Marketing plan - MARKETING PLAN 1 BUSINESS AND MARKETING...

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MARKETING PLAN 1 BUSINESS AND MARKETING PLAN FOOD TRUCK BUSINESS by Student’s Name Code + Course Name Professor’s Name University Name City, State Date Table of Content
MARKETING PLAN 2 1.0. Introduction ............................................................................................................................. 3 2.0 Environmemtal SWOT Analysis ............................................................................................ 3 3.0. Marketing Objectives ............................................................................................................. 4 4.0.Target Market .......................................................................................................................... 5 5.0.Marketing mix .......................................................................................................................... 6 5.1.Product ................................................................................................................................ 6 5.2. Price ................................................................................................................................... 7 5.3 Promotion ........................................................................................................................... 7 5.4.Place .................................................................................................................................... 8 6.0. Financials ................................................................................................................................. 9 7.0. Controls .................................................................................................................................. 11 8.0. Reflective Statement ............................................................................................................. 11 References ..................................................................................................................................... 13
MARKETING PLAN 3 1.0Introduction Our prospective company, Fusion Shack, is partnership-managed food truck mobile vending company that will operate out of our customized built food trucks with a considerable number of employees. Our business model is driven by the love for food coupled with an interest in providing quality and healthy food using natural and locally sourced ingredients and foods with the utmost culinary ingenuity. The management and proprietors of Fusion Shack are two classically trained chefs, and former alumni of The Culinary Institute of America in Singapore (Job Central, n.d.). Our ‘product’ is inspired by our brand name ‘Fusion Shack’ and includes a fusion of fresh and easily prepared meals reflective of local Singaporean delicacies, fast food bites and beverages. Additionally, the menu includes a daily specialty which customers can enjoy. 2.0 Environmental SWOT Analysis A SWOT analysis is a planning and marketing strategy used to analyze a firm’s market situation to identify and understand the internal and external environment of a firm’s market and factors that influence it, ether supportive or unfavorable. The strengths and weaknesses paradigms of a SWOT analysis project how your business measures up at the present and in future relative to industry competitors(Morrison, 2016). Opportunities and threats forecast future direction about the nature of your business or industry, such as industry participants due to entry of new businesses into the market. The food truck business is very opportunistic in Singapore, there is opportunity for the concept to grow stakeholders and investors take initiative to explore the concept and if the government limits regulations hindering mobility of food trucks in Singapore (Lay, 2014). With few industry players, barriers of entry regarding competition are limited. The only barriers are regulatory and start-up costs. Which are achievable when properly
MARKETING PLAN 4 handled. Al in all, the categories of a SWOT analysis provide a framework for formulating and reviewing business strategy based on the nature of the market regarding your firm’s positioning and direction. Strengths Singaporean food culture- Singapore has a rich food culture and most Singaporeans are ‘foodies’ Fusion Shack’s pricing strategy-low and affordable Fusion Shack’s business model-unique and differentiated Unsaturated market Weaknesses Legal and bureaucratic limitations- multiple regulatory bodies, licensing Lacking Customer awareness Industry shifting trends-requires vigilance Weather conditions

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