Analysis of the fast food market
Assignment Title: The continued dominance of the fast food giants
Description of the assignment:
An analysis of the fast food market.
Globally the fast food market is estimated to be valued at $647.7bn (£503bn) and expected to grow to $931.7bn (£724bn) by 2027 (Allied Market Research). Within the UK major brands such as McDonalds, Subway, KFC, Domino’s and Burger King have dominated the market, with McDonalds alone accounting for approximately 17% of takeaway and fast food sales (IBIS World 2020).
Any specific instructions:
With reference to fast food and casual dining trends, produce a group report of up to 2000 words which:
• Identifies the key trends in fast food sales and whether they are sustainable in the light of a changing customer base, increasing concerns about obesity and a growing interest in food provenance – some data here on consumer behaviour and reasons behind the growth of casual dining, on obesity statistics, smaller chic food outlets and organic food sales…
• Demonstrates an understanding of how the major brands have taken market share, and developed a strong market position – some examples of market shares, advertising and promotional campaigns, marketing strategies, positioning within those markets and different segments…
• Evaluates what you think the main opportunities and threats are in this market sector and how you think the large bands might continue to succeed in this competitive marketing environment – is casual dining here to stay? are the big brands changing their menus? What is the value proposition offered to customers? Will Covid-19 result in any changes on fast food consumption?
• Critically comment on the extent to which innovation and creative marketing allows new entrants to enter the casual dining market, with examples drawn from their less resourced marketing campaigns – examples here of newcomers to this market, what is their appeal and what channels are used to attract customers away from the major players?
To complete this task successfully you will need to undertake secondary research using relevant market data from appropriate sources, journal articles and news stories. You must use this data and market information to justify your points and apply appropriate marketing theories and models.
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