Marketing Project I should be uploaded here. You should have been working on thi

Question

Marketing Project I should be uploaded here. You should have been working on this project in previous
modules and can connect to links below to assist in completion.
For purposes of this paper and the next portion of your marketing project, pretend that you will be opening
one of the following businesses in your area:
Food Truck Vendor
Animal Sitting
Bicycle Repair Shop
Vintage Clothing Store
Website Design
Digital Moviemaking
Recording Studio
Wedding/Event Planner
Early Childhood Center
Adult Daycare Center
Be careful not to focus on describing your product, location, price, or promotion in this section of your
paper. Rather, at this time, focus only on the marketing environment and the target market for your
business.
Your paper should be divided into the following sections and address the following factors:
Marketing Environment Analysis:
What factors in the marketing environment impact your business? This discussion should include the
following:
Regulatory – What political/legislative/regulatory factors will impact your business? Are there licenses or
permits that you need to obtain before starting the business? Are there specific laws or regulations with
which you must comply?
Competitive – Who are your competitors? What are their products, strengths, weaknesses, etc.? Is the
market growing enough so there are enough customers for all players?
Economic – What economic factors will affect your business? For example, poor economic conditions in
your area may mean that your target customer has cut back on spending and won’t be as willing to pay as
much for your products or services.
Technological – What impact does technology have on your business? Technological developments may be specific to your business (such as new techniques), or there may be more generalized considerations, such as the development of the Internet as a distribution channel.

Social – What social (or societal) factors influence your business, such as demographic trends within the
target area, increasing social mobility, consumer opinions and trends, buying patterns, etc.?
Target Market Analysis:
Next, you will describe your target market in terms of the following:
Demographics – Is your market readily definable by characteristics your potential customers share such
as age, income level, gender, marital status, income, etc?
Geographic – What is the geographic market for your business? Is it local? Regional? Are there areas
of the geographic market that you feel would be better served by your business than another area?
Psychographic – These variable include such things as your customers’ attitudes, beliefs and
emotions. What factors will influence your customers’ purchasing decision?
Benefits Sought and Usage Rate – Describe your market’s buying habits. For example, how do they
spend their budgets or disposable income? When do they buy? How much? How often?

Your report should be a minimum of 4 pages long, not including a cover page and/or references. You should
use 1” margins throughout as well as a 10-12 Times New Roman font or similar font.

Explanation / Answer

MARKETING PROJECT

FOOD TRUCK VENDOR

food truck business is best suitable for the people who love to live for food. that type of business is a great opportunity for entrepreneurs whose wanted to take advantage of this mobility business to earn ownership to multiple locations at the different time. with the initial capital, we can start a food change which helps us to achieve our passion for serve food to the people.

before starting the business we need to understand the Environment thoroughly.there are several factors which impact our business, we will discuss them one by one.

REGULATORY:

So, to start a food business we need to find all the possible regulation of this sector.since there are no clear-cut laws pertaining to the food truck. several licenses are mandatory which we need to get before starting our business.

fire safety certificate or NOC, if you are supplying liquor then you need liquor license too. commercial vehicle license is must for food truck as we are dealing with the health of customer then we need to have a food hygiene report certificate too(which is different in different countries).

COMPETITIVE

To understand your macro environment you need to do certain analysis like (SWOT, PESTLE) to understand the nature of your overall business. With the help of them, you easily get to know there overall progress with which you understand which sector is more useful for us to achieve. here for us firstly we do SWOT analysis on our competitor restaurant and several other food trucks in our favorable location. we are planning to open an Indian cuisine food truck, so to get to know the major competition you need to study them clearly. As more number of people are trying Indian cuisine so this sector is quite fruitful for us.

ECONOMIC FACTOR:

in a market whenever any person thinks to start their business they need to find out what is the current economic cycle of their country, what is the phase they are going through right now. because the economic cycle phase is the most important factor for any business, they need to understand whether they are in growing state or contracting state. the purchasing power of the people of the country again important, on that we can decide whether we will have the desirable customer or not at the time of opening. so for that study of country economy is quite important, we need to make sure it.

TECHNOLOGICAL:

all this factor have come under PESTLE analysis, as more manpower is needed in this food truck business we need to use more advanced technology so that in less time we can produce the number of unit of food which serves a quite good number of customer in the limited timespan. a good POS (point of sale software) makes an edge over our competitors. not only for keeping our data safe we need technology but we can also use technology in making food. several machines can be fitted in our truck which makes it more advanced.

the internet is the key to next generation business which not only helps us in distribution channel to get our RAW material but also helps in marketing. new technology is something which we need to get in touch frequently because its keep on changing every time and more replacement is there.

SOCIAL:

the society is what people make there are several factors of society which make our business a successful one or even make it fail. customer taste and preferences again play an important role. before starting this overall business we need to decide what is our product one the bases of demand flow in the society . over that only we can make our product more effective and also understand the target customer.

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