Example of a competitive benchmark - Fast food restaurants

Extract

[...] Customer satisfaction comes to the fore, as competition, especially in the restaurant business, is fierce and changes a little more each year. Finally, all restaurants are subject to internet reviews, and these reviews are viewed and read by over 80% of internet users today. To establish a relevant benchmark and establish an effective long-term strategy, it is, therefore, important to take into account all the communication channels that exist and which also allow a new company or an already existing establishment to talk from him. [...]

[...] Conclusion The competitive benchmark is, therefore, a very in-depth analysis of the competition in a given sector. It makes it possible to carefully observe a number of criteria among competitors and to draw inspiration from the most dangerous to develop a different strategy that makes it possible to counter increasingly stiff competition. The sector chosen here was that of fast food; catering is now one of the markets with the most competition. Achieving a benchmark then takes on its full meaning, whether it is a question of opening a new brand or reshaping an existing marketing strategy, which could prove ineffective in certain ways. [...]

[...] Example of a competitive benchmark - Fast food restaurants Introduction Marketing and competitor analysis play an increasingly important role in the life of businesses. Indeed, regardless of the sector, they are subject to very strong competition, and it is necessary to adapt to obtain the best results and always be more competitive. But developing effective marketing involves several steps, including in-depth knowledge of the competition in the market. The catering sector is particularly affected by the increase in competition, whether through existing players who are expanding their field of activity, or new players who are trying to find a place in the segment, thanks, in particular, to the rise of new trends, such as organic and natural products, which are taking an increasing place in customers' consumption habits. [...]

[...] The start of an action plan begins to be scaffolded using comparative grids and figures. The fast-food industry has various partners to share results with, these may differ depending on the nature of the event that led to the benchmark. Indeed, for the opening of a new establishment, such as a snack bar, a bakery or other, it will be necessary to convince the partners and perhaps even sometimes financial organizations. The benchmark sets out various conclusions and recommendations which will allow a better understanding of the competition in the fast food market and consequently the development of a relevant action plan, which is the subject of the fifth step. [...]

[...] Before wanting to analyze the competition, it seems important to know your own company and your own sector. C. The various stages of its realization There are different steps to follow in order to achieve a relevant and, above all, a reliable benchmark of the competition over the long term. The first step is to know how to assess yourself, compare one company to another. Know its strengths and weaknesses. It is, therefore, important to know yourself well before considering knowing your competitors. [...]