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  • Essay / Restaurant Industry: Unemployment and the Economy...

    The general environment is made up of six factors external to the industry to which they apply. Demographic, political/legal, socio-cultural, economic, technological and global factors all influence business opportunities and threats, but can rarely be controlled by the entity itself. As a multinational company, Bloomin' Brands in turn develops strategies based on global issues. demographic trends. The emergence of the middle class has had a significant impact on the growth of the restaurant industry as a whole. This influx of more knowledgeable buyers has allowed these different brands to thrive. The rapid growth of developing countries has also allowed these brands to expand into places that might not have seemed feasible or profitable just 10 years ago. Bloomin' brands, like any other business or industry, must comply with legal policies and restrictions. There are many different laws imposed by the government that have an effect on the industry. Many of these laws deal with food safety standards as well as alcohol consumption and licensing. These various laws can be very costly and possibly ruin the company's brand if not followed. A restaurant's reputation can be forever tarnished due to a failure to comply with food safety standards. The restaurant industry is also heavily affected by sociocultural trends. Over the past 40 years, the trend seems to be moving more toward dining out than staying at home. As America has accelerated and grown, consumer interest in eating out rather than at home has increased. Since 1970, restaurant industry sales have increased by $617.7 billion (“Facts at a Glance” 1). Subsequently, the share of restaurants in the food dollar is 47% compared to 25% in 1955 ("Fa...... middle of paper ......Restaurant.com, nd Web. Dec 06 2013 "Bloomin' Brands Selects Red Book Connect's HotSchedules as Vendor of the Year." Professional Services Close-Up, June 23, 2013. Business Insights: Essentials, December 3, 2013. "BLOOMIN' BRANDS, INC. - Our Company - Our History." BLOOMIN' BRANDS, INC. - Our Company - Our History. Np, nd Web. December 8, 2013. Tierney, Jim. "Loyalty 360 - The Loyalty Marketer's Association." Outback Steakhouse, Panera Bread Top Customer-Centric Food Service Retailers. June 13, 2013. Web. December 9, 2013. "BLOOMIN' BRANDS, INC. - Our Company - Our Brands." nd Web. December 9, 2013. Bloomin Brands 2012 10-K Report, December 9, 2013. “Bureau of Labor Force Statistics from the Current Population Survey, December 6... 2013.