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TitleThe purpose of this business report is to analyze the current external business environment for New Zealands restaurant industry This report will also provide opportunities being faced by restaurant businesses today I have used relevant business articles and case studies of successful businesses to aid in my analysis of the external business environment Findings show that the restaurant industry is highly competitive however there are ways to gain a competitive edge and increase market share It is recommended that to become a successful restaurant entrepreneur these key factors need to be considered health conscious customers along with the publics perception of ones brand dining experience provided and the delivery of quality food IntroductionFor a business enterprise to be successful businesses need new sources of innovation that will result in the creation of a competitive edge This report aims to present opportunities existing in the restaurant industry which may become potential sources of innovation An analysis of the external business environment will be undertaken and the success of some current restaurant businesses will be provided This report will show the changing consumer preferences in the industry and will then highlight potential source of innovation Recommendations on how to create a successful restaurant enterprise will also be given DiscussionAccording to Drucker 1985 one source of innovation is industry and market changes Ben 2013 mentioned that the restaurant industry is currently experiencing a high growth rate with fierce competition Therefore businesses should look at new opportunities in order to survive in this dynamic industry Mohsin 2006 I will be discussing how restaurants can see changing consumer preferences as opportunities to enhance their market position Provision of good foodObesity is one of the most significant problems in New Zealand today Ivey 2004 Data from the Health Ministry states that over 1 million adults in New Zealand are obese Teuila 2013 These statistics are alarming but it shows us the potential for innovation in the good food sector
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