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Essay on Industry Analysis (Fast Food Restaurant)
What caused the change that resulted in a shift from "at-home food" to "fast food" consumption? One factor is attributed to the birth rate in the late 1960's and early 1970's when more women sought professional careers during their childbearing years. Another factor was the presence of Ray Kroc, the man who deserves the most credit or blame for transforming the eating habits of Americans.
The fast food industry is one of the largest industries in the world. Fast food has been known to be a large area of investment involving food. Restaurants such as McDonald s and Burger King have been known for their popularity mostly from advertisements and are highly rated to be the trademarks for the fast food industry. Although part of the industry s functions is to sell their products, we [the consumers] play a large role in their profits to keep these restaurants in business. The question is the responsibilities of both the consumer and the industries (Frozen Food Digest).
The fast food restaurant industry is a classical mature industry with characteristics such as consolidations, acquisitions and divesture activity. Restaurant operators have found it easier to grow by acquisition rather than internal development. This is significant since acquiring companies do not have to perform a great deal of market analysis of a particular customer base or geographical market area. This industry is intensely competitive with respect to price, service, location and food quality. There are many well-established competitors with substantial financial and other available resources. Some competitors have been in existence for a substantially long time and some franchisees are established in good markets. It is extremely competitive for the consumers' dollars. These restaurants not only compete with other restaurants, but other generic forms of competition; such as eat-at-home foods and supermarket deli take-out arrangements......
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