Week 4 checkpoint Essay example

The advantages and disadvantages of chain restaurants and independent restaurants in regards to economic purchasing, new product development, and site selection:
There can be several different drawbacks and benefits to both independently owned restaurants and restaurant chains. Independently owned restaurants are commonly known as the "mom and pop" type restaurants in everyone’s areas that don’t receive a lot of wide scale advertising and operate on a much lower profile, than that of other chain restaurants or businesses. Chain restaurants consist of franchise and corporation owned businesses. Franchise restaurants have the popular names of businesses or other corporations but make their own rules when it comes to pricing and such, whereas corporations advertise on a much broader scale, while also having a set of rules in which all chains are required to follow. For example, the Wendy's corporation restaurants advertise prices and their famous dollar menu section on television all the time in order to reach a lot of viewers and draw attention, however there are some Wendy's that are franchise owned, these businesses have the same name as their other corporation owned businesses, however when you take a look at their menus for instance there is no present dollar menu as advertised on television, making them stand out from their other corporation owned Wendy's.
Now that we have all the basic definitions cleared up on that of a franchise, a corporation and an independent business, I choose to take a better look into their economic purchasing, new product development, and site selection within the list provided in order to compare and contrast further.
The "Mom and Pop" type restaurants or independently owned restaurants/businesses often time keep their businesses afloat or get them started through the usage of personal savings of some sort, leaving resources very limited and profit to a minimum in the beginning. Chain restaurants have the potential to be very profitable and stable because corporations support the economic responsibilities of their enterprises.
Site selection can be detrimental to either business because ultimately where the location of the business sits can either make or break that business. Meaning that corporations will try to go for really busy spots or locations near major highways, busy intersections or plazas where it is almost certain they will do well in sales because of the volume within the area. What also helps corporations is that when their restaurants open they usually already have a name for themselves made that everyone already knows due to wide scale advertising or through already having multiple other business locations. Independently owned businesses can’t always be so lucky; they have to first make a name for themselves and so called prove their worth because people don’t know or trust who

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