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Essay / Research Paper Abstract
This 6 page paper responds to the question: "How do economic forces impact a business?" The writer uses a fictitious fast food restaurant, Steakburger, as an example. A brief background about Steakburger is offered and the competitive nature of the fast food business is discussed. Real data regarding the growth of the fast food industry are included. The writer explains that the owners want to expand and explains how certain economic forces are delaying that goal. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGecfr.rtf
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Unformatted sample text from the term paper:
a selection of beverages. Steakburger competes in an environment of nationally known names, such as McDonalds, Burger King and Wendys. The major difference is that Steakburger uses all premium meat
in their burgers, which makes their prices slightly higher than the national chains. Unlike the burger chains, Steakburger does not offer a breakfast menu. It is open from 10 in
the morning to midnight each day. It has a drive-through window or customers can eat at comfortable tables inside the restaurant. Like all other restaurants, Steakburger in impacted by any
number of economic forces, such as the general economy, the rate of inflation, consumer spending patterns, the availability of credit, wages, unemployment rates, land prices and so on (Polfer, 2002).
Some of these forces are particularly relevant because the owners have been considering opening a second Steakburger restaurant on the other side of town. The fast food sector is
a fiercely competitive one with each chain attempting to out-do the other. There are constant "price wars" and incentives offered to bring the hungry consumer into each enterprise. Steakburger does
not participate in price wars although they do have regular sales on specific foods. Growth in this sector continues. Since 1982, the amount of money consumers spend on fast food
soared at a rate of 6.8 per year. At the same time, the amount of growth in sales in the table service/full service restaurants grew at only 4.7 percent per
year (Jekanowski, 1999). The percentage of away-from-home eating expenditures on fast food increased from 29.3 percent in 1982 to 34.2 percent in 1997 (Jekanowski, 1999). During this same time period,
the restaurant proportion dropped from 41 percent to 35.7 percent (Jekanowski, 1999). Longer workdays and the tendency for both spouses to work full-time is a major reason for the soaring
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