Food Truck: Marketing Strategy for New Business Opportunity: Swot Analysis

Marketing Strategy for New Business Opportunity: SWOTT Analysis

MKT 431

August 19, 2015

Glenna Twing

INTRODUCTION

This paper will be on the benefits and the disadvantages of my business.  I’ve taken the opportunity to run a business that will cater to the home cook, and to the lunch customer, both who want to eat great food.  My business would give them an option, to eat their lunch at the food truck, if they like the food, then to bring it home.  

The brand and the uniqueness of the idea has many things to consider, what is its strengths, what are the weaknesses that I will be experiencing, what are the opportunities out there for my business, what threats are there for my business and if there are any trends how does my truck fit into the whole scheme are some of the questions I have to ask myself. So breaking down the SWOTT, I will determine the five elements of success, so I will need to look at my business and be honest as to what my job is and what I really am getting into.  

STRENGTHS

The strengths would be that there is no other type of truck out there that has a kitchen who has prepared and ready to go good, pre measured, and in a ready to go box that can go from the kitchen to the home cooks kitchen.   My truck would be parked in the best place in town that is busy with many customers going through, the local working class and the tourists that cruise through would stop by and pick up a great lunch or dinner.  They would be able to peruse the menu, pick out the dinner they want, and the prepared food is ready to go home with the customer.   My kitchen staff is great at technology to track the customer’s want that they are strong and eager to work with the customers.  Very knowledgeable of the food, cooking, and prepping it for the customers as they wish and who is able to answer any question the customer may have in cooking the food at home.  

WEAKNESSES

Some of the weaknesses could be that the customers would not be interested in the food and there would be no one to pick up the food at lunch or for home.  I could hire someone who knows nothing about the food and who would do more harm than good when it comes to not understanding the truck or the kitchen.  The menu could be a bit bland, and not meet the expectations of my business plan.  The menu could be way off from what the customers want and the menu would fall flat resulting in lower profits.   I could be run off from any place I wished to park, because there could be restrictions on having a food truck in the area, or there could be other trucks out there with better food.   One of the scariest ideas is that it would no funds to carry on the idea, and there prices of the food that I have chosen is increasing in price and having no funds I could lose out, thus losing everything.

OPPORTUNITIES

        The truck will be equipped with software in which we can track our customer’s likes and dislikes, we will be able to keep up with the best ingredients.  There will be the best chef we can hire to find the best food and keep up on the inventory of food available.  Which would decrease the need for the unnecessary food that is not wanted off the menu and would produce loyalty in our customers.   The menu would be based on the preferences of the customer, and the food is prepped fresh and premeasured and prepackaged in the kitchen ready to go out on the truck for the customer.