Mr. Ahmed Mohammed is working in one of the reputable restaurants in Muscat specializing in preparing Omani traditional food. Although the restaurant has been in existent quite long compared to the other restaurants in its vicinity, competitors are seen as quite threatening to his restaurant. Customers are being pampered with many different choices and options. Mr. Ahmed need to search for information of these competitors. Question: Elaborate on five (5) ways in which Mr. Ahmed can assess the competitors’ strengths and weaknesses.
Breakeven Analysis
Break Even Analysis is a term used in business, cost accounting and economics. It refers to a point where the total cost incurred becomes equal to the total revenue earned. Break Even Analysis determines the number of units to be sold to earn the revenue required to cover the total costs. Total cost is a sum total of fixed and variable costs.
Process analysis
The term process analysis can be defined as breakdown of production process into different phases that converts inputs into output. A series of routine activities are incorporated using organizational resources with a view to achieve operational excellence.
Mr. Ahmed Mohammed is working in one of the reputable restaurants in Muscat specializing in preparing Omani traditional food. Although the restaurant has been in existent quite long compared to the other restaurants in its vicinity, competitors are seen as quite threatening to his restaurant. Customers are being pampered with many different choices and options. Mr. Ahmed need to search for information of these competitors.
Question: Elaborate on five (5) ways in which Mr. Ahmed can assess the competitors’ strengths and weaknesses.
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