Shark Tank Business Project Work Session 1

Food Truck Business Concept

1. Business Name: curbside stop n grub
2. Mission Statement: Focused on the freshest high-quality ingredients. Working hard every day to serve the juiciest Burgers and provide the Best service in a friendly environment for the people. Nobody does it better than us!
3. Perform a SWOT Analysis:

Directions: Include 2-3 bulleted points for each section

Strengths Location and saves rent expenses Hygienics food and quick services Strong, experienced food truck staff High brand recognition Prices are cheaper than competitors Pride in putting forth innovative food with the freshest ingredients	Weaknesses Limited funds available Costs rising due to increases in food costs Budgets
Opportunities In a new, emerging food truck market New food taste Improve the product Design the mobile to be more attractive A main brick-and-mortar competitor has closed Collaboration with a local bar to start a dinner and a drink package Easy distribution	Threats A main competitor has lowered its prices threats from other competitors Health conscious customers Municipality reexamining current legislation and may add further restrictions on food truck Rising prices of special ingredients Changes in govt taxes Easy to duplicate

4. Slogan/Tagline of Company (see examples on canvas):

• Its Trucking Good!
• No seats just eat.
• Truck yeah!

5. Design your company logo. (Use Canva link in Canvasto create your logo).

Shark Tank Business Project Work Session 2: Competition

Conduct research to determine at least 3 competitors in the market area of your product. You should include both direct and indirect competition.

Answer the following questions:

1. What is the company name/mission statement/slogan
2. How are they marketing their product to consumers?
3. What are their strengths/weaknesses?
4. How does your product differ or how can you make your product stand out from the competitor?
5. What are their prices

Shark Tank Business Project Work Session 3: Market Research

Market Research Assignment

1. List 10 questions you will ask 10 consumers in order to attain information about what consumers want to see for your business and the products/services that you offer.
2. Describe which method you will use to collect your market research and why. Formally create/write-up your survey or focus group questions, etc.
3. Describe how you will keep track of your results and how you would use them.

Shark Tank Work Session 4: Segmentation, Targeting, Positioning, and Product Development

There are three separate activities to complete for this work session. They are detailed below.

1. Segmentation

For your project, you will be segmenting the target market in Jamestown, NY. As you consider the idea for your food truck, I would like you to create 3 sample target markets.

• Target Market 1
• Target Market 2
• Target Market 3

For each target market, you should describe the market in terms of the macro environment. What are the demographics such as age, location, gender, income level, education level, marital or family status, occupations, or ethnic background? What generation are they in? What do you know about the generation? What is their culture? Describe their personality, attitude, values interests, lifestyle, and behavior.

Provide a really good description for each of the 3 markets. After I read your 7-10 sentence paragraph for each market, I should be able to picture a person from the market.

See examples (you will need to scroll a bit before the images come up):

https://www.brafton.com/blog/strategy/6-real-life-target-audience-examples-to-help-you-define-your-own-b2b-and-b2c/ (Links to an external site.)

Shark Tank Business Project Work Session 5

Branding and Packaging

In a Word doc. -->

You have already designed your logo, but your food truck business will also have decisions to make on branding and packaging. Your food items will need containers. How will these look?

Decide on the following details:

• Discuss the different materials that you will need to have to package your items.
• Describe in detail what the packaging will look like. Will you use colors or just traditional to go containers? Will they be environmentally friendly? Make sure you are considering your target market here.
• Will your packaging have your slogan and logo on it?
• Will you be doing any co-branding? Are you selling Pepsi or Coca-Cola products?