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Jollibee is one of the Philippines phenomenal business success stories. Starting in 175 as a two-branch ice cream parlor, it later expanded its menu to include hot sandwiches and other meals. With encouraging success, Jollibee Foods Corporation was incorporated in 178 with seven outlets to fully explore the possibilities of a hamburger concept. Thus was born the company that revolutionized the fast food industry in the Philippines.


In 184, Jollibee reached the P500 million sales mark, catapulting the company into the list of Top 500 Philippine Corporations. In 187, barely 10 years in the business, the company joined the ranks of the Philippines Top 100 Corporations. It then became the first Philippine fast food chain to break the P1 billion sales mark in 18. In 1, Jollibee became the first food service company to be listed in the Philippine Stock Exchange; thus broadening its capitalization and laying the groundwork for sustained expansion locally and beyond the Philippines.


Undisputed leadership


Jollibee is the countrys leading fast food chain. The size, geographic expanse and breadth of the companys operations have grown exponentially - from a handful of Jollibee stores twenty-five years ago to over 400 stores in the Philippines and several international stores in countries like the United States and Hong Kong. It is now an international brand with phenomenal milestones that has made millions of Filipinos proud.


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But Jollibees leadership is not only reflected by market share (the company enjoys more than half of the entire fast food industry); numerous local and global awards attest to this as well.


Expanding market coverage


In line with its long-term goal to be the dominant food service leader in the country, the company acquired Greenwich Pizza in 14 enabling it to penetrate the pizza-pasta segment. From a 50-branch operation, Greenwich has established a strong presence in the food service industry. A year later the company acquired the franchise of Delifrance, an international food company. This further expanded its penetration in the food service industry particularly in the French caf�-bakery, a growing segment of the Philippine food market. In 000, the strategic acquisition of Chowking solidified the companys position as the dominant leader and allowed it to have leadership in a major fast food market - the Oriental quick service restaurant segment. The incorporation has revitalized Chowking; providing a platform for the growth of the business and further increasing the enterprise value of the Jollibee Group.


Recipe for success


The foundation of Jollibees rapid growth has been its strategy to establish dominant market coverage complemented by its superior menu line-up, creative marketing programs and efficient manufacturing and logistics facilities in support of its widening restaurant chain. It is powered by teams of well-trained individuals embracing the culture of integrity and humility, working in a family-like environment of fun and togetherness.


As a corporate citizen, Jollibee is also committed to serve its host communities. The company not only nourishes bodies but also peoples spirits through countless socio-civi projects.


A triumph for and of the Filipino


Jollibee dedicates its continuous success to those who have supported the company from the very start - the Filipino people.


Jollibee has grown to be so well loved that every time a new store is opened, especially overseas, Filipinos form long queues to the store without fail. It is not just a place where they feel at home; it is a stronghold of heritage, a monument of Filipino victory.


Day in, day out, Jollibee serves over one million Filipinos who flock to its more than 400 stores all over the country. In ways, small and grand, Jollibees tasty food, cheerful service and friendly crew touch the lives of so many people who leave its stores with happy memories that will last long after that birthday party, first date or even just that simple meal a customer had when he dropped in one rainy day.


From a modest beginning, Jollibee has grown to become not only the number one fast food chain in the Philippines with over 400 stores nationwide, but is also an international brand that has the distinction of being one of the worlds most admired companies by the Far Eastern Economic Review. But Jollibee is not stopping here. To reinforce Jollibees capability to enhance it leadership and build growth, the Management embarked on a broad range of strategic initiatives.


Since its starting 175, the company has expanded tremendously. The phenomenal growth is attributed to the companys unwavering quest to serve and delight the Filipino customer as well as its ability to anticipate and adapt to the ever-changing market environment.


Jollibee continues to push its store network expansion maintaining lead over competition, focused on optimum results from right -sized stores on the best site selection in trading territory. This ensures effective and efficient market coverage.


To meet the challenges of a more intensely competitive market and to manage the business more effectively, the company undertook a major initiative to re-align the structure of Jollibee Philippines. The new organization, which has successfully been put in place, has the capacity of enhancing continued dominance in the quick service industry. In 000 Jollibee Philippines was decentralized into four autonomous Regional Business Units (RBU), corresponding to the countrys major geographic markets Mega Manila, North Luzon, South Luzon and Visayas-Mindanao.


The decentralization has structured each RBU into a more manageable business size and span of control. Key support functions like human resources and administration, finance and network development have been transferred to the RBU for greater efficiency in the delivery of products and services, quicker coordination and more timely decision-making.


The Head Office/Corporate Services functions (Marketing, Finance, Restaurant Systems, Engineering) have been re-aligned as Support Center to provide continuing assistance to the RBUs and provide corporate-level directions.


The new structure has proven to be more responsive to the needs and challenges of a rapidly growing organization and an even more dynamic market. The program has resulted to better execution of programs and renewed enthusiasm and commitment from the Jollibee people.


Parallel to all of the above initiatives is the continuous improvement of operating productivity and efficiency across the Jollibee fastfood chain. It continues to initiate improvements on equipment and facilities as well as store procedures to generate faster volume turnover and achieve better quality in the delivery of products.


Jollibee remains firm in its resolve to maintain its dominance in the fastfood industry. It will continue to push forward with its strategic programs and aggressively pursue further network expansion to ensure superior market coverage nationwide. Most importantly, it will continually apply itself to the paramount task of consistently delivering superior tasting products at the most affordable prices and services of the highest standards in a bright and clean store environment.


Jollibees advertising is deeply rooted in the traditional Filipino values of family and love for children. Fueled by Filipino creativity, its expression Atin ang Langhap Sarap! is anchored on its products unique taste and superiority.


It aims to be perpetually in the public consciousness through television, radio, print, cinema advertisements and billboards. The company also sponsors selected community activities. Moreover, premium items and toys are offered to bring home and display on the toy shelf.


Likewise, as a way to ensure that the superior equity is sustained and a strong, cohesive and comprehensive visual identification in all Jollibee stores is created, a system - wide Jollibee retail identity was initiated. The international graphic design group, Addison was commissioned to formulate the new retail identity that is more dynamic and fun-oriented. The new retail identity is an integrated system encompassing the total restaurant design from the menu-board and various signages, the dining equipment and area, to the Playland and other facilities.


The product menu is continually reviewed to sustain consumer excitement. Existing products are improved and re-launched. New products are test-marketed in keeping with the strategy of having a continuing fresh line up of products. All these to respond to customers changing needs and preferences which has been a major factor in Jollibees success.


At the forefront of innovative marketing and advertising program are the Value Meal product upgrades and additions. This has indeed proven to be an effective response to the narrowing consumer spending power brought about by the current economic crunch.


Jollibee owns the children market and will endeavor to keep its stronghold on this segment. Hence, Jollibee continues with its Jolly Kiddie Meal promotions, offering a choice of Regular Yum, Spaghetti Special or Chickenjoy


Welcome to the International Operations Site of Jollibee Foods Corporation. JFC now has 8 restaurants operating in 7 countries - and we continue to grow!


JFC reported unaudited consolidated recurring net income of Php85 million for 18, up % over the Php647 million in 17. This translates to earnings per share of Php0.05, an increase of % over Php0.75 in 17.


However, net income including the extraordinary gain of Php million in 18 and the extraordinary loss of Php05 million in 17, amounted to Php876 million for 18, an increase of 8% over the Php44 million in 17. This translates to earnings per share of Php0.8, an increase of 85% over the Php0.50 in 17.


Consolidated revenues increased by 1% to Php11.6 billion from Php8. billion in 17. Revenues and earnings were driven by system wide sales were Php14.5 billion in 18, 0% higher than the Php11. billion in 17.


The very satisfactory financial result we achieved in the weaker economic climate of 18 is a reflection of the relative resiliency of the fast-food sector, as well as the strong business focus that we have endeavored to maintain in the company, Tony Caktiong, JFC President and Chief Executive Officer said.


We are also fortunate to have a very healthy balance sheet with a strong net cash position during these challenging times, he continued. In conjunction with the successful public offering of 0 million Jollibee warrants affiliate Queenbee Resources Corporation in March, Jollibee raised Php1. billion of additional equity through the sale of 7. million new common shares. This enabled the company to retire its entire dollar-denominated debt.


The Company - the countrys largest fast-food corporation - exceeded its planned expansion goals during the year. Jollibee had a net addition of 5 stores in the Philippines in 18 and ended the year with 0 outlets. Greenwich added 48 new stores in 18 for a total of 16 stores nationwide at year-end.


Tan Caktiong said he believed that Greenwich has gained the leadership in the pizza-pasta market segment. In 18 it contributed about Php billion in system wide sales, 85% higher than the previous year.


Tan also noted that despite the very satisfactory performance registered by the Company for the year, Jollibee continues to be concerned about the current economic environment. He cited the continued foreign exchange volatility that affects costs. We are likewise concerned about the growing unemployment level and declining disposable incomes of domestic and overseas workers in the light of the economic slowdown both here and abroad, he said. This, he explained, will lead to weaker overall consumer demand.


Despite the difficult environment, JFC expressed confidence that it can maintain its momentum in the medium-term on the basis of its strong leadership in the fast-food industry. The Company was named the Philippines leading company by the Far Eastern Economic Review in its annual survey of Asias top corporations and was cited its strong management, business focus, and its financial prudence. JFC also won recognition as the Employer of the Year by the Personnel Management Association of the Philippines for 18.


JFCs meat processing plant at its Pasig commissary was recently awarded ISO 00 certification, becoming the first meat plant in the country to get distinction


NOTHING IN THE INNER sanctum of Tony Tan Caktiong tells you he is CEO, president and key shareholder of Jollibee, the largest and most profitable fast-food chain in the Philippines. The room is intended solely for thinking and doing. No paintings hang on the beige walls. The floors gray vinyl tiles are bare except for an executive desk and a glass-topped conference table. The CEO himself, who declines to be photographed, can be mistaken for an underling. His white long-sleeved shirt rolled at the cuffs, the youthful Tan, 46, is puzzled by questions about how Jollibee managed to prosper despite the Asian Crisis. We have been providing value and being very cost-conscious all this time, he says. We just made sure we continued doing these things.


Lateral thinking helped. Jollibee borrowed $8. million in foreign currency in 16. When the peso plunged 0% against the dollar the next year, interest payments took a big bite out of earnings. Profit in 17 fell 7% in peso terms to 441.7 million pesos ($11 million) on sales of 7. billion pesos ($180 million). Jollibees solution tap foreign investors. But Philippine law prohibits non-Filipinos from owning a retail operation. So the company issued warrants backed by common stock it held in trust. The debt was wiped out - and Jollibee also ended up with $1 million in cash. Unaudited 18 results indicate that profit soared 8% to $.4 million on turnover of $71 million. And earnings in January to March this year topped $5.8 million, up 4% in pesos from the same period in 18.


Crisis? What Crisis? Asian companies like Jollibee prove that not all boats sink when a super-typhoon strikes. Well-managed corporations that boast a ship-shape franchise can emerge as winners. Their stock price may languish. But long-term investors will be supportive - even if, as in Jollibees case, what is on offer are just warrants, which carry no voting rights and have no first claim on dividends (although cash and stock dividends due the underlying common shares are credited to warrant holders in the form of additional warrants the company buys from the market). When the recovery comes, expect the Crisis survivors to perform even better. Last week, Jollibees strong first-quarter earnings propelled its stock 11% from its lowest point last year (click here for chart). The warrants have gained 1% from the offering price of 1.5 pesos in March last year.


To be sure, the 1-year-old Jollibee has a built-in advantage. It is in the food business, an industry that is almost recession-proof - people have to eat in good times and bad. A number of Asias food, beverage and tobacco companies are doing well (click here for chart). But not everyone. McGeorge, the McDonalds franchise holder in the Philippines, imports a significant portion of its ingredients. The private company reported income of $45,000 on sales of $77.5 million in 17, for a profit margin of 0.4% (Jollibee 6.1%). While analysts estimate McDonalds share of the $760-million Philippine fast-food market at 0%, Jollibee has been notching double-digit annual growth to claim more than half of total sales last year. Its the only fast-food chain in the world that is dominating at this rate, says Colbert Nocom, research director of ING Baring in Manila.


What Jollibee has done is to follow Western business models to sell food suited to Philippine tastes. We have always benchmarked ourselves against other firms, says Tan. We looked at McDonalds because it is the giant in fast food worldwide. But we also looked at Singapore Airlines and Walt Disney. Jollibees 08 burger-and-chicken restaurants and 16 pizza outlets sport the clean and well-lighted look of a McDonalds and operate with the pared-down efficiency of Singapore Airlines. Its marketing zeal - Jollibee spends 4% of gross sales on advertising - is Disney-like. It was able to change the food preferences of an entire generation by bombarding the nation with ads, says Nocom.


McDonalds, which set up shop in the Philippines in 181, three years after Jollibee was started, is playing catch-up. McGeorge owner George Yang will spend $50 million in the next five years to double the number of Golden Arches to 400. McDonalds has started selling Pinoyburger, a juicier and sweeter product similar to Jollibees Yumburger. It is also trying to reach not only Westernized urbanites but also the much more numerous middle and lower classes, Jollibees main base.


But Jollibee is also on the move. With the Crisis, we made sure we had value meals at different price points, so that no matter what the consumers budget, Jollibee has something delicious to offer, says Regina Navarrete, vice president for marketing. Jollibee also held price increases at 8.5% to McDonalds 10%, says Dipak Jethwa of OCBC Securities. The countrys inflation rate was .7% last year. The Crisis pulled in new customers as high-income families cut spending. Some switched from gourmet restaurants to fast food, says Tan.


Jollibee is counting on expansion at home and abroad to continue growing. It aims to add 44 new burger-and-chicken outlets and 40 pizza parlors by the end of the year. Some will be awarded to franchisees, who will need to put up at least $500,000. Jollibee is also expanding overseas, although its record there is mixed. A restaurant that opened last June in Daly City, California, which has a large Philippine population, is grossing $1,000 a day. But outlets in Brunei, Saudi Arabia, Kuwait and the United Arab Emirates folded last year. Tan says Philippine contract workers in these places prefer to save their money. Jollibees ice cream and doughnut shops have also been closed, while a decision is awaited on outlets serving bakery items and roast chicken.


These missteps aside, analysts give Jollibee high marks for experienced management. Tien Doe of Jardine Fleming says the Philippine market is big enough to support 60 more Jollibee outlets. But that will require upward of $10 million in fresh expenditures. Tan says there are no plans to issue new warrants to raise fresh capital, but Jollibee may get foreign money if the countrys retail law is amended, a measure strongly backed by President Joseph Estrada. Yum, yum.


EAT, DRINK AND INVEST


In good times and bad, people have to eat. And drink. And maybe smoke. Asiaweek screened the regions 44 food, beverage and tobacco companies to find the most consistent growth stocks. Our criteria at least 10% earnings-per-share growth in the past five years, at least 10% forecast EPS growth in 1, 000 and 001, and a consensus recommendation of buy or strong buy by analysts. Ten companies - .% of the total - made it. The hot stocks


COMPANY MARKET CAP$ million 1 (f) EPS [Growth] 000 (f) EPS [Growth] 001 (f) EPS [Growth] 1 p/e 000 p/e 001 p/e


Gudang Garam (Indonesia) ,817.00 $0.10 [.1%] $0.1 [4.%] $0.15 [4.%] 0.7 16.7 1.


Ito En Ltd. (Japan) ,077.0 $0.8 [47.%] $1.11 [5.%] $1.6 [1.%] 75. 60.6 5.5


Nestle India 1,157.0 $0. [.0%] $0.5 [0.6%] $0.4 [1.4%] 41. 4. 8.


Britannia (India) 67.1 $0.4 [6.7%] $0.65 [.%] $0.86 [1.4%] 68.6 51.8 .5


Hokuto Corp. (Japan) 57.6 $0. [107.%] $1.07 [16.%] $1. [4.8%] .4 8.7


Jollibee Foods (Philippines) 40.8 $0.0 [85.%] $0.0 [.5%] $0.04 [1.8%] 1.7 17.7 14.5


Cadbury (India) 41 $0. [7.6%] $0.4 [0.7%] $0.5 [.8%] 55.6 4.6 4.4


Rock Field (Japan) 51. $0.5 [16.%] $0.71 [1.6%] $0.87 [.7%] 8. 1.4 5.6


Lotte Confectionery (Korea) 18.1 $8.68 [7.8%] $15.88 [8.%] $1.4 [1.8%] 15. 8.4 6.


Godfrey Philips (India) 160.6 $1.0 [16.7%] $1.17 [14.7%] $1. [1.%] 15.1 1. 11.7


Jollibees latest audited figures are for the period Jan.-Dec. 17, so the earning-per-share and p/e figures are for 18, 1 and 000. EPS figures are mean forecasts by stock market analysts following each company. Market capitalization and price-earnings ratios are based May 7 closing stock prices. Source I/B/E/S Inc.





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