“A loaf of bread in every arm” is the mission statement of Panera Bread Company (Vincelette & Fogarty, 2010, p.1). Panera started as a small bakery under the name Au Bon Pain and grew into one of the largest fast food companies in the United States. In 2008, it had the 5th overall rating in the restaurant industry. “Panera Bread is widely credited with starting the national specialty bread trend” (Panera Bread, 2011). Company Timeline Over $3 million in debt and preparing to file for bankruptcy. Kane teamed up with Ronald Shaich. Shaich saw the potential in Kane's business and the first strategic move was to offer expanded menu choices to drive morning sales. From 1981 to 1984, the company expanded its activities, worked to reduce its debt and centralize its pulp production. In 1985, through observing customers bringing cold cuts to add to their bread, Kane had his first "eureka moment." The new strategy consisted of fresh, quality sandwiches, bread and coffee. In 1991, Kane and Shaich took the company public. Unfortunately, they faced limited growth opportunities. The restaurants catered to office workers and were located in large cities where real estate prices were high. In 1993, the company acquired Saint Louis Bread Company. This allowed them to access a market in suburban areas and later became the platform for Panera Bread. Kane and Shaich planned a new strategy, this strategy would include: the type of food they would have on their menus, the employees they wanted to interact with their customers and the type of atmosphere they wanted to offer their customers. In 1995, the second “Eureka moment” occurred, again through customer observation. Kane realized that people needed...... middle of paper...... average weekly sales reached a new high for the company. With their strong strategic goals and willingness to change to meet the needs of their customers, I believe the company will continue to experience success. Works Cited Hunger, DJ and Wheelen, TL (2012). Strategic Management and Business Policy, TowardGlobal Sustainability (13th ed.). New York: Prentice Hall. Panera Bread Company. (2012). Investor relations: financial reports. Retrieved from: http://www.panerabread.com/about/investor/Ruggless, R. (February 7, 2012). Panera's 4th quarter profits rise 5.8%. Retrieved from: http://nrn.com/article/paneras-4q-earnings-increase-58Vincelette, JP, Fogarty, EA (2010). Panera Bread Company (2010): Still Rising Fortunes? Retrieved from: http://csuglobal.blackboard.com/bbcswebdav/pid-394203-dt-content-rid-29343_2/courses/KEY_MGT510/MGT510_Mod6CT_Case29.PDF