Evolution of food truck business:
RC, a law school dropout, was inspired to enroll in a culinary school. RC was passionate to serve healthy and tasty food to the public. KC started the business with a truck which served a mix of K and M cuisines. Along with another friend, RC started KBBQ which together generated $2million sales with an average tab of $13. The company has won various awards for the service provided. The company now operates four trucks in LA.
Competitor analysis of R.C is given below:
RC business model has persuaded various competitors to operate trucks serving different types of cuisines. The market became crowded as many people started the truck food business. Many public places such as unoccupied streets, SM, and more became a gathering place for many trucks serving wide varieties of foods such as sushi, sandwiches and much more.
RC business did not get hugely affected because the business of RC was already well established before the competitors started similar businesses. RC was clear and focused on serving quality M and K cuisines at an affordable rate. This served as his core competency that no other competitor was able to match. So, his business remained unaffected by the competitors.
M.T is the market leader in the toy industry. The firm first started manufacturing wooden products and soon moved into toys. The company manufactured several toys such as H wheels, B-girl toys, F.P toys, A.M girls' toys and more.
Marketing strategy of M.T:
The company initially launched dolls targeting little girls. Later, they developed applications, online games, and online shopping to attract older girls. The strategy worked out well as it kept on increasing the number of customers and sustained the old customers. It satisfied different age groups with a similar product. Hence, this is a good marketing strategy for M.T products.
New product : W.D
W.D is the market leader in cartoon production. They started from production of cartoon movies alone and expanded into D land village, which is now a huge tourist attraction. They followed similar strategies of M.T by attracting customers of all age groups. They have primary customers (kids) for cartoon network and sustained older customers for resorts and movies. W.D has also been successful in proving its marketing strategy as an efficient one.
When a consumer gets committed to a brand and makes repeated purchases over time, it is known as brand loyalty.
The three stages used by marketers to measure brand loyalty are as follows:
• Brand recognition refers to the phenomenon where customers are able to identify a brand through its attributes.
• Brand preference shows the preference of brand by the customers. It indicates the position of brand in the mind of customers.
• Brand insistence referred to a position when customers explicitly ask for their preferred brand and do not accept any alternative brand.
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