Stop Town Korean Street Foods

STOP TOWN KOREAN STREET FOODS

Executive Summary

Stop Town Korean Street food is a food truck business that operates in the area of Daraga, Old Albay, and Legazpi. The target market of this business is the Korean drama and K-pop fans especially the students around the said areas. The proponent decided to choose the population of students because students are mostly the biggest fan of Korea.

To be more accessible for the costumer, the proponent decide to use a food truck where it can go anywhere in Legazpi to serve as the display of the product. One of the business’ promotional strategies is using social media such as Facebook, Twitter, and Instagram. The business also uses signboards, radio forecasting and fliers to inform target market about the business. The schedule of this Korean food truck is 2:00 – 10:00 in the afternoon. As the business uses food truck for their business, they imposed schedule to where their food truck will be.

The proponent will set some strategies and solutions to identify the risk and their own weaknesses that might encounter. The business is eco-friendly in the environment and won’t cause the destruction of its surroundings as the business will provide its own trash bin.

1. Marketing Background

As Korean dramas are on trend nowadays, the population of Korean drama watchers are becoming larger. People are becoming more attracted to Korean culture. It can be the Korean style, the language, or the food. Even the Korean groups became one of the interests of some Korean drama watchers. This growing population of people getting attached to Korean culture became one of the reasons why we chose to bring Korean street foods here in Legazpi. For us, this increasing population was the perfect opportunity to introduce the Korean street foods. As we can see that Korean fever is spreading, this became our prospect on putting up a business. But as Korean street foods are very different from what we have here in the Philippines. People may not like the taste of these foods and this is one of the threats we may encounter in putting up this business. Also, competitors were a threat to our business. Many restaurants are now offering Korean dishes and we don’t like to stay in these restaurants’ shadows. We want to make our own name and be known by our products. We want our business to be matchless and be known for our uniqueness, which is why we came off to offering our target customers something new. As competitors offer Korean dishes, we thought to offer Korean street foods.

Environmental Analysis:

The business is not profit-focused but it also concerns the satisfaction of the customer and good of the environment.  The owner analyse the possible threats and  opportunity of the business in that way the business will be aware and ready to face those obstacle.

Opportunity:

• To be the first establishment in Legazpi that offers a Korean Street Food.
• The customer will become curious to the product so they will try it.
• The customer will feel they are in korea because of the food they are eating.
• Reduce the sacrifice of the customer because thetruck will be the one who go to the customer.
• Give some promo like eat all you can in that way it will give value to the customer.

Threats:

• New to market
• The customer might not satisfy the product because of the taste.
• Because of using Food truck it needed to have a scheduled where the truck goes
• The supply of the raw materials.

Figure 1. Market Size:

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1. Analysis of Competition

Since we offer a new and different product and targeted a niche market, there is no direct competitor. However, there are still indirect competitors that we categorized in 2 (two) divisions: Korean restaurants and other street food vendors. These indirect competitors still has an impact on our business but we still manage to gain more of our target customers.