Fast Food Restaurants Industry in the US
Over the last five years, the global fast food restaurants industry has expanded despite varying consumer tastes and a recovering global economy. As disposable income rose during the period, customers increased their spend on luxuries, such as eating out. Additionally, fast food operators outperformed full-service restaurants during this period, as many consumers capitalized on the availability of lower-priced and convenient food choices. But like every other industry, the fast food restaurants industry is not free of setbacks and challenges. Let’s glance at a few of them here to see the bigger picture of the hindrances awaiting companies operating in this industry:
Healthier lifestyle – The healthy eating index is expected to remain steady in 2019, as customers become more aware of issues related to weight and obesity, fatty-food intake, and food safety concerns. This factor particularly affects the growth of meat and grease heavy fast food restaurants.
Shifting consumer choices – Industry growth is sensitive to changes in consumer spending. However, when personal consumption expenditure is high, customers are more likely to spend money on eating out at healthy fast food restaurants.
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Choosing the Best Market Entry Strategy for Businesses
An organization will usually foray into a new market after it has conducted a thorough market research, analyzed the existing market conditions, and estimated its impact on their business and overall revenue. To enter a fresh market, businesses must have a well-thought market entry strategy in place. Here are a few steps you can follow to build a winning market entry strategy and start expanding their businesses into previously unknown territories.
Set clear goals – Be precise about what you want to accomplish in your new market.
Research your market – When getting to know your market, it’s essential that you learn about it in every dimension, not just business-wise but also socially, culturally, and politically.
Study the competition – A thorough competitive analysis based on your research and visits to the target market will help you make key decisions.
Figure out your financing needs – Discover if you’ll need to get any financing to support your export venture.
After the strategy has been developed and the segments and customers have been defined, the business must undertake concept development and testing with the consumers to ensure effective strategy and brand positioning.
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About the Client
The client is a renowned fast food restaurant.
The client, a renowned fast food restaurant based out of the United States, approached Infiniti Research to conduct a market entry strategy. The client wanted to assess the market’s potential and recognize the potential opportunities across the market space. The client, being one among the fastest-growing fast food restaurants, was looking at capturing higher market share in the new segment in a more cost-efficient manner. Moreover, they also wanted a detailed report on the entry barriers, new opportunities, risks, and competition in the healthy fast food restaurants market space.
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Infiniti’s market entry strategy solutions helped the fast food restaurant client to enter into a new market segment that helped them increase sales, business stability, and brand recognition. Also, with the help of our solutions, the client was able to analyze consumers’ preferences and develop a business model to meet their demands without any hitches. As a result, the client was also able to differentiate themselves from their competitors in the market space and meet the level of customer expectations in the new markets. Moreover, the client obtained detailed insights into the competitors in terms of product range, their commercial network, and service strategies.
Why Infiniti Research?
With over 15 years of expertise, Infiniti Research is a leading market intelligence firm with proven capabilities to deliver actionable granular insights on a wide range of industries. We provide high-quality customized research services to large and medium-sized businesses worldwide.