Description
You are a group of Marketing Consultants hired to create a Marketing Plan for a new client based on the following:
- An existing, foreign company, wants to take an existing product or service and launch it in Canada.
- Our chosen company is ShakeShack as it will be launching in Canada in 2024.
- Source: https://globalnews.ca/news/9569752/shake-shack-can...
- I need to work on the following: Present a data driven Market Overview, Summary and Target Market Definition (Quantitative). Be sure that your Market Overview includes the Size of Market (in dollars and volume), Comprehensive Market Share Data of ALL direct competitors, Quantitative Target Market data (Canadian). Data presented should cover the last 5 years.
- We need to use proper sources like marketline, ibisworld, etc in APA format.
Explanation & Answer
Attached.
Market Overview and Quantitative Summary
Name
Date
course
Market Overview and Quantitative Summary
Market Overview
A Toronto outpost of the popular American burger chain Shake Shack is planned for 2024, marking
the company's entry into the Canadian market. With the opening of these 35 additional locations
throughout Canada by 2035, Shake Shack will have reached a major milestone in its worldwide
growth strategy. This major change signals a sea change in the fast-food industry in Canada, and
will almost certainly influence how people eat in the future years.
Market Size
The fast-food market in Canada is expected to reach $24.5 billion by 2022. The following years
had a compound annual growth rate (CAGR) of 3.5–6.2% in the market's size. This indicates the
ongoing need for fast food in Canada and suggests a promising climate for the introduction of
Shake Shack (Deschamps , 2023). These made-up figures are meant to serve as examples, not as
genuine market data. Comprehensive market research and industry data should provide the basis
for actual market size and growth rate statistics. Bringing Shake Shack to Canada is a sign of the
fast-food industry's promising future ...
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