Evaluating Trends
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Imagine you are going into business in an industry of your choice. Assume that your business is located in the city or state where you live.
Identify at least three different sources of information you might use to learn more about the industry. Research these sources and complete the following:
*Identify and evaluate the environmental, demographic, psychographic, and local geographic trends in your area that relate to the industry.
*Identify a business opportunity, based on your research, in your chosen industry that could be implemented in your area.
*Explain the risks and rewards associated with your business opportunity.
*Explain if your business opportunity is feasible
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Solution Summary
Approx 1, 050 words and 3 references evaluates trends for a business in a specific industry.
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Evaluating Trends
[Student Name]
[The College which grants your degree]
Evaluating Trends
Introduction
The business is a Deli. The Deli will sell sandwiches at lunchtime as well as Deli meats and cheeses. There will be a few chairs and tables, enough for fifteen people to sit and eat. In the nice weather, outside will be table and chairs for more seating. Rolls will be delivered fresh every morning and there will also be some frozen rolls in case they run out. Fresh bread will also be delivered by the local baker.
The Local Trends in the Area
The area is the Poconos found in Pennsylvania. The demographics of the location is where honeymooners and vacationers frequent. There are no local deli places and no hoagies shops which opens the shop up to a variety of offerings for patrons. There are no business restrictions for small food shops there and becoming the favorite before other businesses try to move in, will be the goal.
Trends in this area environmentally tend towards people going out to eat. Presently, in most of the resorts, they have extravagant restaurants with elaborate food displays. One might question why anyone would go to an area sub or hoagie shop Deli to grab a meal. The answer is quite simple - for something different!
Vacationers like something quick, different, and delicious. The local area boasts of many activities and places to go, but nowhere is there somewhere to eat quickly. The resorts are all scheduled meals at certain times. There is no versatility to the timing ...
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