Conversation of the Three Renowned Companies-Samples for Students

Question: Discuss about the Conversation of the three renowned companies, Amazon, Starbucks and MacDonalds. Answer: Introduction: The report aims to discuss the interview taken to three famous entrepreneurs of the world and discover their strategies. It describes the companies and their products and services in brief. The report summarises chief findings of the operations of the companies and compares as well as contrasts with one another. It also discusses most influencing factors for these companies and how the chiefs implement their strategies to overcome the limitations. Finally, the report concludes with a reflection that analyses the effect of this interview on the interviewer. Description of companies: In this interview, a lengthy conversation has been conducted with Jeff Bezos,the founder and CEO of the worlds largest online retailer Amazon, Steve Easterbrook the President and Chief Executive Officer of McDonalds andexecutive chairman of Starbucks Howard Schultz.The interviews have been conducted through the Business Link Meetup in 2nd February of 2018, as well as skype meeting. Amazon.comis an Americanelectronic commerceandcloud computingcompany based inWashingtonthat was founded byJeff Bezosin 1994 (Amazon.com, 2018). This tech giant is the largestInternet retailerin the world as measured bymarket capitalization and revenue. It operates in more than 120 countries globally and is the most valuable retailersurpassing Walmart. Starbucks Corporation is an eminent coffee chain in America now operating internationally (Starbucks.in, 2018). This company has been considered to be the chief representation of the second wave coffee by discriminating itself from all other coffee serving brands in the USA. This brand is characterised to be different from others by quality of service and taste as well asproviding a unique customer experience. McDonald'sis afast foodcompany established by Ray Kroc. It is the world's largestrestaurant chainby revenue that serves over 69 million consumers everydayover 100countries (Corporate.mcdonalds.com, 2018). Its revenues come from royalties, rentand fees paid by its franchisees and sales in direct company-operated restaurants. Summary of the interview: Amazon follows generic corporate strategy that can be described as the concentric diversification.It is based on proper utilization of technological capabilities for their business success as well as following the cost leadership policy. It aims at proposing maximum value for the customers at lowest price. Starbucks use positioning strategy that makes sure that the company chooses right as well as convenient location for target audience. This is the reason why one can find Starbucks on each corner of some crossroads. Another strategy is to product line along with differentiation that talks of the innovative strategy of entrepreneurship. Macdonalds use porters five forces in value chain analysis to gain more competitive advantage. It uses its brand name ad strength of its suppliers to penetrate international markets. Amazon wraps its business round the consumers wherein they find Amazon to be the go-to portal for their online shopping needs. The company is greatly influenced by technological environment therefore takes specific measures to implement their strategy by providing steep discounts for their regular members through Amazon Prime program, by ensuring in time and express delivery including other support to their customers as they strategies focusing the customer satisfaction. By creating new drinks Starbucks wants to bombard their customers with choices as well as different flavours. They implement their strategies by strategic pricing. McDonald competes in the foreign market as well as internal forces which are inside the business in order to gain the maximum profitability. It implements its strategies through best products which has made the company not only the biggest but also the finest food chain industry globally. These processes of each of the companies are formal enough to meet t he goals of the company. Despite these companies feel limitations in their internal resources sometimes yet their profit shows their success. Amazon believes that an important measure of their successful strategy will be the value of shareholders that they create over a long term. On the other hand, Starbucks measures it strategic success in employee accomplishments and customer satisfaction. Moreover, the success of McDonalds could be measured through its growth. Reflection of learning: Before interviewing these three eminent entrepreneurs who have transformed their business from a very small initiative, I used to think they must have analysed the strategies to support growth, finance and innovation. These would have created scope for their competitive advantage hence they have flourished. After I had a lengthy conversation with these entrepreneurs, I have come to know that for an entrepreneur, it is essential to have a vision that help them to create loyal network, proper harvesting in the markets and strategies to fulfil their mission. Despite the fact that different entrepreneurs followdifferentstrategies to progress their business yet all of these three entrepreneurs focused on the strategies of internationalisation of their firms as they were had a complete belief in themselves. All the strategies of these three firms revolve round the customer expectations as well as satisfaction. However, each of them has different focal point for example, the strategies that Amazon follows are largely driven by its sources of competitive advantage by progressing the technology, objectifying the advantages of economies of scale and utilising the competencies from synergies between the external and internal drivers. For MacDonalds plan isto make their food available to the customers at the lowest competitive price nevertheless to gain profit by reducing cost of the products as well as expanding the trade internationally. However, I was amazed to find out that all these three companies have a magnificentbrand value as well as loyalty world-wide yet all of them followapproaches such as porters generic theories of competitive advantage, cost leadership,resource based and opportunity based theories of entrepreneurship. Self-reflection: This interview with these three entrepreneurs has proved to be very useful for me because in this process I have learnt that in order to start and run the business successfully one needs to amalgamate theories and practicalities perfectly. This time I was quite stuck with the preparedquestions but next time I will prepare myself to ask about the negative issues that the entrepreneurs faced in their business and how they overcome those hurdles. I have to be confident to ask them how they manage all types of customer as well as employee feedback to enhance the product and service quality. Conclusion: Therefore, it can be concluded that all these companies started from a small initiative but have reached the pinnacle of success. Thus it can be said that all of them have followed some approaches of successfulentrepreneurship. Each of the companies have centred round the customer expectations. Hence, used different theories according to theirrequirements. References: Amazon.com. (2018).About Amazon.Amazon.com. Retrieved 21 February 2018, from https://www.amazon.com/p/feature/rzekmvyjojcp6uc Corporate.mcdonalds.com. (2018).Company Overview | McDonald's.Corporate.mcdonalds.com. Retrieved 21 February 2018, from https://corporate.mcdonalds.com/corpmcd/investors-relations/company-profile.html Starbucks.in. (2018).About Us | Starbucks Coffee Company.Starbucks Coffee Company. Retrieved 21 February 2018, from https://www.starbucks.in/about-us