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Running Head: INDIVIDUAL CASE STUDY 1: CHIPOTLE
Individual Case Study: Chipotle Mexican
Grill BUSI 690
April 19, 2020
Individual Case Study 1: Chipotle Mexican Grill
2
Chipotle Mexican Grill
Existing Mission, Objectives, and Strategies
Chipotle Mexican Grill, known as a favorite by many around the world, was named one
of Fortune’s top 50 All-Stars on the World’s Most Admired list (Gilliard, Hoffman, & Baalbaki,
2017). With a mission to provide “Food with Integrity,” Chipotle has continued a commitment of
providing the best ingredients, prepared in the best way, for its customer-base (Roberts, 2009).
Chipotle places a heavy emphasis on the quality of its products; the aforementioned is done
through a means of focusing on differentiation (Paiz, 2011). Additionally, the company aims to
revolutionize the manner in which customers view food as a whole (Gilliard, Hoffman, &
Baalbaki, 2017). Chipotle aims to bring about this change by providing its customer-base with
affordable, high quality food (Paiz, 2011). In keeping with the company’s goals, Chipotle seeks
to provide local sourced, organic ingredients; additionally, the company ensures that its selection
of animals are raised in a hormone-free, free-range environment, and endeavors to prepare all of
its fresh ingredients by hand (Paiz, 2011).
As it relates to marketing, Chipotle relies heavily on its customer-base. As opposed to
spending company dollars on extensive marketing strategies, Chipotle utilizes a word-of-mouth
strategy for marketing to gain new customers (Paiz, 2011). It is also worth noting that Chipotle
was faced with several growing concerns surrounding a salmonella outbreak, its pork supplier,
and an E. Coli norovirus outbreak in 2015 (Gilliard, Hoffman, & Baalbaki, 2017). The company
has since implemented a strategy to improve its overall rating; this strategy is not only in
response to the E. Coli outbreak, but is also necessary to expand its market share (Wohl, 2016).
Both of the aforementioned are accomplished by being a leader in food safety, meeting the
FDA’s regulations, and increasing supplier-buyer relationships, all of which lead to increased
organizational profits (Wohl, 2016).
Individual Case Study 1: Chipotle Mexican Grill
3
New Mission Statement
Chipotle’s new mission statement should be “To provide individuals of all ages with
affordable, high-quality meals, with swift and great customer service, every time.” The newly
implemented mission statement will successfully cover the 9 components of a great mission
statement. (1) Customers: This aspect of the mission statement defines who the company’s
customers are; one can easily decipher that men, women, boys, girls, and people of all races who
desire high-quality meals at an affordable rate make up the company’s customer-base. (2)
Products or services: This aspect of the mission statement explains the firm’s major products or
services. It is evident that the company offers high-quality meals, made from fresh ingredients.
(3) Markets: This aspect of the mission statement explains where the firm competes,
geographically. Due to the fact that Chipotle does not have a singular geographic location,
references “individuals of all ages” indicates that the organization can reach many people, in
several different localities. (4) Technology: This aspect of the mission statement points to
whether or not the firm is technologically current. It is evident that Chipotle is technologically
current because it offers swift customer service. (5) Concern for survival, growth, and
profitability: This aspect of the mission statement asks whether or not the firm is committed to
growth and financial soundness. This aspect is addressed in that the organization provides
affordable meals and excellent customer service. (6) Philosophy: This aspect of the mission
statement points to the organization’s basic beliefs, values, aspirations, and ethical priorities of
the firm. The aforementioned aspects are addressed in the mission statement through
affordability measures, high quality foods, and excellent customer service. (7) Self-concept: This
aspect of the mission statement determines the firm’s distinctive competence, or major
competitive advantage. This aspect is expressed through the company’s offering of healthy
Individual Case Study 1: Chipotle Mexican Grill
4
meals, with fresh ingredients, in a speedy manner. (8) Concern for public image: This aspect of
the mission statement expresses the firm’s responsiveness to social, community, and
environmental concerns; this aspect is addressed in the mission statement by expressing that
services are healthy options are offered. (9) Concern for employees: this aspect of the mission
statement addresses whether or not employees are a valuable asset of the firm. It is evident that
employees are a valuable asset of the company as addressed in the mission statement through the
offering of quick, excellent customer service.
Analysis of Existing Business Model
The first Chipotle restaurant was opened in 1993, in Denver, Colorado (Forbes, 2019).
The company’s founder, Steve Ells, started the company with a business loan of $85,000
(Forbes, 2019). Operating as a cross between a fast-food and casual restaurant, Chipotle Mexican
Grill now has restaurants throughout the United States (Forbes, 2019). Additionally, each
restaurant offers a consistent menu of tacos, salads, burritos, and burrito bowls (Forbes, 2019).
An integral part of the organization’s mission, “to provide food with integrity,” has consistently
been evident in its commitment to provide both high-quality foods and services (Daszkowski,
2018). In 2018, the leadership of Chipotle made the ultimate decision to implement a digital
transformation strategy, as well as new operating branding (Chipotle, 2018). Due to this
implementation, the company profited a $4.9 billion increase in revenue, digital sales also
increased (Chipotle, 2018).
As of December 31, 2019, there are roughly 2,580 Chipotle Mexican Grill restaurants
operating within the United States (Yahoo! Finance, 2020). The company currently has roughly
83,000 full-time employees (Yahoo! Finance, 2020). Chipotle was honored at the Compassion in
World Farming’s Good Farm Animal Welfare Awards in 2019; the organization obtained this
Individual Case Study 1: Chipotle Mexican Grill
5
award due to its commitment to locally harvested ingredients (Chipotle, 2019). Additionally, the
organization was awarded a Good Sow Commendation in Pig Welfare; the company was
awarded this recognition due to its commitment to ensuring that during both gestation and
farrowing, the sows are free from confinement (Chipotle, 2019).
The year of 2015 started out very promising for Chipotle Mexican Grill. The company,
for example, was named one of Fortune’s World’s Most Admired top 50 All-Stars; additionally,
the company had achieved 645% growth over a five-year period as it related to the price of its
stocks (Gilliard, Hoffman, & Baalbaki, 2017). By the end of the year, however, Chipotle had
experienced a negative impact to its name, supply, and trust from its customer-base, due
salmonella in certain food products, as well as an E. Coli outbreak (Gilliard, Hoffman, &
Baalbaki, 2017). In an effort to combat the outbreak, the company assured the public that several
measures would be put in place to ensure that no one was affected (Daszkowski, 2018). These
measures included, but were not limited to: a replacement of potentially effected ingredients, a
deep cleaning of all restaurants, and an evaluation process to determine if any employees were
exuding symptoms (Daszkowski, 2018). Due to these challenges and changes, a greater focus
was placed on operational costs; the aforementioned focus was implemented in an effort to test
organizational ingredients, as well as to ensure that they best procedures were being utilized for
the purposes of food safety (Daszkowski, 2018). Currently, Chipotle defends and maintains its
efforts “to provide food with integrity” (Chipotle, 2019).
SWOT Analysis
Strengths
In a SWOT Analysis, the strengths portion identifies the positive characteristics that give
a business its competitive edge (Simoneaux & Stroud, 2011). In comparison to its competitors,
Individual Case Study 1: Chipotle Mexican Grill
6
Chipotle creates an experience for its customer-base that grants the company a competitive edge
(Daszkowski, 2018). To further expound, the company has trendy buildings and responsive team
members who drastically set the company apart from its competitors (Daskowski, 2018).
Additionally, customers are afforded the opportunity to personalize and customize their meals;
not only is there customization, but the company utilizes fresh ingredients, pointing its customer-
base back to healthy meals, at an affordable rate (Daskowski, 2018). Additionally, Chipotle has
implemented promotional material, aimed at “getting the word out” regarding their products; this
was all done with the benefit of not spending additional funds on advertising (Daszkowski,
2018). Reference Appendix
Weaknesses
Weaknesses refer to the areas that can put a business at a disadvantage if not properly
corrected (Simoneaux & Stroud, 2011). In comparison to its competitors, Chipotle offers
healthier meals overall (Daszkowski, 2018). While the meals are healthier, they also come a
slightly higher rate, in comparison to other fast-food or casual locations (Daszkowski, 2018).
Due to the healthier selections, the company also faces higher supply costs (Daszkowski, 2018).
Additionally, Chipotle has limited options in comparison to its competitors; this is mainly due to
the fact that the organization offers the customization of customer meals (Dazskowski, 2018).
Additionally, due to the E. Coli outbreak of 2015, Chipotle has been attempting to rebuild its
brand after an evident setback due to negative publicity (Dazskowski, 2018). Reference
Appendix 2.
Opportunities
Opportunities represent the areas within a company where growth instances, increases in
efficiency, or increases in profitability are present. Chipotle has several opportunities with which
Individual Case Study 1: Chipotle Mexican Grill
7
it could continue to grow its business, both domestically, as well as internationally. One
opportunity for growth is for the company to capitalize on the desire from consumers to have
access to organic meal options. Additionally, there is an opportunity for the company to expand
its overall menu options, thus meeting the demands of the consumer by offering a greater variety
of selections. It is also worth noting that an expansion on the social media front could lead to an
improved image as it relates to a new marketing strategy.
Threats
Threats are comprised of external forces that could cause substantial stress or economic
downturn to a business (Simoneaux & Stroud, 2011). Chipotle, much like any other business,
faces a number of threats that could cause the organization substantial stress, and/or economic
downturn. One threat is price volatility; the aforementioned could arise as a result of an increased
demand for natural meats, as well as organic vegetables. Additionally, the organization faces
additional regulations from the Food and Drug Administration due to the E. Coli outbreak of
2015. Reference Appendix 4.
Individual Case Study 1: Chipotle Mexican Grill
8
Financial Statements
Income Statement: 2016, 2017, 2018 (retrieved from https://www.sec.gov/)
ConsolidatedStatementofIncome-USD($)sharesinThousands, $inThousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
ConsolidatedStatementofIncome[Abstract]
Revenue
$ 4,864,985
$ 4,476,412
$ 3,904,384
Restaurantoperatingcosts(exclusiveofdepreciationandamortizationshownseparatelybelow):
Food, beverage and packaging
1,600,760
1,535,428
1,365,580
Labor
1,326,079
1,205,992
1,105,001
Occupancy
347,123
327,132
293,636
Other operating costs
680,031
651,644
641,953
General and administrative expenses
375,460
296,388
276,240
Depreciation and amortization
201,979
163,348
146,368
Pre-opening costs
8,546
12,341
17,162
Impairment, closure costs, and asset disposals
66,639
13,345
23,877
Total operating expenses
4,606,617
4,205,618
3,869,817
Income from operations
258,368
270,794
34,567
Interest and other income, net
10,068
4,949
4,172
Income before income taxes
268,436
275,743
38,739
Provision for income taxes
(91,883)
(99,490)
(15,801)
Net income
$ 176,553
$ 176,253
$ 22,938
Earningspershare:
Basic
$ 6.35
$ 6.19
$ 0.78
Diluted
$ 6.31
$ 6.17
$ 0.77
Weighted-averagecommonsharesoutstanding:
Basic
27,823
28,491
29,265
Diluted
27,962
28,561
29,770
Individual Case Study 1: Chipotle Mexican Grill
9
Balance Sheet: 2018 (retrieved from https://www.sec.gov/)
ConsolidatedBalanceSheet-USD($)$inThousands
Dec. 31, 2017
Currentas ets:
Cash and cash equivalents
$ 184,569
Accounts receivable
40,453
Inventory
19,860
Prepaid expenses and other current assets
50,918
Income tax receivable
9,353
Investments
324,382
Total current assets
629,535
Leasehold improvements, property and equipment, net
1,338,366
Restricted cash
29,601
Other assets
26,251
Goodwill
21,939
Total assets
2,045,692
Currentliabilities:
Accounts payable
82,028
Accrued payroll and benefits
82,541
Accrued liabilities
95,679
Unearned revenue
63,645
Income tax payable
Total current liabilities
323,893
Commitments and contingencies (Note 13)
Deferred rent
316,498
Deferred income tax liability
814
Other liabilities
40,042
Total liabilities
681,247
Shareholders' equity:
Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2018
and 2017, respectively
0
Common stock $0.01 par value, 230,000 shares authorized, 35,973 and 35,852 shares issued as of
December 31, 2018 and 2017, respectively
359
Additional paid-in capital
1,305,090
Treasury stock, at cost, 8,276 and 7,826 common shares at December 31, 2018 and 2017, respectively
(2,334,409)
Accumulated other comprehensive income (loss)
(3,659)
Retained earnings
2,397,064
Total shareholders' equity
1,364,445
Total liabilities and shareholders' equity
$ 2,045,692
Individual Case Study 1: Chipotle Mexican Grill
10
Balance Sheet: 2017 (retrieved from https://www.sec.gov/)
ConsolidatedBalanceSheet-USD($)$inThousands
Dec. 31, 2016
Currentas ets:
Cash and cash equivalents
$ 87,880
Accounts receivable, net of allowance for doubtful accounts of $0 and $259 as of December 31, 2017 and
December 31, 2016, respectively
40,451
Inventory
15,019
Prepaid expenses and other current assets
44,080
Income tax receivable
5,108
Investments
329,836
Total current assets
522,374
Leasehold improvements, property and equipment, net
1,303,558
Long term investments
125,055
Other assets
53,177
Goodwill
21,939
Total assets
2,026,103
Currentliabilities:
Accounts payable
78,363
Accrued payroll and benefits
76,301
Accrued liabilities
127,129
Total current liabilities
281,793
Deferred rent
288,927
Deferred income tax liability
18,944
Other liabilities
33,946
Total liabilities
623,610
Shareholders' equity:
Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2017
and December 31, 2016, respectively
0
Common stock $0.01 par value, 230,000 shares authorized, and 35,852 and 35,833 shares issued as of
December 31, 2017 and December 31, 2016, respectively
358
Additional paid-in capital
1,238,875
Treasury stock, at cost, 7,826 and 7,019 common shares at December 31, 2017 and December 31, 2016,
respectively
(2,049,389)
Accumulated other comprehensive income (loss)
(8,162)
Retained earnings
2,220,811
Total shareholders' equity
1,402,493
Total liabilities and shareholders' equity
$ 2,026,103
Individual Case Study 1: Chipotle Mexican Grill
11
Balance Sheet: 2016 (retrieved from https://www.sec.gov/)
CondensedConsolidatedBalanceSheet-USD($)$inThousands
Dec. 31, 2015
Currentas ets:
Cash and cash equivalents
$ 248,005
Accounts receivable, net of allowance for doubtful accounts of $259 and $1,176 as of December 31, 2016
and December 31, 2015, respectively
38,283
Inventory
15,043
Prepaid expenses and other current assets
39,965
Income tax receivable
58,152
Investments
415,199
Total current assets
814,647
Leasehold improvements, property and equipment, net
1,217,220
Long term investments
622,939
Other assets
48,321
Goodwill
21,939
Total assets
2,725,066
Currentliabilities:
Accounts payable
85,709
Accrued payroll and benefits
64,958
Accrued liabilities
129,275
Total current liabilities
279,942
Deferred rent
251,962
Deferred income tax liability
32,305
Other liabilities
32,883
Total liabilities
597,092
Shareholders' equity:
Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2016
and December 31, 2015, respectively
0
Common stock $0.01 par value, 230,000 shares authorized, and 35,833 and 35,790 shares issued as of
December 31, 2016 and December 31, 2015, respectively
358
Additional paid-in capital
1,172,628
Treasury stock, at cost, 7,019 and 5,206 common shares at December 31, 2016 and December 31, 2015,
respectively
(1,234,612)
Accumulated other comprehensive income (loss)
(8,273)
Retained earnings
2,197,873
Total shareholders' equity
2,127,974
Total liabilities and shareholders' equity
$ 2,725,066
Individual Case Study 1: Chipotle Mexican Grill
12
Statement of Cash Flows 2016, 2017, 2018 (retrieved from https://www.sec.gov/)
ConsolidatedStatementofCashFlows-USD($)$inThousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operatingactivities
Net income
$ 176,553
$ 176,253
$ 22,938
Adjustmentstoreconcilenetincometonetcashprovidedbyoperatingactivities:
Depreciation and amortization
201,979
163,348
146,368
Deferred income tax (benefit) provision
10,585
(18,026)
(14,207)
Impairment, closure costs, and asset disposals
61,987
13,345
23,877
Bad debt allowance
125
214
(262)
Stock-based compensation expense
69,164
65,255
64,166
Other
(2,918)
(218)
(1,924)
Changesinoperatingas etsandliabilities:
Accounts receivable
(8,298)
(140)
(1,923)
Inventory
(1,722)
(5,250)
(91)
Prepaid expenses and other current assets
(3,811)
(6,710)
(4,259)
Other assets
(2,005)
(1,476)
1,063
Accounts payable
32,080
10,908
(6,734)
Accrued payroll and benefits
29,568
6,188
11,416
Accrued liabilities
14,831
28,179
13,692
Unearned revenue
6,829
4,207
8,383
Income tax payable/receivable
14,439
(4,173)
54,340
Deferred rent
21,297
29,996
37,030
Other long-term liabilities
869
6,316
1,287
Net cash provided by operating activities
621,552
468,216
355,160
Investingactivities
Purchases of leasehold improvements, property and equipment
(287,390)
(216,777)
(258,842)
Purchases of investments
(485,188)
(199,801)
0
Maturities of investments
385,000
330,000
45,000
Proceeds from sale of investments
0
0
540,648
Net cash used in investing activities
(387,578)
(86,578)
326,806
Financingactivities
Acquisition of treasury stock
(160,937)
(285,218)
(836,760)
Tax withholding on share-based compensation awards
(5,411)
(702)
(895)
Stock plan transactions and other financing activities
(187)
26
1,372
Net cash used in financing activities
(166,535)
(285,894)
(836,283)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(1,457)
2,056
110
Net change in cash, cash equivalents, and restricted cash
65,982
97,800
(154,207)
Cash, cash equivalents and restricted cash at beginning of period
214,170
116,370
270,577
Cash, cash equivalents and restricted cash at end of period
280,152
214,170
116,370
Supplemental disclosuresofcashflowinformation
Income taxes paid
67,053
119,787
23,862
Increase (decrease) in purchases of leasehold improvements, property and equipment accrued in accounts
payable and accrued liabilities
(936)
(7,690)
(1,781)
Increase (decrease) in acquistion of treasury stock accrued in accrued liabilities
$ 200
$ (900)
$ (22,778)
Individual Case Study 1: Chipotle Mexican Grill
13
Financial Ratios
Ratio
2018
2017
2016
Gross Profit Margin
18.725%
16.893%
12.76%
Operating Profit Margin
5.3%
6.04%
0.88%
Net Profit Margin
3.62%
3.93%
.0587%
Return on Assets
7.79%
8.61%
1.13%
Return on Invested Capital
12.24%
12.91%
1.63%
ROE
12.24%
12.91%
1.63%
Current
1.81
1.94
1.85
Debt to Assets
0
0
0
Long-term Debt to Capital
0
0
0
Debt to Equity
0
0
0
Financial Ratios Analysis
It is worth noting that I could not obtain financials for the year ending 2019*. Chipotle has long
been a leader in the fast-food and casual dining restaurant industry. Over the years, Chipotle has displayed
consistent growth as it relates to its Gross profit margin. These numbers, for instance, showed a steady
increase from 2016 to 2018, going from 12.76% to 18.725% respectively. Additionally, the
aforementioned was done while maintaining a net profit margin across the years. In 2018, the company
had a decrease in the operating profit margin. It is possible that the decrease was a result of the company’s
commitment to provide the best products and ingredients for its customer base, thus resulting in higher
spending costs. Over the three years referenced, Chipotle showed consistent growth and profits.
Individual Case Study 1: Chipotle Mexican Grill
14
Appendix 1
S
W
R
W S
1
Strong brand loyalty
0.05
4
0.20
2
Consistent growth in sales revenue
0.10
4
0.40
3
Continual increase in net profits
0.10
4
0.40
4
High quality products at an affordable price
0.03
3
0.09
5
Successful supplier chain management
0.05
4
0.20
6
Successful quality assurance strategy
0.05
4
0.20
7
Successful food safety strategy
0.05
4
0.20
8
Successful marketing strategies
0.05
3
0.15
9
Skilled labor force/successful training program
0.05
3
0.15
10
Low cost structure
0.05
4
0.20
Appendix 2
W
W
R
W S
1
Easily copied business strategy
0.10
1
0.10
2
Higher product costs than other fast-casual restaurants
0.05
2
0.10
3
High supply costs
0.05
1
0.05
4
High employee turnover rates
0.03
2
0.06
5
Limited menu selection
0.01
2
0.02
6
Bad publicity due to E. coli outbreak
0.04
2
0.08
7
Lack of financial planning
0.05
1
0.05
8
Lack of market research
0.04
1
0.04
9
Lack of product innovation
0.04
2
0.08
10
High number of rented properties
0.01
2
0.02
Total IFE Score
1.00
2.79
Appendix 3
O
W
R
W S
1
Increase market share domestically and internationally
0.05
2
0.1
2
Increase menu size
0.10
2
0.2
3
Increase in number of suppliers
0.05
1
0.05
4
Increasing demand of healthy/organic meal options
0.10
4
0.4
5
Image improvement through marketing
0.10
4
0.4
6
Growth in consumer spending
0.05
3
0.15
7
Technological devolopments
0.01
2
0.02
8
Growth of social media
0.01
3
0.03
9
Lower interest rates
0.05
2
0.1
10
Population growth
0.01
2
0.02
Individual Case Study 1: Chipotle Mexican Grill
15
Appendix 4
T
W
R
W S
1
Increasing competition
0.10
2
0.20
2
Substitute products
0.10
2
0.20
3
FDA regulations
0.05
3
0.15
4
Price volatitlity in raw materials
0.05
2
0.10
5
Increased demand for organic vegetables/natural meats
0.01
2
0.02
6
Changes in consumer tastes
0.04
2
0.08
7
Changes in exchange rates
0.01
2
0.02
8
Increase in supplier bargaining power
0.05
2
0.10
9
Political uncertainties
0.01
2
0.02
10
Rising input costs
0.05
2
0.10
Total EFE Score
1.00
2.46
Individual Case Study 1: Chipotle Mexican Grill
16
Appendix 5
SWOT
Strengths (Internal)
1. Sales revenue growth
2. Affordable, high quality
products
3. Increase in net profits
4. Great quality products
5. Supplier chain
management success
6. Excellent quality
assurance strategy
7. Implemented food safety
strategy
Weaknesses (Internal)
1. Negative press from E.
Coli outbreak
2. No product innovation
3. Limited menu options
Opportunities (External)
1. Expand menu offerings
2. Increase market share:
domestically and
internationally
3. Expand suppliers
4. Increased demand for
healthy, organic
alternatives
5. Improve customer base
through social media
marketing
Chipotle is afforded the
opportunity to grow its
revenues and net profits
through an expansion, both
domestically and
internationally. Additionally, a
growing demand for healthier
fast food options could
potentially lead to higher sales
and profits.
With product expansion,
Chipotle could achieve the goal
of an increased global market
share. Additionally, to continue
marketing as a company with
the highest quality ingredients,
Chipotle will continue to
eradicate any bad press or
effects that remain from the
2015 e. coli outbreak.
Threats (External)
1. Increased FDA
Regulations
2. Price volatility: raw
materials (organic)
3. Product substitutions
4. Increase in demand for
organic items
Through a means of better
supply chain management,
price volatility can be
controlled through an increase
in the number of distribution
centers, as well as partnered
suppliers. Additionally, the
company can maintain a
leading food preparation
program to avoid any food
borne illnesses; this in turn,
will aid in meeting the FDA’s
regulations as well.
Continuing to improve supply
chain management will provide
Chipotle with a lower cost of
goods sold. Additionally, the
company will need to utilize
efficient food prep methods; if
not implemented, expensive,
organic products will go to
waste.
Individual Case Study 1: Chipotle Mexican Grill
17
References
Chipotle. (2018). [PDF]. 2018 Annual Report and 2019 Proxy Statement. Retrieved from
https://ir.chipotle.com/download/2018+Annual+Report+and+2019+Proxy+Statement.pdf
Chipotle. (2019) Our Values. Retrieved from https://www.chipotle.com/values
Chipotle. (2019, July 1). Chipotle Receives a Compassion in World Farming Award for Pig
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A-Compassion-in-World-Farming-Award-For-Pig-Welfare
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Gilliard, D. J., Hoffman, D. L., & Baalbaki, S. (2017). Is chipotle mexican grill successfully
recovering from its food-related incidents? Journal of Marketing Development and
Competitiveness, 11(4), 34-48. Retrieved from http://ezproxy.liberty.edu/login?
url=https://search-proquest-com.ezproxy.liberty.edu/docview/1994857241?accountid=12085
Paiz, E. (2011). Analysis of Strategic move by Chipotle.
Simoneaux, S. L., & Stroud, C. L. (2011). BUSINESS BEST PRACTICES: SWOT analysis: The
annual check-up for a business. Journal of Pension Benefits, 18(3), 75-78. Retrieved from
http://ezproxy.liberty.edu/login?url=https://search-proquest-
com.ezproxy.liberty.edu/docview/860007592?accountid=12085
Individual Case Study 1: Chipotle Mexican Grill
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Wohl, J. (2016). Chipotle's Comeback Plan: Company-Wide Meeting and Marketing. Retrieved
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