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How Value is Being Created

After watch the video on a South African restaurant on the Module 5: Lecture Materials & Resources page, discuss how value is being created at the restaurant. And, what more can be done to create value.

Please also discuss how businesses can create value for customers in the midst of the covid-19 pandemic; the pandemic has been challenging for some businesses while for other businesses, the pandemic has created opportunities. 

Submission Instructions:

• Your initial post should be at least 200 words with at least 2 academic sources. Your initial post is worth 8 points.


• You should respond to at least two of your peers by extending, refuting/correcting, or adding additional nuance to their posts. Your reply posts are worth 2 points (1 point per response.) 


• All replies must be constructive and use literature where possible.

Post by  

Bedizel, Aj

Task:

After watch the video on a South African restaurant on the Module 5: Lecture Materials & Resources page, discuss how value is being created at the restaurant. And, what more can be done to create value.

Please also discuss how businesses can create value for customers in the midst of the covid-19 pandemic; the pandemic has been challenging for some businesses while for other businesses, the pandemic has created opportunities. 

The restaurant business is one of the most if not the most difficult business to operate for the long term.  To be successful internationally is a phenomenal feat.  Typically, the mantra has been good food, price, service, and location equals the initial road map to success in the restaurant business.  Natasha Sideris in the video puts her ingredients to success are people, product, and experience to create value.  Whichever philosophy one decides to follow, both are similar in nature in the importance in creating value.  Natasha strongly believes people are at the core of her success.

 The recent pandemic has exposed how fragile our businesses are and having to create value with people is a necessity. According to Colby Flood some main ideas to create value during or since pandemic is create value through:

1. Share your “why”- find an opportunity to give back that aligns with your core value. This is a great way to incorporate your customers with digital media to follow and support your business involvement. Recent epidemic has taught us the importance of community, this will build brand loyalty after the pandemic has passed.


2. Create educational content-Through live webinars like zoom, Facebook live, Instagram, you can hold Q&A sessions for existing and potential clients. You can have a tutorial on home remedies and tie in your products and services.


3. Focus on building connections with your existing clients-Now is the time to keep your existing customers engaged and loyal. Now is probably not the appropriate time to try and capitalize on new customers, focus on your core. That is not to say if new business opportunities present themselves…..go for it; but don’t neglect your existing customers. Emails, Facebook groups, and even phone calls are all viable approaches to engage.


4. Adapt your services-Move your services online with zoom or if you are a restaurant that does not deliver you can start or do personalized curb side no contact delivery.

These are a few ideas to create value and adapt during the pandemic. As the old saying goes, true intelligence is the ability to adapt and overcome in any circumstance.  By doing this, you can and will build value in the marketplace.

References:

Altman, S. (2020 May 20), Will Covid-19 Have a Lasting Impact on Globalization? Retrieved:

https://hbr.org/2020/05/will-covid-19-have-a-lasting-impact-on-globalization (Links to an external site.)

Flood, C. (2020 April 13), 4 Ways Businesses are Creating Value During Covid-19 Retrieved:

https://customerthink.com/4-ways-businesses-are-providing-value-during-covid-19-action-steps-included/ (Links to an external site.)

Hill, C. and Hult, T. International Business: Competing in the Global Marketplace 12 ed.

McGraw-Hill 2018

Post by  

Jean, Meucine

After watch the video on a South African restaurant on the Module 5: Lecture Materials & Resources page, discuss how value is being created at the restaurant. And, what more can be done to create value.

Please also discuss how businesses can create value for customers in the midst of the covid-19 pandemic; the pandemic has been challenging for some businesses while for other businesses, the pandemic has created opportunities. 

Restaurants and other food service providers are so widespread that half of the adults have worked in food service in one way or another at some point in their lives. The food service industry includes any organization that serves food to people outside the home. These include restaurants, carry-out activities, cafeterias, university dining halls, catering and vending companies, hotels, inns, rehab and retirement centers. The industry is divided into two groups: those who prepare and serve food, and those who supply food, equipment, and services. The most common example of the first group is restaurants. Restaurants work in front of the house and behind the house. The first includes bartenders, waitresses, hosts, and busboys. The second includes cooks, cooks, managers, and dishwashers. Fast food restaurants limit their staff to people who prepare food, managers and cashiers. The trend of food trucks adds a mobile component to the food service, and requires fewer people to drive the truck, cook food and serve it through a window.

Furthermore, because pandemics are low-probability events, companies are less likely to invest in common pandemic management skills (the last major pandemic, H1N1 influenza or swine flu, occurred in 2009). Although firms may renew reorganization plans in response to the H1N1 pandemic, it is important to consider differences in today’s environment. Given the high severity of these events, the high severity of potential impacts, potential human impacts, and further epidemics, companies need to think about the implications for their businesses and develop specific crisis management supplements around epidemic threats. In addition to their own event response and crisis management framework and protocols, these supplements can be critical mechanisms by which companies can coordinate response with federal, state, and local authorities to provide an effective response to these events.

There are significant differences between business disruptions caused by natural and man-made technological and operational failures and what can be caused by pandemic events. These differences persist due to the increased rate, severity, and duration of pandemic events, and the need for organizations to develop beyond traditional regenerative planning strategies. Companies must incorporate pandemic planning considerations into existing reorganization management practices in order to provide a comprehensive response and continuity to their most critical products and services. In addition, companies should consider establishing pandemic-specific policies and procedures, employee communication skills, telecommuting, and personal / family leave to minimize interruptions. Because of their length, the repercussions for officials in areas where additional work is being assumed can range from pandemic onset to weeks, when the contractor’s resources begin to make a meaningful contribution. The scale may also vary, and to date it is concentrated locally with some global implications; We have not yet seen an epidemic that affects the whole world, but it remains a possibility.

The lock down directives have led to the shutdown of many businesses, especially those that cannot be performed from homes. Only businesses proffering essential services have been exempted from the lock down directive; hence, the nation’s economy is adversely affected.

References

Hill, C. and Hult, T. International Business: Competing in the Global Marketplace 12 ed.McGraw-Hill 2018