MOD003319 Entrepreneurship Assignment Level 4 Anglia Ruskin University

TASK 1

PART A

Hot Dog truck is a new business idea which is based on customer service. Truck on top is a private operating partnership business, including three partners and a mobile truck that will sale fresh pork meals and special Italian coffees, to be serve in a clean manner. It is a productive business idea  which is most favorable and productive effective growth. Customers love to have fast food products nearby to their places (Beatty, Samuelson and Abril, 2018). They always look for clean and hygienic food services in their location. Hot Dog truck opened their business at Roehampton University of London. It will be moved into another place where preferred location and most crowded place in the city. It is basically situated nearby those places where customer attraction will easily get attracted. It must be according to the most impact and impressive way of manner. It is the best idea to open fast food services at that location. It will always must be impressive and attraction for the customers. Innovative ideas and effective planning always produce the best outcomes and impressive performance. Customers of London love pork fast food services which makes impressive ideas and productive impact on the business ideas. Business concepts are always according to customer needs and wants. In terms of fast food services it always considered good and impressive idea tools and techniques. It must be according to the business ideas and impactful decision making approach. Besides, customer always looks  for best quality of product and services. According to which this business idea is most preferable for business growth. Along with that, this also helps to understand the current needs of the customers. To get the best approachable interest of Customers, a Company needs to meet the needs of buyers to increase their business image in the London market. For customers pork fast food is an innovative product which is available at reasonable price or with best position (Cooper, Ashley and Simona, 2014). To keep business always great and productive company needs to take care of productive services. The reason behind this business idea is that youth and students love to eat fast food. This is one of the reasons seller choose to sell their food services nearby universities. It makes good impact on the minds of customers as well as company profit revenue.

            In order to protect the business from uncertainties, Hot dog Truck always needs to acquire and analyze their most potential competitors and their needs and wants. Another reason of setting up of this business, is that (Ebert and Griffin, 2016) similar businesses, restaurant or fast food stands nearby the university campus ,apart from few vending machines cannot offer more than a restricted variety of bites. So this is the reason for which business idea must be suitable and effective ways of services. There are various competitors of the business which may affect business activities and market conditions. In order to overcome from the competitors Risk Company always needs to adopt fresh pork and quality of ingredients to provide the best quality of product and services.

PART B

In order to take business further or on next step company needs to protect their business from external environment (Gamble and Thompson, 2014). Besides, company also take care the needs of buyers and meet their expectations. All fast food businesses are sustained in the market on the basis of their goals and objectives. It will enhance the profit making tasks and objectives for the business. To fulfils customers or business targets there are some objectives of the company.

Food: it is the best and foremost objective of the Hot Dog truck. This is the major goals of business to provide best possible food to their target market customers. Along with that, for food business it is very necessary for the company to take care the cleanliness and hygiene factors. The objective of Hot dog truck is to serve the best quality of fast food services according to customer needs.

Dining Experience: the second objective of business is they want to provide best dining and internal experiences to customers. For that, company needs to make good impression on buyer’s minds at the time they enter the place (Guffey and Loewy, 2015). They must be attracted and clean. It also includes creating a complete dining experience such as decorated place, clean and good environment, and quality of services. Moreover, this is the necessary objectives for the company in order to fulfill the buyer’s needs and wants.

Profitability: this is the reason of the business to earn productive profitability from selling fast food. Without accomplishing the profitability objectives company could not achieve the expenses of business.  Hot dog truck makes sure that they recover their all cost and expenses and earn effective profit from the businesses. It must be according to customer needs and wants. 

            Business has been started with three partners who are moreover very much effective and competitive. Partnership is the business type of organization in which two or more than two partners are sharing equal profit and loss (Hugos, 2018). They also invest equal capital investment for opening the business. It is the most popular kind of business through all pressure is not coming on the single person or business man. It will also help to recover the best possible action plan. In hot dog truck all three partners share his equal roles and responsibilities. It will also very much helpful to get business at equal level.

TASK 2

Pestle analysis

            Political: Political factors are determined as changes in political conditions of the country. This is the factor which affecting food industry by changing in tax rates or changing in service tax etc. all fast food services needs to regulated wages, quality, hygiene and food variety. Wage rate of a country is different from others (Kubasek, Browne and Dhooge,  2015). They need to adopt all regulations and changes factors to safe their business activities and growth.

            Economic: recession and inflation influenced fast food sector, in terms of expensing services and raw material. It is very much required to measure the external environment to identify strength and weaknesses. Customer services are the foremost method for the organization to maintained company image. Customer service or customer attraction would be helpful for the company to handle recession and uncertain situations. It must be according to the customer needs and wants.

            Social: health and safety of buyers is very distinct and necessary for the business. Health awareness affected overall food industry and company profit revenue. It must be necessary for the organization to keep the company position and reputation on top of the customer list. Social perception might be affect company services (Major, 2015). This factor is highly influenced by society changes. Hot dog truck will require adopting all safety and health care precaution for the organization. It is helpful to take customer faith and loyalty towards the company products and services.

            Technological: technological factors influenced fast food services and minimize the role of mediators. With the help of digital technology, customer can get fast services from the business outlets. Technology can easily reduce time or money cost which is very impressive for customers to buy a product. Technology is helpful to sustain the quality of customer services. Technological factors have already brought huge changes to the way brands have served and engaged their customers. Such online technology can easily get service or food fast by ordering through company site or through company app (Moore, 2014). It helps to reduce the services and it also helps to get the more opportunity for business growth.

            Legal: A legal aspect in food business is very much important and required to protect buyer’s safety. Any Business requires adopting current legal implications imposed by the government. They also need to adopt the best kind of business environment safe employee’s safety as well. Legal factors are highly affecting the business activities. It is also important to take care of the safety needs of employee’s s well.

            Environmental: Sustainability is another necessary factor to impact on fast food services.  Changing in government policies and environmental changes directly would impact on food industry. Changing regulation, market conditions, customer needs and other environmental changes affect business activities (O'Brien, 2015). UK food and drug rules are very much strict and serious about customer interest. Hot dog truck needs to provide healthy fast food services to their buyers.

TASK 3

On the basis of above pestle analysis Company needs to adopt marketing or business plan in order to overcome from the business activities. It also influences business activities into effective manner. Besides, Hot dog truck needs to adopt best required techniques to get overcome from the activities. Every business required some activities and positive influencing factors which helps company to take business further. Such as productive nature of goods and services. For getting new area of improvement company needs to take digital technology to attract customer focus and promote company services in more effective manner. External environment of the business influence many opportunities and growth. For getting good market response company needs to sustain their market condition in good manner (Ragas and Culp, 2014). Moreover, it is the best way to protect the best things to keep market good and supportive. Hot dog truck requires. They also need to think about new idea and production. To make proper budget Plan Company needs to acquire the best possible action plan in order to keep the better opportunity and growth.

TASK 4

          Marketing objectives: the main purpose or reasons of marketing objectives are to gain customer interest and enhance customer reach. Marketing process includes approaching customer’s buyers by making product awareness. For example Hot dog truck attracts buyers by give them varieties of pork dishes with high committed quality.

            Target Markets: target market customers of Hot dog truck are to get more customer poll or they target generally young people who love to eat fast food items at their own favorite’s variety.

            Marketing Mix: Marketing mix is the most essential mix in the marketing which helps to influence positive activities in the business (RONALD, EBERT and RICKY, 2018). Which also influence company image in the market marketing mix includes place, product, price, promotion, people, physical evidence etc. all market factor  are very much market require. 

            Marketing strategies for each target market: Hot dog truck require adopting best marketing strategies in order to get the best productive idea and emerging trends. Such as promotional strategies, moreover, another impressive ways to grab the new market strategies. Along with that, hot dog truck also should adopt some effective and impacting market strategies. Marketing activities should be according to customer needs and wants (Wilson,  2014). To grab the attraction of youth people company needs to adopt best and variety of pork dishes.

CONCLUSION

From the basis of above section it can be concluded that, business essentials are very much required and necessary for the organization. It is necessary for any organization to adopt necessary implementation.  Present report was based on the new business of Hot dog truck which opened at London near the university. It discussed about the market external analysis and company essential requirement to get best market position.

REFERENCES

• Beatty, J.  F., Samuelson, S.  S. and Abril, P.  S., 2018.Essentials of Business Law. Cengage Learning.
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• Gamble, J. and Thompson, A. A., 2014. Essentials of strategic management. Irwin Mcgraw-Hill.
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• Kubasek, N., Browne, M.N. and Dhooge, L.J., 2015. Dynamic business law. McGraw-Hill Education.
• Major, A. M., 2015. Book Review: Business Essentials for Strategic Communicators: Creating Shared Value for the Organization and Its Stakeholders, by Matthew W. Ragas and Ron Culp.
• Moore, G. A., 2014. Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers (Collins Business Essentials).
• O'Brien, N., 2015. Matthew W. Ragas & Ron Culp, Business Essentials for Strategic Communicators. International Journal of Communication, 9, p.3.
• Ragas, M. and Culp, E., 2014. Business essentials for strategic communicators: Creating shared value for the organization and its stakeholders. Springer.
• RONALD,  J., EBERT, G. and RICKY, W., 2018. BUSINESS ESSENTIALS. PEARSON.Routledge.
• Wilson, J., 2014. Essentials of business research: A guide to doing your research project. Sage.
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