An entrepreneur is looking to open a restaurant in a town with only one other restaurant. The incumbent restaurant is very successful with high profits. Which of the following business strategies are most likely to allow the entrepreneur to start a profitable restaurant? Select all that apply. A) Offer the most popular dish served by the incumbent restaurant. B) Open the restaurant location near the incumbent restaurant. C) Use new technology and business practices to cut variable costs lower than the incumbent restaurant. D) Specialize in a type of cuisine not served by other restaurants in the region. E) Set prices lower than the incumbent restaurant to capture market share.
An entrepreneur is looking to open a restaurant in a town with only one other restaurant. The incumbent restaurant is very successful with high profits. Which of the following business strategies are most likely to allow the entrepreneur to start a profitable restaurant? Select all that apply.
A) Offer the most popular dish served by the incumbent restaurant.
B) Open the restaurant location near the incumbent restaurant.
C) Use new technology and business practices to cut variable costs lower than the incumbent restaurant.
D) Specialize in a type of cuisine not served by other restaurants in the region.
E) Set prices lower than the incumbent restaurant to capture market share.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
