Food Trucks Have Brought a Essay

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This is due to the fact that they will have attracted and retained many customers leaving very few people visiting the restaurants. This high command of the market share really cripples these restaurants. Restaurants no longer dominant the food industry and if food trucks continue gaining popularity then they will eventually loose the battle of trying to be dominant in the market. They will end up loosing most of their customers to the food trucks if no regulations whatsoever are put in place to govern the food trucks industry (Needleman, 2012).

The œbrick-and-mortara restaurants are attempting to ban the food trucks. This is because these trucks are bringing alt of competition to these restaurants. The food trucks are capturing many customers as well as dominating a very large percentage of the market share. They are also creating price wars within this industry. This means that the restaurants are really facing stiff competition from the food trucks.

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The food trucks have created a competitive market structure which has the following characteristics. First the market structure has many buyers and sellers; there are both the œbrick-and-mortara restaurants and food trucks in the same area selling food. There are also many people who are willing to buy food from the restaurants and the food trucks. There are also no barriers when it comes to entering the food industry. This is because there are no regulations which govern the food trucks hence more are more food trucks are being brought into the area. There are homogeneous products this means that the food that is offered by the restaurants and food trucks is similar (Richards, 2010). Being a typical competitive market structure the restaurants are really feeling threatened by the existence of this food trucks such that they are attempting to have them banned......

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