Food truck in Nigeria
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Launch of a new product on an international market. The research focused mainly on the SWOT analysis and the investigation of the 7Ps of the marketing mix.
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Food truck in Nigeria
- 1. FOOD TRUCK ‘OUNJE AJEYE O‘ In Lagos, Nigeria1 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 2. OUTLINE 1. Introduction 2. SWOT – Analysis 2.1. Internal Analysis 2.2. External analysis 3. Entry Strategy 4. Marketing Mix 2 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 3. INTRODUCTION Around 162 million inhabitants 2050: 60% will live in cities 2020: consumer expenditures raise 1 trillion $ Global economy growth 2% Sub- Saharan Africa: Growth of 5 % fastest growing region 3 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 5. INTRODUCTION Nigeria: one of the 9th most attractive consumer markets 2nd most promising market in Africa regarding Food and Drinks 5 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 6. INTRODUCTION Western orientation: including food Accept new brands In Food and FMCG, growth dynamics remain very encouraging Higher demand for convenient food Less dependent on informal markets Mobile cuisine bring good, healthy & fresh food directly to the consumer 6 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 8. TARGET MARKET Rising Strivers (income 250-750 $) Cosmopolitan Professionals ( income700-1000 $) 8 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 10. LAGOS CITY 10 GiuliaBabolin,JuliaFrizler,XeniaSilbe o Ikeja, Marina Island, Maryland
- 11. SWOT ANALYSIS PRIMEFACT People Reputation Intellectual Property Market Information Ethos Finances Agility Collaborateurs Talents Internal External Strengths & Weaknesses Opportunities & Threats ICEDRIPS Innovation Competitors Economics Demographics Regulatory Infrastructure Partners Social Trends 11 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 12. STRENGTHS People Cultural Closeness African staff supports authenticity and avoids conflicts Ethos Local and Healthy Fast Food nutritious meals can be consumed within a lunch break Social Responsibility Women work in our business to improve their social standing P R I M E F A C T 12 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 13. STRENGTHS P R I M E F A C T Support less fortunate families no waste of food, charity Finances Low investments few fixed costs and low variable costs Agility Easy to expand business’ characteristic allows fast extension within Lagos or even in other countries 13 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 14. STRENGTHS P R I M E F A C T Adaptability to customer needs new trends among the customers, we can react quickly Feedback and Compliance Management constant interaction prevents negative WOM Talents Mobility special service by meeting customers where it suits them, gain high profits 14 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 15. WEAKNESSES P R I M E F A C T Reputation Problem with establishing awareness Intellectual property No licensed business Finances High dependency on one customer segment 15 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 16. EXTERNAL ANALYSIS - OPPORTUNITIES I C E D R I P S Innovation High internet penetration Highest internet penetration in Africa, 45 million users development of new innovative communication tools Economic Fast economic growth In 2013 GDP growth around 6.6% Private consumption as a driver of GDP 16 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 17. OPPORTUNITIES I C E D R I P S Inflation decrease CPI from10.1% to 8.4% in 2013 less fluctuation in prices for consumer goods and services Increase in consumption expenditures Especially in Lagos City 68.67% of household income is spent on food Ranked second in the Food and Drinks risks/rewards 17 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 18. OPPORTUNITIES I C E D R I P S Demographics Young population Average age: male 17.5 and female18.4 Easy to influence towards new trends Proximity of targets International companies, financial and business centers are concentrated in the same area Easily to reach the target group 18 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 19. PROXIMITY OF THE TARGET 19 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 20. OPPORTUNITIES I C E D R I P S Regulatory environment Nigerian Government support Encouragement of multinational investments Better trade possibilities Infrastructure High availability of transports and routes Lagos: largest and most extensive road network in West Africa Biggest airport and port 20 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 21. OPPORTUNITIES I C E D R I P S Social Trends Internet and social media usage Widespread attention for social media tools Facebook as the most popular social network platform 21 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 22. THREATS I C E D R I P S Climate Economic Fuel disposal Demographic Widespread poverty Regulatory environment Highway code and environmental conditions 22 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 23. THREATS I C E D R I P S Infrastructure Lack of infrastructures Social Trends Ethical conflicts Corruption 23 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 24. SWOT MATRIX SO Strategy 24 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 26. ENTRY MODE 26 GiuliaBabolin,JuliaFrizler,XeniaSilbe Hierarchical mode high control
- 27. DESIRED MODE CHARACTERISTICS Control • Nigeria risks and uncertainties complete control Flexibility • Need to be aware of trends quick reaction essential 27 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 28. INTERNAL FACTORS: PRODUCT Product Complexity • Fresh food with non- durable products • Regulate adaptation to customer needs Product differentiation advantage • No other Fast Food provider first mover in mobile cuisine business 28 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 29. EXTERNAL FACTORS Intensity of competition • Blue Ocean: first mover advantage fast actions Small number of relevant intermediaries available • Avoidance of too strong intermediaries, few suppliers Transaction- specific costs • Prevent opportunistic behavior and fast reaction to laws and regulations 29 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 31. MARKETING MIX Product Food Truck Mobile restaurant with an integrated kitchen Onboard cooking Physical Environment Price Place Promotion People Process 31 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 32. MARKETING MIX Product Physical Environment Price Place Promotion People Process Food Truck Menu Healthy, nutritious and local food Customized dishes create your own lunch Variety of drinks Menu will be modified on the regular basis Small and handy packages 32 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 33. MARKETING MIX Product Pricing strategy Basis: Marketing pricing strategy Added value by special service and better offerings Prices will be above the average market price Physical Environment Price Place Promotion People Process 33 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 34. MARKETING MIX Product Do not rely on imports Just few intermediaries Buy products from wholesalers or local farmers Stored at stockroom or truck Attention: bargaining power supplier Physical Environment Price Place Promotion People Process 34 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 35. MARKETING MIX Product Physical Environment Price Place Promotion People Process Online promotion Facebook & Twitter account Discounts booking on socialmedia Smartphones apps for live time news 35 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 36. MARKETING MIX Product Physical Environment Price Place Promotion People Process Offline promotion Flyers providing menu, prices, contacts, daily deals Food samples 36 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 37. MARKETING MIX Product Physical Environment Price Place Promotion People Process Success depends on service delivery Recruitment will focus on women 3 employees will be located in the truck One skilled chef aware of consumer food trends 37 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 38. MARKETING MIX Product Physical Environment Price Place Promotion People Process Uniform with brand logo and colors Service guidelines Hygiene standards Maintain high-quality service Healthy and safety requirements 38 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 39. MARKETING MIX Product Physical Environment Price Place Promotion People Process Skilled team fast process Food prepared and put in thermal containers Free WIFI and readings in case of waiting Hygiene very important: constant cleaning 39 GiuliaBabolin,JuliaFrizler,XeniaSilbe
- 42. OUNJE AJEYE O! THANK YOU FOR YOUR ATTENTION! 42 GiuliaBabolin,JuliaFrizler,XeniaSilbe