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Current Business Trends and Product Life Cycles Essay

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Updated: Mar 20th, 2021

My idea works in today’s current business trends because the Hun Chinese Restaurant will be the first of its kind in the Portland area’s restaurant industry. The business will deal with restaurant services and will offer a variety of cuisines, main meals, drinks, and unforgettable meals. The restaurant will also provide outside catering upon request from customers. The restaurant promises to offer the most affordable prices for its meals. The restaurant targets customers of all ages since everybody eats Chinese meals on its menu. However, the customers are further classified as low economic end consumers since the business will offer affordable meals for as low as one dollar depending on the feed and time of visiting the restaurant. Fortunately, this consumer segment forms the majority of the residents of the Portland area.

Since the Hun Chinese Restaurant operates within the food and beverage industry, it can be located in any part of the world, especially the regions where persons of Chinese descent occupy. In the future internationalization strategy, the business will aim to establish a branch in the neighboring areas occupied by the Asian drops.

Business tactics

My product is in the conception phase of the product life cycle. I think I will be able to compete because I will use these tactics to grow my business:

First mover strategy

Being the first of its kind within the Portland region, the business will maximize its gains through the first-mover strategy. Besides, the company will offer unique and cultural cuisines that are aligned with modern health concerns. For instance, its native meals segment will enroll the customers in healthy eating and dieting supplement classes at no cost. The customers will only pay for the meals they eat.

Quality meals and flexible prices

The meals will be of the highest quality and yet still very affordable. The Hun Chinese Restaurant’s price range will be from one dollar to twenty dollars per customer. For corporate customers, the price range will be seventy dollars to two hundred dollars for a group not exceeding twenty persons. However, the business will be flexible in its pricing mechanism to ensure that no client is left out.

Business ethical framework policy

In order to operate in the sensitive restaurant industry of Portland, the Hun Chinese Restaurant will work on the following ethical frameworks;

  1. Trust and quality service to clients irrespective of the meal or time of visit.
  2. Observance of maximum cleanliness and health standards, which must meet the Portland Health Standards for operating a restaurant.
  3. Healthy relationship with customer through constant and continuous response irrespective of the nature of magnitude of the complaint or compliment.

Social responsibility

The Hun Chinese Restaurant will perform different corporate social responsibilities such as funding and establishing a healthy running competition and supporting other health clubs within the Portland region. As a result, the customers within the Portland region will develop a tight relationship with the restaurant since they will perceive this business as a caring establishment.

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IvyPanda. (2021, March 20). Current Business Trends and Product Life Cycles. Retrieved from https://ivypanda.com/essays/current-business-trends-and-product-life-cycles/

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"Current Business Trends and Product Life Cycles." IvyPanda, 20 Mar. 2021, ivypanda.com/essays/current-business-trends-and-product-life-cycles/.

1. IvyPanda. "Current Business Trends and Product Life Cycles." March 20, 2021. https://ivypanda.com/essays/current-business-trends-and-product-life-cycles/.


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IvyPanda. "Current Business Trends and Product Life Cycles." March 20, 2021. https://ivypanda.com/essays/current-business-trends-and-product-life-cycles/.

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IvyPanda. 2021. "Current Business Trends and Product Life Cycles." March 20, 2021. https://ivypanda.com/essays/current-business-trends-and-product-life-cycles/.

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IvyPanda. (2021) 'Current Business Trends and Product Life Cycles'. 20 March.

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