1.1 Current State of the industry
Fast food outlets actually have been existed from millennia in China, India and ancient Europe. In the past, many people cannot afford to have a kitchen and this becomes the main reason they buy their food in fast food outlets (Reverse Your Age, 2013). The perception of fast food started to change in twentieth century. The first company that change the culture and perception of fast food was McDonald’s, followed by their future competitors such as KFC, Burger King, Wendy’s, Taco Bell, Pizza Hut and Subway. As they get a good appreciation from the customers followed by the impact of the globalisation, almost all of the fast food companies have been expanded their restaurant chain in many nations (Wojtek, 2013). Nowadays, with our busy life schedule and the increasing trend where women entering workforce promote an opportunity for the fast food industry to grow bigger. We can see the significant growth from the fast food industry as the industry itself has been generated over $160 billion in 2012 compared to their revenue in 1970 which only around $6 billion (Franchise Help, n.d.). With this significant growth, it does not mean that every company in this industry are successful. Some company has to closed some of their stores due to the lack of environmental research and preparation in entering a new country which commonly lead to the poor selling rate. The deeper explanation and points that is mention below will be also represent as the industry current state.
1.2 Industry Size
As there is a lot of company in the Fast Food Industry, the information below will be only stated the size of the top ten company that is successful in this industry. These ten...
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...e the companies do intense online advertising which might slowly decrease the total revenue of the industry as the higher advertisement cost that government might charge to the industry in the future.
- People start to concern about the environment and health issue.
- There will be many groups that start protesting on health and environment issue that are created by Fast Food Industry operation such as obesity and global warming (unrecyclable packaging). This protesting can made some of the fast food companies close their restaurant in some country due to future government restriction and people protests.
- Increasing number of substitute product competitors in the future (package food).
Many customers will buy more package food in the future as it is cheaper and more convenience because customers can buy it in high volume and keep it for the long time.
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