Reference no: EM131424465

Assignment

Question 1

Papa John's is a national pizza chain. Its pizzas are prepared in a shop and then delivered to the customer.

1. What types of standards would a Papa John's pizzeria employ in cost control?

2. Where would you obtain the information needed for setting standards and variance calculations?

3. How would the standards help in managing a pizza shop?

4. Do you feel the information gained in variance analysis is timely when determining efficiencies?

Respond to this... Standards in management accounting are benchmarks or norms that an organization uses to establish expectations, control costs and measure performance. Standards are often set for the quantity and cost of inputs, such as material requirements and labor requirements, as well as for overhead.

Papa John's strategy goal is to build the strongest brand loyalty in the pizza industry. Efficient operating system, they believe that their operating and distribution systems, restaurant layout and designated delivery areas result in lower restaurant operating costs and improved food quality, and promote superior customer service. In addition, their QC Center system takes advantage of volume purchasing of food and supplies, and provides consistency and efficiencies of scale in fresh dough production. This eliminates the need for each restaurant to order food from multiple vendors and commit substantial labor and other resources to dough preparation. Unit sales and investment costs, they are committed to maintaining strong unit economics. A typical Papa John's Company-owned domestic restaurant employs a restaurant manager and approximately 20 to 25 hourly team members, many of whom work part-time. The manager is responsible for the day-to-day operation of the restaurant and maintaining Company-established operating standards. Their growth strategy depends on the Company's and our franchisees' ability to open new restaurants and to operate them on a profitable basis. Planned growth targets and the ability to operate new and existing restaurants profitably are affected by economic, regulatory and competitive conditions and consumer buying habits. Their business is susceptible to adverse changes in local, national and global economic conditions, which could make it difficult for us to meet our growth targets.

https://ir.papajohns.com/secfiling.cfm?filingid=1157523-13-1150&cik=#A50573114_HTM_BUSINESS

Question 2

Throughout this course, you have been exposed to international accounting standards for various organizations and countries. Do you feel that this is an area that you would like to practice? Why or why not? How does international accounting/business impact your everyday life?

Respond to this...International accounting is not an area I wish to pursue. However, it is important that I learn more about it for a couple reasons. The first is to market myself in the workplace especially with companies doing business in other countries. The second is to be knowledgeable on different standards. Most countries are converging or adopting IFRS, but not all have. International accounting/business may impacts daily life in such ways as making investment decisions or deciding on applying for an accounting position.

Question 3

Entrepreneurship generally means that a certain level of innovation is involved. This doesn't mean simply creating new products or services, but it can also be developing new ways of doing existing activities. Innovation is the process of creating, changing, experimenting, transforming, and revolutionizing. It is one of the key distinguishing characteristics of entrepreneurial ventures.

IBM has a series of commercials where they are promoting its steps toward new innovation. They have adopted the slogan of "stop talking, start doing" throughout these ads. IBM has acknowledged in these ads that the process of coming up with new ideas and rethinking the way they process and structure things, all revolves around innovation.

For this discussion, conduct research and identify a product or service that has taken on the idea of the importance of innovation through entrepreneurial ventures. Explain the product or service and their approach of utilizing innovation in their business strategy.

In your response post, explain if the ideas of these products or services are most likely to thrive or go untapped. Explain the reasoning behind your response.

Respond to this... Innovation is when an idea or invention is transformed into a good or service that will create value for consumers, and which consumers will pay money for. Innovations often satisfy some consumer need or want. An entrepreneurial venture can be defined as a "risky" undertaking with an entrepreneur in control; the success of a venture of this nature is uncertain. Innovation and entrepreneurial venture intersect because the venture begins with an innovative idea, or invention, with the assumption that it will be successful by creating value and necessity (or want) for customers.

An entrepreneurial business that I'd like to discuss is JD's Salsa in Seconds (https://www.jdsalsa.com/). I find this to be a risky venture because the success of the business is uncertain. The products are not sold in stores, and there is no strong brand name. This business is not yet well known and was started by a woman after she lost her husband due to health issues. She created her first product, "Salsa in Seconds," with health in mind. Her products (Bloody Mary mix, table shake, salsa in seconds, meat rub) are all natural with zero preservatives, no MSG, no sugar, zero calories, gluten free, and so on. It's just wholesome ingredients. What sets the product apart from others is that it's a healthier alternative to what some may find in the store, although I've personally never heard of a similar product. It can be used to make salsa, dips, added to dishes, etc. I feel that it's innovative because it was an idea that she had, she turned it into a good, and now makes money off of it due to customer wants. She markets at various events, such as state fairs and crafts shows, year round to grow her business.

References

Entrepreneurial venture.(n.d.). Retrieved from https://www.findmehere.com/search/dictionary/e/entrepreneurial_venture.htm

What is innovation? (n.d.). Retrieved from https://www.businessdictionary.com/definition/innovation.html