Increasing Revenue
Increasing revenue!
Marketing will be done with social media, radio slots, and a wrapped vehicle! Attending networking groups and other social networking events, this will build partnerships that may be mutually beneficial with other business owners. One Trade shows a month to sell product or give out samples to build customer base.
Profit maximizing:
By understanding what the marginal profit for each sale made, will help determine what the profit maximizing quantity is. In the case of Haught Dawg selling the “chicago style hotdog” at $3:50 each, and at 20 sold, profit would be $70, for 40 sold profit would be $140, 60 dogs $200, and for 80 dogs it would be $180. So my profit maximizing is 60 dogs.
Barrier of entry:
There could be problem getting in to this business so late after the rush of 2011, but the rush has not ended there are food trucks opening every day. A bad thing is this means more competition, the good things is new routes are being established. Another barrier is helping customers understand the difference in my product than everyone of other establishes that advertises for Chicago style hotdog.
Penetration Pricing
Penetration pricing is a type of marketing strategy that consists of decreasing the prices of your products or services temporarily. The decrease in price you offer must be low enough to attract attention. Generally, penetration pricing does not cover the costs of your products, and for this reason, it is only a temporary strategy, or otherwise your business would go bankrupt. Penetration pricing is a strategy used when you have an especially unique product to promote. You use penetration pricing to make your product or service known. In the long term, when customers have responded to your product, you can then set a higher
Marketing will be done with social media, radio slots, and a wrapped vehicle! Attending networking groups and other social networking events, this will build partnerships that may be mutually beneficial with other business owners. One Trade shows a month to sell product or give out samples to build customer base.
Profit maximizing:
By understanding what the marginal profit for each sale made, will help determine what the profit maximizing quantity is. In the case of Haught Dawg selling the “chicago style hotdog” at $3:50 each, and at 20 sold, profit would be $70, for 40 sold profit would be $140, 60 dogs $200, and for 80 dogs it would be $180. So my profit maximizing is 60 dogs.
Barrier of entry:
There could be problem getting in to this business so late after the rush of 2011, but the rush has not ended there are food trucks opening every day. A bad thing is this means more competition, the good things is new routes are being established. Another barrier is helping customers understand the difference in my product than everyone of other establishes that advertises for Chicago style hotdog.
Penetration Pricing
Penetration pricing is a type of marketing strategy that consists of decreasing the prices of your products or services temporarily. The decrease in price you offer must be low enough to attract attention. Generally, penetration pricing does not cover the costs of your products, and for this reason, it is only a temporary strategy, or otherwise your business would go bankrupt. Penetration pricing is a strategy used when you have an especially unique product to promote. You use penetration pricing to make your product or service known. In the long term, when customers have responded to your product, you can then set a higher