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The best illustration of the law of supply and demand effectiveness are restaurants and other catering establishments. If a customer is hungry and buys a slice of pizza, the first piece will provide the most benefit or utility. The customer grows happier with each consecutive mouthful, and utility diminishes. If a pizzeria decreases the price of its slices, demand will be lower since utility would be lower. Catering establishments are the best illustration of supply and demand effectiveness law.
The political environment determines how successful a firm will be. The restaurant business is the most affected by health and safety rules. The industry is influenced by taxes that impact the procurement and quality of goods. Businesses must be adaptable to these developments and design their company strategy appropriately. It varies depending on the nation, but companies must manage their budgets carefully. If we take the economic environment, the increasing disposable income of people has given the restaurant industry a boost. Growing labor costs and fluctuating taxes on raw materials and ingredients can affect prices. According to many restaurateurs, slow-growing or unstable economic growth is also a threat to the industry. The social environment of the restaurant industry suggests that growing awareness about organic food is a social factor. The growing population and its increasing demand and sensitivity towards transgender employees are other social factors directly or indirectly influencing the restaurant industry. Increasing demand for ready-made food has been a boost for the economy of the food industry.
The future of the restaurant sector involves technological advancements such as collecting payments via smartphones, ordering food online, and operating new cameras from mobile phones (Skyler, 2021). Implementing cutting-edge accounting software can result in fewer mistakes and more profits. Technology has also allowed businesses to experiment with their marketing methods to reach a larger audience more rapidly. Food quality and hygiene criteria are two critical variables that fall within the legal category of product safety. Aside from safety norms, the restaurant sector must also consider minimum daily earnings and employee welfare if it wants to develop gradually in any given setting (Skyler, 2021). However, if we talk about the global and competitive factors in the development of the restaurant business, then it has difficulties. Enormous competition and constant modernization make the restaurant business extremely competitive. Moreover, globally, catering establishments are one of the most common types of entrepreneurs.
Reference
Skyler, H. (2021). Restaurant PESTLE analysis. Bizfluent. Web.
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