estimate for the last quarter of 2015, BBC Business, BBC News, 26th http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-
February, [online] Available at: http://www.bbc.co.uk/news/business-35671150 (Accessed 29 corporate-tax-rates-2015.pdf (Accessed 29 March 2016).
March 2016). • Department of the Treasury Internal Revenue Service (2016) ES estimated tax for
• Bartashus, J. (2016) Bloomberg Intelligence Restaurants Industry Primer, USA, Bloomberg, Business, USA, Department of the Treasury Internal Revenue Service, [online] Available
[online] Available at: www. (Accessed 29 March 2016). at: https://www.irs.gov/pub/irs-pdf/f1040es.pdf (Accessed 29 March 2016).
• Bartashus, J. (2016) Bloomberg Intelligence Wendy’s Earnings Summary, USA, Bloomberg • Dua, T. (2015) Inside Wendy’s in-house tech innovation lab, Brands, Digiday, [online]
Intelligence, [online] Available at: BloombergIntelligence.com (Accessed 29 March 2016). Available at: http://digiday.com/brands/inside-wendys-efforts-create-fast-food-tech-lab/
• Bhasin, K. (2013) The marketing failure of Wendy’s 99¢ menu, Business Insider, Business Insider, (Accessed 29 March 2016).
[online] Available at: http://www.businessinsider.com/wendys-99-menu-fail-2013-1?IR=T • De Ruyter, J., Olthof, M., Seidell, J. and Katan, M. (2012) 'A Trial of Sugar-free or Sugar-
(Accessed 29 March 2016). Sweetened Beverages and Body Weight in Children', New England Journal of Medicine,
• Bloomberg (2016) Bloomberg Intelligence Wendy’s Primer, USA, Bloomberg, [online] Available 367(15), pp. 1397-1406. doi: 10.1056/nejmoa1203034.
•
at: www.Bloomberg.com (Accessed 29 March 2016).
Bort, J. (2013) The 10 most important companies in cloud computing, Business Insider, Business
• Dulaney, C. (2016). Wendy’s to Sell Bakery Business, Over 600 Restaurants. [online] WSJ.
Available at:
12
(E – K)
• Egan, M. (2015) Wendy's taking bite out of McDonald's profits, CNNMoney. [online] • Financial Times, (2015). Whole Foods Market tumbles after price cuts to match rivals - FT.com.
Available at: [online] Available at:
http://money.cnn.com/2015/08/05/investing/wendys-mcdonalds-earnings-burger-wars/ http://www.ft.com/cms/s/0/29484aa6-47d0-11e3-9398-00144feabdc0.html#axzz3qQ6NFZ7H
[Accessed: 23 November 2015]. [Accessed 25 Nov. 2015].
• Euromonitor International, (2010). Wendy’s/Arby’s Group in Consumer Foodservice - • Forbes (2012) How restaurants are using technology to deliver better customer service, Forbes,
World. Forbes, 7th December, [online] Available at:
• Factiva (2016). Wendy's Shows it's 'Deliciously Different' with New Campaign. [online] http://www.forbes.com/sites/caroltice/2012/12/07/how-restaurants-are-using-technology-to-
Available at: https://global.factiva.com/ga/default.aspx [Accessed 15 Mar. 2016]. deliver-better-customer-service/#6e7db3ef626d (Accessed 29 March 2016).
• Factiva (2016). East Balt Bakeries Acquires The Wendy's Company Bakery Business. • Forbes (2013) Technology will drive food industry growth, finds KPMG survey, Forbes, Forbes,
[online] Available at: https://global.factiva.com/ga/default.aspx [Accessed 15 Mar. 2016] 16th August, [online] Available at:
• Factiva (2016). Wendy's Shows it's 'Deliciously Different' with New Campaign. [online] http://www.forbes.com/sites/daniellegould/2013/08/16/technology-will-drive-food-industry-
Available at: https://global.factiva.com/ga/default.aspx [Accessed 15 Mar. 2016]. growth-finds-kpmg-survey/#188bac501f56 (Accessed 29 March 2016).
• Ebsco (2015). COMPANY PROFILE The Wendy’s Company. [online] Available at: • Forbes (2015) Wendy’s begins dieting as McDonald's struggles with Supersize woes, Forbes,
http://web.a.ebscohost.com.ezproxy.mdx.ac.uk/ehost/pdfviewer/pdfviewer?sid=15be1f5 Forbes, 3rd February, [online] Available at:
3-5a5d-4513-aba9-cb8bc26c3ae8%40sessionmgr4003&vid=4&hid=4109 http://www.forbes.com/sites/antoinegara/2015/02/03/wendys-begins-dieting-as-mcdonalds-
[Accessed 20 Nov. 2015]. struggles-with-supersize-woes/#30ac10497ddb (Accessed 29 March 2016).
• Economist (2014) ImpacT of cloud, Economist, [online] Available at: • Govtslaves.info. (2015). Wendy’s To Switch To Self Ordering And Automation To Avoid $15/hr
http://www.economistinsights.com/sites/default/files/The%20impact%20of Wage hike | GOVERNMENT SLAVES. [online] Available at:
%20cloud.pdf (Accessed 29 March 2016). http://www.govtslaves.info/wendys-to-switch-to-self-ordering-and-automation-to-avoid-15hr-
• Elszy, M. (2016) The business value of cloud: Improving efficiency, lowering costs, and wage-hike/
boosting profits, Canada, Apple Academic Press, p. 224. [Accessed 17 Apr. 2016].
• Engadget (2014) McDonald’s is bringing touchscreen ordering to the US, Engadget, • Greenhouse, S. (2013) 'A Day’s Strike Seeks to Raise Fast-Food Pay', New York Times. Available
Engadget, [online] Available at: http://www.engadget.com/2014/12/09/mcdonalds-is- at:
bringing-touchscreen-ordering-to-the-us/ (Accessed 29 March 2016). http://www.nytimes.com/2013/08/01/business/strike-for-day-seeks-to-raise-fast-food-pay.html
• Euromonitor International (2015) Fast Food in the US, Euromonitor, [online] Available at: ?hp&_r=1
http://www.portal.euromonitor.com/portal/analysis/tab (Accessed 29 March 2016). (Accessed: 23 November 2015).
• European Business Review * (2016) Understanding the business impacts of cloud • Hitt, M., Ireland, R. and Hoskisson, R. (2013). Strategic management. Concepts & Cases:
computing, Europeanbusinessreview, [online] Available at: Competitiveness & Globalization. (2014). Florence: CENGAGE LEARNING.
http://www.europeanbusinessreview.com/?p=3254 (Accessed 29 March 2016). • Hoovers (2015) THE WENDY'S COMPANY Competitors. Available at:
• Evans-Pritchard, A. (2016) US inflation rears its ugly head as global cycle nears danger http://www.hoovers.com/company-information/cs/competition.THE_WENDYS_COMPANY.ecbd
zone, The Telegraph, The Telegraph, 15th March, [online] Available at: 547547f542d4.html
http://www.telegraph.co.uk/business/2016/03/15/aep-us-inflation-rears-its-ugly-head- (Accessed 29th November 2015)
as-global-cycle-nears-dange/ (Accessed 29 March 2016). • Hoovers, (2016) "Fast Food And Quick Service Industry". Subscriber.hoovers.com. N.p., 2016.
• Economist, (2015) "Fast-Food Nations". The Economist., 2015. Web. 11 Apr. 2016. Web. 19 Mar. 2016.
• FDA.gov, (2015) Overview of FDA Labeling Requirements for Restaurants, Similar Retail • Jonesday.com, (2011) Proposed FDA Regulations to Require "Chain Restaurants" to Post
Food Establishments and Vending Machines. Available at:http Nutrition Information. Available at: http://www.jonesday.com/proposed_fda_regulations/
://www.fda.gov/Food/IngredientsPackagingLabeling/LabelingNutrition/ucm248732.htm (Accessed: 23 November 2015).
(Accessed: 29 November 2015). • J.P. Morgan (2016) The Wendy’s Company, USA, J.P. Morgan, [online] Available at:
• Financial Times. (2011). Wendy’s re-enters Japanese market - FT.com. [online] Available JPMorganMarkets.com (Accessed 29 March 2016).
at: • Johnson, L. (2015) Wendy’s is making Snapchat-Like mobile ads on Facebook, Technology,
https://next.ft.com/content/f5c37efc-313e-11e1-aeec-00144feabdc0#axzz43uZC7MeO AdWeek, [online] Available at: http://www.adweek.com/news/technology/wendys-making-
[Accessed 25 Mar. 2016] snapchat-mobile-ads-facebook-167580 (Accessed 29 March 2016).
• Financial Times, (2015). US fast-food chains return to Japan amid McDonald’s backlash - • KPMG (2015) Tax rates, KPMG, KPMG, [online] Available at:
FT.com. [online] Available at: https://home.kpmg.com/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online/
http://www.ft.com/cms/s/0/a3ebd55a-ea47-11e4-a701-00144feab7de.html#axzz3qQ6N corporate-tax-rates-table.html (Accessed 29 March 2016).
FZ7H • Khanagha, S., Volberda, H. and Oshri, I. (2014) Business model renewal and ambidexterity:
[Accessed 25 Nov.2015] 13
Structural alteration and strategy formation process during transition to a cloud business
(L – T)
• Lutz, A. (2013) Why Wendy’s breakfast was A total flop, Business Insider, Business • Nagata, K. (2015). Wendy's Japan chief hopes First Kitchen tie-up is recipe for
Insider, [online] Available at: http://www.businessinsider.com/wendys-breakfast-was-a- success | The Japan Times. [online] The Japan Times. Available at:http
total-failure-2013-5?IR=T (Accessed 29 March 2016). ://www.japantimes.co.jp/news/2015/07/28/business/corporate-business/wendys-j
• Lutz, A. (2014) "Wendy's Is Changing Up Its Strategy To Attract Millennials", The apan-chief-hopes-first-kitchen-tie-recipe-success/#.VvUjW-LJzIU
Business Insider. [Accessed 25 Mar. 2016].
• Kissinger, D. (2015). Wendy’s Vision Statement & Mission Statement (An Analysis) - • Nakamoto, M. (2011). Wendy’s re-enters Japanese market - FT.com. [online]
Panmore Institute. [online] Panmore Institute. Available at: Financial Times. Available at: http://www.ft.com/cms/s/0/f5c37efc-313e-11e1-
http://panmore.com/wendys-vision-statement-mission-statement-analysis [Accessed 7 • Nasdaq.com, 2015. Available at:
Apr. 2016]. http://www.nasdaq.com/symbol/mcd/revenue-eps, http://www.nasdaq.com/symb
• Leung, S. (2012). Wendy's Sees Its Future Growth In Acquisitions, Joint Ventures. [online] ol/yum/revenue-eps, http://www.nasdaq.com/symbol/wen/revenue-eps (Accessed
WSJ. Available at: http://www.wsj.com/articles/SB1013376664809602800 [Accessed 8 29th November 2015)
Mar. 2016]. • New York Times, (2013) 'Burgernomics': Behind Today's Fast Food. Available at:
• Market Line, (2012). Company Profile: The Wendy’s Company. Market Line. http://www.nytimes.com/video/business/100000002369618/burgernomics-behind-
todays-fast-food.htmlaction=click&contentCollection=business&module=embedded
• Market Watch, (2015) Wendy's Co.. Available at: &region=caption&pgtype=article
http://www.marketwatch.com/investing/stock/wen/profile (Accessed: 29 November (Accessed: 29 November 2015).
2015). • Passport (2014). WENDY’S CO, THE IN CONSUMER FOODSERVICE.
• Marston, S., Li, Z., Bandyopadhyay, S., Zhang, J. and Ghalsasi, A. (2011) Cloud computing • Passport, (2015). McDonald's Corp in Consumer Foodservice (USA). Available at:
— the business perspective, Decision Support Systems, Elsevier, 51(1), pp. 176–189, http://www.portal.euromonitor.com.ezproxy.mdx.ac.uk/portal/analysis/tab
[online] Available at: (Accessed 29th November 2015)
http://www.sciencedirect.com.ezproxy.mdx.ac.uk/science/article/pii/ • Passport, (2015). Yum! Brands Inc in Consumer Foodservice (USA). Available at:
S0167923610002393 (Accessed 29 March 2016). http://www.portal.euromonitor.com.ezproxy.mdx.ac.uk/portal/analysis/tab
• Mitchell, D. (2015) Wendy’s shows that not all burger news is bad, Finance, Fortune, (Accessed 29th November 2015
[online] Available at: http://fortune.com/2015/01/22/wendys-analysts/ (Accessed 29 • Porter, M. (1980). Competitive strategy. New York: Free Press.
March 2016). • Prnewswire.com, (2015) The Wendy's Company Celebrates Dave Thomas' Legacy
• Morrison, M. (2012) Is burger king poised to retake Second place from Wendy’s?, with Supplier Code of Conduct. Available at:
Advertising Age, [online] Available at: http://adage.com/article/news/burger-king- http://www.prnewswire.com/news-releases/the-wendys-company-celebrates-dave-
poised-retake-place-wendy-s/235000/ (Accessed 29 March 2016). thomas-legacy-with-supplier-code-of-conduct-300182914.html
• Morrison, M. (2012) Wendy’s reports quarterly sales increase thanks to marketing, new (Accessed: 29 November 2015).
menu items, Advertising Age, [online] Available at: • Restaurant Brands International, (2015) Available at: http://rbi.com/en/about-us
http://adage.com/article/news/wendy-s-sales-marketing-menu/236626/ (Accessed 29 (Accessed 29th November 2015)
March 2016). • Reuters.com, (2016). Wendys Co (WEN.O) Company Profile | Reuters.com. [online]
• Market Watch. (2016). 10-K: WENDY'S CO. [online] Available at: Available at:
http://www.marketwatch.com/story/10-k-wendys-co-2016-03-03 [Accessed 29 Mar. http://www.reuters.com/finance/stocks/companyProfile?symbol=WEN.O [Accessed
2016]. 17 Feb. 2016].
• McDonald's (2015). Available at: • Statista (2014). Burger King. [online] Statista. Available at:
http://www.aboutmcdonalds.com/mcd/our_company.html (Accessed 29th November http://www.statista.com/topics/1460/burger-king/ [Accessed 15 Mar. 2016].
2015) • Stiegler, J. (2015). Mergers and Acquisitions Tripled in 2014, Wendy’s Sues Major
• Market Realist (2016). Must-know: Yum! Brands' segments by business models - Market Franchisee and More - Foodservice Equipment & Supplies. [online] Fesmag.com.
Realist. [online] Available at: Available at:http
http://marketrealist.com/2014/10/must-know-yum-brands-segments-business-models/ ://www.fesmag.com/features/foodservice-perspectives/12279-mergers-and-acquisi
[Accessed 16 Mar. 2016]. tions-tripled-in-2014,-wendy%E2%80%99s-sues-major-franchisee-and-more
• Market Realist, (2015). Wendy's New Design: A Fast-Casual Restaurant - Market Realist. [Accessed 8 Mar. 2016].
[online] Marketrealist.com. Available at: • Tim Hortons, (2016). News Release Details | Corporate. [online] Available at:
http://marketrealist.com/2015/04/wendys-new-design-fast-casual-restaurant/ http://www.timhortons.com/ca/en/corporate/news-release.php?id=7509 [Accessed
[Accessed 25 Mar. 2016]. 17 Feb. 2016].
• Market Realist, (2015) "New Faces: Wendy's Made Changes To Its Management - 14
(U – Z)
• USA Today (2016). Wendy's restaurants sells Arby's chain, changes name - USATODAY.com. [online] Available at:
http://usatoday30.usatoday.com/money/industries/food/2011-07-05-wendys-arbys-sale_n.htm [Accessed 12 Feb. 2016].
• Victoria, M. (2002). Where the Beef Is. Forbes., (18103041), pp.Vol. 169 Issue 1, p151-151. 1p.
• Wendy's in Bank Strategy (2007). : Asset Securitization Report, [online] (27632703), pp.11/12/2007, Vol. 7 Issue 43, p14-23. 2p. [online] Available at:http://web.a.ebscohost.com/ehost/
pdfviewer/pdfviewer?sid=4aa47cc1-58ac-4899-b12f-876bd9d24d47%40sessionmgr4005&vid=31&hid=4201 [Accessed 15 Feb. 2016].
• Wendy’s (2008). Wendy's timeline. [online] The Columbus Dispatch. Available at: http://www.dispatch.com/content/stories/local/2008/04/24/timeline.html [Accessed 25 Mar. 2016].
• Wendy's. (2010). Wendy's/Arby's Group Announces Formation of Strategic Sourcing Group Co-op to Leverage Combined Purchasing Power of 10,000 Restaurants | News | About
Wendy's. [online] Available at: http://ir.wendys.com/phoenix.zhtml?c=67548&p=irol-newsArticle&ID=1415111 [Accessed 7 Apr. 2016].
• Wendy's, (2015) Nutrition & Health. [online] Available at: https://www.wendys.com/en-us/about-wendys/nutrition-and-health [Accessed: 22 November 2015].
• Wendy's, (2015) The Wendy's Company Board Of Directors Authorizes 9 Percent Dividend Rate Increase | News | About Wendy's. [online] Available at:
http://ir.wendys.com/phoenix.zhtml?c=67548&p=irol-newsArticle&ID=2103661 [Accessed: 29 November 2015].
• Wendy’s (2015) The Wendy’s Story. [online] available at: https://www.wendys.com/en-us/about-wendys/the-wendys-story [Accessed 29th November 2015].
• Wendy's, (2016)a. Wendy's Enters Japan with Grand Opening of Tokyo Restaurant | News | About Wendy's. [online] Available at:
http://ir.wendys.com/phoenix.zhtml?c=67548&p=irol-newsArticle&ID=1642635 [Accessed 17 Feb. 2016].
• Wendy's. (2016)b. Code of Conduct | Our Company | About Wendy's. [online] Available at: http://ir.wendys.com/phoenix.zhtml?c=67548&p=irol-govconduct#15 [Accessed 29 Mar.
2016].
• Wendy's. (2016).c Corporate Responsibility at Wendy's. [online] Available at: https://www.wendys.com/en-us/about-wendys/corporate-responsibility [Accessed 17 Apr. 2016].
• Whitehead, J. (2011). What you need to know about strategy. Southern Gate, Chichester, West Sussex: Capstone Pub.
• Whitten, A. (2016). [online] Nber.org. Available at: http://www.nber.org/digest/jan16/w21646.html [Accessed 29 Mar. 2016].
• Yum! Inc. (2015) Available at: http://www.yum.com/company/, http://www.yum.com/brands/ (Accessed 29th November 2015)

15