Description
This is a research paper that is a part of my final. The attached document will walk you through what needs to be discussed and researched. Defiantly need an A since it is a part of my final. "Conduct research on your product/service idea by using the online business data bases available on the BMCC Library website. First, state in a couple of sentences, your product/service idea for which you are conducting industry research. Next, based on library research, conduct research for your product/service idea, and report on:" The rest is on the document...
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Running head: INDUSTRY RESEARCH FOR PRODUCT IDEA
Industry Research for Product Idea
Institution Affiliation
Date
Introduction/ Brief Description of Product/Service
The product is a fast-casual restaurant. The target market is the US and Canada. The
product will compete with such products from Chipotle, a fast-casual Mexican style restaurant
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INDUSTRY RESEARCH FOR PRODUCT IDEA
that uses quality ingredients to provide tasty and healthy products. The product falls under the
category of limited-service restaurants that provides food and drink (other than snacks and
nonalcoholic beverages) and the customer pay before eating. The customer can choose to
consume the food on the premise or take it out. Other services provided within the industry are
the delivery of the food and drinks to the customers. A fast-casual restaurant is committed to
experience than value, high quality, and healthy ingredients and establishment of a long-term
relationship with stakeholders (Tory, 2017, April 3). Chipotle is one of the giant companies in
the industry and with the largest market share for the Mexican restaurant industry in the US
(IBIS World, 2019, April).
NAICS Code of the Industry
The 2017 NAICS code (current) for the fast-casual restaurant is 722513. The 2012
NAICS code for the industry was also 722513, but the 2007 NAICS code for the fast-casual
restaurant was 722211.
Size of the Industry ($)
The limited-service restaurant industry has an approximate value of $300 billion in the
US (Euro-monitor International, 2019, April). The global fast-food revenue is $856 billion. In
Canada, fast food alone has total revenue of $26 billion in one year. The industry revenue in the
US was estimated at $256 billion in 2018 (Jaaskelainen, 2019, August 15). The highest brand in
the industry is Mc Donald's. The restaurant industry is expected to reach a value of $708.9
billion in 2023, with the limited-service restaurant industry to take the largest share of the market
(Marketresearch.Com, 2019, December 2).
Revenue Growth Statistics
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INDUSTRY RESEARCH FOR PRODUCT IDEA
The limited-service restaurant industry generated revenue of $276 billion in 2019, an
increase from $256 billion in 2018. In 2018 the carryout constituted 34% of the total sales in the...