Practice 3 – content on lesson 2

First HRC opened on June 14, 1971 in London

1982 began with the global expansion

1990 The Rank group acquired Mecca and other HRC from US or Canada

March 2007, the Seminole Tribe of Florida acquired Hard Rock International, Inc. and other related entities from The Rank Group, Plc.

130 venues Over 40 countries 70 000 pieces of memorabilia collection Showing history of Rock ´n´ Roll

StrengthsWeaknessesOpportunitiesThreats

Important for analyzing external and internal factors for faster achieving the objectives

Internal factors – strengths and weaknesses

External factors – opportunities and threats

One of the most recognized brands in the world

Different types of menu between countries (specialised on their social norms)

Lack of customers - mostly specialized on tourists

Usually located in tourist locations or resorts and not in big cities

Good positions on the global market

Franchises can be more developed into other locations

global strategy means special consideration on threats

Political situation changing in the countries

Currency changes

Social norms

Competition of new entrants on the market

What is the difference?

Mission – where is the company going and what are its objectives

Strategy – how is it going to achieve the goals

Incorporate a unique “experience” into its operations

Provide not only a custom meal from the menu for the customers

Provide events that include a unique visual and sound experience

Differentiation

Competing on cost

Quick response

Position a firm occupies against its competitors

According to Michael Porter there are 3 methods for creating it:

‘At Hard Rock, the different game is the experience game.’ - Professor C. Markides

At Hard Rock, the different game is the experience game.