Buffalo Wild Wings, Inc. – 2013
Forest R. David
A.
Case Abstract
Buffalo Wind Wings (BWW) operates 381 company owned restaurants and 510 franchised restaurants
in the USA and Canada. All but four restaurants are located in the USA. The company prides itself on
their trade market chicken wings with 20 propriety sauce flavors ranging from mild to blazing hot. In
addition, BWW has an extensive beer selection with up to 30 different beers available, all served by
young attractive female waitresses wearing sports jerseys and similar attire. The average store has up
to 50 TVs including several large screen TVs, and the sporting aspect is so popular that during large
events such as the NCAA basketball tournament, or big college or NFL football weekends, many local
stores cannot keep up with the demand. One area of concern for the company moving forward is the
rising price of chicken and increasing competitiveness among rivals.
Headquartered in Minneapolis, Minnesota, BWW is doing great with total revenues exceeding $1
billion for the first time in 2012. BWW’s stock has increased from $15 per share at the bottom of the
stock market in 2009 to nearly $100 per share as of March 2013.
B.
Vision Statement (proposed)
At Buffalo Wild Wings, our vision is to become the first choice when customers think about chicken
wings and sporting events.
C.
Mission Statement (proposed)
At Buffalo Wild Wings, we are on a mission to provide the best chicken wings and sports bar
atmosphere (2) anywhere in the United States, Canada, or any other markets (3) we may enter in the
future. We accomplish this mission by offering our chicken wings in 20 different trademark sauces
ranging from mild to blazing hot, and having over 30 different beers from which to choose (7). From
sports enthusiasts, to college students, to working professionals (1) we strive to offer fair prices and top
quality food (5), and the latest in high definition TV technology (4) for each customer every time they
dine at a Buffalo Wild Wings. We strive to hire only the best employees and take pride in having a
diverse upper management team (9); we are a safe and friendly place for women and minorities to
work, with proven opportunity for advancement up the corporate ladder (8).
1.
2.
3.
4.
5.
6.
7.
8.
Customers
Products or services
Markets
Technology
Concern for survival, growth, and profitability
Philosophy
Self-concept
Concern for public image
9.
D.
Concern for employees
External Audit
Opportunities
1.
2.
3.
4.
5.
6.
7.
8.
Recent statistics reveal teens are eating out 40% more than they were five years ago.
Sales for organic and healthier foods have increased 22% from 2011 to 2012.
Approximately 75 million people view NASCAR races each weekend.
Restaurants are expected to see around a 4% annual return for the next few years.
College sports fans eat fast food up to 5 times more per week than non sports fans.
Women make up 45% and 32% of the NFL and NBA viewers.
Main competitor Hooters’ revenue dropped 3.4% in 2012.
Many American themed restaurants such as Applebee’s, Dominos, and KFC are doing extremely
well in international markets.
9. Approximately 43% of stores are located in the Midwest leaving sizable room for further US
expansion.
10. Wing prices were trending down as reported in Buffalo Wild Wings 2013 First Quarterly Report.
Threats
1.
2.
3.
4.
5.
6.
7.
8.
Chicken wing prices increased 63% to $1.97/pound from year end 2011 to year end 2012.
Hooters, TGI Friday’s, Applebee’s, and various dine in wing restaurants all present strong
competition.
Take out wing operations offer wings at a much lower price.
Growing health minded consumer around the world.
Baseball viewers are at an all-time low.
Strikes in professional sports would have a material impact on revenues.
Cheaper beer prices at gas stations and grocery stores may impact customer traffic.
Growing access to HD large screen TVs at home may impact customer traffic.
Competitive Profile Matrix
Buffalo Wild
DineEquity
Wings
Critical Success Factors
Number of TVs
Attractiveness of Waitresses
Food Variety
Chicken Wing Variety
International Expansion
Cost of Food for Restaurant
Price of Food for Customer
Customer Loyalty
Number of Store Locations
Product Quality
Total Revenue
Beer Choices
Totals
Brinker
International
Weight Rating Score Rating Score Rating
0.10
0.05
0.05
0.05
0.09
0.10
0.10
0.10
0.12
0.07
0.12
0.05
1.00
4
4
1
4
1
1
2
4
1
3
2
4
0.40
0.20
0.05
0.20
0.09
0.10
0.20
0.40
0.12
0.21
0.24
0.20
2.41
1
1
3
1
3
2
4
2
4
1
1
1
0.10
0.05
0.15
0.05
0.27
0.20
0.40
0.20
0.48
0.07
0.12
0.05
2.14
2
2
2
2
4
3
3
3
2
2
4
2
Score
0.20
0.10
0.10
0.10
0.36
0.30
0.30
0.30
0.24
0.14
0.48
0.10
2.72
Hooters and mom and pop chicken wing establishments are likely closer competitors than
DineEquity (owns Applebees) and Brinker International (owns Chillis). The total score of 2.41 for
BWW is lowered by number of store locations and international presence. BWW is the top
chicken wing/sports bar establishment in the USA.
EFE Matrix
Weight Rating Weighted Score
Opportunities
1. Recent statistics reveal teens are eating out 40% more than they
0.05
3
0.15
were five years ago.
2. Sales for organic and healthier foods have increased 22% from
0.03
1
0.03
2011 to 2012.
3. Approximately 75 million people view NASCAR races each
0.03
2
0.06
weekend.
4. Restaurants are expected to see around a 4% annual return for
the next few years.
5. College sports fans eat fast food up to 5 times more per week
than non sports fans.
6. Women make up 45% and 32% of the NFL and NBA viewers.
7. Main competitor Hooters revenue dropped 3.4% in 2012.
8. Many American themed restaurants such as Applebee’s,
Dominos, and KFC are doing extremely well in international
markets.
9. Approximately 43% of stores are located in the Midwest leaving
sizable room for further US expansion.
10. Wing prices were trending down as reported in Buffalo Wild
Wings 2013 First Quarterly Report.
Threats
1. Chicken wing prices increased 63% to $1.97/pound from year
end 2011 to year end 2012.
2. Hooters, TGI Friday’s, Applebee’s, and various dine in wing
restaurants all present strong competition.
3. Take out wing operations offer wings at a much lower price.
4. Growing health minded consumer around the world.
5. Baseball viewers are at an all-time low.
6. Strikes in professional sports would have a material impact on
revenues.
7. Cheaper beer prices at gas stations and grocery stores may
impact customer traffic.
8. Growing access to HD large screen TVs at home may impact
customer traffic.
0
9. TOTALS
0.04
4
0.16
0.05
4
0.20
0.05
0.04
0.10
2
3
1
0.10
0.12
0.10
0.10
3
0.30
0.04
3
0.12
Weight Rating Weighted Score
0.14
1
0.14
0.06
3
0.18
0.10
0.04
0.02
2
2
2
0.20
0.08
0.04
0.04
2
0.08
0.02
2
0.04
0.05
0.00
1.00
4
0
0.20
0.00
2.30
BWW is addressing external issues below average with a score of 2.30. The main contributors to
this rating include: 1) no international presence and 2) difficulty in passing on chicken wing price
increases onto the customer.
E.
Internal Audit
Strengths
1.
2.
The largest chicken wing based sports bar in the USA.
Each restaurant contains ten projection TV screens, and up to fifty smaller TVs for people to watch
sporting events.
3. The typical store offers 20 to 30 different beers on draft and tap and 20 different wing sauces.
4. Total stores have increased from 732 year end 2010 to 891 as of year end 2012.
5. Five of the top 9 executives are female.
6. BWW carries no long-term debt on the balance sheet.
7. Well organized company with revenue break downs based on product and by company owned or
franchised own.
8. Revenues for company owned stores and franchised owned stores increased 74% and 32% respectively
from 2010 to 2012. Total revenues exceeded $1 for the first time ever as of year end 2012.
9. Have a detailed menu of cheaper of non chicken items to provide variety and as a means of hedging
against higher chicken prices by having customers order more profitable bottom line menu options.
10. The company capitalizes well on sporting events (many patrons watch the entire game and continue to
order drinks) and employs attractive waitresses as part of the ambiance of each store.
Weaknesses
1.
2.
3.
4.
5.
6.
7.
8.
BWW does not have futures contracts to protect against unexpected rising chicken wing prices.
BWW emphatically states they do not attempt to compete with take out wing businesses, even though
13% of 2011 sales came from take out orders.
The company could do a better job of marketing to attract female customers.
BWW is unable to meet customer demand during major sporting events.
One traditional wing contains around 100 calories and 7 grams of fat.
Few options for the health minded customer who also enjoys watching sports.
The company only has four stores in Canada and also lacks a strong presence in the Northeastern and
Western USA.
No presence outside the USA and Canada.
Financial Ratio Analysis
Profit Margin Percent
Gross Margin
Pre-Tax Margin
Net Profit Margin
BWW
42.28
7.17
5.07
Industry
NA
NA
NA
S&P 500
37.91
16.84
12.42
Liquidity Ratios
Debt/Equity Ratio
Current Ratio
Quick Ratio
0.07
0.8
0.8
NA
NA
NA
0.96
1.2
0.8
Profitability Ratios
Return On Equity
Return On Assets
Return On Capital
15.07
10.3
12.8
NA
NA
NA
22.34
7.7
10.2
Efficiency Ratios
Income/Employee
Revenue/Employee
Receivable Turnover
19,789
390,633
59.8
NA
NA
NA
128,414
1.05 Mil
14.1
Inventory Turnover
Asset Turnover
84.5
2
NA
NA
13.3
0.8
BWW is virtually a debt free company, doing well financially.
Net Worth Analysis (in millions)
Buffalo Wild Wings Company Worth Analysis
Stockholders' Equity
Net Income x 5
(Share Price/EPS) x Net Income
Number of Shares Outstanding x Share Price
$400
$285
$1,776
$1,731
Method Average
$1,048
Brinker International Company Worth Analysis
Stockholders' Equity
Net Income x 5
(Share Price/EPS) x Net Income
Number of Shares Outstanding x Share Price
$245
$755
$2,835
$2,888
Method Average
$1,681
Methods 3 and 4 are the most accurate for determining company worth. Rising chicken wing prices has
hindered net income growth.
IFE Matrix
Weight Rating Weighted Score
Strengths
1. The largest chicken wing based sports bar in the USA.
0.09
4
0.36
2. Each restaurant contains ten projection TV screens, and up to
0.05
4
0.20
fifty smaller TVs for people to watch sporting events.
3. The typical store offers 20 to 30 different beers on draft and tap
0.04
4
0.16
and 20 different wing sauces.
4. Total stores have increased from 732 year end 2010 to 891 as of
0.05
4
0.20
year end 2012.
5. Five of the top 9 executives are female.
0.02
4
0.08
6. Buffalo Wild Wings carries no long term debt on the balance
0.06
4
0.24
sheet.
7. Well organized company with revenue break downs based on
0.05
4
0.20
product and by company owned or franchised own.
8. Revenues for company owned stores and franchised owned
stores increased 74% and 32% respectively from 2010 to 2012.
0.14
4
0.56
Total revenues exceeded $1 for the first time ever as of year end
2012.
9. Have a detailed menu of cheaper of non chicken items to provide
variety and as a means of hedging against higher chicken prices
0.07
3
0.21
by having customers order more profitable bottom line menu
options.
10. The company capitalizes well on sporting events (many patrons
watch the entire game and continue to order drinks) and
0.05
4
0.20
employing attractive waitresses as part of the ambiance of each
store.
Weight Rating Weighted Score
Weaknesses
1. Buffalo Wild Wings does not have futures contracts to protect
0.07
1
0.07
against unexpected rising chicken wing prices.
2. Buffalo Wild Wings, emphatically states they do not attempt to
compete with take out wing businesses, even though 13% of
0.05
2
0.10
2011 sales came from take out orders.
3. The company could do a better job of marketing to attract female
0.04
1
0.04
customers.
4. Unable to meet customer demand during major sporting events.
0.02
1
0.02
5. One traditional wing contains around 100 calories and 7 grams of
0.02
1
0.02
fat.
6. Few options for the health minded customer who also enjoys
0.02
1
0.02
watching sports.
7. The company only has four stores in Canada and also lacks a
0.08
2
0.16
strong presence in the Northeastern and Western USA.
8. No presence outside the USA and Canada.
0.08
1
0.08
0.00
0
0.00
0
9. TOTALS
1.00
2.92
BWW is addressing internal issues with an above average score of 2.92. The company is especially doing well
maximizing its strengths but should consider entering into futures contracts to hedge against rising chicken wing
prices.
F.
SWOT
SO Strategies
1.
2.
Add an additional 50 stores (25 franchisee and 25 company owned) in the South to capitalize on the
region’s high numbers of college football fans. Total cost $30 million. (S4, S6, S8, S10, O4, O5).
Add 5 new company owned Buffalo Wild Wing stores in the United Kingdom all with a soccer theme
for a cost of $7 million (S2, S4, S6, S8, O8).
WO Strategies
1.
2.
3.
4.
Add 20 new stores in Canada with half being company owned for a cost of $12 million (W7, O1, O4,
O8).
Add 5 new company owned BWW stores in the United Kingdom all with a soccer theme for a cost of
$7 million (W8, O8).
Spend $5 million to develop a line of grilled chicken wings and chicken fingers (W5, W6, O2).
Spend $10 million to market BWW to potential female customers (W3, O6).
ST Strategies
1.
2.
Spend $5 million to research and expand the menu offerings to include salads, veggie plates, and other
high margin items that are also healthy options (S9, T1, T4).
Increase advertising by $10 million to promote the diversity of beers offered (S3, T7).
WT Strategies
1.
2.
Enter into a futures contract to hedge against rising chicken wing prices (W1, T1).
Spend $3 million marketing a program where orders of 100 wings receive a marginal discount for
takeout customers only (W2, T3).
G.
SPACE Matrix
FP
Conservative
Aggressive
7
6
5
4
3
2
X = 0.4
Y = 0.2
1
CP
-7
-6
-5
-4
-3
-2
-1
1
2
3
4
5
6
7
IP
-1
-2
-3
-4
-5
-6
-7
Defensive
Internal Analysis:
Competitive Position (CP)
Market Share
Product Quality
Customer Loyalty
Ambiance of Restaurant
Control over Suppliers and Distributors
Competitive Position (CP) Average
Internal Analysis:
Financial Position (FP)
Net Income
Revenue
Long Term Debt
Goodwill
Net Worth
Financial Position (FP) Average
SP
Competitive
-2
-2
-2
-2
-6
External Analysis:
Industry Position (IP)
Growth Potential
Rising Commodity Prices
Health Concerns
Government Food Regulations
Profit Potential
6
2
2
2
4
-2.8
Industry Position (IP) Average
3.2
External Analysis:
Stability Position (SP)
Barriers to Entry into Market
Rate of Inflation
Competitive Pressures
Price Range of Competing Products
Risk Involved in Business
-6
-2
-7
-6
-5
4
5
7
6
5
5.4
Stability Position (SP) Average
-5.2
BWW is positioned in the aggressive quadrant, but close to the origin of the SPACE Matrix, so care should
be taken when formulating strategies. Accepting futures contracts for the price of chicken wings would
remove much of the financial uncertainty for the company. Maintaining a policy of low to no long-term
debt could be limiting growth of BWW.
H.
Grand Strategy Matrix
Rapid Market Growth
Quadrant II
Quadrant I
Weak
Competitive
Position
Strong
Competitive
Position
Quadrant III
Quadrant IV
Slow Market Growth
BWW is enjoying rapid market growth with a 22% increase in total stores from year end 2010 to 2012.
The company also maintains a strong competitive position without a major publically traded competitor to
compete against. However, Hooters and mom and pop chicken wing establishments do offer stiff local
competition. Appropriate strategies would be for BWW to add stores in the Northeast and Canada and
other products to the menu that have higher margins than chicken wings.
I.
The Internal-External (IE) Matrix
The Total IFE Weighted Scores
Strong
4.0 to 3.0
4.0
I
Average
2.99 to 2.0
II
3.0
IV
V
Weak
1.99 to 1.0
III
VI
High
2
The
EFE
Total
Medium
Weighted
Scores
Buffalo Wild Wings
1
2.0
VII
VIII
IX
Low
1.0
Business Segment (in millions and rounded)
(1) Company Owned Stores
(2) Franchisee Owned Stores
TOTAL
Revenue
December
2012
$964
$1,510
$2,474
Percent
Revenue
39%
61%
100%
BWW is positioned in Cell V, indicating hold and maintain with EFE and IFE scores of 2.30 and
2.92. It is important to note that Franchisee owned stores average just under $3 million revenue
per store, while company owned stores only average $2.5 million. These numbers are reflected in
the positioning of the two divisions within the IE Matrix. BWW should add stores, especially in
the Northeast USA and Canada, and especially near college campuses.
J.
QSPM
Expand
Internationally
Weight
Opportunities
1. Recent statistics reveal teens are eating out 40% more than they
0.05
were five years ago.
2. Sales for organic and healthier foods have increased 22% from
0.03
2011 to 2012.
3. Approximately 75 million people view NASCAR races each
0.03
weekend.
4. Restaurants are expected to see around a 4% annual return for
0.04
the next few years.
5. College sports fans eat fast food up to 5 times more per week
0.05
than non sports fans.
6. Women make up 45% and 32% of the NFL and NBA viewers.
0.05
7. Main competitor Hooters revenue dropped 3.4% in 2012.
0.04
8. Many American themed restaurants such as Applebee’s,
Dominos, and KFC are doing extremely well in international
0.10
markets.
9. Approximately 43% of stores are located in the Midwest leaving
0.10
sizable room for further US expansion.
10. Wing prices were trending down as reported in Buffalo Wild
Wings 2013 First Quarterly Report.
Threats
1. Chicken wing prices increased 63% to $1.97/pound from year
end 2011 to year end 2012.
2. Hooters, TGI Friday’s, Applebee’s, and various dine in wing
restaurants all present strong competition.
3.
4.
5.
6.
Take out wing operations offer wings at a much lower price.
Growing health minded consumer around the world.
Baseball viewers are at an all-time low.
Strikes in professional sports would have a material impact on
revenues.
7. Cheaper beer prices at gas stations and grocery stores may
impact customer traffic.
8. Growing access to HD large screen TVs at home may impact
customer traffic.
Expand
Menu
Further
Beyond
Chicken
AS
TAS
AS
TAS
3
0.15
4
0.20
1
0.03
4
0.12
0
0.00
0
0.00
1
0.04
2
0.08
0
0.00
0
0.00
1
0
0.05
0.00
3
0
0.15
0.00
4
0.40
2
0.20
0
0.00
0
0.00
0.04
1
0.04
2
0.08
Weight
AS
TAS
AS
TAS
0.14
1
0.14
4
0.56
0.06
3
0.18
4
0.24
0.10
0.04
0.02
0
2
0
0.00
0.08
0.00
0
4
0
0.00
0.16
0.00
0.04
0
0.00
0
0.00
0.02
0
0.00
0
0.00
0.05
0
0.00
0
0.00
Expand
Internationally
Strengths
1. The largest chicken wing based sports bar in the USA.
2. Each restaurant contains ten projection TV screens, and up to
fifty smaller TVs for people to watch sporting events.
3. The typical store offers 20 to 30 different beers on draft and tap
and 20 different wing sauces.
4. Total stores have increased from 732 year end 2010 to 891 as of
year end 2012.
5. Five of the top 9 executives are female.
6. Buffalo Wild Wings carries no long term debt on the balance
sheet.
7. Well organized company with revenue break downs based on
product and by company owned or franchised own.
8. Revenues for company owned stores and franchised owned
stores increased 74% and 32% respectively from 2010 to 2012.
9. Have a detailed menu of cheaper of non chicken items to provide
variety and as a means of hedging against higher chicken prices
by having customers order more profitable bottom line menu
options.
10. The company capitalizes well on sporting events (many patrons
watch the entire game and continue to order drinks) and
employing attractive waitresses as part of the ambiance of each
store.
Weaknesses
1. Buffalo Wild Wings does not have futures contracts to protect
against unexpected rising chicken wing prices.
2. Buffalo Wild Wings, emphatically states they do not attempt to
compete with take out wing businesses, even though 13% of
2011 sales came from take out orders.
3. The company could do a better job of marketing to attract female
customers.
4. Unable to meet customer demand during major sporting events.
5. One traditional wing contains around 100 calories and 7 grams of
fat.
6. Few options for the health minded customer who also enjoys
watching sports.
7. The company only has four stores in Canada and also lacks a
strong presence in the Northeastern and Western USA.
8. No presence outside the USA and Canada.
9. 0
TOTALS
K.
Recommendations
Expand
Menu
Further
Beyond
Chicken
Weight
0.09
AS
1
TAS
0.09
AS
2
TAS
0.18
0.05
0
0.00
0
0.00
0.04
0
0.00
0
0.00
0.05
4
0.20
2
0.10
0.02
0
0.00
0
0.00
0.06
4
0.24
2
0.12
0.05
0
0.00
0
0.00
0.14
2
0.28
3
0.42
0.07
1
0.07
4
0.28
0.05
0
0.00
0
0.00
Weight
AS
TAS
AS
TAS
0.07
1
0.07
4
0.28
0.05
0
0.00
0
0.00
0.04
1
0.04
2
0.08
0.02
0
0.00
0
0.00
0.02
1
0.02
4
0.08
0.02
1
0.02
4
0.08
0.08
4
0.32
1
0.08
0.08
0.00
4
0
0.32
0.00
1
2
2.78
0.08
0.00
3.57
1.
2.
3.
4.
5.
6.
7.
8.
9.
L.
Add an additional 50 stores (25 franchisee and 25 company owned) in the South to capitalize on the
region’s high numbers of college football fans. Total cost $30 million. (S4, S6, S8, S10, O4, O5).
Add 5 new company owned Buffalo Wild Wing stores in the United Kingdom all with a soccer theme
for a cost of $7 million (S2, S4, S6, S8, O8).
Add 20 new stores in Canada with half being company owned for a cost of $12 million (W7, O1, O4,
O8).
Spend $5 million to develop a line of grilled chicken wings and chicken fingers (W5, W6, O2).
Spend $10 million to market BWW to potential female customers (W3, O6).
Spend $5 million to research and expand the menu offerings to include salads, veggie plates, and other
high margin items that are also healthy options (S9, T1, T4).
Increase advertising by $10 million to promote the diversity of beers offered (S3, T7).
Enter into a futures contract to hedge against rising chicken wing prices (W1, T1).
Spend $3 million marketing a program where orders of 100 wings receive a marginal discount for
takeout customers only (W2, T3).
EPS/EBIT Analysis (in millions expect for EPS and Share Price)
Amount Needed: $82
Stock Price: $92.25
Shares Outstanding: 18.76
Interest Rate: 5%
Tax Rate: 31%
EBIT
Interest
EBT
Taxes
EAT
# Shares
EPS
Common Stock Financing
Recession
Normal
Boom
$60
$90
$120
0
0
0
60
90
120
19
28
37
41
62
83
20
20
20
2.11
3.16
4.22
Recession
$60
4
56
17
39
19
2.06
Debt Financing
Normal
$90
4
86
27
59
19
3.16
Boom
$120
4
116
36
80
19
4.26
EBIT
Interest
EBT
Taxes
EAT
# Shares
EPS
Recession
$60
3
57
18
39
19
2.07
25 Percent Stock
Normal
$90
3
87
27
60
19
3.16
Recession
$60
1
59
18
41
19
2.10
75 Percent Stock
Normal
$90
1
89
28
61
19
3.16
Boom
$120
1
119
37
82
19
4.23
Boom
$120
3
117
36
81
19
4.25
To finance the $87 million needed, BWW should consider using stock, given the highest EPS values above and their
high stock price.
M.
Epilogue
BWW reported first quarter 2013 sales growth of 2.2 and 1.4% at franchised and company owned locations
respectively and sales are expected to improve even further over the course of 2013 and 2014. Continuing
to plague the company is the volatility of chicken wing prices. Average wing prices rose 9% in 2012 but
the so called “all-in” wing cost soared 30% during the same time frame. Chickens are going to market
fatter than ever, so for restaurants such as BWW that sell chicken wings by the number count, it is costing
considerably more per pound and often difficult to pass these price increases onto the consumer.
Furthering this trend, wing sales accounted for 40% of all sales in 2012, up from 37% in 2011.
Interestingly enough, BWW is considering offering an option for portion sizes consisting of 1) snack, 2)
small, 3) medium, and 4) large sizes. Some analysts fear customers may feel they are being taken
advantage of when a respective size comes with 10 wings one day and 8 slightly bigger wings on a
different day.
In addition to chicken wings, BWW also derives a significant portion of their revenue from the sale of beer.
In 2013, the firm partnered with Redhook, a craft brewer to create a new beer named Game Changer. It is
BWW’s hope that the new beer flavor will better compliment the taste of wings and serve as a better gross
margin product than traditional beers that the company does not own. BWW now owns a minority stake in
PizzaRev, a California-based pizza chain. While not a meaning full stake at the present, BWW is
optimistic about future growth of PizzaRev.
Chapter 3: Buffalo Wild Wings
10 Basic Questions
1:
C
2:
A
3
4:
C
C
5:
B
6:
B
7:
B
8:
A
9:
C
10:
C
15 Applied Questions
Financial Ratios and Breakeven
1:
C
2:
C
3:
D
4:
B
5:
B
Projected Financial Statements
1:
D
2:
A
3:
A
4:
C
5:
D
Competitive Profile Matrix (CPM)
1:
B
2:
B
3:
D
4:
A
5:
A