To install StudyMoose App tap and then “Add to Home Screen”
Save to my list
Remove from my list
Food Truck industry has continuously been a viable business in the United States. Its quick growth is greatly encouraged by the adoption and accomplishment 4 Ps that are controllable tactical marketing tools that are combined to promote their brand in unique ways i.e. market mix. The use of this strategy helps to produce and sell excellent products and services that customers want as opposed to competitors who disregard the 4 Ps of market mix. This paper examines marketing mix comprising of the four Ps of marketing which includes product, price, place, and promotion.
These are tangible commodities and services offered to customers as they demand.
Food Truck business offers a variety of products which include foods, beverages, and pastry products. Outstanding services offered to customers include catering, equipment and supplies, food safety, food truck design, and foods operations management. Food Truck businesses have several selling points at strategic places in the streets and business centers, customers are able to easily and quickly purchase readily packed food.
Verified writer
Proficient in: Business
5 (204)
“ She followed all my directions. It was really easy to contact her and respond very fast as well. ”
Festivals, events or sports venues also get their needs met with the availability of these products and services nearer to them (Schrock, Doussard, Wolf-Powers, Marotta & Eisenburger, 2018).
Competition is inevitable in Food Truck business particularly from those dealing with the cuisine of the same kind. Despite being in a competitive marketplace, by offering distinctive features like high quality, best branding, nice packaging, fair pricing, and size makes customers opt to always demand your products and services. Correct customer relations and good communication skills make product demand food truck businesses to increase.
Having an impressive menu without a strong brand is risky to a business Branding is essential to Food Truck business.
Creating a brand with an eye-catching message will attract customers and help greatly improve sales. The brand should be simple but consistent in line with the exact product being offered as it communicates your design elements. The graphics and colors used should be relevant to branding even the packaging designs.
Price is the cost that a customer pays for products. To consumers, it indicates value compared to perceived benefits like quality and durability of products. In Food Truck business pricing strategies are derived from considering factors like marginal costs, variable costs, competitors' prices and understanding the socio-economic status of customers among others. Price impacts profit margins, demand, supply, and marketing strategies. Pricing in Food Truck business targets food cost percentages between 20 and 40 percent with all costs incurred calculated. For example, menu item costing $2 is sold at a price between $5 (40 percent) and $10(20 percent). Items than consume more time and labor costs are charged slightly higher for competitive pricing (Nagle & M?ller, 2017).
Discounts attract customers and boost business reputation. It helps create a network of consistent loyal customers. However, discounting can negatively affect a brand when done at a wrong time in a wrong way. For Food truck business when the sales and number of customers is lower than the targeted, amazing discount offers will be of great help e.g. $10 off purchases about $100.
The place is the ideal market location where potential customers demanding products and services are found. It is therefore important to evaluate a location before a business is commenced. Food Truck food products that are perishable are provided for customers therefore transportation, distribution channel and order processing should be quick and convenient. A strategic place with an affluent population provides a ready market for the foods and services e.g. business districts and streets are ideal places (Harmeling, Moffett, Arnold & Carlson, 2017).
Analysis of demographic, geographic and psychographic segmentation is important at this stage. Demographic segmentation of Food Truck business is based on quantifiable factors which determine their statuses. Such factors include the level of education, occupations, income, social factors among other distinctiveness. Working class, as well as students, can be targeted for demand. Geographic segmentation entails division by considering the region of location. It helps in the selection of a viable country, city or state to deliver products and services. Psychographic consider the lifestyle of the potential target market and the responsive influence.
According to (Kimball, 2016), promotion is defined as activities that communicate the merits, attributes, and features of a product or service to persuade potential customers to purchase. Relevant product information is disseminated to the market to boost publicity and public relations done through advertising and marketing. Personal selling, advertising, sales promotion, public relations, and direct marketing always impact positively to business if conveniently done.
Food Truck business requires promotion to build up interaction with customers to prevent risks that might devalue your brand. The good promotion gives the business solid foundation as loyal customers keep on being attracted. Incorporation of social media networking on the internet also helps increase sales as new customers can be reached. Marketing can be done by advertising products and services offered by the Food Truck business on television as well. Promotion ensures the longevity of the business motivates and attracts customers and ensures that objectives of sales are met. The emphasis during a promotion in Food Truck business should be put on attracting, satisfying and retaining customers (Nagle & M?ller, 2017).
Market mixing is principally very important to any business since it builds a successful marketing strategy. It is through the four variables; Product, Place, Price, and Promotion that products and services reach the target customers and positive outcomes such as profits generated.
Food Truck business remains to be lucrative in marketplaces especially in urban areas despite costly and strict regulations that must be adhered to. However, by application of the market mix principle i.e. 4 Ps, remains to be key to promoting business brands and stability.
Marketing Management Mix. (2019, Dec 17). Retrieved from https://studymoose.com/marketing-management-mix-essay
👋 Hi! I’m your smart assistant Amy!
Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.
get help with your assignment
