Industry Analysis on Fast Food Essay
1 . A few of the main economic and business features of the global fast-food market are the following: In the market development rate the expected meals sales is usually predicted to boost by $208 billion by 2020 around already coming to $800 billion dollars by 2001. Under entry barriers to get the fast-food industry the key concerns would be the entry costs, location, capital cost, and licensing. For a business to have success they must have the right area. Under leave barriers you will find land procurment, building rents, capital expense. 2 . A few of the driving causes include the top quality of the foodstuff, price in the food, as well as the nutritional value. Some of the consumers that will be playing a significant role in fast food will be women used outside the house, two-earned households, higher profits, and smaller size of the family. Increased food spending driven by population progress is just one of the ways consumers can shape the future of the US meals system. 3. Five pushes: a. Rivalry among competitors- in the fast-food industry itвЂ™s who can get the food out your fastest. m. New entrants- the competition is usually increasing due to not having many entry barriers. c. Replacement products- there are many choices inside the fast food market leaving buyers with so numerous choices. For that reason each individual fast-food restaurants must differentiate their particular product thus people will need to come back because of their product. For example what is it regarding PopeyeвЂ™s rooster vs . KFCвЂ™s? d. Suppliers and buyers- in the pret a manger industry in case the buyers arenвЂ™t satisfied with the suppliers than they can easily switch their particular suppliers leaving the suppliers with a drawback. Also in the event that suppliers cannot offer a thing unique that only restaurants can get form all of them, then they do not power to keep that restaurantвЂ™s business. 4. A few factors that are critical to success in the pret a manger industry are timeliness of the food, quality of the meals, quantity of the meals, and the prices of the meals. 5. ItвЂ™s attractive in they method that while using fast paced regarding the pret a manger industry, there are so many restaurants entering because there are minimal entry obstacles. Anyone who wants to open a restaurant can. Also, there are suprisingly low switching costs, which make restaurants look very appealing to big corporations. It could be unattractive since more and more consumers are willing to spend more money about better quality food rather than the amount of food at a pret a manger restaurant. Also senior citizens and immigrants may cook at your home and move away from the pattern.
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