Essay On Marketing Environment Paper (Opening A New Fast Food Restaurant)

Many people still enjoy having most of their meals in fast food restaurants regardless of the current economy changes coupled with the numerous research findings of health risks associated with take-out food. I therefore plan on an ambitious venture of starting a fast food joint that is generally affordable. I plan to start with a small business that will offer me the best first step to owning a fast food restaurant that will also give me a basic view of the significant fundamentals that apply to the business and requires less capital and risk, slowly I will then progress to a bigger restaurant with a fully equipped kitchen and in a prime location. I intend to start a small sandwich, pizza, French fries, hamburgers and drinks restaurant that will provide a good taste for. Opening my own fast food restaurant has been a business that I have always desired to, but in order to succeed I have to consider the market environment of my business plan.
A marketing environmental analysis will therefore be of significance as I plan the opening my business, this will help to understand the external forces that will affect it. An analysis of the political factors will therefore be essential to begin with. There are a number of political factors that affect the restaurant business. There is pending legislation that will affect the operation of the restaurant and how I market my services and products. This will be a threat to the rate at which I will recover my initial investment capital since it will control the rate of my expenditure. Cutbacks from the government will affect my cash flow and the political factors in my restaurant like majority of the stakeholders being against new ideas.
There are also several economic factors that will affect the business. Threats will be present for instance from the current poor economic conditions in the country.
This will affect my target customers since they will have to cut back on their overall spending and will not be willing to pay much for my services and products. Tax implications to meet before starting the business will similarly be a threat to the success of the restaurant. However, there will be opportunities of tax-incentives due to the introduction of an environmentally friendly service industry. Social factors will also affect my market environmental considerations. These for instance will include the opinions, trends, and views of the consumers as well as their buying patterns. The brand image of my restaurant might also be affected by the religious, ethnic and social views. On the technological implications to my restaurant business, I will have to consider factors like competition, internet and available online technology which all apply to market considerations. There are also legal implications to be considered, for instance I will have to have an additional insurance cover for any potential lawsuits and liability for entry into a youth market. On the environmental spectrum, introducing an environmentally friendly product will open doors for additional markets, threats will occur when my service is harmful to the environments will add to my legal concerns that I will have to address.