Food Truck: Marketing Strategy for New Business Opportunity: Swot Analysis

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The local restaurant that feeds the locals is closing down due to the lack of customers, and they are all coming to my truck to cook at home and to have a great quick lunch. We would start a great partnership with the local supermarket who would get me the best of the best for the truck and we would be able to start selling dinner packages in their store.

THREATS

There are so many threats out there that could kill the business, we could lose out to a better competitor, our prices could be too high and the customers do not want to come back. The food could be of low caliber and the customers would know that, and they would not stop by to get their lunch or dinner. We could lose business to a new restaurant that could open up with the same concept. We also could lose our business to a newer better truck that pulls up in the same neighborhood that could be catering to the customers better than we could and we’d lose customers. The idea of having trucks in the neighborhood could lead to restrictions on the truck such as height of the truck, the weight of the truck or the color of the truck could all be wrong and I’d have to use funds to correct the issues. Maybe our kitchen could end up failing inspection due to some minor or major infraction and this would kill the business of having the food ready to prepare at home.

Conclusion

There is so much to consider when looking at a business, so many factors that could go wrong or could go right. By having a SWOTT analysis is a great tool that will aid in the opportunities that are out there for my food truck/kitchen prepped food. Having a SWOTT analysis is so important to conduct before any business begins to plan their steps in what to focus on and develop.

By my first conducting this SWOTT on the business that I have planned, it gives me a chance to look at the potential success and failure of the company. I can focus on the areas in which I will need to focus and what areas of strength that could keep me ahead of the competitors. “Organizations go out of business every day because they fail to recognize when they are in trouble or neglect to take actions that may allow them to survive. Whether it is an increased level of competition, a rapid or gradual decline in customer service or some other indicator, the lament is all too often, "We never saw it coming." While that may be true, there is no excuse for an owner to be taken by surprise.” (Nevada Business Magazine , 2006) By providing a chance to produce a well thought out plan with goals to succeed for my company, this will help me to overcome any obstacles that I may encounter that would hinder my business’s success, so using the SWOTT method is one of the better concepts to use when determining my future business.

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Reference

Nevada Business Magazine . (2006, Feb 01). SWOTT Analysis: Do You Know Where Your Organization is Heading? Retrieved Aug 19, 2015, from Nevada Business : http://www.nevadabusiness.com/2006/02/swott-analysis-do-you-know-where-your-organization-is-heading/