For purposes of this paper and the next portion of your marketing project, prete

Question

For purposes of this paper and the next portion of your marketing project, pretend that you will be opening Food Truck Vendor in your area.

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

Before starting of a business one should prepare with all the factors that is environmental, political, social, legal and cultural. Although these factors requires big team to analyze the factors and come to a possible outcome still one can very well make a research based on your own experience and the society you are living in. Other than these factors which all together named as PESTLE several internal and external factors also works as affecting the business environment. These are:

REGULATORY: Yes if you are thinking of starting a new business than certain permissions and licenses are required to be taken from the government. The government requires a business to have EIN (Employer Identification Number) which is a kind of business ID. Yes there are few laws within which a business owner must remain and comply with the procedures. These are - workers compensation, business tax ID, health and medical insurance of workers, labor standards act, payment of taxes, etc

COMPETITION

Competitors will be other food retail outlets located within or few meters ahead of the area where we are opening our Food Truck Vendor. strengths of other competitors will be consumer satisfaction, established trademark,loyal customers. while weaknesses of other competitors may include failure of advertisement campaigns, marketing plan and marketing budget.

ECONOMIC

Poor economic factors may adversely affect the business. For example tax rates and policies which keeps on changing every year and basis on that customer makes his budget and plan for his or her expenditure which in return effect buying behavior of customer and so business is indirectly affected.

TECHNOLOGY

Technological advancement has brought boom in the business environment. From e commerce to free home delivery all has bought a revolutionary change in business. Internet facilities on the other hand facilitate ease to do the business. Now a days several business has started their applications like Uber and Ola like wise various technological advancement had bought a change in the market.

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