Industry Analysis Paper (on Resturant business) Essay - 1

Industry Analysis Paper (on Resturant business) - Essay Example ides employments and career opportunities for thousands of people (Urban Justice Center, â€Å"Behind the Kitchen Door: Pervasive Inequality in New York City’s Thriving Restaurant Industry†). New York is regarded as the ‘restaurant capital of the world’. Restaurants are located in almost everywhere in the New York City. There were almost 15,000 food service places as of the year 2002 and the number is growing extensively. According to industry report, in 2002, among top 100 highest revenue earning restaurants in the United States, 24 were situated in New York City (Urban Justice Center, â€Å"Behind the Kitchen Door: Pervasive Inequality in New York City’s Thriving Restaurant Industry†). In the year 2008, New York had almost 13,249 restaurants which signify 25% increase compared to the year 2000, in which there were only 10,363 restaurants. The significant growth of restaurants in New York was characterized by Manhattan City. The majority of restaurants in New York are based on Manhattan City. Yet, Queens and Brooklyn had also experienced tremendous growths in restaurant business since 2000. The percentage of increases in restaurants in Queens and Brooklyn were 34 and 37 respectively from 2000–2008. The following table describes the concentration of restaurants throughout New York City from 2000–2008: In addition to food services, the restaurants also provide alcoholic drinks, nontheatrical entertainments, fast food services, snack bars, nonalcoholic brews, canteens and buffets (Center for Urban Research, â€Å"Employment in New York City Restaurants†). The economic structure of any industry determines the success or failure of any business. The Porter’s Five Forces model is a basis for examining industry and developing business strategy accordingly. Porter’s model is based on the forces of micro-environment which impact on organizations’ businesses. According to Michael Porter, there are five micro-environmental forces which are extensively used