Module 03 Business Plan Project - Market Analysis and Promotion Strategy

In the current market, the Fast Foods in the growing phase, and therefore, the number of customers has increased in need of meals and drinks have risen because of city and towns development thus ending up attracting a large number of people within the towns or cities. Therefore, currently, the market is less competitive and as a result, because the industry has no overgrown. Thus, in the future, is anticipated that the market will grow because of a high number of persons coming into cities to conduct businesses. As per the current economic trends, the Fast food industry analysis in 2018 has shown that the Fast food business generated $570 billion globally which has been higher than the economic values of come countries. To be specific, in the United States, there has been over 200,000 fast food business and over 50 million people were at one of those fast food businesses every day (FranchiseHelp, 2018). Therefore, people are already aware of the fast food restaurants, and because of brand awareness, this led to an increase in consumers and therefore there will be no difficulty in entering an existing market. To sum up, the economic value of the fast food business is in an uptrend, and according to statistics, it depicts the fast food business idea in the United States a viable one because there are ready customers.

According to statistics and facts, the fast food business is approximately $198.9 billion. It is expected that by 2020, the figure will have increased by 223 billion thus showing that there is a positive trend in the market (Statista, n.d). As a result of this trend, the fast food industry has been growing faster than overall economy of the United States. The positive trend has been experienced because people will never cease to eat day in day out plus the food industry does not offer foods and drinks on given inclusive criteria because all persons no matter their ages, gender, economic and social status must eat food. Therefore, when there is a large population it evident the consumers will increase. As per the current outlook, it is evident that fast food industry is one of the economic aspects of the United States that is adding value to the overall economic system of the United States by a big margin. From the previous and current research findings, the current view of the fast food business is encouraging because its customer base, market value, and market share of the fast food industry have been increasing gradually.

Lastly, based on the statistics of 2017 and 2018, it is evident that the market industry will expand because it is the business opportunities which already established itself deeply in a market plus its economic value has been increasing gradually. Thus, the fast food business is a viable and productive business opportunity in the United States at the moment and in the future.

References

FranchiseHelp. (2018). Fast Food Industry Analysis 2018 - Cost & Trends. Retrieved from https://www.franchisehelp.com/industry-reports/fast-food-industry-analysis-2018-cost-trends/.

Statista. (n.d). Fast food industry - Statistics & Facts. Retrieved from https://www.statista.com/topics/863/fast-food/.