Food trucks continue to generate sufficient revenue and profits to keep attracting new entrants. However, some food truck operators have left the market. Richard Myrick, editor-in-chief of Mobile Cuisine Magazine, lays the blame at the lack of a business plan. The money accusation:
The business plan is what everything your mobile restaurant will do is based on. It will force you to plan ahead, think about the competition, formulate a marketing strategy, define your management structure and plan your financing, among other things. It is your roadmap to success. Do not proceed without a solid business plan.
Laura Scott argues for writing a business plan by noting that "A business plan helps entrepreneurs understand the market, where they fit in, how they compete and how many customers they need to succeed."
The difference between a business plan and marketing plan lies in the capital discussion and mission statement. In a business plan, the writer would include a discussion of where the company will find the money, or capital, necessary to launch the business, product, idea, etc. as well as write a mission statement. Conversely, a marketing plan lacks a capital discussion and a mission statement.
Like a business plan, a marketing plan is your roadmap or guide for how your business, brand, etc. will achieve, ultimately, superior financial performance.
By writing two marketing plans as part of your brand management activities through the NewShoes simulation, you are learning a valuable, life long skill. Like any skill, you will need to practice it for the rest of your life.