Taylor Mitchell November 20, 2012 Marketing Strategy Section 001 Marketing Plan 1 1. Executive Summary: Food trucks are becoming one of the most popular food service providers today, especially in large cities. Feeding hundreds of people a day; food trucks are great for people looking for quality food on the go, at affordable prices. The product and service that I have chosen to create is a Taylor Pork Roll breakfast sandwich food truck, called “Taylor’s Jersey Pork Roll.” This food truck will not only offer a diverse way of serving food, but also a new food item; Taylor Pork Roll. Taylor’s Jersey Pork Roll food truck will be open and operating in Greenville, North Carolina, and our target customers will be East Carolina University students and faculty members. We will provide high quality, low cost, unique breakfast foods during the morning and night hours in various locations near campus. Once open and operating, our ultimate goal is to make a net income of $12,000 per month by the second quarter of the first year. We also have goals set in order to reach as many of our target customers as possible, as well as increase awareness of our product; Taylor Pork Roll. Along with these goals, we are also aiming to provide efficient services at the most convenient locations for our customers. Several promotional tactics will be implemented in order to increase sales and customer awareness. Some of these include; handing out flyers, advertising through the school newspapers, offering of free samples, constant daily updates on social network sites such as Facebook and Twitter, and also handing out coupons to offer price discounts. We will offer our services at the most convenient times and locations for our customers, as well as consider customer feedback in order to constantly improve products and services. 2 This plan outlines our various marketing activities for the upcoming year of opening an operating Taylor’s Jersey Pork Roll food truck. There are also several long term goals included which will expand our business over the next two to three years. 2. Situation Analysis 2.1 Company Overview Goals: long term vision, strategic goals, and offering-specific goals. Strategic Goals: 1. Maximize target market (ECU) awareness of services. 2. Increase total amount of customers per month. 3. Create and consistently maintain social networking. Offering-Specific Goals: o Achieve unit sales of 25,000 sandwiches in a 12-month period. o Gain 20% of market share within 12-month period. o Provide 1 special per day appealing to target market’s needs. o Update social networks to reflect locations/times open 5-6 times per day. o Print story/update in East Carolinian (school newspaper) within first month of operating. o Print coupons in East Carolinian 1 time per week. Long Term Goals: o Turn profit within 3 years of company starting. o Make $12,000 in revenue per month, per truck, once profit is turned. (Known average for a middle of the line food truck) o Obtain 3 more food trucks within the next 10 years for surrounding areas. o Serve to 3-4 different daily location stops per truck within the next 5 years. Strategic Assets: Serving Taylor Pork Roll breakfast sandwiches Taylor Pork Roll is categorized as a type of Ham, served most popularly as a breakfast food item, which replaces bacon. Pork Roll is usually consumed on a sandwich accompanied by eggs, cheese, rolls, and/or other breakfast meats. o Most popular in the states of New Jersey and Pennsylvania. o Appealing to ethnicities except those who do not consume pork products because of religious customs and beliefs such as Hindus, Buddhists, Muslims, and Jews. o Lower in fat and caloric counts than bacon. See Exhibit 16 for nutritional fact per serving size. o Can also be referred to as “Taylor Ham” official name is “Original Taylor Pork Roll” 3 o Packaged in slices (4 or 8 slices per package depending on thickness) or whole rolls ranging in sizes/weights. (Pork Roll? The History of Pork Roll) Maintaining 1 “hot food” Food truck that meets required standards and regulations. Regulations o Food and Drug Administration regulations From processor, to the truck, to the store, each link must maintain food product within proper temperatures. Holding temperatures: Meat- under 26 degrees, Eggs- at/below 45 degrees, Milk 32-40 degrees. Vehicle should be washed with 180-degree water and an FDA approved sanitizer, including all surfaces that come into contact with food. Vehicles must be marked “for food use only” Temperature of food must be maintained during loading/unloading of the truck. Minimum time loading/unloading. All employees must be trained on safe food transport practices; temperature and sanitation, proper loading/unloading practices, personal hygiene, trailer maintenance, vehicle inspection. Food records must be kept onsite at an accessible location. o Parking and Zoning Regulations/Permits Retail Sales Food Truck Vendor Permit: $150 Food Truck Zoning permit: $78 Registrations and Business Licenses Parking restrictions will vary per city. o Trademark and Service marks Application fee of $75.00 each. (“City of Raleigh”, Regulations) Maintain relationship with wholesale food distributors of meat, eggs/cheese, and rolls. o Jersey Pork Roll.com We will order our Taylor Pork Roll from JerseyPorkRoll.com, which provides flexible order schedules and lower prices based on a per pound basis. (Wholesale, Jersey Pork Roll) o Egg, Milk, Cheese Wholesaler Carolina Egg Companies, Inc. offers all of the dairy products that will be used on the food truck mainly including eggs and cheese. We will purchase all of our dairy products from this wholesaler. (Carolina Egg Companies, Inc, Braswell Foods) 4 o Bread Wholesalers Depalo Bakery offers several types of bread options in order to satisfy different consumer taste preferences. We will mainly order rolls and bagels for our sandwiches. (Wholesale Catalog, Depalo Bakery) Continue targeting the East Carolina University students and faculty. Maintain prices at or below direct competition prices to appeal to target market and compete with surrounding restaurants. Offer price incentives (specials, discounts, etc.…) Keep consumer updated on daily truck locations and hours of operations through social media’s and print advertisements. Park down town Greenville during busy nights (Thursday-Saturday from 11:30am-3: 30pm) Park on/near ECU campus during morning hours every day from 7am-12pm. Core Competencies: Several years of food industry experience. Subway employee: Experience making sandwiches customized to each order in a fast pace environment. o Cashier experience. o Waitressing experience. Previous experience in market research. o Useful to find out customers needs/wants. BSBA in Business Marketing. o Ability to attract customers through public relations and advertising. Organization and management skills. o Ability to direct employees and provide primary objectives in order to satisfy overall goals. Ability to interact efficiently with customers. 2.2 Market Overview Customers: Current customers: East Carolina University Students/Faculty Benefits sought: Low cost, unique, quality breakfast food located at their most convenience and offering the fastest services. This will allow for more time to put forth toward busy campus schedules that include classes, meetings, and work. Demographics: Basic Information about the East Carolina University Student body. o Total amount of students enrolled 2012-2013: 21,589 5 o 41.8% of students are male and 58.2% of students are female. o Five most popular majors pursued: Business, management, marketing, related support services; 19% Health Professions and Related Programs; 16% Education; 12% Communication, Journalism, and Related Programs; 7% Biological and Biomedical Sciences; 6% o 24% of students live in college-owned, operated, or affiliated housing o 76% of students live off of campus, 25% of students have cars on campus. (“US News”, Education Colleges) Race/Ethnicity of Graduates from East Carolina University East Carolina University has graduating students every year from several different racial and ethnic backgrounds. The majority of the students who graduate from East Carolina University are 81.3% White Non-Hispanic and 13.1% Black Non-Hispanic. See Appendix, Exhibit 1 for further student ethnic background percentages. ("StateUniversity.com", East Carolina University) Tuition In state tuition and fees for the 2012-13 year are approximately $5,318 and out of state tuition and fees are approximately $17,896. Room and Board costs are $8,220. See Appendix, Exhibit 2. (“US News”, Education Colleges) Financial Aid Below is a chart showing the percentages of students that applied for and received financial aid, scholarships or grant aid, or self-help aid in the 2012-2013 school year. It also shows the percentages of students whose needs were fully met due to the financial aid they received. Exhibit 3 6 (“US News”, Education Colleges) Faculty Information Benefits Sought: Fast and convenient food services to accommodate busy class schedules while on campus. Because of lack of time in between teaching classes and busy office hours, faculty members will be provided with a low cost, quick, and easy meal to satisfy their hunger during the day. o o o o East Carolina University is the second leading employer in Pitt County. Student-faculty ratio 18:1 Full time faculty: 47.6% female, 52.4% male Mean average salary for professors: $91,241 See Appendix, Exhibit 4. (“Ecu.edu”, Office of Institutional Planning) Potential Customers: Potential Segment: Employees of the Vidant Medical Center Benefits Sought: Given the long and busy work hours put in by employees of Vidant Medical Center, quick and easy meals make their days and nights much less stressful. By serving the Vidant Medical Center during the day and night, this will provide employees with fast and easy access to hardy meals while taking away the stresses of ordering or picking up foods from other restaurants located further away. o Located in Pitt County Greenville, NC o Formally known as Pitt County Memorial Hospital o The largest employer in eastern North Carolina as well as in Pitt County, employing over 11,000 people. See Appendix, Exhibit 5. o Average Income for Registered Nurses in Greenville, NC: $56,470 (“FindTheData.com”, Manufact. Industry Wages) 7 (“Locate in North Carolina”, Vidant Health System) Potential Segment: Tailgaters for East Carolina University sports teams Benefits Sought: Due to the lack of food concession stands offered during the various East Carolina University sports events, tailgaters are often in need of quick and delicious foods served at their convenience. By visiting these tailgating spots, the Taylor Pork Roll food truck would fulfill their food needs and make the tailgating experience even better. o People who tailgate for the various sports teams of East Carolina University. o See Appendix, Exhibit 6 for total amount of money spent by households on Fees and admissions during 2011 in North Carolina. Greenville, NC spent between $24,394.31-$2,550,443.10 in 2011, which is in the highest spending category. o Weather In Greenville, NC See Appendix, Exhibit 7 for map showing mean number of days clear out of 365 in 2011. There is an average of 108.01-119 clear weather days (no rain or clouds) in Greenville, NC on a yearly basis, which would be the best weather for tailgating. The average temperature yearly is 59.3 degrees Fahrenheit. The average annual precipitation amount in inches in 2011 was 41 inches. o See Appendix, Exhibit 17 o Spending on Food Services Greenville, NC Greenville, NC is categorized to be one of the highest spending cities in this category, spending 76,800.01-11,755,206.00 ($000). This shows that there is a high demand for food services in this area. See Appendix, Exhibit 8. Compared to the surrounding cities of Farmville, Winterville, and Ayden NC, Greenville spends a much larger amount of money on Dinner, Lunch, Breakfast, and Snacks at fast food, take-out, delivery, concession stands, buffet and cafeteria in 2011. This also supports that there is a great need and demand for foods served outside of the household. See Appendix, Exhibit 18. Potential Segment: Manufacturing Industry Employed Benefits Sought: Employees of these manufacturing sites are working extremely long and hard hours. By visiting these sites via the Taylor Pork Roll food truck, we will provide them with quick and easy access to nutritional meals to keep their hunger satisfied all day. This also removes the burden of having to leave the work site to go find other sources of food for both lunch and dinner. o Focusing on the 3 major manufacturing employers in Greenville, NC 8 DSM- chemicals Employ 1,100 people Average Salary for DSM Pharmaceutical jobs: $76,609 ranging between $38,000 and $212,000 (“Salary List: Real Jobs Salary, DSM) NACCO Materials Handling Group- Lift trucks Employ 1,100 people Average Salary for NACCO employees: $62,216 (“careerbliss.com”, Company Salary NACCO) ASMO Greenville of North Carolina- small electric Employ 410 Average Salary for ASMO employees: $43,541 (“careerbliss.com”, Company Salary ASMO) (“Greenville-Pitt County Chamber of Commerce”) Collaborators: There are several different collaborators that I will work closely within order to obtain necessary foods to prepare and serve for customers. These collaborators consist of Jersey Pork Roll.com, Carolina Egg Companies, Inc, and Depalo Bakery. Jersey Pork Roll.com will provide wholesale Taylor Pork Roll. They offer various sizes of the product and flexible shipping schedule, will benefit our company by offering efficient shipping of our products when required. Carolina Egg Companies, Inc. offers all of the dairy products that will be used on the food truck mainly including eggs and cheese. We will purchase all of our dairy products from this wholesaler. Depalo Bakery offers several types of bread options in order to satisfy different consumer taste preferences. We will mainly order rolls and bagels for our sandwiches. Both Carolina Egg Companies, Inc and Depalo Bakery are located in North Carolina, which will provide our company with quick transactions and deliveries. I will also work closely with the city of Greenville in order to obtain parking permits and licenses to own and run the food truck. These permits and licenses will allow our food truck to legally park at various locations throughout the day and night. In order to stock extra foods and also store, clean, and maintenance the food truck daily, a state licensed commercial kitchen will be required. This will us to stock any extra foods not brought with us on the truck in a healthy, FDA approved way. I will need to collaborate with the state of North Carolina in order to obtain necessary trademarks and service marks, as well as patents. This will be done once the business is operating within North Carolina and valid proof can be provided that I am actively using these marks. 9 Contacting a bank will be necessary in order to acquire a loan to purchase and start the food truck business. Although some personal money will be invested, this will not be sufficient to finance the start of the company. I will work with Bank of America in order to obtain these loans and begin financing the food truck company. Competitors Key Competitors: 1. Sup Dogs, Located on East 5th Street Greenville, NC 27858 Sup Dogs Restaurant is located within walking distance from East Carolina University and also within walking distance of the bars located in down town Greenville. This location provides easy access by their main customers; East Carolina University students, while also providing low prices, flexible hours, and a fun environment. Most popular items: Hot Dogs: 2 for $3.00 o 2 plain hot dogs served with French fries. Bacon Cheese Fries: $5.49 o Basket of French fries topped with bacon and cheese. Taco Tots: $5.99 o Basket of tatter tots topped with cheese, chili, tomatoes, lettuce, and hot sauce. Sup Burger Combo: $5.49 o Cheeseburger topped with lettuce, onions, tomatoes, pickles, and specialty sauce. 2. Michael Angelo’s, Located on East 5th Street Greenville, NC 27858 Michael Angelo’s Pizzeria is also located within walking distance from both the East Carolina University campus and down town bars located in Greenville. This restaurant is less of a local hang out for East Carolina University students than Sup Dogs Restaurant but is still extremely popular, mainly for late night hours due to great tasting foods and low costs. Most popular items: 16 inch Pizza: $11.50 18 inch Pizza: $12.50 20 inch Pizza: $14.00 Pizza Sold by the Slice: o Cheese: $2.20 o Pepperoni: $2.40 10 o Sausage: $2.40 o Mushroom: $2.40 o Pepperoni/sausage: $2.65 o Pepperoni/mushroom: $2.65 o Supreme: $3.05 Stromboli: $6.60 o Crispy dough stuffed with pepperoni, sausage, mushrooms, mozzarella cheese, & pizza sauce. Calzones: $6.60 o Crispy dough stuffed with tender ham, fresh mozzarella and ricotta cheese. 3. Boulevard Bagels, Located on East Arlington Boulevard Greenville, NC 27858 Boulevard Bagels is located further away from the East Carolina University campus and down town area, however it is one of the most popular places for breakfast from the general Greenville population. Although many students do chose to buy breakfast from here, having a way of transportation is required in order to go. This breakfast restaurant serves great, quality breakfast foods at semi-low prices. They also serve Taylor Pork Roll sandwiches; therefore they would be considered our most direct competitor. Bagel with cream cheese spread: $2.19 Signature breakfast special (2-egg): 2 eggs on bagel or break with strips of bacon, Canadian bacon, or sausage. Taylor Ham (pork roll) sandwich: Taylor Ham (pork roll) grills & served with your choice of 1 cheese on any bagel or gourmet bread. Choice of one side item & crisp pickle spear. Other Competition and Dining Alternatives o There are several other restaurants located down town that are open during the day and night hours, however these are not as popular as the key competitors listed above, they are still our competition. These restaurants include; Pita Pit, Omar’s, Winslow’s, The Quarry, campus calzones, and Jimmy Johns. o Delivery food services are also popular for late night consumers. Some of the most popular delivery food services are; Chanello’s Pizza, Domino’s Pizza, Wings Over Greenville, China King, and Jimmy Johns. o On campus dining options such as the dining halls, 360 Plaza, Dowdy Plaza, and the Croatan. These dining options are ideal locations for East Carolina University students and faculty members because they are within walking distance from class buildings, but also offer school meal plan options. o Students and faculty members also have the alternative of making meals at the convenience of their own homes and bring their meals with them to campus. 11 Context: Economic Factors: The information below will allow my company to gain a better understanding of the environment and people who live in Pitt County, North Carolina. By obtaining information about the general population, we will have a clearer insight as to as much people may be willing to spend on our services, and if there is a need for our company within this area. Age and Racial/ethnic background o o o o o Total Population 2011= 170,119 Median age of males= 30.2, Median age of females= 32.20 % Of the Population 25 years or older= 57.91% Population Growth Rate since 2000: 39.81% The majority of the population of people 18 years and older is within the white population. See Appendix, Exhibit 9. (“USA.com”, Greenville, NC Income and Careers) Income The chart below shows the Average Household Income compared to North Carolina and also the United States in dollar amounts. By analyzing this chart it is clear that most of the household incomes are at and below $50k-$75k. Although this does not break down household spending, it gives our company a broad understanding of how much households can afford to spend on extra commodities such as commercial restaurants. See Appendix, Exhibit 10 for further break down of average income per household based on race and ethnicities. Exhibit 11 12 Education Level The majority of the population recorded in 2011, in Pitt county, NC has either acquired only a high school education level, attained a bachelors degree, or a college, masters, or doctorate degree. See Appendix, Exhibit 12 Unemployment Rate and Poverty Level The Pitt County area has extremely high poverty and unemployment rates compared to the rest of the United States. This gives us a basic understanding of our markets that we will plan to sell to in the upcoming years. This may help us to price our products in order to provide a greater demand for our foods and services. The unemployment rate was extremely high reaching a peak of 11% following the recession in the years 2008-2009. However, since the beginning of 2012 unemployment rates have decreased to about 10%. See Appendix, Exhibit 13 for corresponding graph. Total Population of Greenville NC currently in poverty is 21,869 or 27.67%. This is above the poverty level of North Carolina at 17.49% and also higher than the United States poverty level at 15.33%. (United States Department of Agriculture, U.S. Drought 2012: Farm and Food Impacts, Economic Research Service) (“USA.com”, Greenville, NC Income and Careers) Consumer Price Index and Spending When comparing general spending categories such as food, housing, apparel and services, healthcare, entertainment and education within Greenville, NC, studies show that the second category with the highest spending was food at about $194,000. Given that we are introducing a new mobile food service to this area, the fact that many people in this are spend a substantial amount of money on food is a benefit for our company. This clearly shows that there is a need for food services in the Pitt county, North Carolina area. The Consumer Price Index in 2011 in Greenville, NC was 210.90 compared to the United States Consumer Price Index, which was 213.10. See Appendix, Exhibit 14. See Appendix, Exhibit 15 for facts on food spending. United States Drought Affects on Farm and Food Impacts Heat stress, higher feed prices, and the potential for reduced hog and poultry inventories continue to dampen the outlook for pork and poultry production into 2013, with only small adjustments made in the September USDA forecasts. 13 Pig litters are expected to decline in the second-half of 2012 and the first three quarters of 2013 because of high-anticipated feed prices. Pork production for 2013 is expected to be below both 2011 and 2012 at 22,905 million pounds. This is a problem that our company may have in the next recent years because our main food sold is a pork product. This will increase the prices that we buy Taylor Pork Roll for and will ultimately mean that we will either have to raise our sales prices or cut out other expenses that we believe we could afford. ("USDA Economic Research Service") Technological Sociocultural, and Physical Factors: Greenville, North Carolina has made major improvements to the city by adding several different popular stores, restaurants, and East Carolina University campus. The area has been growing rapidly and is continuing to make improvements. With our ever-changing technological world today, Greenville has made some technological upgrades in order to keep up with the current times. East Carolina University is the state’s third largest and fastest growing university. With a 35 percent enrollment increase within the past 10 years, East Carolina University continues to grow. For example, as of 2009 a record freshman class was enrolled at more than 4,500 students. There have been several changes to ECU over the past several years in order to enhance our buildings, stay as up to date as possible, and accommodate for the increase in students and faculty members. Some of these examples include new dorm rooms built, dorms redone to update their facilities, and also many buildings’ designs and technologies have been enhanced. (“East Carolina University,” Right-Sizing ECU) The Joyner Library located near the center of the campus has recently upgraded by adding new study rooms, furniture, and updated computer systems in order to provide an overall better environment for students. These improvements have helped the thousands of students and faculty members that use this facility on a daily basis. Students can now also order their documents to be printed on campus from any computer location, even from their own homes, which allows for faster and more convenient printing services. Recent improvements were also implemented to the sports complex at East Carolina University. Recent construction was just done in order to completely redo the women’s softball complex, which added practice fields as well as an outdoor running track and an electronic advertisement board. These improvements made the complex look much more up to date and appealing to the eye when passing. They are also currently redoing the parking lots that were across the street behind college hill, by adding newer fencing to section and organize these areas. These improvements and new features would appeal especially to people who are East Carolina University fans and tailgaters. All of these facilities make their tailgating experience that much more enjoyable and may even increase the amount of tailgaters in the upcoming year. There are also several new restaurants, bars, and attractions that have been built recently that have helped to attract many people to Greenville and to attend East Carolina University. 14 Some of these popular spots include Carolina Ale House, Dicks Sporting Goods, The Quarry, Rum Republic, Bonefish Grill, Hu Hut, Cheddars, Harris Teeter, AC Moore, Ulta, Lilly Pulitzer Store, Mellow Mushroom, Campus Calzones and numerous frozen yogurt chains. There have also been stores put into the local Greenville Mall such as Buckle, Journey’s, and Bath and Body works. All of these popular stores and restaurants have been built here in Greenville within the past few years and they are continuing to build. For example there is now a Noodles and Company being built that will be open within the year. There have also been major improvements of the hospital in Pitt County, NC. Being recently ranked the third largest hospital in the sate, it has recently been renamed from the Pitt County Memorial Hospital to Vidant Health Center. Along with the change of their name, there have been several expansions and improvements that have improved the hospital and its many services. This has not only brought in more patients but has also increased the hospital recognition, making it the second largest employer in Greenville, NC. Forbes.com has recently rated Greenville, NC the number 2 best small metro for business and careers. Greenville and Pitt County continue to grow, the amount of people who are coming to these areas in search of jobs and education opportunities is also growing. This constant increase in people will be beneficial for my mobile food truck company because there will be a larger amount of people that can be targeted now and in the future. ("visitgreenvillenc.com") Regulatory Factors: Because I will be selling food items to customers from my mobile food truck, it is important to consider the various sales taxes of the areas as well as obtaining patents and trademarks for my company. Taxes: The North Carolina state sales tax for 2012 is 4.75%, which is lower than almost 70% of states. This may vary anywhere from 4.75% to up to 7.25% due to differentiating local sales taxes. Sales tax for prepared foods are subject to higher sales tax rates, this sales tax rate in North Carolina is 8.25%. This would be the sales tax amount that would be added onto our products to charge for customers during the final purchases. However, North Carolina sales taxes are only applicable to sales to the end customer, if purchasing for resale, improvement, or raw materials than companies can use the North Carolina Sales Tax Exemption Form to buy goods tax-free. Our company would take advantage of this aspect when buying our foods from our wholesale food providers. ("Tax Rates.org") Trademarks: 15 A trademark and a service mark will both be required once my mobile food truck is operating. This will allow me to be more identifiable to my customers for both the name of my company and the services of my unique mobile food truck. I will apply for both of these shortly after beginning my company and am able to prove that I am currently using these marks, which is required before starting the application process. I will do this by filing the application (Form TM-01) and also filing three original examples of the marks being used. The application fee will cost $75.00 each. This will be applicable for ten years, with proof in five years that the business is still operating and the marks are still being used currently. (“North Carolina Secretary of State”, Trademarks) SWOT Analysis Strengths Weaknesses 1. Owner has work experience in the fast food sandwich shop market place. 2. Owner has great interpersonal and management skills for interaction with employees. 3. Discounted pricing for product vs. competition. 4. Very good tasting product – Internet testimonials. 5. Appealing to all ethnicities except those who do not consume because of religious customs and beliefs such as Hindus, Buddhists, Muslims, and Jews. 6. Easily accessible supply of products. 7. Mobile food truck to interact at different geographical locations based on time of day and demand. 8. Low equity investment to launch the company based on one truck and 2 employees. 9. Marketing initiatives will leverage social networks to maintain awareness with target audience. 10. Focused target audience in launch mode for the company – ECU students and faculty. 1. Limited target audience awareness of the product (Taylor Pork Roll), in launch mode. 2. New product introduction to the general NC area. 3. Small, new company to compete with established down town restaurants. 4. Only one truck in launch mode may limit target audience exposure of product. 5. Product launch focused only on ECU could limit success. 6. Capital generation for the new company with local institutions (banks) is necessary for a very young business owner. 7. Limited initial cash flow to maintain liquidity of business in launch mode. 8. Interlocking relationships with 3 suppliers will be necessary to product supply. 9. Ordering process for product supplies will need to be efficient based on fluctuating demand for product on a week-to-week basis in launch mode. 16 Opportunities Threats 1. There are over 27,000 students at ECU, 2012 – 2013 time period. 2. 76% of all ECU students live off of campus, which supports target audience exposure opportunities. 3. Supply vendors are accessible. 4. Broad ethnicity distribution within ECU 5. Social networks allow for target audience access and critical promotional updates. 6. Late night and early morning demand by target audience for good tasting, fast food product that is not the typical option. 7. No financial constraints on the target audience to purchase a breakfast sandwich (ECU students) 8. Athletic events (football, basketball, baseball…) throughout the entire year at ECU for mobile food truck access. 9. Mobile food truck allows for spontaneous change in location to meet market demand of target audience. 10. Bacon supply is anticipated to be drop based on drought driving overall prices up. 11. Overall weather within the greater Greenville, NC area is very conducive for outdoor target audience interacts. 12. Large manufacturing companies are local for business expansion when appropriate. 13. Product is a substitute for bacon, which is a high demand product on multiple types of foods within all market. 1. Strict food truck requirements/standards to initiate business and to maintain good standing could have impact on cash flow. 2. Limited target audience awareness of Taylor Pork Roll within the greater Greenville, NC area. 3. Habits of target audience to eat the same food late at night after social events. 4. Well-established local restaurants located downtown have established reputations as businesses and steady customer base. 5. Pitt County Average Household Income is lower than the national US numbers 6. Unemployment rates and poverty levels are higher in the Greenville, NC area then national US averages. 7. ECU students eat within the school’s cafeteria facilities throughout the day, which offers a meal plan. 8. Competition does provide low cost food items for the target audience. 9. Competition will be located in similar areas that the mobile food truck will be located. 2.3 Target Customers Short-Term: My target customers during the first two to three years of opening and operating the Taylor Pork Roll food truck would be East Carolina University students and faculty. I would target these customers in down town Greenville during late night hours and near campus during morning breakfast hours. I would also target these customers at local tailgates for East Carolina University sporting events. Due to limited starting expenses and resources, I believe this target market would provide substantial starting sales, eventually allowing profits to turn. 17 East Carolina University has almost 28,000 students currently enrolled, and the majority of these students reside in Greenville, NC within close proximity to the university. East Carolina University is also the largest employer in this area. Targeting this huge market of people within the surrounding areas will allow my company to make the profits necessary to start my company. Little money will have to be used in order to move the truck, limiting our locations to only 1-2 at first, which will decrease our expenses while targeting these customers. The unique food items that we offer are sold at low prices, at the most convenient times and locations for our target customers. Because of the fast pace lifestyle of college students and faculty members, our efficiency and quick service time will appeal to provide our customers with quality foods on the go. One major weakness of our primary competition is the lack of seating space they provide for customers who have ordered food and are waiting to be served. When these places are over crowded, many people lose patience and do not want to wait in these lines, however do not have any other options. Our mobile food truck will eliminate these issues by serving customers on the go. By decreasing their waiting time and offering low cost, quality foods, our customers will be served whenever and wherever needed, whether it is in between classes, on the way to a meeting, or after a great time spent with friends in down town Greenville. However, our competitors have been very successful by serving these low cost foods on campus or within a short distance from campus. I believe that if we have a similar strategy yet faster services and even closer locations, we will be as successful, if not more so than our competitors. Long-Term: Once profit is made, over a five to ten year time frame, I will expand my company by purchasing three additional food trucks and targeting customers from additional segments. Operating a total of four food trucks will allow my business to be conveniently located in several different area’s of Greenville at the same time, attracting all segments of customers. These customers will include employees of the Vidant Medical Center and also employees the three major manufacturing employers in Greenville; DSM, NACCO, and ASMO. All of these companies are within the top major employers within Eastern North Carolina. Once again, our mobile food truck focuses on serving foods people with on the go lifestyles who are looking for unique, low cost, quality meals. By further expanding our company with several other mobile food trucks and locations, we felt that both Vidant Medical Center employees and manufacturing employees shared these common needs. Both of these careers demand long hours to be worked by employees with little time for extra breaks in between shifts. Our mobile food truck will service these customers whenever they need, within a few short steps from their places of work. This will provide these employees with a greater amount of time to relax and enjoy their breaks instead of worrying about how and when to get their meals. 18 3. Goal Ultimate Goal: Make a net income of $12,000 per month by the second quarter of the first year opening. Market Objectives Customer Objectives: Increase the percentage of target market customers by 10% within the first 6 months of opening. Increase the average number of items purchased per day by 20%. Acquire 10% of new customers through promotional advertisements, social media and word of mouth. Maintain current customers by offering promotional incentives. Increase market share by 20% by the end of the first fiscal year. Collaborator Objectives: Establish a greater amount of relationships with local whole food distributors. Strengthen current relationships with wholesalers by consistently purchasing products. Decrease prices of foods by 5% from wholesale distributors by the end of the first fiscal year. Order food in greater bulk amounts due to increased demand by the end of the first fiscal year. Company Objectives: Improve service efficiency by decreasing food-making time per sandwich to 2-3 minutes. Perform consistent market research studies in order to fulfill customers’ current needs and preferences. Acquire an additional food truck once profit is turned in order to serve more customers and locations. Serve 3-4 different locations daily by the end of the second quarter. Competitive Objectives: Secure trademark protection within the first 3-6 months of operating. Become one of the top three leaders in late night food sales by the end of the first fiscal year. Secure 1-2 locations on the East Carolina University campus in order to be assessable to the target customers. 19 4. Strategy 4.1 Target Market: Customers: ECU faculty and students Collaborators: Wholesale food distributors; Jersey Pork Roll.com, Carolina Egg Companies Inc., and Depalo Bakery. Competitors: Local restaurants near East Carolina University, mainly focusing on Sup Dogs, Michael Angelo’s, and Boulevard Bagels. Customers: ECU students/faculty for substitution of Breakfast and Lunch. Advantages of product: 1. Great tasting that is differentiated from anything currently available in Greenville, NC. 2. Mobility of the food truck to serve customers on their way to and from classes and also down town during the nightly hours. 3. Nutritional meals for customers (students) to positively impact their educational performances. 4. Fast and easy food services to feed customers at their utmost convenience. Collaborators: Jersey Pork Roll.com, Carolina Egg Companies, Inc., Depalo Bakery Help to fulfill their business needs by consistently purchasing weekly food orders. Utilization of their core services and product offerings to enhance overall company goals of driving new revenue for each of their companies. My responsibilities as owner and main stakeholder of the Taylor Pork Roll Food truck include; providing consistent maintenance and operation of the food truck, ordering and stocking fresh foods on the food truck daily provided by wholesalers, driving and managing orders (collect order and money) during operating hours, paying and managing other employees, and also managing finances and collaborator relationships. Employee responsibilities include helping to stock fresh foods on the food truck, assisting me in cleaning and operating within the truck daily, main cook to prepare sandwiches and fulfill orders, and manage social networks. Company: 20 Competitors: 4. Sup Dogs, Located on East 5th Street Greenville, NC 27858 Most popular items: Hot Dogs: 2 for $3.00 o 2 plain hot dogs served with French fries. Bacon Cheese Fries: $5.49 o Basket of French fries topped with bacon and cheese. Taco Tots: $5.99 o Basket of tatter tots topped with cheese, chili, tomatoes, lettuce, and hot sauce. Sup Burger Combo: $5.49 o Cheeseburger topped with lettuce, onions, tomatoes, pickles, and specialty sauce. 5. Michael Angelo’s, Located on East 5th Street Greenville, NC 27858 Most popular items: 16 inch Pizza: $11.50 18 inch Pizza: $12.50 20 inch Pizza: $14.00 Pizza Sold by the Slice: o Cheese: $2.20 o Pepperoni: $2.40 o Sausage: $2.40 o Mushroom: $2.40 o Pepperoni/sausage: $2.65 o Pepperoni/mushroom: $2.65 o Supreme: $3.05 Stromboli: $6.60 o Crispy dough stuffed with pepperoni, sausage, mushrooms, mozzarella cheese, & pizza sauce. Calzones: $6.60 o Crispy dough stuffed with tender ham, fresh mozzarella and ricotta cheese. 6. Boulevard Bagels, Located on East Arlington Boulevard Greenville, NC 27858 Bagel with cream cheese spread: $2.19 Signature breakfast special (2-egg): 2 eggs on bagel or break with strips of bacon, Canadian bacon, or sausage. Taylor Ham (pork roll) sandwich: Taylor Ham (pork roll) grills & served with your choice of 1 cheese on any bagel or gourmet bread. Choice of one side item & crisp pickle spear. 21 Context: Pertaining to Students and Faculty of East Carolina University. Total amount of students enrolled 2012-2013: 21,589 41.8% of students are male and 58.2% of students are female. 24% of students live in college-owned, operated, or affiliated housing 76% of students live off of campus. The majority of the students who graduate from East Carolina University are 81.3% White Non-Hispanic and 13.1% Black Non-Hispanic. In state tuition: $5,318, Out of State tuition: $17,869 Average Professor Salary: $91,241 Pertaining to Greenville, NC and Pitt County. Total Population 2011: 170,119 Median age of males: 30.2 Median age of females: 32.20 % Of the Population 25 years or older: 57.91% The majority of the population of people 18 years and older is within the white population. % Education, College, Master’s or Doctorate Degree, 2011: 27.15% % Of Population currently in poverty: 27.67% Consumer Price Index: 210.90 Food spending amount ($000), 2011: $194.431.60 Population Growth Rate since 2000: 39.81% Pertaining specifically to the Taylor Pork Roll Food Truck: The food truck itself will be fully prepared with necessary kitchen equipment both inside and outside of the truck for our customer’s satisfaction. Some of these things will include sinks for cleaning appliances and washing hands, a large, flat grill top, a freezer and refrigerator, a counter top to put together final orders, and also shelves on the outside of the truck next to the service window to provide condiments, napkins, and utensils for customers. The projected drought affects on farm and foods will impact the supply of Taylor Pork Roll negatively. Pork production will decrease by 2013, which will make supplying the food truck difficult. 4.2 Value Proposition: Positioning: Offers a unique food item, with a great taste that appeals to the general target audience. 22 Mobile truck allows for convenience to positively impact the target audience regardless of location on campus. Nutritional supplement to help to stimulate and enhance academic performance. Competitively priced, anytime of the day nutritional meal. Positioning Statement: The Taylor Pork Roll Food Truck offers the most unique, convenient, and best tasting foods and services for the ECU campus faculty and students. Collaborator Value: Consistent cash flow will allow our company to continue placing food orders with whole foods distributors and pay any bills within the necessary time required. Unique Positioning anchors long-term success that will expand over time with more trucks and more locations. Company Value: Unique company idea that anchors on mobility of product to maximize reach and frequency to the target audience while offering very unique, great tasting, high quality food items. Only mobile Food Truck nearby to East Carolina University. Offers a unique food item, with a great taste that appeals to the general target audience. Mobile truck allows for convenience to positively impact the target audience regardless of location on campus. Nutritional supplement to help to stimulate and enhance academic performance. Competitively priced, anytime of the day nutritional meal. Company Positioning: The Taylor Pork Roll Food Truck is the only mobile food truck service in Greenville, NC providing not only a wide range of hours and locations but also the most unique, high quality, and best tasting food menu. 5. Tactics 5.1 Product: 23 Bringing a Taylor Pork Roll food truck to the Greenville, NC area would not only introduce a new trend to fast food dining, but would also introduce a new, delicious, quality meal choice. Offers a unique, great tasting product that appeals to the entire target market. Competitively priced to provide a practical, anytime of the day meal. Mobile truck allows for convenience to impact the target audience regardless of the location on campus. Taylor Pork Roll breakfast sandwiches offer nutritional supplements to satisfy hunger and provide sufficient energy needed. Costs: 1 standard sandwich sold would consist of 2 pieces of pork roll, 1 egg, and 2 pieces of cheese, on 1 bagel covered with 1 piece of Reynolds wrap. A total wholesale cost of about $1.74. With a 100% mark up on the price, I will sell each sandwich for $3.74. Making a profit margin of $1.74 per sandwich. o Wholesale pork roll sold 4 boxes of think slices (8 slices each box) for $19.99, therefore each slice would cost .63 cents. Jersey Pork Roll o Wholesale eggs are predicted to be sold anywhere between $1.10 and $1.15 per dozen throughout 2012, if assuming egg prices are around $1.15, each egg would cost about .1 cent. ("USDA Livestock, Dairy, Poultry, and Aquaculture Outlook") o Wholesale cheese prices in 2012 for American cheese is $1.90 per pound. Assuming there is an average of 24 slices for each pound, 1 slice of cheese would be less than .1 cent. ("Dairy Markets Data & Graphs") o Wholesale bagels in a 6 pack are sold for $1.98. Each bagel would cost .33 cents. http://www.gourmetkosherdistribution.com/Breads%20Whole%20Sale%2 0Price%20List.pdf o Wholesale Reynolds Wrap: $100 for 711 sheets 9 x 10.75, 1 per sandwich will be used which is .14 cents per sheet. http://www.lionsdeal.com/lsrey711.html?utm_source=googlepla&utm_medium=cpc&adtype=pla&gcl id=CKb4u-_ovbMCFRR7nAodAF0Aew 5.2 Service: The Taylor Pork Roll food truck would benefit customers by providing low cost, quality, delicious breakfast foods at various hours and locations most convenient for the customers. Increases reach to the target audience due to the mobile food services, which allows visitation to different locations at any time during operating hours. 24 Ability to satisfy customer’s needs quickly and conveniently, which will increase demand for the product. Cost effective because of low overhead expenditures due to minimizing energy needs compared to stationary restaurants. Having the ability to visit several locations most convenient for customers will create greater demand for the product in a shorter period of time. This will result in more revenue and profitability sooner, which will then result to a shorter break-even time period for the company. Costs: o Retail Sales Food Truck Vendor Permit: $150 o Food Truck Zoning Permit: $78 o Gas: $483 per month, assuming driving a maximum of 50 miles per day, operating 25 days per month. http://smallfoodbiz.com/2011/03/17/starting-a-food-truck-part-3-thosefinicky-gas-prices/ o Propane tank gas for cooking foods: 100lb propane tank, $50-60 to fill from empty. o Our employees will be hired and paid on a minimum wage basis ($7.25/hour) and they will also receive tips when given by customers. 5.3 Brand: Name: Taylor’s Jersey Pork Roll Logo/Symbol: Taylor’s Jersey Pork Roll logo will incorporate the idea of New Jersey breakfast on wheels. I would like the consumers to see the logo and think of fast and convenient services and also delicious breakfast meals that are from New Jersey Slogan: “A Taste of New Jersey on the Go” Meaning: “A Taste of New Jersey To Go” will give the consumers a quick overview of the food truck by including both food from New Jersey and also the “on the go” aspect the food truck offers. Combined with the logo and company name, which will also feature the same themes, the consumer should be able to identify who we are by simply looking at our name, logo, or slogan each separately. 5.4 Pricing and incentives: Identify the price(s) at which the offering is provided to customers and channel members. Define the incentives offered to customers (e.g., price reductions), collaborators (e.g., trade allowances), and company personnel (e.g., bonuses). A standard sandwich will consist of 2 pieces of pork roll, 1 egg, and 2 pieces of cheese, on a bagel, wrapped to go. I will charge $3.74 per sandwich. o See price listing above. 25 Different combinations will also be offered to cater to different customer preferences and customers will also be able to customize sandwiches per order. Free samples and price incentives will be offered frequently to increase exposure of our products and services. Some of these will include buy 1 get 1 free, half off breakfast specials during certain hours, and specials for customers who bring new customers along with them to increase sales and exposure. VIP punch cards will be provided and whole punched whenever the customer orders a sandwich, after 10 whole punches a free sandwich will be awarded. o Run specials on certain days of the week for Students with ID and then for faculty with ID. Show the ID and get a 50% discount on a sandwich. I will offer incentives to collaborators (wholesale food distributors) by featuring their companies on our website in exchange for an overall price reduction if the product meets profitable expectations within the first 6 months of operating. Our employees will be paid on a minimum wage basis and will be offered bonuses if they exceed expectations of their numerous duties. 5.5 Communications: The key communication elements for the company will probably include: o Advertising in the form of; Flyers delivered at homes, cars, within school buildings and around campus. Free bite size samples of the products for first time customers to raise awareness of Taylor Pork Roll. Facebook page designated to our company along with daily Facebook updates of promotions, where the truck will be located, and operating hours to improve awareness and drive demand. We will also have a twitter account in order to provide daily updates about promotions, locations, and operating times. o Advertising of the company in the school publications such as The East Carolinian. o Development of coupons for distribution to students. o All promotional elements are provided to company personnel and stakeholders for awareness and understanding. o All promotional elements are sent to potential collaborators (whole food supplier) to help in negotiations of discounts on pricing when buying supplies in the future. 5.6 Distribution: Mobile truck is the primary venue for product delivery. It provides the flexibility to maximize target audience exposure regardless of daily changes in location. Foods will be distributed to target customers whenever ordered in person from the food truck. We will not have a delivery option. 26 Wholesale food distributors will receive payments for the amount of food ordered in a timely and efficient manner, whenever required. All company personnel and stakeholders will also receive their paychecks every two weeks. Any tip money that is made on the truck will be divided between employees working at that time. 6. Implementation 6.1 Infrastructure: Taylor Pork Roll breakfast sandwiches will be made and distributed from the food truck on a daily basis. All necessary cooking supplies will be provided within the food truck and will be cooked and wrapped to go by our employees after the customer places their orders. We will be serving at various locations throughout the day and night in order to accommodate as many customers as possible. As our sales increase and profit is turned, we plan to contact our food truck supplier and purchase two more food trucks in order to be available at various locations simultaneously. 6.2 Process: We will first need to prep and load the food truck with various foods and supplies in order to make our breakfast sandwiches. A full cleaning of the truck before hand, as well as gas and propane tank inputs will need to be done for preparation. Training employees will be done prior to opening the truck in order to be as efficient as possible once the truck is open for business. We will also need to make employee schedules for the week and organize who will be responsible for specific duties while working. We will then open Taylor’s Jersey Pork Roll food truck and begin raising awareness through advertisements, promotions, and social media updates. There will be several weeks in the opening stages that we will be open for longer hours than planned in order to reach our audience at all times of the day. Free samples and coupons will be provided to customers in order to attract them to our food truck and order sandwiches. Spreading the word about our food truck will be the most important thing to do during this stage. Maintaining sales after the grand opening buzz dies down will be extremely important. We will be constantly searching for new ways to improve our trucks and products and may ask customers for feedback after the first few months of opening. We will continue to offer low, competitive prices along with coupon and promotional incentives, and be available at the most convenient times and locations for our target customers. 6.3 Schedule: 27 We will be open during various times during each day and night. We will be parked in down town Greenville during busy nights, these nights include Thursday through Saturday during the hours of 11:00am-3:30am. We will also be parked on or near the East Carolina University campus during morning breakfast hours every day from 7:00am-Noon. These locations and times will allow us to reach our target customers most effectively and provide our services in a timely and convenient manner. This schedule will remain consistent until profit is turned and we save enough money to visit other various locations. By remaining at these same spots, customers will more easily be able to remember when and where our truck and services will be provided, which will increase sales. 7. Control: Metrics should include: o Total items sold/day o Total items sold/week o Total Sales/day o Total Sales/week o Total profit/day o Total profit/week o Total overhead costs/week: See price listed above. Gas for the truck Propane gas for the on-board oven Cost for food supplies: See price listed above. Rolls Eggs Taylor Pork Roll Employee Salary: Minimum wage at $7.25 per hour plus tips. Your Salary: Any profits left over after all necessary bills are paid, money is reinvested for company growth, and employees are paid. 28 Works Cited 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. "Food Trucks: Licensed, Motorized Vehicles or Mobile Food Units ." City of Raleigh. City of Raleigh Website, 2012. 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Label: Exhibit 3 Title: Financial Aid Statistics Overview: Students at East Carolina University that applied for and/or received financial aid, scholarships or grant aid, or self-help aid in 2012. Body: Source: Financial Aid Statistics. 2012. Chart. Education Colleges: Best Colleges 2013Web. 4 Oct 2012. <http://colleges.usnews.rankingsandreviews.com/best-colleges/east-carolina-university-2923/paying>. Label: Exhibit 4 Title: East Carolina University (2010-2011) 32 Overview: Average Salaries of Professors, Assistant Professors, Assist/inst, and Fixed-Term at East Carolina University. Body: Source: East Carolina University (2010-11). 2012. Chart. Office of Institutional Planning, Assessment & Research, Greenville, NC. Web. 4 Oct 2012. <http://www.ecu.edu/csacad/ipar/customcf/dl/FacSalRept/11-12FTFacSalRept.pdf>. Label: Exhibit 5 Title: Health Care and Social Services Employees Overview: People Employed in Health Care and Social Services in Pitt County, NC Body: , Source: SimplyMap Database, Standard Report Label: Exhibit 6 Title: Fees and Admissions ($000) 2011 by Counties 33 Overview: Total money spent, in thousands, by households on Fees and Admissions during 2011 in North Carolina. Body: Source: SimplyMap Database, Map Label: Exhibit 7 Title: Mean Number of Days Clear (Out of 365 Days), 2011 by Counties Overview: Focusing on the average amount of days of clear weather in Greenville, NC. Body: 34 Source: SimplyMap Database, Map Label: Exhibit 8 Title: Food Services ($000), 2011 by Counties Overview: The amount of money spent, in thousands, per county in North Carolina on Food Services in 2011. Body: Source: SimplyMap Database, Map Label: Exhibit 9 Title: Amount of people 18 years or Older in Pitt County, NC in 2011. Overview: Number of people over the age of 18, segmented by racial/ethnic backgrounds in Pitt County, NC during 2011. Body: 35 Source: SimplyMap Database, Standard Report Label: Exhibit 10 Title: Average Incomes ($) in Pitt County, NC Overview: Average amount of income per household segmented by racial/ethnic backgrounds in Pitt County, NC during 2011. Body: Source: SimplyMap Database, Standard Report. 36 Label: Exhibit 11 Title: Household Income Distribution Overview: Compares the percentages of total household incomes within Greenville, NC, North Carolina, and the United States. Body: Source: Household Income Distribution. 2011. Chart. USA.comWeb. 4 Oct 2012. <http://www.usa.com/greenville-nc-income-and-careers.htm>. Label: Exhibit 12 Title: Education Levels (% of population) Overview: Various education levels attained by the residents of Pitt County, NC compared to the United States in 2011. Body: 37 Source: SimplyMap Database, Standard Report Label: Exhibit 13 Title: Unemployment Rate in Greenville, NC Overview: Unemployment Rate in Greenville, NC over the past 12 years. Body: Source: U.S. Department of Labor: Bureau of Labor Statistics 38 http://research.stlouisfed.org/fred2/series/GREE737UR Label: Exhibit 14 Title: Consumer Price Index Overview: CPI for Greenville, NC and the United States Body: Source: SimplyMap, Standard Reports Label: Exhibit 15 Title: Consumer Spending ($000) Overview: Total consumer spending, in thousands, on various categories, for Greenville NC and the United States. Body: 39 Source: SimplyMap Database, Standard Report 40 Title: Exhibit 16 Overview: Nutritional facts for Taylor Pork Roll per serving size of 3 slices. Body: Source: Food Database and Calorie Counter: Taylor Pork Roll Label: Exhibit 17 Title: Weather Averages for Greenville, NC 2011 Overview: The yearly averages for precipitation and average temperatures for 2011. Body: 41 Source: SimplyMap Database, Location Analysis. Label: Exhibit 18 Title: ($000) Spent on meals outside of the household. Overview: Amount of money spent in Greenville, NC compared to other surrounding cities on meals for breakfast, lunch, dinner, and snacks outside of the household. Body: Source: SimplyMap, Location Analysis 42