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Spokespeople for the fast food industry claim that there are no good or bad foods, but instead there are good or bad diets. The industry has defended itself by placing the burden of healthy eating on the consumer, who freely chooses to consume their product outside of what nutritional recommendations allow. [30]
Factors influencing the threat of substitutes include: Switching costs – if customers do not lose anything by switching then the threat of substitution increases Price-performance trade off – if the substitute offers an attractive trade off between price and performance in relation to the industry product.
In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. [1] That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good.
The fast-food industry has been wringing its hands over the devastating impact on its business from California's new minimum wage law for its workers. Their raw figures certainly seems to bear ...
A graphical representation of Porter's five forces. Porter's Five Forces Framework is a method of analysing the competitive environment of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.
On the other hand, the production decisions are strategic substitutes if an increase in one firm's output decreases the marginal revenues of the others, giving them an incentive to produce less. According to Russell Cooper and Andrew John, strategic complementarity is the basic property underlying examples of multiple equilibria in coordination ...
Rolling Stone asked Schlosser to write an article looking at America through fast food in 1997 after reading his article on migrants in Atlantic Monthly. [4] [5] He then spent nearly three years researching the fast-food industry, from the slaughterhouses and packing plants that turn out the burgers to the minimum-wage workers who cook them to the television commercials that entice children to ...
Fast food was created as a commercial strategy to accommodate large numbers of busy commuters, travelers and wage workers. In 2018, the fast-food industry was worth an estimated $570 billion globally. [1] The fastest form of "fast food" consists of pre-cooked meals which reduce waiting periods to mere seconds.