Potential for businesses
rapid changes in the consumer behavior drive the fast food industry business. Rising income levels and changes in the lifestyles of the people are the stimulants to this change in food culture. From traditional home cooked meals to ready to eat over the counter burgers and sandwiches – the eating habits of the consumers across the globe have changed drastically. In order to cater to the changing consumer tastes and preference businesses in the food industry should carry out regular surveys and market research activities to tap these changes and implement appropriate strategies towards business growth.
Global markets today offer a great potential for businesses across all industries and organizations are investing in extensive research programs to develop innovative products and services that can reap huge profits under these favorable economic conditions. New markets offer new opportunities to businesses and managers are adopting innovative strategies to widen their access and market reach. These business strategies play an important role in deciding the market share and product positioning in new markets.
However, one of the critical challenges facing the businesses remain in understanding the existing culture, taste and preference of consumers within this geographic region. Extensive market research and analysis of economic forces
Need essay sample on "Potential for businesses"? We will write a custom essay sample specifically for you for only $ 13.90/page
The market trends and consumer tastes are shifting towards more refined and healthy food options and this report provides comprehensive strategic plans that can guide the successful business growth and development for Burger King. References: 1. RedOrbit. 2005. Sales growth in the UK fast food & home delivery outlets market in the period 2005 to 2009 is forecast to be less than the previous five years. Accessed on April 20, 2009 from – http://www. redorbit. com/news/science/267217/sales_growth_in_the_uk_fast_food__home_delivery/ 2. KeyNote. 2005. Fast Food – September Report.
Accessed on April 20, 2009 from – http://www. keynote. co.uk/FAST%20FOOD%20_%20SEPTEMBER_1%20KN%20version. pdf 3. Richardson, James and Aguiar, Luis Kluwe. 2004. Consumer change in fast food preference. Accessed on April 20, 2009 from – http://www. ifama. org/tamu/iama/conferences/2004Conference/Papers/Richardson1004. pdf 4. McDonald, Malcolm. 2005. Marketing Plans – how to prepare them, how to use them. Fifth Edition. Oxford, Butterworth Heinemann 5. Mudie, Peter and Pirrie, Angela. 2006. Service Marketing Management. Third Edition. Oxford, Butterworth Heinemann. 6. Strategic Management. Accessed on April 20, 2009 from – http://www. csuchico. edu/mgmt/strategy/module1/sld034. htm 7. CEED. 2009.
Market Research. Accessed on April 20, 2009 from – http://www. ceed. us/tools/articles/market-research. htm 8. Burger King. 2009. Accessed on April 20, 2009 from – http://www. burgerking. co. uk/burger-king-corporation 9. Hoovers. 2009. Burger King Holdings, Inc. Accessed on April 20, 2009 from – http://www. hoovers. com/burger-king-holdings,-inc. /–ID__54531–/freeuk-co-factsheet. xhtml 10. BBC. 2008. Fast food factory. Accessed on April 20, 2009 from – http://www. bbc. co. uk/worldservice/specials/1616_fastfood/page8. shtml 11. Burger King Global. 2009. Accessed on April 20, 2009 from – http://www. burgerking. com/bkglobal/