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The study has been conducted to find out the business opportunity in fast food industry and the factors associated with its expansion at such a rapid face. The study has revealed such valuable factors associated with the fast food consumption and fast food business which provide us with significant proof to invest in the fast food business. The study is exploratory in nature. This is an applied research which has given positive sign for the investment in the fast food business. .
Today in the 21st century the life is so fast paced that people even do not have the time for making themselves proper meals at homes. This has also taken people away from healthy food and hygienic food consumption. This fast paced life style has lead people towards adapting new ways of eating. It has also changed the culture of the country; people are significantly indulged in consumption of fast food. People are tilted towards consuming fast food because it involves less hustle and is easy to get. This is the point where fast food industry has grown and many large brands like Hardies, McDonalds, KFC and many other local brands have entered the industry in Pakistan. With the intervention of these fast food companies entering in the market it has turned fast food business into a golden opportunity for investment and to earn more and more.
This research work is carried to identify the factors that are pivotal towards the growth in fast food industry in Pakistan. The focus of the study is to find out the most important factors that are associated with success of fast food industry in Pakistan. The research will also identify the factors that has made this business such a great success mantra in the country.
"New restaurants in Lahore"
"Is there a business opportunity in food industry"
Preliminary Data Gathering
The tools that have been used over here are as follows:
The first step towards the data gathering was the literature review. The literature review showed that there is a significant change in the culture of the citizens of Lahore. The literature showed that female induction into the society has played a great role in changing the eating habits of the people. The research work done previously by the students of Pak Aims 081 batch "Hunter and Kd." The research report served as the base for this research work. It helped to identify that there is a growing business opportunity. It also showed that there were some factors discussed that were playing a pivotal role in the fast growing fast food business.
Secondly the literature showed that there is a significant increase in number of restaurants in Lahore which is a clear signal towards the change.
As mentioned above there was no significant literature available about the fast food industry of Pakistan. In order to get the right results and to get unbiased answers informal interviews were conducted so that grave factors associated with this fast growing business can be identified. Informal interviews lead towards the factors that were part of decision making of the people and enabled to determine the situations in which they preferred to consume fast food rather than regular meals. These informal interviews with the people at random places like cafeteria, parking areas class rooms etc. provided with such factors that were highly associated with the purchase preference.
The theoretical framework consists of the following:
Identification of variables
Prioritizing the variables
Nature and direction
Identification of variables:
Cost of food
Variety in fast food
Quality of food
Ease of access
Consumer buying power
Prioritizing the variables:
To start the business it is important that both perspectives should be considered i.e. seller's perspective and consumer's perspective. Here are the priority variables for the seller and buyer.
Consumer side: Bundle offers and Cost of food
Seller side: Brand name and Ease of access
Variety, Quality Social gathering
Cost of food
Ease of access
Nature and direction
Sales of fast food are directly and positively related to bundle offers with quality playing a mediating role.
Sales and cost of fast food are inversely related with each market structure playing a mediating role.
Sales and brand name are directly related with each other.
Sales and ease of access have direct relation.
If the bundle offers will increase then the sales will increase.
If the cost of food will decrease then sales will increase.
If the brand name is catchy than sales will increase.
If ease of access increase then sales will increase.
Purpose of Study:
It is an exploratory research
Type of Investigation
It's correlational because it is about exploring the key factor associated with business growth or opportunity in fast food business in Pakistan.
Extent of Interference:
To make sure that there was no biasness in the research because it was absolutely not required for. It was carefully monitored that there was no personal influence on the research. The research work has no personal ideas that are shared over here.
Data collection has been done through the questionnaire
Methods used to calculate the statistics were mean, median and mode.
Unit of analysis:
In order to get accurate results it was important to have the views from the fast food business managers. Secondly it helped to gain deeper insight of success mantra of this business in Pakistan. So quota sampling was opted and further the unit of analysis chosen was dyads. Dyads means two groups were selected for the research both were interrelated to the research. It helped to study the pattern of the society, facts behind this fast adaption to fast food culture and business practices that are involved in making it grow in such fast pace in Pakistan.
The study was conducted in natural setting as the research was to be unbiased and pure. The reason behind it was to capture the first hand experience of the people so that it enumerates the exact situation of the business.
It is longitudinal because the study is related to a particular time period. The research work has been conducted for the year 2012. The research is valid for the current time period.
The results have shown that the cultural changes that have been observed are serving as a strong factor towards the strong shift of the people towards the fast food. The bundle offers that provide the luxury of having extra food have its role to play for this. These bundle offers attract the people towards them. The people in the working arenas also prefer fast food, so in short cultural change has led to the change of pupil frame of mind. The other fact was this that due to increased number of female workers and students in society has led towards increased consumption of fast food, the reason is it provides good socializing event.
The second thing is the cost of the fast food over the conventional food of has made it more adaptive and it's become modern fad. The low cost of food and bundle offers that fast food has to offer to the people makes it lighter on pocket and people can enjoy the food in social gatherings. The low cost of fast food makes its more all the rage and a source of enjoyment.
The Pakistani's love to be associated with the brand names. Especially the youth is very keen to be associated with catchy brand names. The people prefer to have branded food and look trendy in the society.
Another fact that has proved its importance towards the success of the fast food business in Pakistan is the lack of time by the people for cooking. As the research was conducted in offices so that accurate result could be yielded people responses showed that they don't have enough time to cook food at home. They said that fast food is easy to get and they can have it any time of the day even during their work. People working in the offices claimed that it saves them from hustle (especially females.) of cooking of food at home and bringing in to the offices.
The conclusion from the research work is that the main reasons behind the success of fast food business are the cultural changes in Pakistan. The fast food culture has enrooted itself deep into the youth and corporate people. The ease of access and low cost of food has led towards quick adaption of the people towards the fast food. Hence it provides sufficient proof that investing in fast food business will lead towards good fortunes.