Bus530 Mod 1 Slp Business Supply And Demand

TRIDENT UNIVERSITY
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BUS530 MOD 1 SLP SUPPLY AND DEMAND
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Part A: Conceptual questions
1. What business do you want to start, and why? Explain your personal connection to this type of business and discuss sources of information about this business that you plan to use for your SLP.
I would want to start a fast foods restaurant business, and while there are a variety of fast food brands, the business segment is still growing in the US. The more alternatives there are to consumers, the more likely that there will be improved competitiveness and the businesses differentiate themselves to remain competitive while maintaining strict standards of hygiene and quality. There are variety of options of food and beverages that customers can choose in the fast food restaurants and since there are low priced meals, the establishments are among the most popular food outlets. Individuals and families visit fast food restaurants and the business would offer hamburgers, sandwiches, hot dog type and beverages in the restaurant, which are some of the most common.
I have a connection with the fast food restaurants as I eat there and sometimes order delivery of fast foods. There is convenience, low price and variety of foods to choose from in these restaurants and despite being low price, there are also high quality foods. Some of my friends also worked in fast food joints after high school, and those who sought temporary jobs preferred the entry job levels. Even when there are changes in the consumption habits, fast foods remain popular and there can be creation of new fast food dishes. The QSR magazine provides information on the quick service fast causal restaurants including trends in the fast food industry (Reesman, 2019).
2. What prices are these businesses in your chosen industry charging? Try to get at least ten examples of businesses and the prices they are charging, and create a table that lists the prices and any other relevant information, such as whether the product they sell is high-end quality or lower-end quality.
Chain/ Restaurant

Item

Price

McDonald's

Chicken McNuggets – Meal (10 pc)

$6.49

Subway

Chipotle Chicken Melt with Guacamole

$8.25

Wendy's

10 Pc. Chicken Nuggets – Combo

$5.99

Burger King

Chicken Nuggets – Meal (10pc)

$5.99

Jack in the Box

Chicken Nuggets (10pc)

$3.09

Taco Bell

XXL Grilled Stuft Burrito (Chicken)

$4.99

Chick-fil-A

Chick-fil-A Nuggets (12 pc)

$4.45

KFC

Chicken Tenders (Tenders & Popcorn Nuggets 12 pc)

$12.99

Pizza Hut

Breaded Bone-Out ( 8 pc