Business Reinvention by Chipotle, IBM, Apple, and Nokia (Research Paper Sample)
This task was to Conduct research on organizations that have re-invented themselves. Using our textbook and your own research write at least two pages of analysis and discussion on key findings/elements of companies that have been successful in ‘reinventing’ themselves to remain competitive in a changing global market environment. Next, based on your findings, prepare a minimum one-page recommendation for the board of directors of your selected company to address the challenge of reinventing itself.
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Business Reinventing
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Business Reinventing
A successful business is similar to a white shark. It eats up the competitors during its prime but dies if it relaxes a lot. The world’s most successful and long-lasting businesses have built a long history of achievement by continuously reinventing.
Chipotle Mexican Grill
Chipotle Mexican Grill's transformation is one of the most recent business reinventions during the covid -19 pandemic. Chipotle is well known for its counter-service strategy, in which clients walk in and order specially made tacos, tubs, burritos, and other products (Chipotle, 2019). Nevertheless, in 2020, the business changed plans to invest heavily in "Chipotlanes," or elevated drive-thru pickup carriageways (Lalley, 2020). These drive-thru carriageways are mainly for portable pickup orders, allowing more clients to be served in a shorter period and taking care of consumers who are worried about COVID-19 since they do not have to enter the store. In July 2020, Chipotle opened its 100th Chipotlane, and it had plans to recruit up to ten thousand new employees to support the new strategy in all its branches (Lalley, 2020). The company continues to increase its focus on its high-margin products. In April 2020, Chipotle announced that it completed paying its debts and $900 million in profits, putting it in a position to buy real estate from recently closing down restaurants and retail outlets.
IBM
IBM has been one of the leading manufacturing companies of computers, computer gear, and mainframes throughout its historical past. However, in the early nineties, the business had to pivot due to the fiercely competitive environment in its hardware division. The corporation suffered an astounding eight billion dollars quarterly loss in 1993 (Zhu, 2019). Top management made the daring move to stop the production of hardware products like computer chips, hard disk drives, and printers to reinvent the corporation. Instead, IBM concentrated on software, Information systems advisory services, and computer science research
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