StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The new trends in foodservice industry - Essay Example

Comments (0) Cite this document
Summary
Friddle, Sandeep and Jean’s The food service industry: trends and changing structure in the new millennium (2001) is an exploratory study investigating current trends in the foodservice industry. This study offers a review of current and future developments in the economic,…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER99% of users find it useful
The new trends in foodservice industry
Read TextPreview

Extract of sample "The new trends in foodservice industry"

The New Trends in the Foodservice Industry Friddle, Sandeep and Jean’s The food service industry: trends and changing structure in the new millennium (2001) is an exploratory study investigating current trends in the foodservice industry. This study offers a review of current and future developments in the economic, technological and labor markets and their implications for the foodservice industry. The study findings indicate that changing customer demographics are the driving force behind the developments in the food service industry. The article notes that the baby boomers’ food consumption demand has been on the rise in the recent past. These consumers are not concerned about recession and unemployment, they tend to value retail and in-store experience and record the highest number of high-end restaurant visits. In addition to this, they are more concerned about their health while purchasing products and services (11). This article is, therefore, important in understanding the changing landscape of consumer demographics and its implications to the foodservice industry. It also equips food retailers and restaurants with relevant strategies for segmenting the market and designing products and services that meet the needs of the various population cohorts.
Friddle, Sandeep and Jean (13) observe that the continued growth in the baby boomer and senior’s segment is driving further outcomes in the foodservice industry. Firstly, there has been the emergence of grocery and foodservice under one retail store and one business enterprise. This phenomenon occurs because the consumers in older market segment have the tendency to match ready-to-eat foods with other groceries, beverages and fresh produce ingredients as a way of customizing their eating diets. Secondly, there has been continued competition in the foodservice industry as the various foodservice providers seek to increase their market share and tap into this lucrative market segment. Thirdly, there has been continued increase in food product and menu innovation with the aim of increasing quality, eating experience and gaining competitive advantage over rivals. Fourthly, there has been a shift of consumer preference from cost factors to other evaluation valuables such as diets, nutritional and health concerns in the selection of foodservice restaurants.
Growth in the baby boomers and seniors population, who have a high purchasing power, is likely to lead to continued growth in the food service industry. According to Friddle, Sandeep and Jean, this market segment has high disposable income, wide travelling and eating experiences and less cooking skills compared to the younger generation Y segment (11). Increased spending in the foodservice sector, by baby boomer and senior consumers, will lead to the growth of the industry. Marketers will have a wider market segment to tap from and new foodservice and retail establishments will emerge with the aim of targeting this market segment. We are also likely to experience growth in foodservice technology as companies seek to stay ahead of the competition.
This article is very relevant and accurate in highlighting the developments in the food service industry. Firstly, available demographic evidence suggests that the US population is ageing thus implying that most consumers are entering the older segments. Demographic trends also indicate that most of the ageing population is attaining the retirement age, have adequate savings and tend to have limited time and skills to cook for themselves. Apart from this, the article points out that healthy eating and lifestyle choices are major concerns for aging the population. Several studies also indicate that the baby boomer market segment has unique needs and preferences, which are driving shopping behavior and buyer involvement in purchase decision. I, therefore, agree with the facts and arguments raised in this article.
This knowledge is very important for my future marketing role in the food service industry. Parment observes that understanding the changing consumer demographics and their impacts on the foodservice industry is important in five different ways (197). Firstly, it is important in segmenting the foodservice market based on the preferences and needs of the specific customers. Secondly, this information will be very important in the formulation of marketing strategies targeted towards attracting and maintaining loyalty and trust for this growing market segment. Thirdly, this information would also be useful in the development of marketing communications that address the key needs of this market segment. Fourthly, this information is important in developing new products and services that are able to give the emerging customers unique eating experience, and meets or exceeds their expectations. Fifthly, this information will be very important in effective positioning and targeting the food service product offering to the seniors and baby boomer segment.
Friddle, Sandeep and Jean observe that the growing mature market segment is going to have three major implications for the foodservice industry (55-56). Firstly, it is likely to have a major impact in the foodservice channels of distribution. As older consumers tend to eat from anywhere, it is interesting to research on how this will affect the traditional roles of the food retail stores, grocery stores and foodservice places. One key question that needs investigation is whether these distribution channels will remain distinct and unique or whether they will merge and rely on the same wholesaler. Secondly, it will be very interesting to conduct research on the possible impact of these developments on the consumer tastes and preferences. Food service marketers would be interested in investigating whether this trend will result into development of strong, homogeneous market segments with similar needs and preferences. Thirdly, marketers would be interested in investigating future trends in the food service delivery and value system in terms of production, cost management and innovation.
Works Cited
Friddle, G. Charlotte, Sandeep, Mangaraj and Jean, D. Kinsey. The foodservice industry: trends ` and changing structure in the new millennium. New York: The Retail Food Industry ` Center, 2001. Print.
Parment, Anders. “Generation Y vs. Baby Boomers: Shopping behavior, buyer involvement and ` implications for retailing.” Journal of Retailing and Consumer Services, 20(2013): ` 189-199. Print. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The new trends in foodservice industry Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
The new trends in foodservice industry Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/tourism/1642560-the-new-trends-in-foodservice-industry
(The New Trends in Foodservice Industry Essay Example | Topics and Well Written Essays - 500 Words)
The New Trends in Foodservice Industry Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/tourism/1642560-the-new-trends-in-foodservice-industry.
“The New Trends in Foodservice Industry Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/tourism/1642560-the-new-trends-in-foodservice-industry.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The new trends in foodservice industry

Gold Industry Trends

...?Literature Review Table of Contents Table of Contents 2 Literature Review 3 Gold Industry Trends 3 Gold Industry Investment 4 Gold as Financial Product and Instrument 4 New Product Development in Financial Services Industry 5 Research and Development for Financial Products 6 Ansoff Matrix for Financial Products 7 Market Segmentation for Financial Products 8 Audit for Financial Products 9 Conclusion 10 10 References 11 Bibliography 14 Literature Review Gold Industry Trends Gold is a precious and rare material in the world which is largely used as the basic component for manufacturing ornaments. However, in the current day context it is also used as one of the popular instruments for investment. As revealed from the report published...
8 Pages(2000 words)Dissertation

The Trends in Auto Industry

...What are the trends in 2007 auto industry About 53 million new cars were sold around the world in 2007. 15.9 million Cars and light trucks were sold in US in same year. As the price of gasoline and petrol is rising, the market is getting prepared for adopting fuel efficient options. Such a trend has paved the way for hydrogen, electric and hybrid cars. Toyota's Prius hybrid car gained immense popularity. Toyota has planned to produce 48,000 hybrid Camrys yearly. The demand for Toyota's Lexus RX400h hybrid crossover is also gaining momentum. Many companies are trying their expertise in making a mark in the emerging hybrid car market in the coming years. Passenger vehicles in Europe are relying upon clean diesel engines like the ones...
14 Pages(3500 words)Assignment

New trends in advertising

... New trends in Advertising Currently companies are investing huge budgets in rebranding their s or products to accord to the new dynamics in the market. Companies have several reasons that may lead to rebranding of the company’s name or product. For example, Eliot Spitzer was reduced to tatters in 48 hours in 2008 after leaked information that the governor had patronized a prostitution ring. Once a famous and a rising star, Spitzer is currently trying to rebrand his name in the public image (Mendelson, 2010). Domino’s Pizza had to release a new- and improved Pizza in January this year to what they termed as customer’s requests in the market. The company’s efforts in rebranding the pizza and advertising are currently paying off ( Mendelson...
2 Pages(500 words)Research Paper

Foodservice Marketing

...McDonald’s is one of the most successful food service retail stores in the world. One of the factors that have contributed to its success is the techniques it uses in marketing its food and services. Its merchandising techniques are breathtaking and have attracted many customers to buy its products. The retail store has a website where it displays and advertises its products. The e-commerce platform is mostly found at its Canadian restaurants (Retail Systems B2B LLC, para 2). The website has breathtaking images that attract customers to buy their products. They also display their logo (the Golden Arches) that makes it easy for the customer to recognize the brand. At Olive Garden, they do their merchandising in a different way... is one of...
1 Pages(250 words)Essay

New Trends and the Future Challenges in Hospitality Industry

...New Trends and the Future Challenges in Hospitality Industry The hospitality industry, more or less like other business sectors, is seemingly swimming in a stream of constantly updating and transformative trends that forces the existing players to either adapt to the emerging customer dynamics or face the ultimate penalty of exit. Satisfying the requirements of the modern customer is proving to be a tricky affair for hoteliers, who are more than any other time in the past, are continuingly pressed hard with a competitive challenge of differentiating their services for a secure growth momentum into the future (Deyo par 4-6). With expectations built on prior basic research aided by an omnipresent internet spewing details with adventurous...
1 Pages(250 words)Research Paper

Tourism Industry Trends

...Tourism Industry Trends Article Research Paper (Going Green) Task Table of Contents Introduction………………………………………………………………………………………..3 Current Trends in Shanghai……………………………………………………………………….4 Discussion on the Future Trend…………………………………………………………………...5 Summary/Conclusion and Learning Experience………………………………………………….6 References…………………………………………………………………………………………8 Tourism Industry Trends Article Research Paper – Going Green Introduction Shanghai is one of the largest cities in the world and among the leading in tourist attractions across China. This is majorly due to the deep and ancient history that the city has dating back to numerous generations past. In fact, one of the attractive features of Shanghai is because if its size...
4 Pages(1000 words)Essay

Technology trends in Hospitality Industry

...HOSPITALITY INDUSTRY by The of the The of the school The and where it is located The date Technology Trends in Hospitality Industry Introduction The term technology originates from the term “techne”, which was predominant in the ancient Greek error. Just like many other terms, technology traces its roots in ancient Greek. Technology, therefore, means the collection of tools, machinery arrangements, and modifications facilitated and used by human beings. Technology came about with the basic aim of assisting human beings and other species to adjust and match up with their natural environment. It can be applied from a general perspective or from a specific angle. Examples of specific technologies are information technology, construction...
9 Pages(2250 words)Essay

Trends in Mining Industry

Trends in Mining Industry
The current trend in mining industry is as follows as described by Tsai, 2014 is as below: The mining market is now stained by volatile prices of products and the demand fundamentals are shifting. This will have a significant effect on the demand and supply of mineral products across the world. There is dwindling prices of commodity and lower levels of production. Minerals that are at risk experiencing tipping into a flooding supply thermal coal, iron ore and even aluminum. The exploration and excavation costs by the market players have gone down increasing the affordability of the process. For instance, Aluminum cost is going even lower in china beyond much of other countries. This is due to the fund...
2 Pages(500 words)Case Study

Industry Trends of Google Inc

... percent of all the US searches. The company has diversified and integrated product and service portfolio that include web search, Google Chrome, Google News, Google Scholar, Google Docs, Google Analytics, Google Apps, Google AdSense, Google Adword, You Tube, Google Maps, and Google Earth (Eldeman & Eisenmann, p 1). 2.0 Situational analysis: Industry trends The factors that determine the paid listings provider’s revenues include the coverage rate, the average cost per click, the click-through-rate and revenue split (Eldeman & Eisenmann, p 4). Google has an extensive coverage rate and has improved the click-through rates through innovation of the keywords. The revenue split is the percentage of revenues paid to network affiliates...
9 Pages(2250 words)Case Study

New Technology Trends in Hospitality Industry

...New technology Trends in Hospitality Industry Introduction In reference to Claviez , Information, Communication and Technology (ICT) is rapidly changing the world and the hotel and hospitality industry has no special exception. Hotel and hospitality guests are people who stay and experience technological changes in the world. Throughout the evolution of the hotel and hospitality business, the guest is the driver. The dominant revolution in guest behavior, as seen in recent years, has been in the jurisdiction of technology (Brandau, 2009). In reference to David (2009), hospitality guests are progressively tech-savvy hence they demand higher and higher standards. They always want something different. These fast-changing guest-standards...
10 Pages(2500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic The new trends in foodservice industry for FREE!

Contact Us