Market Research for Quick-Serve Restaurants
Market Research and Overall Market In the quick service restaurant industry, sales increase as money becomes tighter. Revenue has grown from $6 billion in 1970 to $160 billion as of last year, increasing by 8.6% a year. The reason for this is because if you are low on funds, cheap food with fast service during busy days is ideal.
Product/Service
Benefits
Potential Market
Market Trend
Buying Habits
Quick Serve Restaurant
Convenience
Males; females
14-33
Growing
Lunch during work, school, or while shopping
Quick Serve Restaurant
Convenience
Females (mothers)
25-50
Growing
Spend money more cautiously; ordering; drive-thru; group orders
Quick Serve Restaurant
Relaxation
Males; women
60-90
Growing
Need morning, afternoon, or night out; do not want to cook
Demographic
Geographic
Psychographic
Behavioristic
How do they buy?
Why from Quick Serve Restaurants?
Male; female
14-33
$0-$170K
Highschool-Phd
All types of professions
Family size of 1-8 people
Married and single people
House owners, renters, and dependents
Rochester, NY metro area
Within 30 mile radius
Benefits of convenience: saving time and energy; affordable; fun seeking; family oriented
Purchase repeatedly due to convenience and pricing; Purchasing a few times a month; every month; Quick decision making
Cash
Charge
Impulse
Fast, reliable, affordable service; Quality food
Through the demographic standpoint, the target market that Macaroni Express would go after is males and females ages 14-33 because that is a very fast growing market. We would target people of all educations and professions, making any type of salary at all. Targets would range from small to large families, home owners, renters, and dependents. The geographical location that we would target would be the Rochester, NY metro-area. We would attempt to attract customers throughout a 30 mile radius. Benefits of this restaurant would include quick service, affordable prices, fun
Product/Service
Benefits
Potential Market
Market Trend
Buying Habits
Quick Serve Restaurant
Convenience
Males; females
14-33
Growing
Lunch during work, school, or while shopping
Quick Serve Restaurant
Convenience
Females (mothers)
25-50
Growing
Spend money more cautiously; ordering; drive-thru; group orders
Quick Serve Restaurant
Relaxation
Males; women
60-90
Growing
Need morning, afternoon, or night out; do not want to cook
Demographic
Geographic
Psychographic
Behavioristic
How do they buy?
Why from Quick Serve Restaurants?
Male; female
14-33
$0-$170K
Highschool-Phd
All types of professions
Family size of 1-8 people
Married and single people
House owners, renters, and dependents
Rochester, NY metro area
Within 30 mile radius
Benefits of convenience: saving time and energy; affordable; fun seeking; family oriented
Purchase repeatedly due to convenience and pricing; Purchasing a few times a month; every month; Quick decision making
Cash
Charge
Impulse
Fast, reliable, affordable service; Quality food
Through the demographic standpoint, the target market that Macaroni Express would go after is males and females ages 14-33 because that is a very fast growing market. We would target people of all educations and professions, making any type of salary at all. Targets would range from small to large families, home owners, renters, and dependents. The geographical location that we would target would be the Rochester, NY metro-area. We would attempt to attract customers throughout a 30 mile radius. Benefits of this restaurant would include quick service, affordable prices, fun
Cited: http://www.google.com/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=2&cad=rja&ved=0CD0QFjAB&url=http%3A%2F%2Fwww.franchisehelp.com%2Findustry-reports%2Ffast-food-industry-report&ei=Pc0sUfHMELK60AGHjYDYCQ&usg=AFQjCNFGn56ZQMiMz-qFFyYFZaKkqUYyVw http://www.qsrmagazine.com/denise-lee-yohn/2-target-markets-restaurants http://smallbusiness.chron.com/types-economic-factors-can-affect-fast-food-industry-36923.html