The introduction of new technology could change the way restaurants are managed.
Yes, you all are indeed correct.
So, we would need maintain good relationships with both the baby-boomers and generation X and Y, therefore we will need to stay up-to-date with our menu.
Yes, because the restaurant next door employs drivers and a few customers have called to inquire if we offer delivery.
This include monitoring competition from other restaurants as well as businesses that provide similar services and products .
We may also need to keep track of the number of consumers that visit the competitor's restaurant.
So, the economy can have a negative impact on a restaurant's revenue. If people are unwilling to spend money on dining out when the economy is not doing well.
It is crucial to promote the business through marketing in order to attract and maintain clients.
Therefore, we would be incorporating Porter's Five Forces model, to better understand the strain of this competition: supplier power, buyer power, the threat of substitutes, the danger of new entrants, and rivalry among current rivals.