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Fast food In a Fast Economy: The US - Essay Example

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The moment the word Fast food rings in the authors ears, he only thinks of America which is known for its obsession with junk foods and Fast foods. This certainly kindles the spirit of any aspiring business novice with a spirit of entrepreneurship to venture into this Industry…
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Fast food In a Fast Economy: The US
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Download file to see previous pages Advantages are of many kinds like the first mover advantage, locational advantage, price advantage, customer loyalty and of course the differentiation of products. Thus Micheal Porter's five force theory comes in handy to analyse the forces that will apparently have its impact on fast food Industry. Before getting down the brass stacks it would be apposite to define the five forces. They are the Entry and Exit barriers, Forward integration, Backward Integration, Substitutes and competitive rivalry. The fact that three locations have been selected for establishing the fast food outlets it demands the owner to check whether all the locations are ideal for the outlets. The more populous the place is, the better the opportunity to grow provided the competition at that locality is not much. Fast food industry is one such industry which gives ample opportunity to the owner to win the customers heart through his products
as well as his services, i.e it is one industry where the tangibles as well as the intangibles will prove to be rewarding. When it is said that the rewards come easily, one should also remember that it wouldn't take much time for the reputation to get tarnished in no time. One major driver of the fast food industry is the word of mouth advertising where customers spread the message about the outlet to their kith and kin. This is the priceless way of advertising where the owner doesn't need to shell a penny from his pocket but the same word of mouth may drive the outlet to dogs. So the onus is in the hands of the company that ventures to act different and win people's heart.
Though the five forces model of porter mentions about five different forces, a careful examination would reveal that all of them bottle down to one general aspect - The competitive advantage that one has over the other. Thus the five forces could be construed as the sub divisions of the competitive advantage. More often than not people think that industry monopolies and oligopolies are only in the higher end fields which is technology is intensive but the fact is that it is worse in a low technology intensive industry like fast foods. While competition may keep mushrooming everyday, substitutes are no where far and the forward and backward integration of the outlet plays a vital role in delivering on time the ordered products. Industry that has a low entry barrier needs a lot of initiatives and expertise to sustain and here since the exit barrier is also low, it wouldn't prevent one from experimenting. So, one has to face the real competitors with these trial blazers. How the entrepreneur faces endures the forces and acts accordingly in the fast food industry is defined through a diagram in the following pages.













Antony 4
Entry & Exit Barriers:
As mentioned in the diagram when it comes to a fast food industry the entry barrier is seemingly that may attract anyone to experiment with it. But the real fact is that there are many barriers that impedes. First is the location, which is of paramount importance, fast food outlets before was literally used to serve food fast and therefore people didn't really bother about the ambience, but now it has become a luxury destination and people have started using the fast found joints for socializing. Therefore they want a hassle free place to relax and enjoy the food. So renting or owning a good ...Download file to see next pagesRead More
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