Hospitality Industry A. Customer Orientation – The purpose of a business is to create and maintain profitable customers. Customer satisfaction leading to profit is the central goal of hospitality marketing II. What is Hospitality Marketing? Marketing is the art and science of finding‚ retaining‚ and growing profitable customers III. Importance of Marketing A. The entrances of corporate giants into the hospitality market and the marketing skills these companies have brought to the industry have increased
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Joe fast food changes 10/21/2012 2nd draft All the fast food companies nowadays always want to know that how to attract more customers to their company‚ and how to makes more profit. Make some changes to make customers happy is the most important thing. Changing the taste of food based on the region‚ reducing the amount of fat and calories in food‚ and increasing worker’s salary are the three changes I would make. Choosing the taste of food in the region could bring back more
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Conclusion questions: 1) To what extent do individual buyers have the ability to negotiate low purchase prices with typical firms in this industry? a. Answer- Consumers can’t negotiate prices with fast food restaurants. However‚ there is a large degree of internal rivalry in the industry‚ with a very strong cross-price elasticity present in the industry. This encourages low prices due to a strong degree of substitution and gives consumers back some power. 2) To what extent do purchase prices differ
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five forces 5. value net 6. conclusion 7. recommendation 8. References Executive Summary Industry analysis is guide to know the profitability of the fast food industry by as assists us in 1. Understanding the competitive forces in the industry. 2. Assessing the attractiveness of‚ and growth opportunities within‚ a new industry 3. Developing effective strategies to raise your profitability‚ power‚ and competitive position in an industry.
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Industry Analysis of the Fast Food Industry 1. A few of the chief economic and business characteristics of the global fast-food industry are as follows: In the market growth rate the expected food sales is predicted to increase by $208 billion by 2020 with us already being at $800 billion by 2001. Under entry barriers for the fast-food industry the main concerns would be the entry costs‚ location‚ capital cost‚ and licensing. For a business to have success they must have the right location. Under
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The fast food industry of China is experiencing phenomenal growth and is one of the fastest growing sectors in the country‚ with the compounded annual growth rates of the market crossing 25%. Further‚ on the back of changing and busy lifestyle‚ fast emerging middle class population and surging disposable income‚ the industry will continue to grow at apace in coming years. These are the findings of our just-released research report “China Fast Food Analysis”. This report provides extensive research
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Nicholas Smith April 27‚ 2009 Principles of Economics Paper - The USA ’s Fast Food Industry Fast food restaurants represent one of the largest segments of the food industry with over 200‚000 restaurants and $120 billion in sales in the U.S. alone. Fast food restaurants‚ also known as quick service restaurants‚ are noted for their short food preparation time. Some of the largest players in this category include international giants like McDonald ’s and Yum! Brands‚ national chains such as Wendy
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Huge Profits and Salaries for the Owners In order to best maximize their profits‚ the big fast food giant ’s created the franchise system. This system allows the companies to maintain overall control of the product‚ and give them a guaranteed rate of return‚ while at the same time allowing local owners to create a low-wage work force best suited to local conditions. For us‚ as workers‚ that means our immediate employers are often small business owners‚ and franchise owners who plead poverty when
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and the Fast Food Industry The ultimate themes of fast food chains are high visibility and global recognition. The earliest establishments‚ ostentatiously designed in an attempt to attract attention‚ were strategically placed alongside highway off-ramps in order to draw in customers. Simplistic logos‚ such as the legendary golden arches‚ began to bring recognition to the fast food chains. The fast food industry’s ability to sell convenience and taste then allowed the popularity of fast food to gain
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WSU Analysis of the fast food industry Assignment 3 [Type the author name] 6/1/2012 . Analysis Of The Fast Food Industry In the United States‚ fast food is as much a tradition as is baseball and football. Restaurants like McDonald’s‚ Wendy’s‚ Culvers‚ and Burger King have been feeding hungry Americans for years. With the fast pace of today’s workers‚ people need to be able to grab a quick bite on the go without having to
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