Pow! Pocket Pancakes : A Business Plan for Entering the On-the-Go Food Industry
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This paper examines the on-the-go food industry and how a new business can identify the gaps in the market and satisfy a consumer need. Trends in the on-the-go food industry are identified and market statistics are examined to understand the consumers and competition in the industry. The paper particularly looks at the food truck industry; a subset of the on-the-go food industry. A business proposal for Pow! Pocket Pancakes was created. Marketing strategies for the business were proposed and a strategic business plan was developed to identify the viability of the proposed market offering in a highly competitive environment. This paper suggests that by differentiating the company, it can successfully enter a competitive marketplace. This can be accomplished through the creation of a relevant and unique product and the designing of a unique purchase experience. It is also important to identify the target audience and their needs, and have a cost-effective budget, to successfully enter the on-the-go food industry.