Need market plan I have my draft for 12 Pages based on that topic make it more 15 pages ( even i have sample one how to make it ) fallow the upload file

Spicy & Smoky

Overview of our Business:

Spicy &Smoky is a street truck Food Company. The aim of the company is to provide quality foods at reasonable prices. We will offer fresh food by using local produces. We will ensure best customer experiences by providing tasty nutrient foods so that they can have enough power for rest of the day. As we offer fastest, affordable, fresh and nutrients food to our customers, they will come back to us. We have a plan to start our business in metro Vancouver initially, as it is one of the busiest cities in BC.

Geographic analysis

Vancouver is busiest city and due to good weather and more working opportunities many people are coming every year from outer countries and settling here. Every year thousands of students and tourists came here so it is more attractive city for street truck food. Economy of Vancouver is growing so there is good chance of success of food truck business. People in Vancouver like to eat readymade food or food at food outlet rather than making at home. Because Vancouver is place where people from different countries are working and have not enough time to cook food so they like to buy food which is tastier and also in reasonable price. Vancouver is also place with good weather all over the year so visitors come all over the year. So, it will be attractive place to open food truck business.

Target Market:

We are going to targeting the millennial’s and Generation Z. It means our targeted people ranges in age is about 15- 45 years. We typically focus on national and international students, tourists, and working people. As we are going to use locally produce fresh ingredients to prepare foods and offer them at lowest costs, we think we will face less difficulties to make a strong bondagewith our customers.

Market Research:

With a view to understand our target market and our competitors, we do some analysis on our potential consumer and competitors. Here, we basically secondary data to analyse the market and competitors.

1.Consumer Analysis:

As we are going to use locally produce farm fresh ingredients, consumers are supposed to have our products on regular basis. In Vancouver, most of the people are busy with their daily works and other things. They have little or no time to cook food for them and typically they purchase ready made food for themselves. But ready-made foods are not healthy for them as they have some artificial colours, flavours, or preservatives. Now a days, people are becoming health conscious and they prefer organic foods. Also, many visitors come to Vancouver to enjoy their weekends and holidays. We think we can also serve them by attracting them by our flavours. Here, we are going to analyse our customer based on geographic, demographic, behavioural and psychographic factors.

Geographical Consideration:

Specifically, we are going to offer our foods to people who usually use Commercial Broadway station or passes nearby. We found a place there to accommodate our food truck and contracted with the authority to use the place for our business. In commercial Broadway there are two lines for sky trains (Expo and Millennium). There are stops for 99 B-line bus and stops for bus 9. Everyday many people use the sky train stations and bus stops to go to their workplaces, schools etc. There are many restaurants in commercial drive and people needs time to go to the restaurants and have their breakfast or lunch. As we will be in front of the stations or bus stops, customers will prefer us to fulfil their wants.

Demographic Considerations:

Demographically, we are targeted consumers are millennials and generation Z people who are now within the age range of 15-45. We also found that these generations people are more health conscious than the old generation people. Also, they prefer to have something special in their foods which we are going to provide them by our food truck business. We are trying to target customers at their early ages so that we can build as our lifetime customers.

Psychographic Considerations:

As people are becoming health conscious and want quality food, we are going to offer them at cheaper costs than others. Our ingredients will be collected from local farms, and our targeted consumers prefer to have locally produce foods than others.

Behavioural Considerations:

In Vancouver, there are so many International Students, International workers, tourists. They usually have their foods from restaurants. But the prices of foods are relatively higher than the quality. Many of them use the Commercial Broadway station or change here to go to their schools, workplaces etc. They usually use the restaurants near commercial drives to have their breakfast or meals. There are no food truck restaurants nearby. So, very beginning we will be the only one food truck there and we can capture our targeted consumers very easily by our attractive advertisements and flavours.

Industry Analysis:

When we decide to enter into food truck business, we conduct a research regarding food truck restaurant in BC. According to a report of Vancity (2015), we found there are about 305 food trucks in Vancouver and Victoria and that are earning about $50 million per year. Food truck industry is experiencing slow growth due to having poor marketing plan and inappropriate selection of locations. As we are going to introduce our offerings in Vancouver, we tried to find out our competitors who have food truck business. We found no big players here in this sector. However, our competitors that are relativelywell-known are: Eat Chicken Wraps, Chickpea Food Truck, Cheezee, Disco Cheetah food truck, and Superbaba food truck. But none of them are operating their business in Broadway area and none of them start their business before 10 to offer breakfast. As we are planning to start at 8am, we will offer breakfast too. Now a days, customers want fresh foods that contains no artificial colours or preservatives. As we have a mission to provide fresh food without any preservatives, Spicy and Smoky is expected to be successful in the food truck industry.

SWOTT Analysis:

To strengthen our marketing plan, we do a SWOTT (Strengths, Weakness, Opportunities, Threats, and Trends) analysis. This analysis helps us to find out the internal and external factors that are going to affect our business operations.

Strengths:

The strength of business is that there is no big player in the market. So, there are more chances of success of business as people have no particular company in mind related to street truck food. Mobility of place is also strength of business as food truck can be moved from one place to other according to density of people. Also, if there is any festival in particular place food truck can be moved to that place. So, location portability is one of the strengths of business. We are also providing farm fresh foods to our customers that is another strength of our business.

Weakness:

A major weaknessof our food truck business is the lack of our brand identity.Another, weakness of the business is that people cannot sit and enjoy food. Because it is not like restaurant where there are proper sitting arrangement and people can sit and enjoy food. The other weakness is weather. If weather is not good, people will not like to buy and eat food on street as we don’t have proper arrangement for raining or snow falling.

Opportunities:

The city is growing day by day and people from different cultural background are settling here so economy is growing. Increasing numbers of tourists and students is good attraction for street food truck.

Threats:

A major threat to our food truck business is with seasonality and weather. During winter season, it may be difficult to provide farm fresh ingredients. Other threats can be the competitions with the restaurants that are providing same food products.

Trends:

Based on the analysis of the operations food truck businesses that are operating in the market now, the growth rate is so slow and some just left the market due having losses in their business continuously.

Differentiation and Positioning:

As we are planning to locate at Commercial Broadway station, Vancouver, we contracted with the authority to use the location permanently. By using the popular and busiest location, we can differentiate ourselves from our competitors as our competitors don’t have a specific place permanently. They have to move from here to there to offer their products. Also, our farm fresh ingredients will allow us to prepare and provide fresh and healthy foods to customers. It will allow us to differentiate ourselves from traditional restaurants and other food truck business. We will keep our profit margin as low as possible to keep our prices relatively low. We will position our “Smoky and spicy” brand through providing high quality and tasty fresh food at relatively low costs so that customers can find our products reasonablethan others.

Marketing Mix:

Product Strategy:

For product strategy, it is difficult to determine our target market. Basically, our target market consists of millennials and generation Z. It consists of people in between 15 to 45 age. It includes students (Undergraduates and graduates), working people etc. Our “Spicy and Smoky” food truck will focus on using locally produce ingredients to prepare foods that will be fresh and healthy for people. We will offer breakfast and lunch options at relatively cheapest cost.There are many restaurants near Commercial Broadway station but they are far away from the station. Also, near Commercial Broadway station here are some fast food restaurants like McDonald’s, Uncle Faith Pizza, Subway, Belgian Fries etc. But their foods are not considered healthy and fresh. In addition, there is no food truck nearby. We are planning to provide quality foods at lower costs to our target consumers.

As there is no food truck near Commercial Broadway, we will have to face little or no competition in the market. The main problem is the competition with the fast food restaurants as they are popular and familiar to our target market. We think that through our amazing and colourful advertisement, we can capture our target customers.

Pricing Strategy:

There are many pricing strategies that a business can use to determine the price of their products such as Competition -Based pricing, Cost plus pricing, Premium pricing, Value -Based pricing etc. Most restaurants determine their prices based on their costs plus desired margin and it is the easiest and simplest way to determine the prices of the food menus. To operate our food truck business, we have to consider many fixed (Rent, Fuel cost etc) and variable cost (cost of ingredients, packages etc). Based on our projected costs we determine our prices of food items in between ($2-$18), whereas customers are ready to pay more than that (according to our survey in the present market). We have decided to keep our margin as low as so that we can keep our price relatively lower than other restaurants. If we can sell more, ultimately, we can have our desired profits.

Promotion Strategy:

We are using different strategies to promote our food truck business. With a view to introducing our “Spicy and Smoky” food truck we started to advertise our offerings through social media like Facebook, Instagram, Twitter etc. We also have hanged our banners in nearby Vancouver and Burnaby areas so that people can know when we are going to start our business and what will be our offerings. We will create a Facebook page in the name of our food truck business and there we will share every basic information about us. Also, we will keep options for customer’s reviews. Through Instagram we will share the high-quality picture of our foods so that customers can understand what we are offerings and how they look like. In Twitter, we will remind our customers about our promotion that we will offer in special occasions so that our loyal customers can grave that offer. Advertisement through social media is very effective because our targeted customers are used to with these social media and it is free. There is no cost to advertise online so, it will cost effective for us. We think, we can grave the attention of our target customers by our attractive advertisements.

Place Strategy:

In determining the place strategy, we have selected a place that is very familiar and populous in Vancouver. Everyday many people use the place to go to their destinations. It is just beside sky train station so people can easily come to our food truck and have their desired foods to fulfil their needs. As we are going to collect our ingredients from Richmond, our suppliers are not too far from us too. According to the nature of the business, we can move anywhere if we want to move any special location for special purpose and there will be no additional cost for transferring our business from one place to another place.

Distribution Strategy:

To market foods, “Smoky and Spicy” food truck will continue to serve everyday in Commercial Broadway station. We will start our business at 8am and continue till 3pm. If we find our food truck business profitable, we will flexible our schedules to offer dinner too in future. We will collect all of our ingredients directly from suppliers, and for this we will visit the local market in Richmond to check the quality and prices of the suppliers. We will collect the quality ingredients from suppliers and then use them to prepare our foods. We will purchase our raw ingredients regularly after every two days. For this, we will purchase small volume of raw ingredients. We will offer our products by using fresh ingredients and offer them at relatively lower costs to our customers. Here, we add the value-added flow chart that reflects no third intermediary to keep our price relatively lower than the competitors.

Customers

Spicy and Smoky food truck

Producer/ Firms

Chart: Value Added Process

Logistics Mix:

Inventory:

Since we have decided to use fresh ingredients to produce healthy foods, our will have a small amount of inventory in our stock. A huge amount of inventory will be difficult and costly to maintain for us. As we are going to serve food, we have to use raw ingredients that are perishable. There will be possibility of some perishable ingredients getting rotten or bad after few days that will ultimately increase our costs. For this reason, we decided to purchase our raw ingredients continuously after two days.

Storage facilities:

There will be a small storage space in our truck. We don’t need huge storage space because we are going to serve foods to a specific area. Since we are committed to provide fresh foods, we don’t need to store our product for a long period. This will help us having lowest cost for holding.

Communication:

If we have change in our business, we will communicate it through our social media sites. Whenever we want to introduce new dishes, it will include it in our menu first and then communicate them with our customers. Very beginning we may have error in our forecast, but after doing business for few days we can determine the demand of our foods. It will help us to determine how much supply we need to serve our customers as we will perishable ingredients most.

Packaging and others:

We will use different kinds of packs or plates for different foods. We will also have drinkware, napkins, cutlery and different sauces for customers that will contain our brand name. For this, we will use environment friendly products that can be recyclable. Also, now a days, people are more concern about the environment, and our environment friendly behaviour will be able to attract them and their mind. It will increase our reputation too.

Transportation:

As we are doing food truck business, we will use our truck to collect our raw ingredients from the suppliers. This will minimize our transportation cost too. Our suppliers are also not so far from our area of operations. So, it doesn’t require much time to collect our ingredients.

Budgets:

Here, we add information regarding the finance that we need to start our food truck business in Commercial Broadway. We also predict the cost of operating our business for the first year.

1. Fixed Costs (Start-up):

• Food Truck+ Equipment: $25000-$50000

• Fees and Insurance:$2000-$4000

• Business Licence: $500-$1000

• Food and Beverage:$1000-$2000

• Plates & Napkins: $200-$500

• Other Expenses (Uniform, menu, fire extinguisher,): $2000-$3000

• Total Start-up cost: $31000- $65000

2. Monthly Costs:

• Truck repairing cost: $1000

• Fuel costs: $500

• Restocking ingredients: $3000-$5000

• Labour: $12-$16 per hour

• Phone & internet : $100-$200

Menu with price lists:

We believe that our “Smoky and Spicy” food truck business will gain popularity in Vancouver within few days as we are going to offer fresh and healthy foods to our target customers.