Business Plan Breakdown: Marketing
This paper will focus on the second phase of a business plan for The Fox Den Food Park. The business proposal is to provide a permanent central location for gourmet food trucks to be able to rely upon. A consistent location helps the food truck vendors establish a strong customer base and set a specific schedule to let their customers know when and where they will be located. Marketing Strategy
Mariotti & Glackin (2013) provide that development of marketing strategy and competitive advantage is from the "Four P's". The "Four P's" include product, price, promotion, and place. This paper further outlines each of the "Four P's". Mariotti& Glackin (2013) recommend continually referring to the mission statement and vision statement while developing the marketing strategy. This reference helps to build the marketing strategy and form the core competency for the business. The first part of the business plan, the mission and vision statements, are stated below:
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Vision Statement:
• "Provide a central location for gourmet food trucks to inspire a social fabric where families, friends, and individuals come together to socialize while enjoying a wide variety of food offerings from small, locally-owned businesses in a safe and fun environment."
• “Develop a loyal customer base”
• “Set the example in providing excellent customer service” Target Market and Market Segment
The target markets for The Fox Den Food Park are the food truck vendors and the public (foodies) who wish to visit the food trucks. Initial research indicates a hole in the market for the expanding popularity of gourmet mobile food
Chick-fil-A is one of the most successful fast food restaurant establishments in the country. With over 1,300 locations in 37 states in the Southern U.S., they continue to grow the brand by expanding to new territories (Chick-fil-A Company, 2009, para 1). In 2008 Chick-fil-A has seen a 12.17 percent sales increase over the chain’s 2007 performance and a same store sale increase of 4.59 percent (Chick-fil-A Company, 2009, para1). Throughout the years Chick-fil-A has come up with many innovative ideas to continue expanding business and satisfying their loyal customers. One of the ideas was to offer different types of restaurant set-ups to cater to customer’s needs. The different restaurant set-ups include mall/in
Throughout all of human history, mankind has searched for the ultimate food. To our enjoyment, in 1950, the world was given the answer: Whataburger. Whataburger has taken the hearts of Americans by storm by by serving classic southern style burgers, fries, and shakes. Despite it’s humble beginnings in Corpus Christi, the franchise now boasts over 750 locations and has even secured the 2016 title of “Best Burger in America”. In an effort to understand why this small burger chain became so successful evaluating this legendary business in three different aspects: price, quality, and customer service.
The NPD Group reported in 2015 that from 2008 to 2014, the average CAGR in casual dining sales was just 0.4%. The Company has faced almost insurmountable challenges to foot traffic because of the structural issues facing management’s location targets in malls and gallerias. Because a significant majority of the Company’s unit mix is located at shopping centers, a change in overall traffic patterns across both the restaurant and retail industry would be needed to increase same store foot traffic. That seems unlikely to happen due to the rise of new technologies and consumer preferences. TXRH’s comparable unit traffic looks to be deteriorating because of its location choices. Although comparable foot traffic has been slightly positive, it is likely because of the seasonality and
This marketing plan lays the foundations on which to build a solid and successful entry and entail a marketing campaign promoting core brand attributes and aligning them with our target market. To keep the plan on track specific objectives have been created to guide all strategic decisions. The objectives are divided into marketing and financial objectives
“Marketing strategies can have a broad impact on the business in terms of instilling a marketing orientation among all those in the firm: the way of thinking or philosophy of the whole organization. However, marketing strategies can alternatively be seen as dealing only with the development of competitive advantages directly associated with the marketing function such as customer loyalty and distribution channel control. In the latter case, the domain is sometimes even further restricted by sole attention to the various element of the marketing mix rather than the more general issues of customer and channel relationships. There are two key
In most places in North America, folks are familiar with food trucks and have either seen them on television or in public areas attracting large crowds of hungry individuals. Most people would agree food trucks offer a variety of cuisines that can satisfy any appetite and if you have ever partaken with food trucks it was necessarily worth the wait to say the least! Marketing a business in the food truck industry can be a lucrative business as witnessed on the Food Network show “The Great Food Truck Race.” Viewers witnessed first-hand how each contestant marketed their business with custom truck logos, an assortment of entrees that catered to a plethora of cuisines like Italian, Filipino, American, etc. For the purpose of this paper, I will outline my marketing plan regarding starting my own food truck business and will address key factors such as brand name, type of food served with menu choices, budget, and location. This will be used in conjunction to formulate a complete analysis in line with objectives for my business.
•They are the most famous and one of the few outlets available in area and footfalls are generally heavy due to these•The places are usually visited very frequently by local people, students, etcPromotion•The joints rely on word of mouth publicity•There is no promotion done through ads for these joints. The promotion at maximum is limited to local newspaperSUGGESTIONS•McDonalds could increase the number of items served on its menu. Currently there are only 6 vegetarian and 6 non-vegetarian items served on the menu. It is also evident from the survey that many people feel that the variety of menu available is average and could be improved. Some of the customers prefer something new every time they visit. These potential customers could be targeted by increasing the number of items in the menu.
This paper will introduce a product and service which operates in the U.S. with the intent to expand within foreign markets eventually. The service that I chose is a current service in the food service industry that does exist but would benefit from enhancing it; there are market trends for the new service that would definitely satisfy potential customers’ needs and wants once the idea is brought to their attention. The goal is to bring the feel of the city’s fine dining and lounging experience to areas outside the city without having to travel far or spend more. The service is an
USE was expanded to include field consultants and market managers and today it gives franchisees, store managers and employees a chance to see and taste new products for upcoming seasons that are intended to address the changing preferences of customers. The merchandising plan for seasonal and high-potential new products is also shared. The centerpiece of the USE is the virtual 7-Eleven store, actual size 7-Eleven floor plans are built to show how seasonal products are assimilated into the standard store mix (7-Eleven About Us, 2010). For future reference, this capability should be the tool whereby the adjustments necessary to accommodate a drive thru capability are visualized and ultimately realized.
Marketing plan for the business which consists of 4 P’s Product, price, place and promotion
A successful Product strategy is directly linked to the growth and prosperity of company such as Procter & Gamble (P&G). In this report, I tried to analyse the product strategy of P&G and tries to look
The four Ps approach to marketing has been widely regarded as the traditional approach to marketing. While the value approach concentrates on delivering value to the consumers or customers, the 4Ps approach is evidently concentrated not on customers, but on the product itself. The major elements of the four Ps approach of marketing are product, price, place, and promotion; by that, the four Ps elevate product in the marketing plan while the value approach components are creating, communicating, delivering, and exchanging offerings.
The Bacon Wagon will attain this goal with three objectives; providing delicious and unique bacon dishes, exceptional customer service, and affordable prices. The Bacon Wagon like all business have strengths weakness, opportunities, and threats; however, food trucks come with a few advantages and disadvantages that differ from brick and mortar establishments. The strengths are; a variety of delicious products, quality service, location, self- promotion, and mobility. The weaknesses; cost to maintain and repair equipment and truck, limited growth without additional employees, no dine in service, only one additional employees, and no brick and mortar location. The Bacon Wagons opportunities; potential to have multiple trucks, potential to open a brick and mortar, opportunities to expand the services with catering, and the potential to add more recipes to the menu. The possible threats to the Bacon Wagon; competition, government rules and regulations may change, operating cost, cost of food and supplies, and the uncertainty of the economy.
In marketing, the business model a firm chose can be one of the ways that reflects the process of value-creating into the market. It defined the physical elements of the enterprise and the procedure about taking apart in the marketplace and market shares acquisition. Strategy and tactics are the two key components of the business model. Philip Kotler(2001) said that, “marketing plan plays an important role in the course of strategic planning, which is the basis for all marketing strategies and decisions.” In words, marketing plan is the key strategy of products or brands and there are two kinds of it. On the one hand, strategic marketing plan depicts the total business goal and strategies with a basement of the current market atmosphere and analyses of possible opportunities. On the other hand, followed the strategic marketing plan, tactical marketing plan formulates a series of specific activities like brand building, incentives and communication.
Marketing plays the most important role for the success of a business. In this chapter, the business’ marketing objectives are laid out together with the plans or actions that will be needed to achieve these objectives. Furthermore, this chapter includes the profile of the respondents which aided the researchers to create this part of the feasibility study.