BUS305, Competitive Analysis and Business Cycles Mod 1 Session Long Essay

BUS305, Competitive Analysis and Business Cycles Mod 1 Session Long Project - Essay Example The organization is likely to bring interesting focus to this economic analysis for few reasons as follows. One is that it is one of the most successful cafà © chains operating across many markets. The supply of the organization is common across different markets and customers have derived customer satisfaction through the entertainment they gain from the cafà © in terms of food, music, ambiance and the association with the brand. Another interesting fact is that the Hard Rock Cafà © is currently owned by the Seminole tribe of Florida which comprise of Native American people. This ownership differs from the conventional forms of business ownerships by large firms and individuals. Economic terms carry varying relevance to different organizations. Within this economic analysis, the terms, â€Å"Resources†, â€Å"Costs†, and â€Å"Markets† will be considered along with their relevance to the Hard Rock Cafà ©. The term â€Å"Resources† refers to â€Å"things you need to survive and thrive† and as people have infinite wants, the resources available are not sufficient to satisfy all these wants. Thus the resources such as Land, Labor, Capital and Entrepreneurship need to be allocated efficiently if economic agents are to maximize the wants which they can satisfy. The relevance of this to Hard Rock Cafà © is that they will have limited capital, suitable locations, good managerial and entrepreneurial talent and good human resource and they need to invest these on most optimum business ventures to maximize their economic gains. While the potential to open cafes or hotels all over the world exists, they have presence only in 36 cou ntries which reflects the implication of scarce resources on business. The term Markets in terms of economics is â€Å"any convenient set of arrangements by which buyers and sellers communicate to exchange goods and services† (Anderton 2002). Relevance to Hard Rock Cafà © is that potential exists for them as a seller to meet their buyers and