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With the world undergoing a lot many changes, globalization, privatization and technology plays a pivotal role in changing trends of business, lifestyle and culture. Freshii is one such brand that has created its name in this fast paced and life-style based food business.
Freshii is the fastest growing fresh food brand that is flourishing all across the world which serves customizable Burritos, salads, wraps, juices, protein, frozen yogurt and smoothies that have healthy ingredients. Matthew Corrin, CEO of Freshii was first working with Oscar de la Renta, the fashion designer and in this span, Matthew was fascinated by “mom-and-pop” delis, a fresh food joint which had a bad service and an unappealing branding strategy. That’s when he decided to create a name in food market with coming up with something which led to foundation of Freshii in the year 2005. (The Freshii Brand/about Freshii, 2018)
Freshii aims to make masses lead a life by giving them healthy convenient food and making it affordable to people all around the world and also let people realize the importance and benefits of green food for their health. (The Freshii Brand/about Freshii, 2018) By the end of 2019, the company expects to have 760 locations worldwide (Freshii, 2018)
These days, people are more conscious about the food and the contents that they eat, especially people from the millennial generation. Freshii for that came up with one unique marketing strategy by producing memorable content that people will talk about on its Social media accounts while uplifting the fresh food concept’s digital presence globally. (N/A, 2016) Location Freshii’s headquarter is based in Toronto. It does have all its franchises and restaurants in various parts of the world including Canada, the United States, Colombia, Peru, Sweden, Austria, Switzerland, Ireland, and United Arab Emirates, with franchises under development in Germany, Guatemala, and Saudi Arabia. As of January 2018, Freshii has 370 locations in North America, South America, and Europe. (Freshii, 2018)
Freshii’s international success is due to its selling point which is ‘healthy food’ for which people crave for these days as a result of health consciousness being more prevalent and also change in life Freshii- Field Study Project Proposal
Freshii is a conventional eatery which joins low-tech—really, no-tech-normal vegetables, grains and dairy items with innovative requesting and installments frameworks and up-to-the-minute innovation for planning healthy dinners and bites. Freshii keeps on drawing in brilliant establishment accomplices around the world. The organization utilizes diverse tech organizations in various nations to acquire its developments. Freshii prices are usually higher than the other fast food restaurants. Freshii has drawn in a web-based life coordinator who is likewise a nutritionist, to achieve clients and cooperate with them.
They urge their visitors to share their encounters at store by means of Instagram. Freshii likewise completes a ton of email advertising- specials, advancements, news about updates to its stores. Freshii utilize biodegradable or recyclable packaging and paperless advertising. Freshii is on worldwide mission to enable people to live more and more beneficial lives by making crisp sustenance advantageous and reasonable to all. Freshii additionally offers “make your Own” alternative to its clients. Customization Is a major piece of their technique.
Freshii is quick easygoing eatery and its QSR classifications are liable to shifts in shopper patterns, inclinations and customer spending which can influence their benefits and working outcomes. They offer various menu contributions which can be modified, give them capacity to enhance their deals in an adaptable way. They have operational model that enables them to specifically change their menu as indicated by the need and inclinations of the clients. Their essential rivalry for establishment accomplices is North American and worldwide franchisors with establishments in the speedy Service eatery or quick administration eatery classifications of the restricted administration eatery fragment of the eatery business.
Freshii go after purchaser considering taste, quality and cost of sustenance, client benefit, mood, area, accommodation and by and large experience. They offer clients a convincing incentive – flavorful, sound nourishment that client like eating, at a moderate cost. Financial Analysis Strategy Following are the key performance indicators used to measure external results, including company profits. These are the tools used to measure the financial progress and operational performance of the company. These indicators will help in decision making and enhancing the performance of the underperforming areas.
Different types of Ratio Analysis like:
Freshii operating in 17 different countries till July 2018. Among this store about 99% of the stores are operating by franchisees. Freshii has already expanded its global footprint by opening 303 stores outside of Canada (Management’s Discussion & Analysis, 2018). All the franchisees are regulated by signed franchisee agreements, and the core decisions are always taken from the head office. All those data can be collected through contact person, quarterly reports and Freshii website.
As an international brand Freshii is facing many risks in its international trade such as changes in existing trade agreements like NAFTA, currency exchange rate fluctuations, credit risk due to the account receivables from franchisees all over the world and finally market risk due to changes in interest rate (Management’s Discussion & Analysis, 2018). All these data can be collected through company’s annual reports and quarterly reports and also these data can be collected from international trade magazines and newspapers.
Language barrier is main barrier just because employees and customer belong to different countries. As the regulatory norms are distinguished from one origin to other can also have impact on selling their foods and even buying the products from international market. Although taste and preferences are different among societies. So, organization have to face some challenges regarding their social perspective even competitors can also take advantage from their weakness.
For overcoming the challenges Freshii gives the on-job training to all employees. They teach how to treat the customers and team members in cheerful ways, how to operate the cash system and receive payments. Apart from this they serve their employees limitless vacations with specified reasons and provide incentives, bonus and vacation pay is almost double of the minimum wage rate also provide 50% discount on staff meals.
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