Jogaratnam, Tse, and Olsen suggested
that successful independent restaurant
owners must develop strategies that
enable them to continuously adapt to the
changing environment and find ways to
“link with, respond to, integrate with, or
exploit environmental opportunities.”22
Typically, external environmental factors affect a segment of the industry broadly,
rather than hit any single brand, for example,
when a seafood shortage causes problems
for all seafood restaurants or high
prices for beef hurt hamburger and steakhouse
segments. Consequently, the rate of
restaurant ownership turnover may differ
across different restaurant segments.