Food industry analysis enables you to keep breaking down the market place until you find the exact market that fits your products and services. Once this is done you can study that particular market in depth.
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Ingredient 2: Marketing
Question:
What is the purpose of a food industry analysis?
Answer:
The purpose of an industry analysis is that it helps to identify the industry you are in and how your products and services best fit. For example, the food industry could be a cafe, coffee shop, fast food outlet, restaurant, catering business and so on.
For example, the food industry could be a cafe, coffee shop, fast food outlet, restaurant, catering business and so on.
Once you have established the industry you will be operating in you can research further to find out:
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- the size of the industry and its segments in dollars and percentage terms
- the number of businesses already operating in that market
- the average number employed in the industry
- the average size of each location
- the average number of operating hours of the business
- the average profit ratio of the industry
- legal structure relevant to a business operating in the industry
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This data provides a more than useful beginning position for you to consider your business as it lets you know what will be expected from your business, even before you start.
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