Marketing plan – korean food truck
Summary
You will complete a marketing plan for a new business of your choice, as if you are starting a small business together in the hospitality industry. The marketing project is separated into two components: final report and the presentation.
Important Tips
Apply the marketing knowledge you learned in class to your project. This will help you develop a strong marketing plan, and will also give you a higher grade.
Stay focused: ONLY present directly relevant information in your papers and presentations.
Be as specific as possible. For example, instead of saying the prices will differ across order sizes, give specific numbers (1: $10, 2: $18, etc)
Provide an argument for your decisions. For example, if you are going to charge $20 for your service, also states WHY you think that price is reasonable or optimal.
Choosing a Business
For your hospitality business, new good or service would be better.
A few pointers to keep in mind when choosing a business:
Something small. This will help you be more focused and make it easier for you to apply marketing concepts in straightforward manner.
Start with your own problem – is there a need that you have as a consumer that is not met by any product in current market?
Final Report Paper
Format
10 page limit
Minimum 4 pages
Line height: double
Font size: 12
Margins: 1 inch
Contents
Business
Start by selecting a business.
Identify a marketing idea – an unsatisfied consumer need (please see the above section for pointers on choosing a business).
Creative thinking is encouraged, but your plan must be realistic and executable. Respect reasonable constraints (i.e. resources) and environmental forces (i.e. the economy).
Once you discover a consumer need and a target market, describe what good(s) or services(s) you plan to offer to satisfy this need.
Market Situation
Analyze your target market.
Who are they? What are they like? What are their needs?
Including the size and growth of the market.
The target market has
Environmental Forces: describe any of the social, economic, technological, competitive, and regulatory trends that may be pertinent to the performance of your business, both currently and in the future. Apply concepts from your textbook chapter 3.
Include SWOT analysis
Marketing Mix
Specify and describe the proposed decisions for each marketing mix element
(the 4 Ps)
Ø Product
Your offerings. What is the need you discovered, and how will you satisfy it?
Since you would have already described product in earlier sections, you can briefly summarize your product here
Ø Price
Describe how you will price your product(s) and why
Ø Promotion
What is your promotion strategy and why
Ø Place
How will your company deliver its goods/services to its customers (e.g., stores, direct mail, online, etc) and why
KOREAN FOOD TRUCK
LOCATION – Pomona/Rowland Height Area/626
Target Market
Our main target market would be university students/young adults/millennials. They rely on quick service and convenience since they have classes and are busy with school work.
Goods
Jajangmyeon $7.99
Tangsuyook $8.99
Mandu (6 Dumplings) $4.99
Kimbap (Korean Sushi) $4.99
Japchae $6.99
Soda (Coke, Sprite, Lemonade) $1.99
Water $1.99
Products
Since there isn’t a lot of Korean food around the area, selling cheap Korean street foods would satisfy customers that are craving Korean food but don’t want to travel far.
Price
Psychological pricing 99
Place
Get approved for food truck licensing in multiple cities and scout for high traffic areas near malls, colleges, schools, parks, and events. Try to attend food festivals like 626 Night Market and Smorgasburg LA.
Promotion
Make Instagram, Facebook, and Yelp to post and promote. Utilize social media by doing promotions like follow us and get 10% off your purchase. Free sodas with check in on yelp. Hold contests and giveaways on social media. Purchase newspaper ads on La Times, Korea Daily, and World Journal. Purchase Asian magazine ads like Unistar and WaCowLa. (Expand on this, include how to set up yelp account and how to add promotions)
