The company was inspired mainly by the international brand McDonalds. Preempting the entry of McDonalds in the Philippines, our organization reinvented and differentiated itself by concentrating on Filipino way of doing the business. What pushed our organization during its earlier period are its internal strengths. Stores were structured to suit the ambiance fitted to customers, services were transformed into a full service fast food operations and equipments were updated to enhance effectivity and efficiency.
Jollibee was able to enter the ranks lists of top 500 Philippine corporations in 1984 by reaching the P500 million sales mark. Barely 10 years in the business, our organization joined the ranks of the top 100 Philippine corporations. It made a record when it became the first Philippine fast food chain to break the P1 billion sales mark in 1989. In addition, it became the first Philippine food service company to be listed in the Philippine Stock Exchange in 1993. This was the strategy that helped our organization broaden its capitalization and lay the groundwork for sustained expansion of business operations both domestically and internationally (www.jollibee.com.ph).
Pursuant to its long-term goal to dominate the local food service industry, our organization has expanded its market coverage. It acquired Greenwich Pizza in 1994, which by then has established a strong presence in the food service industry, to penetrate the pasta segment. The franchise of Delifrance was acquired in the succeeding year and paved the way for further penetration in the food segment particularly French caf-bakery which is a growing segment in the Philippine food market. With the strategic acquisition of Chowking, our organization has solidified its position as the dominant leader and made it a leader in the Oriental quick service restaurant segment.
As a result of its success domestically, the extent of its business operations have grown exponentially. It now even owns a Chinese fast food chain operating in mainland China and a popular teahouse chain doing business in Taiwan. Jollibee is now an international brand with phenomenal expansion of business operations. From an ice cream parlor a few years back, it was able to put up over 570 stores in the Philippines and 27 international stores in countries like the United States and Hong Kong.
The company had been earning laurels from the corporate world for many years now. In 2001, The Far Eastern Economic Review named it the top corporation in the Philippines and the sixth leading corporation in Asia. Jollibee had also won recognition for its contribution to the economy of the Philippines and the success of its strategies by the Asian Business Review, leading management consultants Hewitt Associates, and many Filipino corporate bodies. Jollibee had the distinction of being one of the very few companies that had been able to give multinational fast-food giants such as McDonald's and Burger King a run for their money. While Jollibee had a market share of over 60%, its closest rival, McDonald's had less than half of that.
CATALYSTS FOR CHANGE
Competition is a great factor for the survival in any kind of business endeavor (Robbins and Coulter, 2002). To be able to stay on top and gain advantage over myriad companies within the same industry, the organization