Marketing Plan

 Students will be assigned to small groups by the end of Week 2. Group discussion areas will be provided to facilitate interaction among group members. Along with their group, students will develop a marketing plan for a small business (either real or fictional). In Week 3, each group will submit a brief introduction (1-2 pages) for their chosen business for instructor approval. The introduction is worth 20 points. The final marketing plan, due in Week 7, is worth 180 points and should include the following sections:

1. Cover Page

2. Executive Summary

3. Target Customers

4. Unique Selling Proposition

5. Pricing and Positioning Strategy

6. Distribution Strategy

7. Promotions Strategy

8. Contingency Plans

The expected length for this assignment is 12-15 pages. APA methodology applies to this assignment.

Attached is week 3 business plan. Need to cover Pricing and Positioning Strategy topic for my part need atleast 1.5 pages with references.

GROUP MARKETING PLAN INTRODUCTION

GROUP MARKETING PLAN INTRODUCTION

SMALL BUSINESS IDEA: FOOD TRUCK

GROUP J

PROF. ANIL PALLA

BA60170G3

2

0 MARKETING MANAGEMENT

Overview:

The food truck business has been all around since archaic times and evolved appreciably from effortless street foods to intricate cuisines. They are highly appealing to millennials who appreciate the accessibility of mobile food with delicious cuisine options. The greatest advantage of this business is its low investment in comparison to traditional brick and mortar restaurant-style and maximum customer interaction. Additionally, we are aiming to establish a business with lesser risk, lesser overhead costs, and one that facilitates an opportunity to build our brand before expanding to restaurants eventually.

Food Options:

We are planning on a food truck setting that offers Indianized American Cuisine. What it essentially entails is American food items with a twist of Indian taste. For instance, we would be offering Tandoori Chicken Burgers, Masala French Fries, Naan Wraps, etc.

Target Locations:

The food truck will be in the Bay Area, California given its foodie culture and endless business prospects. We would like to target a wide range of audiences. To ensure that, we will be setting up food trucks near corporate offices during weekdays during the daytime and near entertainment places around the evenings. Furthermore, we would be setting up the food truck in downtown San Francisco to capture the nightclub audience during weekends. 

Ethnicity wise, Bay Area holds a diverse population as compared to the other parts of the US. That makes the demand for ethnic cuisines more. Bay Area is home to lots of companies and their origins. That includes small scale businesses and tech giants. People here are experimental and are open to trying different cuisines so having an option for them, can be a good start. The nature of the food truck is that the location can be changed. That gives an advantage in moving to a different location which shows most profits.

Projected Profits:

According to the blog [1] by

Renée Frojo

(2013), “If done right, owning a food truck can be a fairly lucrative gig for some owners. According to Off the Grid’s 

Matthew Cohen

, most trucks are making an annual revenue of around $250,000 to $500,000, while the top 25 percent bring in upwards of $1 million.” The numbers mentioned here were discussed in the year 2013. The technology has upgraded a lot in the last 7 years that can be used to market the food truck. Also, several food delivery apps came out which can be used to reach the consumers farther than the location of the food truck. So, the numbers can be increased if implemented correctly.

Future Goals:

Food Trucks are one of the biggest trends in the food industry. They are affordable and convenient for everyone. Our main goal is to provide all the restaurant-style facilities to customers without any waiting lines or spending too much money. The focus is to give all the food facilities with less time, so it should be fast and convenient for customers ([2] Lilian C. 2020). The next goal is to provide a variety of foods to customers. In this modern world, everyone fond of different food which is full of nutrients and taste. We will focus to make a connection with our customers by providing the best services and giving attention to them. We also need to work hard to compete with other businesses by attracting more customers. Eventually, the idea is to set up a restaurant that needs some investment. Getting started with a food truck, will give some experience and help us understand the process. After setting up a restaurant, the idea is to convert that to a big chain across boundaries in the form of food trucks or restaurants.

References:

[1] Renée Frojo (2013). Are food trucks profitable? Bizjournals.

Retrieved from: https://www.bizjournals.com/sanfrancisco/blog/2013/06/food-truck-economics-are-they-driving.html

[2] Lilian C. (2020) The Future of Food Truck Trends in 2020 & Beyond.

Retrieved from: https://www.foodwellsaid.com/future-of-food-trucks/

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