The company that I have chosen is Chicken Licken, a fast food franchise who specialises in chicken wings and chicken. This essay will analyse the typical harvest options and how they apply to the Business Venture Life Cycle.
Harvesting in perspective is a process for achieving some end goal that will repay the entrepreneur for the hard work and inputs. The end goal is important for the decision making that takes place during the life cycle of the venture. One should understand that harvesting is part of the strategy for the venture; it cannot happen overnight.
There are various harvesting option techniques. An example of an option is outright scale, which is about identifying a building that can be obtained as an asset to the…show more content… “People learnt to trust the brand.” The early stages of setting up the franchise weren’t easy, skills had to be learnt that were previously not needed.
As Chicken Licken reputation was built on his loyalty of black clientele it resulted in a stigma being developed towards the brand. Due to this stigma Chicken Licken has a damaged image the local banks because of its positioning in the market.
In order to lose the stigma it is necessary to obtain sites in safe and secure affluent shopping malls, but Sombonos describes this as challenging. (Pitman, 2017) In addition, the new clientele would also bring on a change of menu - however he says for the sites he does have in upmarket areas the wings are still just as popular. (Pitman, 2017)
To have a successful chicken fast food franchise Sombonos says the two key components are chicken and marketing. (Pitman, 2017) In addition he also recognised the contribution advertising has on turnover, in 1986 he hired an ad agency to make a more professional advertisement, in a decade the budget had almost tripled with up to 95% of this spend allocated to television. (Pitman,