The benefit of my food truck is that my food will not leave you over stuffed or still hungry during and after your lunch break. You can come to my food truck with the confidence in knowing that you will get your time and money’s worth. You can also pre-order your lunch online. So you can feel at ease knowing that while you make your way to my food truck your food will be hot and ready for you. We also offer tasty health options for anyone who is looking to watch their weight. Displays of nutrition of each individual food item will be displayed on your LCD screen located on the outside of our food truck. No longer do you have to sacrifice great taste while watching your figure. Another benefit of my food truck is for my loyal customers. A loyalty program will be made for those who frequent my food truck. There will be a twenty percent off for loyal customers who have frequented my truck for more than thirty times. And if you work in the food and beverage industry just show proof and we will give you our industry discount. For music artist who are looking to be heard drop your work of art into our art box and we will display your music on our over head speaker the following day. To help get you the local exposure you need any artist will be able to upload their produced tunes over our SoundCloud account via Facebook. This will be displayed on every customers profile page who likes us on Facebook. So the possibilities are endless. Leave it up to us to get your works of musical art out to all Las Vegas locals. I guarantee through this network your voice will be heard.
Monday, September 12, 2011
Implementation Evaluation Control
“The analysis, planning, implementation, and control of sales force activities. It includes designing sales force strategy and structure and recruiting, selecting, training, supervising, compensating, and evaluating the firm’s salespeople.” Marketing: An Introduction, Chapter 13, pg.10, Kotler. This will be done by me. By being able to send out employees to shop the food truck market to see what is out there. And by doing monthly employee evaluation’s will determine if you are still a right fit for my company. Of course all resources will be utilized first before giving someone the boot. New recruits will be on a 2 day orientation before stepping into the truck to actually work. I believe that it is very important that the core values are instilled in every employee I hire or this will definitely hurt my brand and company that I will build. There will only be a handful of employees for my business. This is determined again by the hiring process through intensive interviews and test. “Once the company has set its structure, it is ready to consider sales force size. Sales forces may range in size from only a few salespeople to tens of thousands.” Marketing: An Introduction, Chapter 13, pg. 14. Kotler.
Price
“Even small differences in price can signal product differences. Consider a stereo receiver priced at $300 compared to one priced at $299.99. The actual price difference is only 1 cent, but the psychological difference can be much greater. For example, some consumers will see the $299.99 as a price in the $200 range rather than the $300 range. The $299.99 will more likely be seen as a bargain price, whereas the $300 price suggests more quality.” Marketing: An Introduction, Chapter 9, pg.42, Kotler. My pricing for my food truck is $9.99. Specialty items like shirts and mixtapes will be priced at $11.00. But buying the mixtape on iTunes will be significantly cheaper online because it will be a straight download to your computer. It will range from $4.99 to $8.99 depending on the number of tracks listed for that particular mixtape. “Some psychologists argue that each digit has symbolic and visual qualities that should be considered in pricing. Thus, 8 is round and even and creates a soothing effect, whereas 7 is angular and creates a jarring effect.” Marketing: An Introduction, Chapter 9, pg.42, Kotler.
Promotion
“Beyond selecting the types of promotions to use, marketers must make several other decisions in designing the full sales promotion program. First, they must decide on the size of the incentive. A certain minimum incentive is necessary if the promotion is to succeed; a larger incentive will produce more sales response. The marketer also must set conditions for participation. Incentives might be offered to everyone or only to select groups.” Marketing: An Introduction, Chapter 13, pg.44, Kotler. Promotional programs will be based on the need for me to move product. This will be displayed daily on my Twitter and Facebook account. Some examples might be the first twenty guests that buy will get a free t-shirt or ten percent off all food for the next hour or every day at 2pm receive a free drink with your meal.
Distribution
“Companies often pay too little attention to their distribution channels, sometimes with damaging results. In contrast, many companies have used imaginative distribution systems to gain a competitive advantage. FedEx’s creative and imposing distribution system made it a leader in express delivery. Enterprise revolutionized the car-rental business by setting up off-airport rental offices. And Apple turned the retail music business on its head by selling music for the iPod via the Internet on iTunes.” Marketing: An Introduction, Chapter 10, pg. 5, Kotler. The bulk of my music distribution will be done online. Through my account set up on SoundCloud people will vote on the songs entered by local artist looking to get their music out. Once a list has been compiled for the mixtape it will be put out on iTunes. Majority of the revenues made will go to the artist’s on the mixtape. Mixtape’s will only be found on iTunes or by buying it at my food truck. “Giving a limited number of dealers the exclusive right to distribute the company’s products in their territories.” Marketing: An Introduction, Chapter 10, pg. 29, Kotler.
Product
“Product quality is one of the marketer’s major positioning tools. Quality has a direct impact on product or service performance; thus, it is closely linked to customer value and satisfaction. In the narrowest sense, quality can be defined as “freedom from defects.” Marketing: An Introduction, Chapter 7, pg. 13, Kotler. The quality of my product will be made up off fresh ingredients grown locally. I believe by supporting the local market it keeps the flow of money here in the state. And whatever I can’t get here in Vegas I will get elsewhere. In order for me to stay relevant in the food truck market a review of all food and music sold would be done quarterly. “Business analysis involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company’s objectives. If they do, the product can move to the product development stage.” Marketing: An Introduction, Chapter 8, pg. 17, Kotler.
Target Market Strategy
My target market strategy is would be the micromarketing strategy. “Micromarketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations. Rather than seeing a customer in every individual, micromarketers see the individual in every customer. Micromarketing includes local marketing and individual marketing.” Marketing: An Introduction, Chapter 6, pg.28, Kotler. My market strategy would be more of the local marketing than the individual marketing. By applying my social media accounts like Twitter and Facebook, It would be easier to tailor my menu and music to the needs and wants of all Las Vegans. New guest would also be able to find me by using applications on their smartphone that will show my location when looking for my food truck.
Situation or SWOT Analysis
My SWOT analyses are listed below.
Internal | |
Strengths | Weaknesses |
1. Customer Loyalty and Relationships 2. Product quality 3. Tech savvy 4. Social Media | 1. Employees 2. Access to products 3. Lack of consistency |
External | |
Opportunities | Threats |
1. New distribution areas 2. Changes in permit laws 3. Technology advancements | 1. Social Media 2. Tax Increases 3. Newer Food Trucks |
SWOT Analysis Summary |
“Managing the marketing function begins with a complete analysis of the company’s situation. The marketer should conduct a SWOT analysis, by which it evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T) (see Figure 2.7). Strengths include internal capabilities, resources, positive situational factors that may help the company to serve its customers and achieve its objectives. Weaknesses include internal limitations and negative situational factors that may interfere with the company’s performance. Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage. And threats are unfavorable external factors or trends that may present challenges to performance.” Marketing: An Introduction, Chapter 2, pg. 31. Kotler. |
Objectives
My overall objective is to build a loyal customer relationship base by implementing new menu items and products that are voiced by majority of the people. Through an online social site like Twitter or Facebook questions will be posted on these sites and answers will be recorded and monitored by a third party. The marketing research done for the month will be compiled into an excel worksheet and looked over to see what would make sense in the market at that moment. By providing this type of service I believe it will enhance the sense of belonging amongst the customer and create profitable income month to month. Also by looking at maintaining a steady hold of the flow of cash into and out of the food truck will definitely keep us ahead of the game. “This broad mission leads to a hierarchy of objectives, including business objectives and marketing objectives. Kohler’s overall objective is to build profitable customer relationships by developing efficient yet beautiful products that embrace the “essence of gracious living.” It does this by investing heavily in research and design (R&D). Research and design is expensive and requires improved profits to plow back into research programs.” Marketing: An Introduction, Chapter 2, pg.9, Kotler. By doing this we would be able to expand to two food trucks or even a restaurant to be able to reach more people out in Las Vegas. “Marketing strategies and programs must be developed to support these marketing objectives. To increase its market share, Kohler might increase its products’ availability and promotion in existing markets and expand business via acquisitions. For example, Kohler intends to boost its production capacity in Thailand to better serve the Asian market. It is also setting up new facilities in India and China.” Marketing: An Introduction, Chapter 2, pg. 9, Kotler.
Business Mission Statement
“Mission statements should be meaningful and specific yet motivating. They should emphasize the company’s strengths in the marketplace. Too often, mission statements are written for public relations purposes and lack specific, workable guidelines.” Marketing: An Introduction, Chapter 2, pg. 6, Kotler. My business mission statement is. “We make your passion for food and music your place of comfort.” This is my “invisible hand” this is what I want to accomplish with my food truck. For my employees to be able to live and breathe this mission statement they would have to share my love and passion for food and music, because I want my guest to have an experience like no other. By pledging to provide a place where passion and creativity are our foundation, my guest will be able to experience not only great food and music, but a place where they can call home. And the only way this can happen is if it starts with my employees on the front line. “Few leaders actually get the point of forging a mission with real grit and meaning. [Mission statements] have largely devolved into fat-headed jargon. Almost no one can figure out what they mean. [So companies] sort of ignore them or gussy up a vague package deal along the lines of: “our mission is to be the best fill-in-the-blank company in our industry” Marketing: An Introduction, Chapter 2, pg. 6. Kotler. It is those types of leaders who lose a grip on their company and who don’t produce loyal customers.
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