Question

You are the owner of a small pizzeria store in Jersey City. Please:
1) Identify what Product Market factors would be relevant (3 points)
2) Identify what Labor Market factors would be relevan

Answer 1

Q1. Product Market factors:

• Pricing Policy of The Competition: Being ,owner of small pizza store, one should aware the prices of famous Competitors store such as Krispy Pizza or Rustique Pizza 's Price and set the low price comparetively .
• Purchasing power of the Local Residents: The Purchasing Power of the Locals should be known which helps a lot in deciding the Prices of other menu items.
• Taste and Preference of the Locals: The taste should be known in deciding the Menu and served with grilled sandwiches, pasta ,burger , salad or italian entrees such as Veal marsala etc . It helps in generate Revenue.
• Age Group And Demographics: In jersey , the pizza store attract though all age people. but especially Youngsters who are students, working class, or even location at the highly commercial areas etc all these factors help in the product market.

Q2. Labor Market factors:

• Availability of Skilled Labour: Skilled labour from cooking process to serving to the Cleaning of the dine areas. The workers are need to be trained in serving the Best Quality Food at less time.
• Local Labor Laws: The Owner need to maintain the standard of laws for serving the food regulated by food Inspection authority.
• Impact Of Labor Union; It is important to maintain the labor union for the betterment, good working condition, salaries , productivity of the restaurant, self managed team .
• Training and development plans of the Workers: the Training is important to maintain the high quality food and served them . Training emphasis The Big role in generaye the revenue. The Food quality is inspected regulary .