Developing an Entrepreneurial Marketing Plan and Funding – Perky’s Coffee Truck

Developing an Entrepreneurial Marketing Plan and Funding – Perky’s Coffee Truck
Build a brand image.
Building a strong brand image is the first step toward creating a marketing plan. The brand image is a critical component (Allen, 2020). It is how a customer perceives the brand (Allen, 2020) The brand should be distinct and identifiable to the products (Allen, 2020). A company’s identity is relayed to its customers through its name, logo, products, and services (Gómez-Rico et al., 2022). Also, the value of the company can be influenced by branding strategies (Gómez-Rico et al.,2022). With Perky’s Coffee Truck, I need to focus on creating an appealing logo. A logo will allow my customers to remember my brand. Creating Facebook, Instagram, and Twitter accounts will allow my customers to follow the coffee truck and keep up with events and locations we will be at.
What forms of advertising and marketing will you use?
Perky’s will use social media for marketing. This will allow customers to keep up with events and locations we will be at. I will also create a website which will have this posted along with our menu and information about the business. We will be involved with community events so word of mouth will be a form of advertising as well.
How will you publicize your business?
Word of mouth will be how Perky’s becomes publicized. It is the most effective way because it will not cost the company anything (Allen, 2020). This will create referrals and keep customers coming back.
How will you tap into social media to advertise your business?
Social media will be used to let customers know where the coffee truck will be for the day. It can actually let them know where we will be before we are even parked. It will also give customers real-time information of product availability and specials (Wessel, 2012). Social media can be used to see the whereabouts of my competitors so there is no overlapping (Wessel, 2012). It will allow me to see what customers want as they can message me. Customers can share pictures and tag or post on their pages which will lead to more customers.
How will you utilize personal selling to market your product?
The community hosts various events throughout the year which can be utilized to sell the product on a personal level. There is a food truck day held at the town square every first Saturday of the month. Friends of the City Park host events where different business owners volunteer to advocate and fundraise for an all-inclusive playground for our children in the community.
Discuss how you will finance your start up. Provide specific support for your response.
Funding a new business is a complicated process and time consuming (Allen, 2020). Entrepreneurs have more information about their business than the people whom they seek resources from (Allen, 2020). A company must identify the growth stages of funding. The first stage is development and testing, in which I would have to rely on my own financial resources like through a bank of the SBA if applicable. The transition stage is where I would use cash flow to help but if that is not enough, I will seek outside resources such as investors. In the rapid growth stage, I will investigate new products to add to the menu that would help provide funding.
Discuss how you will prepare for contingencies. What will be your harvest plan?
With poor planning, a crisis can destroy a business, having a contingency plan in the organizational structure can help the company through those tough times (Rondey, 2033). I would like to have some money put back for a contingency situation. I could sell equipment that is not needed to provide funds. I could also look at investors other than family members if it comes to that point. If none of these provide the needed funds, I would have to look at selling the business.
What are some important biblical concepts to consider in this part of the business plan?
We should keep God first and foremost. When we seek His word and knowledge it will not go unnoticed by the Lord. The same is true in our businesses. A man or woman who is skillful in his or her work will not go unnoticed to the Lord. Proverbs 22:29 states “Do you see someone skilled in their work? They will serve before kings; they will not serve before officials of low rank” (The Woman’s Study Bible, 2018). We should give our all to the Lord and to our business. Ecclesiastes 9:10 tells us “Whatever your hand finds to do, do it with all your might, for in the realm of the dead, where you are going, there is neither working nor planning nor knowledge nor wisdom” (The Woman’s Study Bible, 2018).
References
Allen, K.R. (2020). Launching new ventures: An entrepreneurial approach (8th ed.). Boston, MA: Cengage Learning.
Gómez-Rico, M., Molina-Collado, A., Santos-Vijande, M. L., Molina-Collado, M. V., & Imhoff, B. (2022). The role of novel instruments of brand communication and brand image in building consumers’ brand preference and intention to visit wineries. Current Psychology (New Brunswick, N.J.),, 1-17. https://doi.org/10.1007/s12144-021-02656-w
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Roney, C. W. (2003). Planning for strategic contingencies. Business Horizons, 46(2), 35-42. https://doi.org/10.1016/S0007-6813(03)00007-7
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The Woman’s Study Bible. NIV. (2018) Thomas Nelson Bibles.
Wessel, G. (2012). From place to NonPlace: A case study of social media and contemporary food trucks. Journal of Urban Design, 17(4), 511-531. https://doi.org/10.1080/13574809.2012.706362
(Links to an external site.)