RAT OO ee o’s Pizza, Inc., 2013 com, DPZ Domin www.dominos- is the large: livery c an, Domino's isthe largest pizza delivery company inthe ys 4 ket. Domino's digital ordering chang USA hap ad in Ann Arbor. Michigs ns ing a 22.5 percent ST inos.com. mobile orderiik Ne pimobile dominos comy online onaerne a lite Fire, and Android app™ More than $2 billion of Domino's pizza ing om Phone, RN ane more than 10.300 ‘Domino's stores in over 70 countries, Domine! online annals “shillion in 2012, with {$3.6 billion of that coming from the USA, soy sates of over $7.4 Bi 2 Copyright by Fred David Books LLC. (Written by Forest R. David) -opsright b History + of their childhood, Tom Monaghan and his brother Jy fand-pop pizza store in Ypsilanti, Michigan, ney Growing up in foster homes ‘mos! weed $900 in 1960 to purchase @ mom: borrowed ding his brother James a Volkswagen Beetle for his half of the busine, {965 from Domi-Nick’s to Domino's Pizza Inc. Te Domi-Nick’s. After tra a hanged the store name in yn chang’ ind by 1978, there were 200 Dominos, 1961, Tor n Company experienced steady growth duling the 1960s, a . Fe tog0s, the company expanded rapidly both in the USA an ’s had more than 5,000 stores in the Usa, the USA. During y y. By the end of the decade, Domine ‘and Colombia. By 1998, there were more than ngdom, Japan, Australia, ‘he USA. Tom Monaghan retired in 1998 and sit 6.000 Dominos, with 1,500 located outside 1 vapany (worth $1 billion) to Bain Capital Inc. Inthe six yeats folvig 93 percent of the C0 the eile, Domino’s enjoyed great success under Bain Capital and in 2004 Domino's became a publically traded company on the New York Stock Exchange under the ticker symbol DPZ. The Petal atockprice was $16 per share and placed a value on the company at more than $2 billion (double the price Bain paid). ‘Domino's changed its 49-year-old recipe at year end 2009 an marketing campaign called “new inspired pizza.” Domino's stock p stores internationall Canada, United Ki .d started a heavily advertised rice appreciated from around $8 4 share atthe stat of 2010 to $60 in mid-2003. Fueled by the new recipe and new products, Domino's celebrated its 50th anniversary in 2010 and was awarded best pizza cha 2010 and 2011 by Pizza Today magazine, marking the first time ever that the same plzz chain had ancrived the award in consecutive years. Domino's CEO Patrick Doyle was named the best CEO of 2011 by CNBC. Domino’s was recently ranked number I in Forbes magazine's “Top 20 Franchises for the Money” list. ‘About 96 percent of Domino's stores are owned by franchisees. There are very company-owned Domino's stores. Corporate Philosophy and Mission Statement Domino's ea = 's does not have a stated vision statement, but the company mission st follows: “Exceptiona ws: “Exceptional franchisees and team members on a mission to be the best pi ing principles” are based on the concept of atement iS izza delve ne waite! company in the world.” Domino’s “i brand, system and team: * putting people first; {tiving to make every customer a loyal customer J Clherin wit smart hustle and postive energy; and i by improving results every day, (2012 Annual Report) Organizational Structure As indicated in i As nen di eb 1; Domino's has 1 top executives, mostly executive vice peste no's operates from functional organizational structure With es i being “where the buck ma Stops,” although for a firm of ths size, a divisional ot stratesi¢CASE 1 + DOMINO'S Pizza, INC, 2013-381 ino's Organizational Chart Yreidet CBO, ana Died Patriek Doyle : EVP EVP Build theBrand || Communi a wPend and on Eve a a0 chit | | Lepilatve | | Franchise ee || ave ae Operations and Development AMfairs, and Investor Relations Domino's Relations Team USA Marketing Officer PeopleFiest serytute by region (or by franchised versus company owned) may be more effective in clegation of authority, responsibility, and accountability mine's provides financial information for four key business segments: (1) domestic y-awned stores, (2) domestic franchise stores, (3) domestic supply chain, and (4) inter- ‘Note in Exhibit 2 that the largest revenue-generating segment is the domestic supply vith more than 50 percent of all revenue. Note also the large revenue numbers for the Jy few company owned stores, because each Domino's domestic franchisee owns his or jeovn store(s) and reports their revenues on their own personal financial statements rather than Danin's. From franchisees, Domino's reports only the royalties and advertising fees it receives fo franchisees as revenue. The financial data for the international supply chain centers are inthe intemational division, not under the domestic supply chain division. Also note in iit? the slight revenue decline in 2012 for domestic company-owned stores. Exhibit 4 reveals that Domino’s growth in number of stores is highest outside the USA, the actual number of company-owned stores in the USA falling to 388. About 10,000 Revenue, Revenue, Revenue, —_—Revenue 2012 2011 2010 Increase (%) $324) $336 $345) 66 195 187 13 43 942 928, 876 1s 217 201 176 80 $1,678 $1,652 S157 16 ‘documents, "$2012 year ended 1-31-13,382 STRATEGIC MANAGEMENT CASES ‘ame Store Sales Growth (Percent) EXHIBIT 3 S Us.company. __US.franchise- International Giuned stores _ owned stores stores eae 2008 =22 7 62 2009 -09 oe 43 2010 94 100 69 2011 Al a 68 32 52 2012 13 Source: Company documents. EXHIBIT 4 Growth: Total Number of Domino's Stores Us.company- US. franchise- International owned stores __ owned stores stores 2008 489 4 2009 466 4,461 2010 454 4475 2011 304 4313 43540 2012 388, Source: Company documents. Domestic Supply Chain Domino's domestic supply chain supplies franchisees with dough, vegetables, ovens, unifomns, ‘and much more, enabling better control, pizza consistency, and timely delivery of products. Tis backward integration strategy enables Domino's to offer pizza at lower prices and allows store managers to focus on store operations rather than mixing dough on site, prepping vegetables. ‘and bargaining with independent suppliers for ingredients. Domino's has 16 regional dovgk- manufacturing and supply chain centers and leases a fleet of more than 400 trucks to aid in delivering products to stores twice a week. However, Dominos” franchisees are not required purchase supplies from Domino’s, but interestingly more than 99 percent do purchase all its supplies from the company’s domestic supply chain segment. To ensure this division remains viable, Domino's provides profit-sharing incentives to franchisees to buy its products from Domino's. In addition to the 16 domestic supply chain centers, Domino’s also operates 6 supply chain centers outside the USA. Domestic Stores ‘The company’s domestic stores division includes a network of 4,540 stores operated by 1,026 all ofits franchisees and 388 company-owned stores in the USA. Domino's desires to have is stores owned and operated by franchisees, but if certain stores are underperforming, Domino * often will purchase these stores in hopes of turning them around and then refranchising them "2 ater date, Domino’s uses company-owned stores as test sites for new products, promotions, "° potential store Jayout improvements, and as test sites for prospective new franchisees. : Although the typical franchisee of Domino's operates 4 stores, the nine largest franchisesS operate more than 50 stores, including the largest domestic franchisee that operates 135 SO" Currently, Domino's has 1,077 different domestic franchisees with the average franchisee bein jive 14 years. Much of this longevity can be attributed (© entering into ® in Domino’s system for an impre: Domino's requiring prospective franchisees to manage a store for 1 year before Jong-term contract with Domino's. Domino's feels this system is unique to the pizza ind? and provides a competitive advantage over rival pizza firms. International Division ational or Domino's has 5,327 franchise stores outside the USA. The company’s inter : as a percent of total revenues increased to 13.0 percent in 2012, up from 11.2 percent i i . r Exhibit 5 provides is a breakdown of Domino's stores in the top 10 markets, which account foJop 10 Countries Where Domino's Are Located 5 yal pl! Number of Number of Stores, 2011 St . stores, 2012 % Change ga = g 5 sai me, 450 64 io 439 522 25, eit 358 32 : nko 33 Fil 354 368 col? 220 284 on pity 205 ibs “ 4s 19s , va wo . 140 ompany documents. Suc COMPANY ethan 75 percent ofall Domino's international stores. Note thatthe United Kingdom has the foot Domino's ofall countries, followed by Mexico. Among the company’s six “international” tpl cain centers, four of these are in Canada, one is in Alaska, and one is in Hawai, (It jsunclear why Domino's categorizes Alaska and Hawaii as international). As with Domestic franchisee stores, most of the company’s revenue in the international division comes from royalty payments and advertising, as well as the sales of food and supplies to certain markets (predominantly Canada, Alaska, and Hawaii). Note in Exhibit 5 the rapid growth in Domino's sores in India, Turkey, and Japan, The largest Domino’s franchisee outside the USA operates 911 stores. Internal Issues Domino's has a vertically integrated supply chain where they have backward control to some ‘exten over many of its supplies such as dough, veggies, equipment, and uniforms and forward control over around 400 retail stores that are company owned. Domino’s offers little to nothing _in terms of healthy food options on the menu, such as salads or fruit. Although this approach _tnables Domino’s to focus exclusively on pizza, this practice also increases the firm’s vulner- lity to the increasingly health-minded customer and possible government mandates for fastfood restaurants to stop using certain ingredients and preservatives, and potentially forcing all restaurants to label all nutrition information on the menu at the point of sale, Such a law _ Would not be favorable to Domino's. Domino's attributes much of its success to an incentive-based system for franchisees in ‘cht actively shares in profits through increasing demand for new stores and through Pur ing supplies from the Domino’s supply chain. Domino’s individual franchisee os anc ‘ompany-owned stores also enjoy a simple and effective store layout enabling pizza de NEY 224 canyout orders to be processed and executed efficiently as compared to many compel ® Unlike Domino's, many rival pizza firms use a dine-in business model, which "st ote costly than Domino's strategy. Competitive advantages such as these make Dons nutthe franchisee option in the quick-service restaurant (QSR) market because 0 I is generally cheaper than competing firms. Sistainaby inability nab : actions protect, mend, Sttinabiy tefers to the extent that an organization's operations and eee eee am ite rather than harm or destroy the natural environment y cea and mntstsiabi iil eport, to reveal to stakeholders 3 etait repr, arto an amu ot proce an annul susnbii b iment to sustainabil Domino's do cs sustainability. However, Dom ebsite Ror does the cuiny have ‘a sustainability statement on its websTRATEGIC MANAGEMENT CASES Advertising and Sales Force Dominos domestie stores contributed 5.5 percent of all retail sales t0 support naj, fs this rate to remain unchanged for qr” local advertising campaigns. Domino's expec! eta e able future: Much of those monies are devoted to mase-mall FlYers Promoting g Jocal Domino's. he forget EC Domino's Pulse Point-of-Sale System : ‘To maximize efficiencies and provide timely incial and marketing data, Domino's cit E systen all. company: all stores to install and use its PULSE syste" Gaia ind 98 percent of franchisee-owned stores, The system enables touch-screen ord oe srr accuracy and efficiency and provides the driver with dires "etre ed Store, ering th ns ard he improv ‘ ; a route to take for multiple deliveries, saving time and money. In addition, the PULSE syst, Tatler enables Domino's to ensure it receives ful royalties from all transactions in what sof : 0 perach business, assuming the franchisees are honest and always use the PULSE system yjct receiving orders. Finance 1 recent income statements and balance sheets are provided in Exhibits 6 an respectively. Note that Domino’s revenues increased 2.6 percent in 2012 and the firm's Tong.term debt rose slightly to $1.53 billion. Note the company has zero goodwill on its balance sheet. EXHIBIT 6 Domino's Pizza, Statements of Income (In thousands, except per share amounts) Sd Nc ei cree 2010 2011 2012 REVENUES: Domestic company-owned stores $345,636 $336,349 $323,652, Domestic franchise 173,345 187,007 195,000 Domestic supply chain 875,517 927,904 942,219 International 176,396 200,933 217 568 (652,193 1678.59 Total revenues COST OF SALES: Domestic company-owned stores 278,297 267,066 247391 Domestic supply chain 778,510 831,665 88329 International 75.498 82,946 et ‘Total cost of sales 1,132,305, 1,181,677 177,101 OPERATING MARGIN 438,589 470,516 501338 GENERAL AND ADMINISTRATIVE 87 21371 _219901 INCOME FROM OPERATIONS 227,702 259,145 29231 INTEREST INCOME 244 296 204 INTEREST EXPENSE (063810) 1.635) cols) OTHER = ee CONE eee PROVISION FOR 167,806 181187 PROVISION FOR INCOME TAXES 888 NET INCOME non 11239 EARNINGS PER SHARE: : Common Stock—basie $150 si sie Common Sic Stock diluted $145 sum $1 Source: 2012 Form 10K, p. 50.rP CASE 1 * DOMINO'S PIZZA, INC., 2013 no's Pizza, Balance Sheets (In thousands except sh share hare amounts) Do! gw 7 ond per nena sacs ea coh cash and cast oo sea eis net OF TESEIVES of $5.446 “a 0ll Sind $5.906 in 2012 entries juivalents cable, nevof reserves of $324 in 2011 votes 8 Le 2012 rnd $650 presivexperses a other eing fond assets restricted peered income tXES ‘atl curent assets pROPERTY, PLANT AND EQUIPMENT: Land and buildings Leaschold and other im Equipment Construction in Process provements, accumulated depreciation and amortization Propet. plant and equipment, net OTHER ASSETS: nvestments in marketable securities, restricted Notes receivable, less current portion, net of reserves of $1,735 in 2011 and $814 in 2012 Deferred financing costs, net of accumulated mization of $25,590 in 2011 and $5,201 in 2012 Goodwill Capitalized software, net of ‘accumulated amortization of $51,274 in 2011 and $48,381 in 2012 Other assets, net of accumulated amortization of $4,070 in 2011 and $4,404 in 2012 Deferred income taxes Total other assets Total assets UARILITIES AND STOCKHOLDERS’ RENT LIABILITIES: Curtent portion of long-term debt ‘Accounts payable ‘Accrued compensation ‘Accrued interest “Insurance reserves Legal reserves ‘Betiing fund liabilities _ Ober accrued Hailes © Total current liabilities DEFICIT $50,292 92,612 87,200 30,702 945; 23,714 79,518 171,726 6,052 281,010 (188,610) 92,400 1,538 5,070 16,051 16,649 8,176 8,958 4858 61,300 '$ 480.543, 20. $904 eo. 21.691 $54,813, 60,015 94,103, 31,061 1,858 11,210 37,917 15,290 306,267 24,460 80,279 168,452 9,961 283,158 (491,713) 91,445 2,097 3,028 34,787 16,598 11,387 8,635 3,953. 80,485 $478,197 2012 $24,349 ald 21,843 15,035 12,964 025 37917 (Continued 385STRATEGIC MANAGEMENT CASES re “Ee BIT 7 Continued EXHIB ad : [ADILITIES: LONG-TERM LIABIL . Ge es Long-term debt, less current Po By 536.443 Insurance Reserves es 24.195 x fs Deferred income taxes 01 eraalonest 1658 ther accrued li ae 16505, ‘Total long-term liabilities Lana? Tiss ‘Total liabilities 1,690,282, 813.20" COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ DEFICIT: 377 ‘Common stock, par value $0.01 per share; a 7mp.000,000 shares authorized: 57,741,208 in 2011 and 56,313,249 in 2012 issued and outstarins preferred stock, par value $0.01 per share; $.000,000 e - shares authorized, none issued ‘Additional paid-in capital = seu Retained deficit (1,207,915) (1,335,368) “Accumulated other comprehensive loss 2401) 0386 ‘Total stockholders” deficit (1,209,739) 7135.50) ‘Total liabilities and stockholders’ deficit $480,543 $478.197 Source: 2012 Form 10K, pp 48-49. Competitors Competition in both the USA and intemational pizza-delivery and carry-out business is extremely intense, with Pizza Hut (owned by Yum Brands) being the largest competitor inthe industry. Pizza Hut's revenues are more than 60 percent greater than Domino's. Papa Johts ind Little Caesars are also fierce rivals in the industry. In fact, Little Caesars was listed as the fastest-growing pizza chain in 2010, with revenues up 13.6 percent over 2009, followed by Pizis Hats 8 percent increase and Domino's 7.2 percent increase. In addition to the three main rivals. Domino's faces intense competition from many local mom-and-pop pizza stores, frozen pizzas from the grocery store, as well as hundreds of non-pizza fast-food options. Pizza Hut, Domino's ‘and Papa John’s account for 51 percent of all consumer spending on pizza delivery stores in the USA, with the other 49 percent coming from regional or mom-and-pop establishments. Internationally, Pizza Hut and Domino's are the main players in the industry, but various countries have numerous national companies and thousands of mom-and-pop pizza and Italian restaurants vie for business as well. As with the domestic market, some customers consider lol pizza stores to offer better quality products than large chains and are ‘willing to pay marginally higher prices for this perceived quality. ‘Another competitor is Pizza Inn Holdings, Ine., based in The Colony, Texas. Pizza Inn owns Pizza Hut Bec eire ae Pizza Hut is based in Plano, Texas, and operates more than 7.200 restaurants inthe USA and more than 5,600 restaurants intematonaly i8 of than es pan GES aa vel a Domino's, almost all Pizza Huts are dine-in restaurants. PiZ7A Huts tre pan iz ela thin! cy, ed cast and se od sein. 8 roofed restaurants, i reali and sandwiches. Pizza Huts offer dine-in service at its famous red- are company-operated, ea cirTyout and delivery servica. About 15 percent of all Pizza Huts Meg mba operate, whereas the reinsining stores are franchised. The world's By st food company. YUM Brands also owns and operates Kentucky Fried Chicken (KFC), 1088 and Taco Bell, Pizza Hut is Domino's major pizza rival outside of the USA.oR mational, Ine. Headquartered in Louisvtte Kentucky: restaurants With 3,355 ofthese beine Papa John’s has restaaronts has 16,500 fulltime employees and ay tetter pizza.” Berween 2001 and 2012, Customer Satistuction Index) period. The company reported revenue of meg consistent with the industry. it shows ne reve John’s earies $75 million in goodwill on ae a 20 percent of the eh Rae tales ol arate i se an stores typically offer delivery and earyout service a : » Meats. Papa John’s Exhibit 8 provides a comparison between Doce clter ingredients, one (by the American 11 Years during this year-end 2011, allocated 10 rese, lance sheet; ion for arch and al franchised stores are not Domino's e1 ‘menu express carryout lege campuses. Pizza Inn's domestic with about half located in Texas and terminals, and on coll lrtions are concentrated in more than 1S southem states North Carolina, little Caesars Headquartered in Detroit, Michigan, and private ly held, Little Caesars is famous for its adver- tising slogan, “Pizza! Pizza!” which was introdi need in 1979. The phrase refers to two pizzas External Issues Domino's competes in the Quick Service Restaurant (QSR) pizza category, Which consists of {Wo categories: 1) delivery and 2) carry-out. Delivery revenues for the industry in 2012 ed 96 billion, up only slightly the last few years, The delivery portion accounts for 30 percent EXHIBIT 8 a, Comparison Between Domino's and Papa John’s 20.1M 0.12 888K 0.10 2481 of : 57 ee _ cpm CASE + DOMINO'S pizza, ic, 2013 ‘papa John’s inte 38788 STRATEGIC MANAGEME! NT CASES enues, However, the carry-out portion of the industry prey nis 4.6 billion in 2012, Domino's is the market leader mes a of the total QSP pizza revs of the USA, pizza delivery is underdeveloped Li from $14.1 billion in 2011 out, Outside and second largest in earry-out Domino's and one rival being the only firs 2 iti cerns ; Nutrition ConcEMMS Fac-food establishments, including pizza sires, is the Browin An area of concern hnealth-minded custom products with nutrition I ane growing pressure from ZOVETMMENtAgENCes fo re have been battles Between the restaurant indus a overnment agencies for MANY years, but much like the tobacco industry (in respect to hens se pret). Ht appears the war is 656 1 eing lost for the restaurant industry. Dominos tere i Pron information on its website, but Torres the customer to add the calories for cry izes Mipeese, and topping, and then divide BY the number of slices to derive the total ealojy vons, one large slice of hand-tossed pepperoni pizza fr ant per slice. After doing the calcula Sample ‘and there are 8 slices in a pizza. To complicate gxample has 300 calories and 12 grams of fat, shatters for restaurants such as Domino's: i difficult to provide accurate nutrition labels when there can be an almost endless combination of ingredients on a pizza. For example. someone may order large sausage pizza with onions ‘and olives whereas someone else might order extra Cheese and tomatoes. Having to print out aulrition labels for all these combinations would be uit costly as opposed to a restaurant [ike MeDonald’s where it can print the nutrition label ithe Big Mac because there is uniformity in ingredients and the label is understood to befor ore item. However, Domino's PULSE system could possibly be adjusted 10 resolve this potential issue. Chipotle Mexican Grill claims to only us cattle, as opposed to cattle injected with grow! gs having gluten-free crust, This is an attempt to win Over health-conscious customers, comply ‘vith government regulations, and make current customers feel a little less guilty about eating pizza, The tug of war between customers, governments, lawyers, and the restaurant industry on health issues is likely to continue for some time. Th response to these challenges, many restaurants have opted for healthy menu options. Wendy"s, for example, has promoted several meal combinations that contain less than 10 grams wrat Ail of these items were originally on its menu, just not marketed in that mantet, Wendy's rasan ed ide salads and fruit to help cut down on calories, fat, and sodium. Subway & also Tamous for marketing its products as healthy alternatives to other fast-food options. Domino's tind many pizza competitors, offer few to no menu options for the health-conscious consumer. se meat and dairy products from free-ranging fh hormones. Domino’s Pizza markets its pizzas Barriers to Entry Barriers to entry are relatively low for the restaurant industry, but rivalry (competitiveness) among firms is exceptionally high. One large contributing factor for the low barriers to enttY is many small entrepreneurs can open mom-and-pop establishments and bypass the franchise fees, royalties, selection process, and so on of owning a franchised restaurant and lease existing building relatively cheap. However, even avoiding high fixed costs, variable costs a often high and small-scale entrepreneurs are not able to compete with larger franchise stores. pee cane negotiate pricing on food, packaging, and other supplies. In the QSR industr ie rgaining power of consumers is quite powerful, availability of restaurant options in most places is abundant, and consequently there is intense price competitivene’ al firms Prony ‘ni Even if you are sure you want pizza for lunch or dinner, you likely have many optons Economic Factors ‘The current landscape in the QSR business Population of barginninded eustomers sel snot popultion of re alluent consumers targeting idle © higher-end restaura ee celal oned strategically to target the first group of consumers because there a y mars jan Died ates has excellent sales and discounts to target this 07 pes _ of customers who are value shoppers, many of these afe also shoPt quay and ue willing to wait in Tinga title longer oF ay Title more for in with a BE is a bimodal population distributior lal population oa 1g deals on cheaper end fast food optionavers. Domino's Has recently capitalized on this well with the introduction of its 0 Pea nd new recipes (Or higher quality products) for its erust sauce, and cheeses 3627 g's offers many pick wp specials. Although an inconvenience over delivery, if in today's climate are willing to folerate a degree of inconvenience that they ny cee not if they can get a beter deal ceca mil to Domino's, many restaurant owners in the fast-food industry have experienced er growth it international markets than domestic markets. This trend is expected to con- aly in China and other developing nations because many US. fast-food options are * vel, ever in Europe. According to the S&P Industry Surveys, QSRs are expected to see tease of 3 percent in 2012 and orders to increase 1.5 percent as a result in large part sonal appetite for U.S. fast food and an improving global economy. These positive trends Inermeced to continue into 2013 and should bode wel for Domino's with its strong intema- presence. thics and Corporate Citizenship “Domino's has two extensive “Code of Ethics” documents on its website: one statement for its employees and one statement for its executives. The documents outline matters such as: conflicts = finterest, how to report unethical conduct, fair dealing with all employees, compliance with ss, proper Way t0 use company assets, and much more. In addition to Domino's Code of Ethics statements, the company is noted for its corporate izenship record in particular with St. Jude Children’s Research Hospital. Since 2006, “Domino's has donated more than $12 million to St. Jude and has hosted pizza parties for patients ~ and its families on St. Jude properties. In 1986, Domino’s launched its Pizza Partners Foundation with a mission of “team members iag team members.” The foundation is 100-percent funded by team member and franchise "contributions and has disbursed nearly $12 million to aid team members facing crisis situations chas fire, illness, or other personal tragedies. contemplate the future direction of Domino's, it has fe its aggressive market development strategies and ‘accept the risk associated with expanding into markets it has little expertise operating within? hat new geographic locations or regions should Domino’s focus? Should Domino's simply ':? How would this expansion affect the corporate phic division and thus establishing offices eg better enable them to manage these more risky Pccticats? Can Doioo’s afford this financially? Should Domino’s consider offering salads chase trucks to deliver its products OF a line of healthy menu options? Should Domino's pu her than incurring such heavy leasing expenses? As CEO Doyle and his management team ‘Ich to consider. Should the firm continu ‘Domino's needs a clear three-year strategic plan. Prepare this document for (he companys CASE 1 * DOMINO'S PIZZA, IN 2013 38