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How would you characterize the nature of competition in the restaurant industry. Are there submarkets with distinct competitive pressures. Are there important substitutes that constrain pricing?
KornkamonMeekula
Restaurants certainly compete with each other for business. There are many restaurants that serve the same style of food, and these restaurants are often in competition.
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∙ 10y ago
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Is the restaurant industry oligopoly?
The fast-food industry itself is an oligopolistic market, but it operates under the monopolistic competitive market of restaurants in general.
Which form of nonprice competition is a local restaurant preparing a new recipe for its lunch menu?
physical characteristics
Why is the demand curve facing a monopolist less elastic than one facing a firm that operates in a monopolistically competitive market?
In a monopoly, the monopolist company is the only product in the market place. However, a company competing in a monopolistically competitive market has multiple "similar" competitors that all try and differentiate themselves with specialized or additional services; i.e. the Italian restaurant serving food only from northern Italy. These companies may be a monopoly in the sense that their niche product is one-of-a-kind, but there are substitute products that can replace them if their price becomes too high to the consumer. As a result, the firm in a monopolistically competitive has a more elastic demand than a true monopolist.
What is the relation of economics to hotel and restaurant management?
does economics needed in hotel and restaurant management subjects? i want to know if this subject can contribute to all students of hotel and restaurant management.
Socio-economic aspect about restaurant?
The socio-economic aspects of an area strongly affects how a restaurant will perform. Opening a restaurant in an area where the demographic is wrong, or in an area that doesn't have the income to help it thrive can be detrimental to the success of the establishment.
What are the examples of Monopolistic Competition?
Examples of monopolistic competition can be found in every high street. Monopolistically competitive firms are most common in industries where differentiation is possible, such as:The restaurant businessHotels and pubsGeneral specialist retailingConsumer services, such as hairdressing
Is the restaurant industry oligopoly?
The fast-food industry itself is an oligopolistic market, but it operates under the monopolistic competitive market of restaurants in general.
Which type of restraints faced by a restaurant owner?
competition, packaging, place (is it comfortable or what?), products, uniqueness of food
Which form of nonprice competition is a local restaurant preparing a new recipe for its lunch menu?
physical characteristics
What are possible topics for a research paper in hotel and restaurant management?
Some possible topics for a research paper are:introduction of restaurantChallenges Faced by Hotel and Restaurant ManagersHow to Beat the Competition in Hotel and Restaurant ManagementChoosing the Right Staff for Hotels and Restaurants
What is the outlook for the Hospitality in terms of accelerating competition?
acclerating is importance because in terms of the hotel and restaurant management it important it helps the workers
Does Golden Corral have competition?
No, they are the only suckish restaurant that serves crappy food buffet style to mass amounts of the lower class.
When putting together a business plan what is meant by 'Are there similar or substitute goods or services available in the market'?
Are the things that you intend to sell the same as what others are all ready selling, or are they unique to you? The idea of the question is to find out if your goods are going to be "the same old stuff", or something new , that the public has NEVER seen before? When performing your market and competitive analysis, you need to take into consideration competing products and services - including those that are similar or substitute or what is often referred to as indirect competition. For instance, say you just opened an Italian restaurant in the heart of Boston (good luck finding available land!). Since you opened it in a metro area, a large city, you can be sure that is at least one or two other Italian restaurants in your target area. These establishments are considered direct competition, because their menus probably closely resemble yours. Keep in mind, that there is also substantial indirect competition. You may be the only Italian restaurant; however, consumers have other alternatives. There are substitutes for your restaurant. They can choose to go the fast food route or opt for Chinese. Or they can stop by their local grocery store and pick up a ready-to-eat rotisserie chicken. These are what is referred to as similar or substitute goods and services. It is very unlikely that you have a product or service that has no competition. If that's the case, you better detail why and how you are the only one of your kind, as this will always raise a red flag when presenting a business plan to investors or lenders.
Are funky restaurant booths back in style?
The ambience of a restaurant is one of the reasons why customers return. If the restaurant is funky and fun, and there are interesting things to look at, people might want to come back. Funky booths help make a restaurant different and unique, and therefore stand out among the competition. It's an eye-catcher, and hopefully makes the dining experience a memorable one.
What actors and actresses appeared in Chicago Restaurant Pastry Competition - 2012?
The cast of Chicago Restaurant Pastry Competition - 2012 includes: Curtis Duffy as Chef Judge Patrick Fahy as Chef Judge Meg Galus as Chef Competitor Della Gossett as Chef Judge Jove Hubbard as Chef Competitor Sarah Kosikowski as Chef Competitor Jimmy MacMillan as Chef Judge Greg Mosko as Chef Competitor
Do you have to know how to cook to open a restaurant?
Opening a restaurant by itself doesn't require you to cook, as long as you are containing yourself to the legal running and administration of the restaurant and hire a proper cook to do the cooking. You would be the owner, but not the cook. In addition, there will be requirements on your restaurant by law (usually saftey laws and hygiene) which you will have to enforce and know, regardless of whether you can cook or not. That said, opening a restaurant without knowing how to cook (or loving to cook, even) might not be a good idea in the first place, because you will need the motivation and love for the profession to make it in the food business. Running a restaurant is a tough and competitive job, and you will need a lot of creativity and willpower for it.
Who owns a restaurant under the sea?
Ithaa, the first ever restaurant under the sea in Rangalifinolhu, Maldives was concieved by the Crown Company who leases the island of Rangali (home of Ithaa restaurant) to Hilton Maldives Resort and Spa. There is no one particular owner of Ithaa. For those who aren't familiar with that stuff, or if you are about 5-9, you can use a better example. Mr. Eugene Krabs owns the popular Krusty Krab, which dominates over all Bikini Bottom competition (Chum Bucket, Diner, Fancy! Restaurant).
