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Free The Target Market of Spudbuddies Essay Sample
Using Demographic research, the MRI Database was referenced to help identify consumer segments for Spudbuddies. This MRI Index indicates shows how much more likely the demographic group will adopt a certain behavior over the average population.
It appears the target market of Spudbuddies would be individuals with an occupation in management, business, and financial operations. This segment is known as the Young Influentials, or younger, middle-class singles and couples who are more preoccupied with balancing work and leisure pursuits. Collectively, this group will act as early adopters who are liberal and diverse in their professional and leisurely lifestyles. The age group would range from 18-44, and comprise of college students and graduates making between $40,000- $75,000 in their household income. The demographic income, occupation, and marital statuses of these particular groups are verified by date conducted using MRI. The indexes of these groups are all over the base of 100. This data shows the group most likely to adopt certain behaviors towards fast foods and specialty eateries.
With the growing popularity of specialty eateries and food trucks, the young “foodie” population will be most sought out. This is a small, but growing niche market usually comprising of college students and graduates, mainly between the ages of 18-44 with total house hold incomes between 40 and 75 thousand per year.
Competition
A new form of eating has invaded LA in the form of food trucks. These mobile diners have gained a loyal following of LA local’s on the go. Many food trucks frequent the same designated stops where they serve their quality items. Downtown LA has seen an emergence of mobile food courts in the historic Arts District where several trucks will set up in the same location. The flavors widely vary from Mexican-American selections to Southeast Asian flavors. Popular trucks utilize social networking websites like Twitter to inform their followers where they will be located on any given day. The most famous of these trucks has been the Kogi BBQ trucks, which roams widely throughout the LA area serving a variety of Korean BBQ. Due to the fast success of food trucks in Los Angeles, it is crucial to offer a unique dish. The strong competition between these food trucks can in fact help grow the popularity of a new or unique item. Due to their variety and styles, food trucks do not compete with fast food or drive through diners. Food trucks compete mainly with one another, but in this, form a .Spudbuddies will need to set themselves apart from other similar food trucks such as Spud Runners. If Spudbuddies can set their product apart from any other weak competitors, Spudbuddies will be welcomed into the mobile dining community.
Competitive opportunities will include a diverse cuisine of surrounding eateries to increase business of this niche market. This includes LA food crawls where Spudbuddies can team up with surrounding pubs and food trucks to host special food events. However, there are a variety of competitive threats including a low barrier of entry into the market, a highly competitive food truck location, a product that is relatively easy to reproduce, and increasingly high standards set by competitors.
Company info report
Spudbuddies is a gourmet fry truck which is going to be serving primarily the Los Angeles County area. It is going to be a two part business. The first part will be a separate kitchen that we use to prepare the food for the fry truck. We are looking to station this kitchen in the downtown LA area. The kitchen section of the area will consist of 4 people: 2 chefs/preparation and 2 sorters/packagers. The idea of this is to help prepare the food in advance, so our loving customers can get their food more quicker. The second half of the business will deal with the food truck. This thirty foot truck will consist of a preparation table, a stove, a grill, and an outside counter that is connected to the truck for condiments. The employees for this section will be consisted of 4 people: one cook, in case we need to produce more food on the spot, two preparers, and a cashier. We fill this will be enough to handle the flow of customers that we are expecting to be getting.
Spudbuddies is going to be serving 5 cities in the Los Angeles County area: the first three areas will be near the ocean. These locations will be Redondo Beach, Venice Beach, and Long Beach. From here, we will be heading more inland. We will be looking at two locations: the first one will be Santa Anita Race Track, Arcadia for food carnivals. The next location is downtown Los Angeles for the food carnival. We feel that these locations will be giving us the best spot to maximize our profits.
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Spudbuddies is in the business to provide excellent service, entertainment, and delicious food to the mass? What is spudbuddies all about? We provide gourmet fries to the masses! We are all about fun If you can think it we can make it! We take our basic handmade fries and throw them in a plastic server and throw all kinds of toppings on top. Whether it be meat (Hangar steak, chicken light/dark, and etc.) vegetables (squash, onions olives, and etc.) bread (panko bread crumbs), or pasta (elbow pasta). It is all up to your imagination! We also serve the basic chili cheese fries.
Now, how does this work you ask? Spudbuddies is looking to run in two parts: an independent kitchen and a food truck. The first part is the independent kitchen where our employees and us will take pride in preparing your delicious fries and ingredients. This is done by our two experienced fry cooks and our happy energetic preparation/handlers. The fun doesn’t stop here though! This is only the beginning. Next, we will have a food truck where we will do serving, cash handling, and entertaining. We do all of this with four wonderful employees. One energetic and humorous cook, two goofy preparation and handlers that like to play tricks. One always smiling and loving cashier! This is the Spudbuddies team.
Where are we going to be located? Spudbuddies is going to be located in the Los Angeles County area. You will be able taste your favorite fry treat just after having that long cool swim (Venice beach, Redondo Beach, Long beach), and at a few of your favorite food carnivals (Los Angeles Food Festival, in downtown Los Angeles, and Arcadia Food Festival at the Santa Anita Race track. (This part may change depending on if I actually guessed correctly to what Michael picked).
Who are we going to be targeting? As stated earlier we are going to be targeting the masses! The wonderful people of Los Angeles County! This is where the fry truck was born. This is where the fry truck should stay! We are looking for people of all ages. All you need is one thing. An appetite for fries and other delicious ingredients!
How are we expecting to fair? Spudbuddies is looking to make a 40% profit in the first year.
Government Fees & Licenses
Spud Buddies must pay the Los Angeles County health permit fee of $498. Because we are a mobile restaurant, we will also need business licenses for each city that we operate in. Spud Buddies has decided to enter into five cities within Los Angeles County which include the following: LA - Free, Arcadia - $170, Santa Monica - $270, Manhattan Beach - $250, and Irwindale - $169. These permits and license fees are required every 12 months.
Paint Job/Vehicle Wrap
Spud Buddies will be getting a premium wrap job with vivid colors from a local company (LA Wraps). This will be a one-time cost of $3750.
BUSINESS LICENSE TAX/FEE
Most businesses are required to pay a business license tax/fee. The Business License is valid for twelve months commencing on the first day of the month during which the license is issued and terminating on the last day of the twelfth month. Licenses applied for after starting a business are subject to a late payment processing charge. Please contact the Business License Office for details.
Revenue received from the Business License is deposited into the City's General Fund and is used to support City services such as police, fire and public works services.
Products and Services
Spudrunners seeks to enter emerging gourmet food trucks market in Los Angeles area. Due to highly competitive nature of this niche market, the company has to differentiate itself with unique product offerings and competitive prices. Spudrunner will offer its clientele gourmet style fries with various toppings that can be conveniently served. The company’s distinctive menu will set it apart from competitors that often base their products on more traditional concepts such as tacos and hot dogs.
When dining at gourmet food truck customers seek upscale experience served at fast food speed and prices. Spudrunner combines conventional taste of fries with unique flavors such as Kim chi, short rib poutine or chicken enchilada, typically offered at full service restaurants. Keeping the menu items priced at around $7 will allow the customers to experience bistro style food without restaurant prices. Spudrunner will prepare most of its food in its fully equipped truck to ensure high quality and superior taste. Some of the ingredients will be pre-prepared on daily basis in a leased kitchen in a nearby location.
Spudrunners exclusive menu combined with attractive prices will provide the customers with exceptional experience. That will give the company competitive edge and allow it to succeed in gourmet food truck market.
