Industry Analysis Of Food Trucks In Philadelphia

Industry Analysis Of Food Trucks In Philadelphia

Introduction

In today's fast pace of competition, it has become difficult for the entrepreneurs to establish the new businesses and to survive among the competitors in the industry. The entrepreneurs are required to make the careful analysis of the industries before deciding and choosing the industry to serve. Before choosing a particular industry, the entrepreneurs are required to make the analysis of the industry trends in which they are willing to start up their business. It is also essential to understand the competitive situation as well as the customers' perceptions. The analysis of the economic situation and the analysis of the factors that directly impact the industry and the business operations are also required to be carefully analyzed by the new entrants. The analysis of the industry is significant for the new entrants because it allows the entrepreneurs to analyze their potentiality and capability in serving the needs and the requirements of the target market.

The selected industry in which we have decided to operate our business is the food trucks industry in Philadelphia. The food that we will be going to sell is the West Indian food and it will be sold in all over the Philadelphia. The following section aims at discussing the analysis of the industry in which we have decided to operate our business. The industry trend as well as the consumer and competitive analysis will also be discussed in the later section so as to initiate the business with effective and efficient strategies.

Discussion

The following are the major parts that are discussed with careful analysis to understand the potentiality of the industry.

Industry review

Brief history about the industry

The food truck business is one of the fastest increasing businesses in the United States. The food truck business is commonly known as the mobile kitchen and the mobile canteen that went at different locations and venues to sell the food. The large sized states and cities are particularly increasingly the food truck sector. The Philadelphia is also among those states of the East Coast of the United States where the truck food industry is growing to great extent.

The global economic down turn has increased the unemployment rate around the world. The United States, despite of the being the powerful country in the globe, is also suffered to some extent from the global economic down turn. In order to make the life styles better and improved, the people are looking to have the alternative sources of employment for them (web source: http://mobile-cuisine.com). As Philadelphia is the largest city of the Pennsylvania, there are large numbers of people that are increasingly joining the food truck industry. The population of Philadelphia also involves large number of migrated people who come from all over the world in order to have better earnings in dollars and to support their families at the back home. There are also people from the Asian region. The Asian foods are increasingly getting popular among the Philadelphian ...