MKTG 480 Research-Industry[1]

MKTG 480 Research-Industry[1] - Environmental Analysis of...

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Environmental Analysis of Industry The restaurant business is a highly competitive industry that offers many varieties on cuisine, atmosphere, and cost. Our business currently operates between formal fine dining and casual fine dining. Formal fine dining in Colorado Springs is mostly left to long standing restaurants that have provided that type of cuisine and atmosphere for many years. This section of the restaurant industry has moderate to high barriers to entry especially during an economic recession. For Steaksmith to make the jump from high end casual fine dining, to formal fine dining, does not fit into their goals and operational strategy. During an economic struggle, luxury items are the first to be cut by individuals and families. Although prices are competitive for dining out, more and more couples and families are making meals at home instead of eating out. Restaurants that offer core products that sell for over $25 an entrée, are typically reserved for special occasions for consumers. Although Steaksmith targets
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MKTG 480 Research-Industry[1] - Environmental Analysis of...

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