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THE LUXURY FOOD SERVICE INDUSTRY - Essay Example

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Datamonitor projects that by 2014, the global food service industry may be worth $992 billion which accounts for more than 586 billion transactions by volume (Great and Gavin 2). This accounts for more than 18 percent growth. It reports that restaurants and cafes have emerged as…
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THE LUXURY FOOD SERVICE INDUSTRY
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Download file to see previous pages The world is also experiencing increasing urbanization as several people shift from rural places to urban centers. As people move from rural areas to urban centers, they tend to change their lifestyle trend especially their eating habits (Pride and Ferrell 26). As the number of people working in office increases, people tend to get less time to prepare foods at their homes. Such consumers under constraint of time usually opt to each outside in restaurants and cafes’. Other factors seen to have led to the high growth in food service industry include tourism. Some investors opt to put up luxurious food service industry for purposes of hosting tourists that visit the country (Great and Gavin 6).
Britain is one such country that has witnessed an increase in growth of food service industry over the last decades. The high growth rate has mainly been seen in London the capital city. Among the restaurants based in London include Hakasan, Nobu and Zuma. His are food joints that have been able to build luxury element within the service industry. The question that may be asked is, ‘How have these restaurants been able to build such luxury, and what tools have the restaurants used to build the luxury element?
The purpose of this paper is to examine the marketing tools that have been used by Hakasan, Nobu and Zuma to build the luxury element within the foodservice industry. This will also involve analysis of the 7Ps employed by the three restaurants. The paper will conclude by the most important elements derived from the study of luxury service industry in general particularly the food service industry. Finally, the paper will provide a recommendation regarding what has been learnt from the study.
The Chartered Institute of Marketing (2) defines marketing as the management process which entails identification, anticipation and satisfaction of the ...Download file to see next pagesRead More
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