Trend and its Description - Assignment Example

0104 Marketing and Consumer Behavior – Assignment 2 number Group Trends Trend and its Type of macro environment Company’s response Shifts in secondary cultural values Secondary cultural values accommodate change and marketing agents seek to utilize cultural diversity. In the recent food truck industry consumers accommodated the fusion of Korean and Mexican cultures. Cultural Kogi BBQ fused Korean barbecue with Mexican tacos and hawked them using a truck on L.A.’s streets (Brindley, 2015).

Value marketing and Personal consumption Where the real income is increasing but consumers are making personal and purchasing adjustments as they seek value for every penny. The 2008 economic challenges forced consumers to be more careful in spending.   Economic Kogi BBQ delivered a wide variety of authentic, quality, delicious, creative dishes at lower prices with high-end restaurant prices (Brindley, 2015).  Unlimited opportunities offered by modern technologies Technology outdates many products at a fast pace thus raising the need for advanced products.

The food industry is expanding so are marketing platforms. Technological Kogi BBQ capitalized on the significant power of social media to market its products. The company hired young technology gurus to constantly update potential customers on the where about of the trucks via Twitter (Brindley, 2015). SWOT Analysis Strengths The use of modern technologies will help the food truck business to market and deliver food products to consumers with ease. The use of an experienced food truck staff will deliver competitive advantage.

Offering cheaper prices for popular brands will attract more consumers. Weaknesses Low capital will hinder competitive advantage. Strict government regulations limit the entry and progress in the food truck business Opportunities New technologies will help in marketing the food truck business to diverse consumers. Threats Economic downturn will significantly hinder the growth food truck business. The presence of established competitors is a challenge to a new business venture. Step 4 Trend and its description Type of macro environment Increased pollution The public seeks to buy food products from companies that produce and deliver "environmentally friendly" products.

A new food truck business in Vienna must find the resources to produce and deliver a wide variety of safe and recyclable food products. Natural Increased legislation A new food truck business in Vienna is subject to Business registration and licensing rules defined by the Municipal Department 63 (Vienna City Administration, 2015). The legislations seek to regulate the parking of food trucks, protect food business companies from each other, and safeguard Vienna consumers from unethical food business practices.

Political References Brindley, D. (2015). How One Korean Taco Truck Launched an $800 Million Industry. Retrieved from http://ngm.nationalgeographic.com/2015/07/food-trucks/brindley-text Vienna City Administration. (2015). Business registration. Retrieved from https://www.wien.gv.at/english/business-media/registration.html