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Krispy Kreme

Transcript: Founded in Winston-Salem, North Carolina, in 1937 Industry: Restaurant Key People: James Morgan, Chairman/CEO Products: Doughnuts, sausage rolls, soft drinks & hot drinks Products are sold in many stores today such as: Walmart, Target, gas stations, grocery stores, and many more. 1. Only 395 stores nationwide 2. Limited " healthy options 3. Limited non breakfast items 4. Limited non snack options Opportunities Growth Strategies 1. Instead of spending time on television commercials or other paid advertising, they relied on word-of-mouth. 2. Much of it's growth period in 1990 died away. 3. Had many competitors such as Dunkin Donuts (Donuts) and Starbucks (biggest challenge). Weaknesses References 1. Internation expansion opportunities available. 2. Americans working more = more eating out. 3. New beverage program to be implemented to compete w/ McDonald's, Strabucks etc. Grand Strategy Threat(s) Headquarters: Winston-Salam, North Carolina, United States 695 locations throughout the U.S. and in about 20 other countries. S.W.O.T. Analysis 1.. Strengths 2. Weaknesses 3. Opportunities 4. Threat(s) Location Brief History Fast Food competition always increasing, this is also true in doughnut/pastry industry. 1. Krispy Kreme is known as the best pastry store worldwide, their strategy is to work on weaknesses and remain in that spot. 2. The market growth in this industry is huge, so to keep up with competitiion krispy kreme must remain focused on creating new "organic" products that they can use. Results 1. 20 different varieties of doughnuts 2. Each store has required equipment to produce 4,000 to 10,000 dougnuts daily. 3. Signature dougnut: the glazed doughnut, Krispy Kreme's products are second to none. Although they've suffered from high costs for ingredients and materials: (Millions U.S. Dollars) 2013: Revenue: $435.8 Net Income: $20.8 Net Profit: $4.8 Employees: 4,300 Krispy Kreme MGT101 Group 1: Jacob Wallace Katrina Enriquez The-Minh Ly 5. Grand Strategy Strength(s)

Krispy Kreme

Transcript: Founded 1937 Winston-Salem, NC Products: Krispy Kreme Vision & Mission Vison: To be the worldwide leader in sharing delicious tastes and creating joyful memories. Mission: To touch and enhance lives through the joy that is Krispy Kreme. What sets this company aside from the rest? 669 Stores in 21 Countries "The brand is so much bigger than who we are from a business standpoint. We need to make sure we manage that well, and that we don't try to grow too fast, that we have the right pace" CMO Dwayne Chambers, 2011 Krispy Kreme has a very Americana image that people grasp onto like they do Coke and Disney Krispy Kreme today enjoys a respectable place in the fast-food landscape as an occasional treat "Krispy Kreme's goal is not to be flashy. What it lacks in flash it makes up in business complexity" "For example, in Thailand we have one store, and the waits are generally at least 30 minutes to an hour. We had to limit people to two dozen doughnuts each." CMO Dwayne Chambers, 2011 Consumer Portrayals... Starbucks: sophisticated, higher class, mature, professional, more-expensive, urbanism DD: diligent worker, grab-n-go, fast-paced consumers (on the go), blue and white collared people, everyday people However, for Krispy Kreme... Krispy Kreme Symbolism & Identity less sophisticated, more simplistic rich history more laid back, more surburban/small-neighborhood geared toward social responsiblity (charity events, fundraisers, education) providing high-quality products, made-from-scratch doughnuts (same-day Freshness) However, this company is not as successful as its' competitors... Why is that? let's take a look at their marketing strategy... What is doing now for advertising? KK went public at the turn of the millenium, it was driven by word-of-mouth Word-of-mouth? passing of information from person-to-person it adds a level of credibility makes a strong impact on product judgments What else... fundraiser campaigns neighborhood events school sports Last year, nonprofit organizations, including schools, raised over $30 million dollars with the help of Krispy Kreme Fundraising! There is no massive commercial advertising campaign... Billboards, TV commercials (rare) Today, company leveraging word-of-mouth via Social Media predominantly plans to spend even less on marketing Why is this company not as progressive in expanding in comparison to other franchises? $1.2 million on measured media in 2010 has ran commerical ads in the past with little efforts put into it Compare and Contrast ads between Starbucks and KK.... Using regret aversion tactics to work from a different angle... Regret aversion... Anticipation of regret can promote action. The extent to which action is promoted is contingent upon the presence or absence of feedback. Expanding Krispy Kreme Coffee Products through regret aversion Goal is to "manipulate" consumers to antipicate regretting inaction. via the coffee, and the doughnuts are inevitable Imagine... OR... car crash from fatigue, if only they had bought the coffee to be alert driving... Scenario 2: To avoid the "morning crash" More productivity and motivation in the workplace Scenario 3: so fatigued driving in the morning, that they ran the red light and got pulled over on the way to work Aside from using WOM advertising, applying regret aversion ideologies would attract more consumers via the coffee products... Manipulates consumers to think they NEED Krispy Kreme Coffee and products.. to stay alive (scenario 1) productivity at work (scenario 2) avoid getting in trouble with the police (scenario 3) If Krispy Kreme applies regret aversion to their market campaign they would have a better marketing strategy.. to promote the brand! Would applying regret aversion ads for Krispy Kreme coffee increase their main product line, which are doughnuts? CMO Chambers mentioned the vast diversity of stores already in existence (some are coffee bars)... Some stores can focus mainly on coffee products and naturally provide the delicious doughnuts. "Satellite" stores without the inclusive on-site factory is WOM strong enough to continue KK image? WOM has a strong impact on product judgments, bc info received in a face-to-face manner is more accessible. Is Social Media a true medium for WOM? References: Morrison, M. (2011, March 21). Krispy kreme's new cmo to spend less, lean on social media. Retrieved from

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