Industry Profile - Food

Day 477, 03:37 • Published in Australia South Korea • by Ambrose Didymus

In the past seven days, eAustralians have spent nearly $4,000 AUD on food alone. An incredible amount of money considering the population.

The industry is thriving. And due to this demand, many budding entrepreneurs are wondering how they can make their mark in the industry.

Entering such a competitive industry can be confusing and it is worthwhile doing some analysis before laying down the 20 Gold it costs to start trading (and the extra money it takes to pay for raw materials and employee wages!)

Here is the industry profile of eAustralia's most successful industry.

Number of Competitors

Quality 5 Food Companies - 1
Quality 4 Food Companies - 1
Quality 3 Food Companies - 5
Quality 2 Food Companies - 6
Quality 1 Food Companies - 6

If you want to distinguish yourself in the market, it pays to have a quality company. The two most successul eAustralian companies are True Blue Tucker (the Q5 food provider) and Woolworths (the Q4 food provider). Before deciding to enter the industry, you may want to pool your gold with another citizen and create a higher quality company.

Rate of Growth

Gross sales for the last seven days:

Quality 5 Food Companies - 1,137.47 (29.49% of industry spend)
Quality 4 Food Companies - 596.94 (15.48😵
Quality 3 Food Companies - 965.49 (25.03😵
Quality 2 Food Companies - 690.14 (17.89😵
Quality 1 Food Companies - 466.68 (12.10😵

These sales continue to grow with the rate of population growth.

Competitive Advantage

Product quality is one of the best ways for your company to differentiate itself from others.

Other ways that food companies can compete:

* Reduce your raw materials cost by partnering with a grain company
* Develop and maintain a good relationship with your employees. The success of every company can be traced back to a highly skilled and loyal workforce
* Understand how productivity works, and use any bonuses to your advantage

Feedback

If you are interested in economic insights that the eFinancial Review is yet to cover, please leave a comment or send me a message indicating the type of content you would be most interested in.

Thanks for reading.