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Food Truck: Marketing Strategy for New Business Opportunity: Swot Analysis

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Marketing Strategy for New Business Opportunity: SWOTT Analysis

MKT 431

August 19, 2015

Glenna Twing


INTRODUCTION

This paper will be on the benefits and the disadvantages of my business.  I’ve taken the opportunity to run a business that will cater to the home cook, and to the lunch customer, both who want to eat great food.  My business would give them an option, to eat their lunch at the food truck, if they like the food, then to bring it home.  

The brand and the uniqueness of the idea has many things to consider, what is its strengths, what are the weaknesses that I will be experiencing, what are the opportunities out there for my business, what threats are there for my business and if there are any trends how does my truck fit into the whole scheme are some of the questions I have to ask myself. So breaking down the SWOTT, I will determine the five elements of success, so I will need to look at my business and be honest as to what my job is and what I really am getting into.  

SWOTT: FOOD TRUCK – “Pick, Prep & Eat”

Strengths

Weaknesses

  1. Convenience able to order food for home
  2. Easy access-park where the customers have short lunch
  3. Parking in front of the office buildings at lunch time M-F
  4. Food is prepped and ready to prepare at home
  5. Experienced food kitchen & truck staff with great customer service skills
  6. Prices are lower than the nearest competitor
  7. Pride & knowledge in putting out the best innovative food with the freshest ingredients available
  1. Customer base is weak
  2. Inability to work with food adequately
  3. Menu is not up to par
  4. Menu is not what the customers want to take home
  5. Cannot find a place to park with customers who want the food
  6. Funds are limited
  7. Price of food increasing due to shortage of food in the area

Opportunities

Threats

  1. Will hire a great chef to get the menu up to par
  2. Best technology to track the customers and their preferences
  3. Menu is cleaned up and appealing to the customers with local ingredients that creates loyalty
  4. Food is ready to prepare for the customer at home, pre-measured and is packaged and read to go
  5. In a small new food – kitchen food market
  6. The main brick and mortar restaurant has closed or is transitioning to a different business
  7. Collaboration with a local supermarket business to start a dinner package
  1. Addition of competition in the market
  2. Gas prices increased
  3. The changing consumer trends where there is no need for a food truck
  4. The restaurant takes over for the food to take home and prepare
  5. My main competitor has moved in with a food truck with the same type of cuisine
  6. There could be restrictions and regulations on my truck and kitchen
  7. The kitchen could be closed down due to bad inspection

STRENGTHS

The strengths would be that there is no other type of truck out there that has a kitchen who has prepared and ready to go good, pre measured, and in a ready to go box that can go from the kitchen to the home cooks kitchen.   My truck would be parked in the best place in town that is busy with many customers going through, the local working class and the tourists that cruise through would stop by and pick up a great lunch or dinner.  They would be able to peruse the menu, pick out the dinner they want, and the prepared food is ready to go home with the customer.   My kitchen staff is great at technology to track the customer’s want that they are strong and eager to work with the customers.  Very knowledgeable of the food, cooking, and prepping it for the customers as they wish and who is able to answer any question the customer may have in cooking the food at home.  

WEAKNESSES

Some of the weaknesses could be that the customers would not be interested in the food and there would be no one to pick up the food at lunch or for home.  I could hire someone who knows nothing about the food and who would do more harm than good when it comes to not understanding the truck or the kitchen.  The menu could be a bit bland, and not meet the expectations of my business plan.  The menu could be way off from what the customers want and the menu would fall flat resulting in lower profits.   I could be run off from any place I wished to park, because there could be restrictions on having a food truck in the area, or there could be other trucks out there with better food.   One of the scariest ideas is that it would no funds to carry on the idea, and there prices of the food that I have chosen is increasing in price and having no funds I could lose out, thus losing everything.

OPPORTUNITIES

        The truck will be equipped with software in which we can track our customer’s likes and dislikes, we will be able to keep up with the best ingredients.  There will be the best chef we can hire to find the best food and keep up on the inventory of food available.  Which would decrease the need for the unnecessary food that is not wanted off the menu and would produce loyalty in our customers.   The menu would be based on the preferences of the customer, and the food is prepped fresh and premeasured and prepackaged in the kitchen ready to go out on the truck for the customer.  

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