The Importance of Analyzing Competition in Business Startups Essay

Competitive AnalysisNameSchoolClassInstructorDate Competitive Analysis When opening a business one important factor to consider thecompetition. There are two different types of competitors a company needsto be aware of direct and indirect. A competitive analysis should be madeof a company's competitors to aid with decision making. Restaurants are atype of business that has many competitors, and in the case of a fastcasual restaurant that offers healthy food there are a wide range ofcompeting restaurants, including both fast food and fast casualrestaurants. The restaurant in question is one that will providerelatively fast service and healthier options than its current competitors. This restaurant will aim to provide only the best quality and freshestingredients. On the menu, customers will be offered items such as grilledsandwiches, vegetables, soups, salads and other side items all made withnatural and organic ingredients. Of all the potential competitors of thisparticular restaurant, the largest threats would be Chipotle, Panera Bread,McDonald's and Burger King.Competitor 1Name ChipotleType PublicYear Founded 1993 Denver, ColoradoFounder(s) AmericanProducts a Mexican Grill offering a menu consisting of burritos, tacos,burrito bowls, salads and other Mexican-style entres.Average rate of margin 19.77Net Profit rate 10.9-12.06Website httpwww.chipotle.comen-USDefault.aspxOverview Chipotle opened its first store in 1993 to show that food servedfast was above a "fast-food" experience. They use classic cooking methodsand high-quality raw ingredients, in conjunction with distinctive interiordesign--features that are typically found in a fine dining experience. Theywere the first in the food served fast industry to approach service thisway. In business for over 20 years with an amassed 1,600 restaurants, theycompete in the category of "fast-casual" dining. This is the fastestgrowing area in the restaurant industry. In this segment, customers wantfood quality that's indicative of full-service restaurants, without havingto spend the typical amount of time that it would take in one.Acquire...

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