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FOOD TRUCK BUSINESS

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FOOD TRUCK BUSINESS

Background

Food truck industry is among the rapidly growing industries in the world. In Australia, food truck business has disrupted the traditional hotel business model as it is found more convenient for the consumers. In Brisbane, food truck business has rapidly grown with support from the local authority that is providing fast approval for business licenses as the potential of the industry emerge.

External Environment Analysis

Political

  1. The Brisbane city council has recognized the potential of gourmet food trucks and has come up with Brisbane City Council’s Food Trucks Initiative to provide guidance and regulation of the industry.

Economic

  1. Fast food and takeaway food services industry in Australia has revenue of $20 billion with an annual growth of 3.3%. The industry employees 188,655 people with about 26,194 business (IbisWorld, 2019)
  2. Starting a food truck is cheaper compared to starting a traditional hotel with an estimated $100,000 differences in start-up cost between the two (Griffiths, 2019).
  • It comes with lesser risks compared to other startups (Griffiths, 2019).

Social

  1. Convenient eating is emerging social trends increasing popularity of food trucks as customers want to get food near to where they are.
Category:

Description

FOOD TRUCK BUSINESS

Description of task

This assessment is a group project. In a group of 4, your task is to develop a Marketing Pitch for a business given by the instructor. Using both marketing theory and market research, you are required to:

  1. analyses the external marketing environment,
  2. analyses customers and competition,
  3. develop a competitive marketing strategy for your business,
  4. explain your marketing mix.

Students are required to use the Adobe Spark Platform to create the marketing pitch and present to an investor. Students outline the case for their business idea, leveraging the Adobe Spark layout, design, and interactivity to emphasize important aspects of the plan (i.e. situation analysis, marketing goals and strategies, marketing mix). The goal is for students to create a marketing pitch that communicates their ideas (i.e. competitive advantages) and convinces an investor to fund their business. This presentation is designed to help you better understand how marketing theories and real-world strategic implementation work together.

Length of Adobe Spark video: 8-10 minutes

 

Business case

Your business will be a Brisbane food truck.

Food trucks have been rising in popularity over the last decade. For example, in the U.S. there are over 4,000 food trucks. Consumers are increasingly keen to try new food experiences, and food trucks are no longer associated with anonymous “roadside burger flippers” but are places that offer “boutique food experience” for consumers. Nearly half of all millennials have eaten from a food truck. The popularity of food trucks also means that there is plenty of competition. Only the savviest food truck owners are going to make it. That means that YOUR food truck marketing strategy could make or break for your business.

 

Learning objectives

  • Analyze the external marketing environment and understand how it will affect your business
  • Understand how to target customers and position your business
  • Develop marketing objectives and strategies and be able to communicate your competitive advantage
  • Develop a marketing mix for your business
  • Design the flow and visual theme for the marketing pitch
  • Write a storyboard and collect visual elements for the pitch
  • Use Adobe Spark platform to create and publish & present the marketing pitch
  • Our product information:

The food truck name: Wings paradise

The main product: Chicken wings

Cooking ways:  BBQ chicken wings or Fried chicken wings

Select cooking ways:  BBQ or Fried

 

  1. Analyze the external marketing environment

 

Analyze the external marketing environment and understand how it will affect your business

Background Industry:

Introduction (Introduce Brisbane food truck industry)

 

 External environment (PESTLE analysis)

  • Political
  • Economic
  • Social / cultural
  • Technological
  • Environmental
  • Legal

 

 STOW Analysis

Focus on Opportunities and Threats

 

 

  1. analyze customers and competition and position

 

Understand how to target customers and position your business

 

The Three Cs Model of Brand Positioning:

Competitor analysis, Customer Analysis, Company analysis

 

1 Competitor analysis

 

2.Target Market

What is our target market?

 

Segmentation:

Demographic Segmentation

Geographic Segmentation

Psychographic Segmentation

Behavior Segmentation

 

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