The fast-food industry is becoming increasingly more competitive. Many new outlets appear each year. With large firms like Pillsbury Burger King and General Foods Burger Chef now entering the field, promotional activities will undoubtedly intensify. And the little guy will be hard-pressed to survive.
Its revenue has grown more than 30 times since then. A lot has happened in less than fifty years. However, the fast food industry has responded well to these changing trends.
The restaurants have adopted healthier menus. They included more and more low calorie options. Brands are focusing on attracting and retaining customers.
They have made their menus and services customer friendly. Apart from it, they have adopted new channels and styles of marketing.
Increased staff hospitality and better delivery options have again brought customers flocking to fast food joints. Reputation has become important for two reasons.
First, it is the competition between the brands. Any negative news can spread like wild fire and can immediately affect your public image.
Losing reputation in the markets means losing customers. It employs more than 4 million in US alone. There are so many trends that have influenced the fast food chains.
Its size and presence make it an important part of the industry. Despite the changing trends, fast food industry has showed healthy growth based on some important factors. However, these are just the trends.
There are political economic, cultural and other factors too that impact the fast food industry. The political factors affecting fast food industry can vary from country to country. Compliance is of utmost importance.
Globally, the fast food brands have to comply with these requirements. There are regulations related to wages, hygiene and food quality that need to be complied with. The minimum wage standards can differ from country to country. In countries where wage rates are high, the labor costs are high.
After all, it is the attitude of the governments towards the businesses that affects their performance. The recession influenced the fast food industry to some extent.
A number of changes including increased health consciousness affected fast food sales. Delicious food was insufficient to attract the customers. Overall, economic factors are a very important influence on the fast food industry.
The industry has showed excellent ability to adapt in the face of the changing trends. To better adjust to recession and low economic activity, brands included low priced items.
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