Market Research

Why should an individual thoroughly research various aspects of the industry before starting a restaurant franchise business?

• To secure funding from investors.

• To identify the ideal target market.

• To hire the best staff.

• To choose the perfect location.

What is the primary benefit of identifying an ideal target market for a restaurant franchise business?

• To reduce operational costs.

• To avoid all competition.

• To gain exposure and leverage products without guessing acceptance.

• To guarantee immediate profit.

Which of the following elements are crucial for identifying a restaurant franchise's target audience?

• Location, pricing, and menu size.

• Age, income, education, and gender.

• Staffing, decor, and music.

• Marketing budget, supplier relationships, and legal compliance.

What is true about competition for a restaurant franchise business, even if its concept is unique?

• Unique concepts never face competition.

• Competition only arises after years of success.

• It can still face competition, but there are ways to overcome it.

• Competition is irrelevant if the food concept is strong.

After identifying the competition, what is the next crucial decision for a new restaurant franchise owner?

• To immediately launch new products.

• To hire more employees.

• To decide whether to follow the competitor's strategy or rely on their own capabilities.

• To reduce prices to attract more customers.