Let's say we want to open a restaurant in Warsaw that offers traditional Polish cuisine. In the immediate vicinity of our premises there are not many restaurants that offer at least similar philippine cp number products, but there are many suppliers who are engaged in a fierce competitive battle.
The multiplicity of supplier companies reduces their bargaining power and the dispersion of premises means that residents do not have much choice, which reduces their capacity to influence and the power of competition in the sector. Given the attractiveness of the area, the possibility of new operators and the emergence of substitutes (cafes, fast food) is a major threat.
Once we know what the microenvironment is like, it is worthwhile to carry out a study of the macroeconomic situation. To do this we can use PEST Analysis .
Analyzing the legal and political aspects will help us to know what regulations our premises must comply with and what we must include in the contracts we sign with suppliers or employees. In addition, examining the economic background will allow us to choose the appropriate financing for the business or adapt the offer to the financial possibilities of potential clients.
The subsequent price of our products will depend on social factors, i.e. the lifestyle, habits or preferences of buyers. The last step in market analysis will be to examine the technological situation. We do not want to invest in outdated equipment. We are interested in cutting-edge solutions that allow us to supply high-quality products quickly and reliably.