A hot dog vendor might have the most complex inventory management and marketing combination of any business. From the management of how many hot dogs to cook, have on hand, and have access for the next day to the extent that they can market to customers to increase sales, which cannot be more than the inventory. The most challenging is the perishability of the buns, which, without them,
For this assignment, you are a hot dog cart’s owner, worker, and marketer. You need to outline the following to succeed in this entrepreneurial endeavor.
- Pick a location. Where will you park your cart, and why did you choose that location?
- Define the target market in the area selected.
- Set up a sales plan, followed by an inventory management plan. Then, account for the waste and extra products you will need to make the cart successful (be unique and creative).
- Set your price points for each item (list them out). How will these prices impact sales? Make sure the price points cover all expenses, including marketing.
- Provide a marketing plan for the area. Who will be your primary customers on a day-to-day basis, who will be your once-a-week customer, and who will be your once-a-year customer?
- Provide a projection of the Sales forecast compared to the marketing projections. Is there a big difference?
- Define if the cart would be able to expand or must shut down based on projections.
- Explain if the cart was successful or why it failed. Since you made all the decisions, what could you have done differently? Reminder: you are trying to make a profit, but the key is to at least break even. Remember to record realistic numbers on all your decisions (selling a million hot dogs is not realistic for a new cart).
For each item listed, please provide at least a 1-2 paragraph explanation of your research, selection choice, and why you selected each topic.
