Risk for a food truck

Topics: Marketing, Competition, Viral marketing Pages: 3 (350 words) Published: September 25, 2014
Risk

Likelihood

Impact

Score

Actions required and who will take responsibility to manage the risk Reputable competitors imitating our product or reducing the price of their product (e.g. myBurgerLab, Fat Boy’s burger & Burger Junkyard)

Medium (2)

High (3)

6

Consistently monitor competitor’s marketing strategy to ensure our business is aware and actions can be taken to overcome any threats. The owners of the business.
Faulty equipment
Medium (2)

High (3)

6

Regular cleaning and servicing of equipment must be done. Equipment must be well handled. The owners and staffs of the business.
Unable to breakeven in a matter of 1 year
High (3)

High (3)

9

Guerrilla marketing to promote product and services in order to get profit. The marketing and accounting team.
Bad word-of-mouth from highly-judgmental customers
Medium (2)

High (3)

6

Make sure the staff are properly trained to serve the customers well. The owners and staff.
Not being able to acquire required licenses and permits

Low (1)

High (3)

3

Meet the requirements set by the governing agencies.
The owners.
Unexpected fire
Low (1)
High (3)
3
Any fire incident will be insured by AXA Malaysia.
The owners and staffs
High employee turnover

High (3)

Low (1)

3

Different hiring mode. Hire students to work during peak hours.

The owners.
Customers not satisfied with current menu or price
Medium (2)
High (3)
6
Conduct surveys to study the change in customer’s preferences. Feedback can be analysis to improve the menu or make changes to the price. The owners and staffs.
Distribution logistics not on time
Medium (2)
Medium (2)
4
An agreement will be made with suppliers on the delivery time and product cost Any breach of agreement will be the supplier’s responsibility. Alternatively, if there is a need to buy ingredients, staffs can walk to Ben’s Independent Grocer within Publika. The owners and staffs.

Ingredients provided to...
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