Analyzing Market Trends And Developments

In terms its overall significance of the restaurant industry, almost 10% of the US workforce has employed in this industry & generated 1.5 million new jobs. From global perspective, fast food restaurant's accounts for more than 90% of total world’s sale. At the start of 2012, industry shows a relatively positive trend. However, during the second quarter of the year, it appears to be slackened while reflecting macroeconomic concerns. From global economic perspective, the industry appears to be at the most receiving end, a stronger currency value, uncertainty around the election of new US government, a slightly higher cost of food supplies, a slow-moving labor market & an increased number of restaurants in the industry, all these factors along

The restaurant industry can be a fickle friend. Business trends directly with the economy and is linked with a dizzying amount of other factors, enough to make any manager go crazy. Yet at the same time the industry is lucrative and therefore enticing. The industry has been a contributing factor in the slow recovery from economic recession and is showing growth in sales (Stensson, 2011). Specifically, the fast food industry if projected to grow at a slightly higher rate of 3.3% over that of the full service industry at 3.1% (Stensson, 2011). With expanding sales comes higher demand and restaurant jobs are estimated to rise by 1.3 million positions by 2021 (Stensson, 2011).

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

More and more people like to eat outside in a restaurant. Restaurant services can help people establish the satisfaction of ingredients, provide considerate services, and save customers’ time. The restaurant industry occupies an important place in the service industry, and because the demand of customers is increasing, the demand on the level of service is becoming greater. The stages of the industry’s life cycle are typically separated into three stages: beginning, maturity, and recession. The restaurant industry is clearly in the maturity stage. For now, people usually can find what they want by using some Apps, and find the restaurants near them. It is convenient for people to eat in a restaurant. The trend of restaurant will be continued in next five years. The charts(4) below showed the restaurant industry sales have been increasing since 1970, and the restaurant sales was $709.2 billion dollars, the sales of restaurant industry included commercial restaurant services, eating places, bars and taverns, managed services, lodging places and retail, vending, recreation, mobile. Commercial restaurant services occupied the most sales from restaurant industry. The major emerging trend in restaurant industry is the way we manage restaurant, more and more technological products were used in restaurant, we use tablet to order food. Restaurant were using advanced technique to have a better dining experience, like the

Evaluate the findings from the market research you have undertaken. You will need to explain the strengths and weaknesses of the methods you have chosen and how they could be improved. Comparisons with the evaluation made for D1 should be included.

Reflection: The interesting part of this PEST analysis is that it shown me how the restaurant business is a win situation for the economy, workforce and the technology sectors. It is able to be innovators in the health of people and the influence of having laws signed into legislation. Just as myself, I started washing dishes in a nursing home and because of the opportunities that was afforded to me, I became a regional district manager of several food

In this paper I will attempt to explain the strengths and weaknesses of a restaurant. I also will attempt to show one way how they can utilize their strengths and minimize their weaknesses To be competitive. I will further explain how their ability to have Stylish Restaurants with Ever Changing Decor, their online and call in orders, Online and Phone reservations, Premium Cocktails, Ruby Tue Go, Full Service Catering, and Extensive Menu Variety give them a competitive edge in their market. With their online and call ahead service called Ruby Tue GO it gives you the ability to order your food before you lunch hour and stop by to pick it up saving yourself a considerable amount of valuable time. With being able to call ahead or go

Most of the businessmen consider market research the key to a successful business empire. It is quite essential to conduct a thorough research to analyze the prospects of an existing or new product. A well-conducted research proves fruitful in evaluating the business situations, the potential sales of a product, prospective customers and so forth.

For years, companies have been relying on market research, data tracking, and data warehousing to help create marketing strategies. Marketing managers rely on this data to spot opportunities and problems and try to stay ahead of the competition.

Competitor analysis is a tool used in marketing as well as strategic management whereby an assessment of the strengths and weaknesses of an organizations both current and potential competitors is done. A useful technique in carrying out a competitor analysis is the construction of a competitor array. This is done through various steps first identification of the industry that the organization wants to venture into. This encompasses the scope and nature of that particular industry (Abahe.co, 2011). The second step involves the determination of competitors for the intended product. The third thing is identifying customers and the benefits they expect from the organization. It is also crucial to find out the key factors of success in the industry. Through this analysis the organization acquires both defensive and offensive strategic context so that it identifies threats and opportunities that are present. Competitor analysis is therefore a very crucial and essential component of an organizations strategy (Entrepreneur Media, Inc 2013). Cellutant electronics, a large corporation is thinking of expanding its market scope and start producing tablets. As part of the strategic planning group the marketing director has asked the team to carry out a competitive market analysis so as to determine the product's potential success. The paper will focus on cellutant electronics primary competitor in the products market.

Moving into new market segments also requires a substantial amount of market research and statistical analysis. The objective of a market analysis is to define the potential of a new market segment, today and in the future. The team must have a comprehensive understanding of market growth rates, projected demand, and chief competitors. Furthermore, all impending obstacles must be addressed prior to entering a new market segment. To thoroughly comprehend the market place, it is imperative that the team has a good data analyst. Mr. Damian Ona is very comfortable working with numbers, and is well suited, and qualified to perform in the capacity as the team’s market analyst. He enjoys analysis and will compile the relevant data in a logical order so that it can be articulated intelligently to senior-level management. While Mr. Ona is a superb analyst, the junior analysts assigned to assist may find it challenging working with him in a team setting. This is because most teams use the participative management or leadership style. It is a leadership style that is particularly challenging for individuals

Evaluate market performance of existing competitor and their products or services to identify opportunities and threats

As I repeatedly indicated, your case analysis should be done according to the section II (p. 202, edition 9) included in the textbook and entitled “Analyzing Marketing Problems and Cases.” I also provide you with the template listed below likely to help you in preparing your cases’ reports.

The paper presents an analysis of the different factors influencing the restaurant industry and how these factors increase or decrease the demand for such services. The hypothesis that will be examined is that the performance of restaurants is mostly based on the type of food chosen by customers when they decide to go out for dinner, lunch, breakfast, or simply for a snack. What type of food refers mainly the nationality or concept of the food, (traditional American, Italian, Indian, Latin, or from any other type of culture). This factor is important because when customers go out to for dinner; they decide what to eat before deciding where to eat. That is why this factor is considerably important according to the hypothesis.

Market analyze is very important to get customers feedback. By gathering market data , market growth the organization will get to know about the competitors.