reports l1 - sample formal report

7/30/2019 Reports L1 - Sample Formal Report

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Use a large fon t size

for t he main t i t le.Cen t er all t e x t

on t he t i t lepage.

Use a sligh t l y smaller

fon t size for t hesub-heading.

No punc t ua t ion

The res t o f t he

documen t should use 1 2-poin t fon t s ize.

Name of reader, job title, organization,

cit y, state, andzip code.

Name of writer(s),organization, city,state, an d zip code.

Viva Panera!

Expanding Panera into Chile

Prepared for

Mr. Ronald M. Shaich, CEOPanera Bread Company

Richmond Heights, MO 63117

Prepared by

April 16, 2007

JOABA ConsultingApril Hoffmeyer

Betsy Hertz

Andrea KeeneyJessica OneyOmar Romero

Iowa State UniversityAmes, IA 50011

No punc t ua t ion

Da t e repor t isreleased

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JOABA Consulting131 Ross Hall

Ames, IA 50011April 17, 2006

Mr. Ronald M. Shaich, CEOPanera Bread Company6710 Clayton RoadRichmond Heights, MO 63117

Dear Mr. Shaich:

Here you will find the report you requested in March including information on the feasibility of expanding a Panera Bread facility into Chile and our recommendations for a plan of action.

During the market analysis, our team considered and researched various macro environmentfactors including location, customs and behaviors, economics and laws, and market possibilitiesand competition. Our findings show that Chile is an attractive market to invest in, and werecommend it as a location into which Panera Bread should expand. The research conductedabout your business and Chiles consumer market leads us to recommend opening a corporate-owned facility in the capital city of Santiago.

The capital city of Santiago is already home to many successful American franchises, and to staycompetitive with these franchises, we suggest you expand into this market. With the use of appropriate marketing campaigns and employment of locals with management experience, yourbusiness has the potential to penetrate the market in Santiago.

The analysis in this report came from several helpful resources. The U.S. Commercial Services,the Central Intelligence Agencys World Factbook, and the Santiago Chamber of Commercewere all very helpful and cooperative in answering our questions.

Thank you for allowing us to conduct this research. We have learned about Panera, the country of Chile, and the international business environment. If you have any questions, feel free to contactour firm at any time. We look forward to working with you in the future.

Sincerely,

April HoffmeyerJOABA Team Leader

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Letter of Transmittal

Executive SummaryIntroduction

Purpose & ScopeAssumptionsMethodsLimitationsCriteria

Location

Chilean Customs and BehaviorsFood PreferencesEating TimesFamily LifeGreetings and AddressBody LanguageReligion

Chilean PoliticsPresidential PowerTrade Agreements

Chilean Economics and Legal ConcernsEconomic GrowthCurrency and GDPImportsFranchising

Market Possibilities and Competitors

Conclusions and Recommendations

References

Figure 1 Economic Growth in Chile: 2000-2005

Figure 2 Franchising Ownership

He ad ings or sub he ad ings must b e para lle l w ith a se ct ion.

Use lower-

case Roman

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In troduc tion

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Table o f

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headings.

Inden tions sho w

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Fi gur es and ta ble s a r e numbe re d ind epe nd ently ,so y ou c ould hav e bot h a F igure 1and a Tab le 1.Add a

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Executive Summary

To remain competitive with an ever-expanding market, Panera should expand into Santiago,Chiles capital. Santiago is home to approximately 5.6 million people and is one of the mostmodern cities in South America because of its buildings, subway system, and green areas.Santiago is already home to many American franchises, several direct competitors of Panera, andremaining competitive with these chains would be beneficial to Panera.

As far as our research shows, expanding into Chile is likely to be a profitable decision for a fewreasons. For example, the countrys foods are similar to those of Paneras and would not requireextensive menu changes. In addition, the current economic situation is among the most stable inSouth America, and with an unemployment rate of 8%, there will likely be workers to fillpositions at the restaurant. Moreover, the political standing and lack of legal barriers in Chile isbeneficial to foreign-run businesses.

To ensure a successful expansion, JOABA recommends the following:

1. Expand into one location in Santiago, Chile. Opening one store in this large city willintroduce the restaurant into the Chilean culture with minimal risk. The locals will havethe opportunity to show their acceptance or rejection of Panera through their patronage. Start a company-owned store (as opposed to a franchise).

Open the store with both an American and Chilean manager so the American can train theChilean in the business to ensure Paneras identity is maintained. Hire local people in Santiago as employees.

2. Evaluate the success and expansion feasibility at the end of a 12 month period. Survey locals for their feedback on the restaurant. Explore additional places in Santiago to expand to (if expansion is the result of the

evaluation).

3. After three years, investigate selling the company-owned stores to managers to transitionthe stores into franchises. Evaluate the success of the stores based on sales and community response. Research the economic feasibility of this change of ownership.

Man y audi ence s onl y r ead t he E x e cuti v e Summary , not t he r e p or t .

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Viva Panera!Expanding Panera into Chile

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Viva Panera!: Expanding Panera into Chile 1

Introduction

To stay competitive in the global market, Panera Bread has asked us to explore expanding intoChile. In order to make a wise and well-researched proposal, JOABA Consulting has researchedChilean data to see if Panera would be potentially prosperous and successful there.

Purpose and ScopePanera has experienced recent success and is growing rapidly within the United States. To staycompetitive in the global market, they must look to expand into other countries. The purpose of this research is to propose a plan stating if and to what extent Panera should expand into Chile.

This report will cover several topics about Chile including: location, customs and behaviors,politics, economics and laws, and market possibilities and competition. Throughout this report,we do not discuss topics dealing with the internal intricacies of Panera Bread Company. We alsodo not include any on-site research from local Chilean people.

AssumptionsOur recommendation is based on the assumption that Paneras expansion process will be similarto that of other American competitors who have successfully opened stores in Chile. We are alsoassuming that Chiles political outlook will remain stable and its economic situation will remain

healthy.

MethodsThe information from this report came from newspapers, library books, and online sources. Wehave found the U.S. Commercial Services, the Central Intelligence Agencys World Factbook,and Kwintessential Language and Cultural Specialists websites to be extremely useful resourcesto explore this expansion possibility.

LimitationsThis research was limited to materials available via the Internet and from our universitys library.In addition, only one of the five JOABA group members is a business major, and the other groupmembers are somewhat unfamiliar with this type of business analysis. Time constraints havelimited the possibility of an exhaustive search for information regarding the expansion of PaneraBread into Chile. Moreover, our group would have greatly benefited by actually traveling toChile for on-location research.

CriteriaJOABA Consulting established criteria, which we used during our investigation of Chile. Thesecriteria included the location, customs, politics, economic climate and legal issues, market

A runni ng head er is opti onal

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List any re lev ant top ic s you do not disc uss.Ass umptio ns cannot b e prove d. But if t he y are w rong, the rep orts re co mmend at ion

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possibilities and competition. At least four of these five criteria needed to be favorable forus to give a positive recommendation.

Location While Chile offers many possible cities for Panera to expand, we believe that Santiago would bethe most prosperous. Santiago, the capital of Chile and home to approximately 5.6 millionpeople, is one of the most modern cities of South America because of its buildings, subwaysystem, and green areas (Chile). Expanding Panera Bread into Santiago would be ideal becauseof the large market.

Moreover, Santiago ranked first on AmricaEconomas list of the Best Cities for Doing Businessin Latin America in 2005. The study looked at the costs and benefits of different locations andwas based on the recommendations of international consulting firms. Santiago was found to addthe most value to a business and to offer the best combination of quality of life, businesspotential, and professional development. The ranking also points out the citys attention totransportation infrastructure, showing that it benefits both commuters and business visitors(Business Environment). In 2006, Santiago was ranked second behind Sao Paulo, Brazil.

The continued high ranking of Santiago reinforces it as one of the best cities for doing businessin Latin America, and supports our belief that Santiago would make a great city in which Paneracould expand.

Chilean Customs and Behaviors

Panera must have a deep understanding of the approximately 16 million Chilean people if it is toeffectively adapt products to its new audience. Panera representatives, who would implement theplan, must appreciate and respect Chilean customs and behavioral norms so they do not sendnegative signals to the native Chilean people.

In order to ensure a smooth expansion effort for Panera, we have researched food preferences,eating times, family life, greetings and address, body language, and religion. The following

information presents the results of this research and can serve as a guide to understanding someof the customs and behaviors of Chilean people.

Food PreferencesChilean cuisine boasts a wide range of tastes, which vary from region to region. Seafood dishesare popular, including the use of eel, bass, scallops, clams and other shellfish. Although manyassume Chilean food to be hot, spiciness is a rarity in this country. Chano en piedra and pebre aretwo common spices used in Chilean cooking. Chano en piedra is made by grinding tomato, garlicand onions with a stone. Pebre is made from tomatoes, onions, chili, coriander, and chives. Maindishes are commonly made from beef, chicken or pork and lots of vegetables (Typical Chilean).

Tr ipl e space b efore he ad ings

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B egin most paragraphs with topic sentences.

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Sandwiches and breads are also popular in Chile. Both cold and grilled sandwiches are served forthe smaller meals during the day. The type of sandwiches eaten ranges from ham and chickendeli meat to hamburgers and hotdogs, usually topped with vegetables, especially tomatoes andavocados. Breads are also served at smaller meals. Pan amasado is a homemade bread andsopaipilla is a deep fried flat bread made using pumpkin and flour (Typical Chilean).

Many Chilean dishes correspond with Paneras menu. The popularity of vegetables suggestssalads would work well. Sandwiches are well-liked in Chile both grilled and cold, often with delimeats. Panera could easily adapt their menu for the Chilean people by blending traditional Paneraflavors with common Chilean flavors. Soups and stews are common in Chile and could also be

adapted for a menu in Chile. A Panera in Chile could also offer more seafood dishes because of its popularity and availability. Paneras traditional coffees and teas would fit in to the culture andcould be served, especially during the once meal.

Eating TimesIn Chile, most people customarily eat four meals a day. Breakfast is a small meal consisting of fresh bread with jelly or manjar (a caramel-like spread). Lunch is the largest meal of the day,having several courses, usually a cazuela soup or stew, a main dish, and a vegetable side dish,often beans. Once (pronounced own-say) is served in the afternoon between 4:00 and 7:00 PM. Itincludes bread or a sandwich served with coffee or tea. Dinner is a smaller meal than lunch and is

typically served late evening (Rawlinson).

Family LifeChilean life is family-centered, and people spend a lot of time with their extended family anddistant relatives. Large family gatherings are common, and Panera restaurants in Chile wouldhave to cater to the needs of large groups for such events. Family is also important in thebusiness world, as many businesses in Chile are run by a single family (Nicol). A Panerafranchise could potentially be owned and operated by a single family.

Greetings and AddressPeople in Chile are traditional as well as friendly. When greeting someone new, a firm handshakeand good eye contact are usually expected. If a man is greeting a friend or family member, hewould give them a hug, while a woman would kiss them on the cheek (Chile: Society). Whenengaged in conversation, Chileans speak close to one another and usually maintain eye contact.Common conversational topics are family and children (Nicol).

Addressing people by the proper name is important to build goodwill with people in business.In Chile, it is common for people to have two surnames, one from both the mother and thefather. Most of the time the fathers name is first and that is what most people will go by(Chilean Culture).

Period go es outs id e of the par enthesis.

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in t he sent ence int r oducing q uot e.

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Body LanguageBody language is also important to keep in mind when interacting with someone from Chile.Hitting your fist into the other hand is usually considered obscene. Holding ones fist to the sameheight as their head is a sign of communism. In addition, a hand palm-up with fingers spread outsignals you think something is stupid. Moreover, yawns should always be covered or stifled(Nicol). At meals, hands should always be above the table, with wrists resting on the edge of thetable. Serving wine with the left hand is sometimes seen as disrespectful. (Chile: Society).

ReligionRoman Catholicism is the predominant religion in Chile, making up 89% of the population(Chile). The religion is integrated into the society, as it is taught in most public schools and is

the reason for most public holidays. Even many of the countrys laws are influenced by Catholicbeliefs. For example, because of the Churchs inherent disbelief in divorce, it was illegal until2004 (Chile: Society). The religion of Chile would affect Paneras business, particularly duringthe Lenten season, because Catholics change their diet by refraining from eating meat on Fridays.The Catholic religion also affects holidays for the customers, as well as the employees.

Chilean Politics

To comprehend the importance of the current political stability, Panera must understand somerecent Chilean political history. Specifically, it should know about presidential power and trade

agreements.

Presidential PowerIn 1973, Augusto Pinochet led a military coup and declared himself president. His regime hurtthe country and its economy, closing down the Chilean Parliament and banning all political andtrade union activity. Pinochet was overthrown in 1990 and democracy was finally restored toChile. (Franklin).

Chile is currently a republic with seven primary political parties, which are grouped into twomain groups (Why Chile?). The Concertacin coalition has been in power since the end of Pinochets rule. In January 2006, the first female president in Chile's history, Michelle Bachelet,was elected. Bachelet is the fourth consecutive head of state from the center-left Concertacincoalition (Business Environment).

Trade AgreementsIn addition to the positive political environment, the country is also taking positive steps toimprove its stability through relations with other countries. The U.S. Chile Free Trade Agreement(FTA) has expanded U.S-Chilean trade ties and relations between the U.S. and Chile, and theyare the best they have ever been (SantiagoChile). The two governments regularly discuss issues

Use f i r s t w or ds of t he t it l e in q uot at ion mar k s f or sour ce s w i t h no aut hor .

He adings mus t cov e r e v e r y t hi ng unde r t hat he ading unt il ne x t one .

C ap i t al i z e all mai n w or ds of he adings and sub he adings .

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of mutual concern including multilateral diplomacy, security, culture, and science. The strongrelationship between the governments shows the political stability of Chile. The U.S. Embassy inSantiago will also be available to assist Panera through its involvement in strengthening the

relationship between the two countries (SantiagoChile).

Chilean Economics and Legal Concerns

We believe that Panera should know characteristics of the Chilean economy and other legalconcerns before expanding. Ideally, Panera wants a stable economy before expanding therebecause economic instability might affect Paneras success. The local currency and its stabilityshould be taken into account when considering how to price our products. The GDP per capita isalso important because it is an indicator of the average income of an average citizen. Our analysisof Chiles economy shows us that it is well suited for the expansion of Panera Bread into its

market because of its stable and growing economy and its willingness to allow foreign investmentand free trade.

Economic GrowthBy the end of 1999, exports and economic activity had begun to recover from the low growthlevels seen for much of the 90s. By 2000, economic growth increased to 4.5%. However, growthonce again dropped in 2001 to 3.4% and to 2.2% in 2002 as seen in Figure 1. The drop occurredlargely because of low global growth, and the devaluation of the Argentine peso (BusinessEnvironment).

Economic Growth in Chile 20002005

However, in 2003, Chiles economy began a recovery resulting in growth of 3.7% and increases

to 6.2% and 6.3% in 2004 and 2005, respectively, while Chile maintained a low rate of inflation

Re f e r t o F igur e i n t e x t b e for e y ou show i t . T e l l w hat p oi nt i t mak e s .

P r ov ide a he ading f or

f i gur e s and t ab l e s .

Figure 1 . Recent economic growth rates in Chile (Business Environment).

Label bot haxes. SeeC hapt er 6 f or mor e inf or -mat ion oncr eat ing

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Num ber F igures

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7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

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Year

G R

O W T H ( % )

2003 2004 2005

4.5%

3.4%

2.2%

3.7%

6.2% 6.3%

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(Business Environment). Over the last few years, GDP growth can be attributed to record highcopper prices, solid export earnings, and increased foreign investment. The growth in GDP has

reduced inflation but unemployment remains high at 8.0% (Chile), which indicates a largelabor pool.

Currency and GDPThe currency of Chile is the Chilean Peso (CPL), and the current exchange rate between the U.S.dollar and the Chilean Peso is $1 to 514.90 CPL. In recent years, the Chilean Peso has strengthenedsignificantly against the U.S. dollar and has remained stable. This can be attributed to thegrowing GDP of the country and increased trade with other countries (Chile). The stablecurrency will make Paneras expansion more favorable.

In 2005, the GDP was $180.6 billion, with a GDP per capita of approximately $11,300. In 2005,Chile had a current account balance of $309 million and external debt of $44.8 billion. As of 2002, Chile has not received economic aid from the IMF, the World Bank, or another country(Chile). Chile serves as an economic model for the rest of Latin America with its continuedeconomic growth and is expected to continue growing into 2009 (Business Environment).

ImportsThe countrys largest import partners are Argentina, United States, Brazil, and China. Chile isrelatively open to trade and investment and has a Free Trade Agreement with the United States.When the U.S.-Chile Free Trade Agreement came into effect in January 1, 2004, 90% of tariffson U.S. exports were eliminated. By 2015, all trade between the two countries will be duty free.

Typically, Chile has few barriers to imports. However, in the case of agriculture, some exceptionsapply. If Panera is going to import processed food products, it will have to obtain permissionfrom the Health Service Officer at the port of entry, who will take samples and perform necessarytests. Upon importation of products, there is some necessary documentation that will have toaccompany the products. This documentation includes commercial invoices, certificates of origin, bills of lading, freight insurance and packing lists. Franchises are subject to regular tradelaws. The withholding tax on royalties is 35% and all imports are subject to 19% value-added tax(Made).

In addition, Chile has certain labeling requirements for imported products. The product mustdisplay the country of origin before being sold. Packaged goods must be marked with the quality,purity, ingredients, and the net weight or measure. The labeling must also be in Spanish andmeasurements should use the metric system. Foreign firms in Chile are allowed the same protectionand operate under the same conditions as local firms. Trademarks, patents, industrial designs,models, and copyrights are protected in Chile under the Paris Convention because Chile belongsto the World Intellectual Property Organization. Trademark stockpiling is rather common inChile, so U.S. companies are encouraged to register their trademark as soon as possible (Made).

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This legal analysis provides Panera with a synopsis of the opportunities and restrictions available

to the company when considering doing business in Chile. These legal restrictions will need to befollowed if opening a facility in Chile so that any legal risk between the business and consumersor the government can be avoided.

FranchisingChile has no franchising laws that might restrict the advancement of Panera. (Chile). Thecurrent franchise fee of a Panera store is $35,000 plus royalties of 45% of annual sales (PaneraBread). Because of this high startup cost, the Panera facility that would open in Chile would becompany owned. After an evaluation of the success of the initial restaurant, the facility couldchange from being company owned to becoming a franchise with opportunities to expand in

numbers of franchises.

Market Possibilities and Competitors

Panera also needs to be aware of the Chilean market possibilities and current competitors, nowthere are about 50 franchise businesses operating in Chile with over 914 locations. As seen belowin Figure 2, U.S.-run franchise operations account for 55% of the total Chilean markets mostlybecause of technology, convenience, and marketing strategies borrowed from the U.S.

American restaurant franchises currently present are Dominos Pizza, Kentucky Friend Chicken,Pizza Hut, Burger King, Dunkin Donuts, Bennigans, Chuck E. Cheese, TGI Fridays, Taco Bell,McDonalds, Au Bon Pain, and Ruby Tuesday. The local franchise competitors are Schop Dog,

Figure 2. The current franchising ownershipin Santiago, Chile (Franchising).

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Franchising Ownership

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Lomiton, and Doggis, all fast food restaurants, and Tavelli. These local competitors are in directcompetition with American based franchises, especially in Santiago (Can One Get a Decent).This competition most likely will be positive for Panera because of the market awareness createdby the competitors.

However, it should be noted that full service restaurants are listed among the best commercialopportunities because in general, they can compete with the inadequate amount of restaurantspresent (Franchising). Some caf and bakery style restaurants such as Au Bon Pain, a NorthAmerican chain marketed as a bakery/cafeteria serving a variety of sandwiches, salads, andbreads, have done extremely well in Santiago. The marketability of Au Bon Pain restaurants andthe chains success in Chile is a key indicator that Panera could do the same (Can One Get aDecent).

Moreover, other foreign restaurants have done equally well. For example, Doggendorf is afamily-run German bakery in Santiago. The franchise began as a doughnut shop, and has nowexpanded into a larger commercial operation of four family-owned and run bakeries. The factthat Chileans have accepted this foreign bakery is a good indicator that Panera would also bewell-accepted (Your Complete Guide).

Conclusions and Recommendations

Chiles unique culture and customs, progressive politics, and efficient business managementalong with its growing economy leads JOABA Consulting to suggest their market is ready for anew franchise. Therefore, we conclude that Panera should expand into Chile. We recommend thefollowing process to ensure a successful expansion:

1. Expand into one location in Santiago, Chile. Opening one store in this large city willintroduce the restaurant into the Chilean culture with minimal risk. The locals will havethe opportunity to show their acceptance or rejection of Panera through their patronage. Start a company-owned store (as opposed to a franchise).

Open the store with both an American and Chilean manager so the American can train theChilean in the business to ensure Paneras identity is maintained.

Hire local people in Santiago as employees.

2. Evaluate the success and expansion feasibility at the end of a 12-month period. Survey locals in the area for their feedback on the restaurant. Explore additional places in Santiago to expand to (if expansion is the result of the

evaluation).

3. After three years, investigate selling the company-owned stores to managers to transitionthe stores into franchises. Evaluate the success of the stores based on sales and community response. Research the economic feasibility of this change of ownership.

C oncl us i ons r e p e at p oint s made in th e re p or t .Re commendat ions ar e act i onst he re ade r s

should t ak e .

Numbering poin ts

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f i r s t , p r ov ide e nough i nf or mat i on so t hat t he r e ason iscl e ar al l b y it se l f. T he i de as i n t hi s se ct i on must b e l ogical

e x t e nsions of t he p oi nt s made and sup p or t e d i n t he b od y

of t he r e p or t .

Some comp anie s ask f or C oncl us ions andRe comme ndat ions at t he b e gi nning of t he r e p or t .

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References

Business Environment. Chile Foreign Investment Committee . 2006. 30 March 2007..

Can One Get Decent Coffee in Santiago? Tourism Promotion Corporation of Chile . 2006. 2 April 2006..

Chile. Central Intelligence Agency: The World Factbook . 10 Jan. 2006. 29 March 2007.

Chile: Culture and Customs. San Marcos Church . 30 July 2002. 30 March 2007.

.

Chile: Society, Language and Culture Guide. Kwintessential Language and Cultural Specialists .2006. 30 Mar. 2007. .

Franchising. U.S. Commercial Service . 2006. U.S.A. Department of Commerce. 2 April 2007..

Franklin, Jonathan. Chile Identified 35,000 Victims of Pinochet. Guardian Unlimited .15 November 2004. 16 June 2007..

Made in USA, Sold in Chile. Buyusa.Gov . 2006. U.S. Commercial Service. 29 March 2007..

Nicol, Joni. Chile. International Business Center . 2003. International-Business-Center.Com. 30 March 2007. .

Panera Bread. 2007. 29 Mar. 2007 .

Rawlinson, Joe. Chilean Food. Pepes Chile . 1995-2006. Joes Kitchen. 30 March 2007..

SantiagoChile. Embassy of the USA. 2007. U.S. Department of State. 29 March 2007..

Typical Chilean Food and Drink. Woodward Chile . 28 November 2005. Woodward: ADifferent Kind of Thinking. 30 March 2007. .

Your Complete Guide to Santiago. Area Guides.Net . 2006. 2 April 2007.

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au thors had to

ad jus t the lis t

as the ycomple te

d the

research.

Start with title of article or W eb site w hen no author is giv en.

List all the pri nted and online sources cite d in y our repor t. Do not list sourc es you used for background but did not cit e.

reports l1 - sample formal report

Documents