1. Variety
2. High quality food
3. Cheap food
4. Healthy food
5. Snacks
6. Quick service
7. Business plan to branch out
8. Mobility
9. Trendiness
10. Lower investment costs
Variety
Valuable: Helpful if you are a picky eater.
Rare: Not many places sell more than one type of food.
Inimitable: Pretty hard to copy by others because it's a meals on wheels type service rather than a place you go to sit down and have food where the food is based upon the name of the restaurant.
Non-substitutable: Not many other resources that can provide the same benefits elsewhere.
High quality food
Valuable: A bang for your buck.
Rare: Not as rare as there are many places to get high quality food, but if you are looking for high quality late-night dining, this is the place to be.
Inimitable: As mentioned above, easy to be done, but not necessarily for late-night dining.
Non-substitutable: Some other resources that can provide the same benefits elsewhere.
Cheap food
Valuable: Super valuable to college students as most are on a budget.
Rare: Below the average cost of $7 for a meal.
Inimitable: Not the easiest to be copied by others, but can be done.
Non-substitutable: Some other resources that can provide the same benefits elsewhere.
Healthy food
Valuable: Extremely valuable for health nuts.
Rare:Rare for late-night dining.
Inimitable: I would say pretty hard for this one because there is so much greasy food or stuff that is bad for you because people are trying to cater to what drunk people want so late at night, but they don't go as far as to come up with food that has those same benefits but is also good for you.
Non-substitutable: Not many other resources that can provide the same benefits elsewhere.
Snacks
Valuable: For those who do not want to eat/ pay for an entire meal.
Rare: There are practically no places where you can find a decent snack that fills you up.
Inimitable: I would say hard to do- most people just have bags of chips or fruit that has been sitting out forever.
Non-substitutable: Almost no other resources that can provide the same benefits elsewhere.
Quick service
Valuable: Solely to compete with competitors.
Rare: Not rare- Jimmy Johns is really fast, along with fast food drive thrus.
Inimitable: Same answer as above.
Non-substitutable: There are several other resources that can provide the same benefits elsewhere.
Business plan to branch out
Valuable: Valuable in the long run.
Rare: I don't know how to answer this because I don't know how other businesses make their own plans, but I like where I'm going with this. Want to open a truck in midtown and downtown.
Inimitable: Flacos has both midtown and downtown locations so it can be done.
Non-substitutable: Not many other resources that can provide the same benefits elsewhere, but can be done.
Mobility
Valuable: Easy to drive around and park places (once I get a license to do so).
Rare: None of my competitors can do this.
Inimitable: Almost impossible unless you are another food truck company.
Non-substitutable: Almost no other resources that can provide the same benefits elsewhere.
Trendiness
Valuable: People love what's trendy, such as going to a food truck rally. Good opportunity to get my food out there before opening up shop.
Rare: Not as rare as you would think.
Inimitable: It's easy to be trendy nowadays, with concepts like brunch and what not, but as far as late-night dining goes, not so much.
Non-substitutable: Not many other resources that can provide the same benefits elsewhere.
Lower investment costs
Valuable: Valuable for me, but in turn helps make the food cheaper for the customers.
Rare: For restaurants yes, for food trucks no according to http://www.legionmfg.com/advantages-of-food-trucks.
Inimitable: Not exactly sure how other businesses get this done, to be honest.
Non-substitutable: N/A
Top Resource
I am torn between the variety, snacks, and mobility. Each are essential and hard to copy by other businesses. Variety in the food changing on a weekly basis though, I have to say, is probably the number one because I am catering to each individual's need for taste and quality. I would even set up a suggestion box so I can get insight and feedback from customers. I think snacks and mobility help in setting me apart though. I am very excited about this idea and think the VIRN test did well on pretty much each resource!
Hey Shannon,
ReplyDeleteI can see that all 10 resources are essential keys to a successful food catering business. Especially when people nowadays demand not only affordable foods, but also tasty and healthy. I think 2 of 10 resources could have been things about you such as passionate or honest. Great job though! http://bongjukang.blogspot.com/2016/03/my-unfair-advantage.html#comment-form
I think you narrowed down your most valuable resources pretty accurately, although I think mobility might be the most important here. Variety can be a tricky thing – sure people will like options, but they’ll also have their favorite dishes and if you don’t happen to be serving it that week, then it may be an issue for them coming to your restaurant/food truck. To overcome this, you can have your most popular dishes as a “fan favorite” and constantly have it available. I think mobility is extremely important because you can reach people on demand so they don’t have to go out of their way – you come to them. With my doorstep laundry delivery service, this is what I focus on as well – limit the things that your customers have to do that take them away from more important things. Granted food is more of a social thing that people will go out of their way for (unlike my service of laundry cleaning for example). Great post and concept though – I definitely think there needs to be more access to healthy food around the clock instead of from 6a-10p as is currently.
ReplyDeleteYou can check out my post at http://ufentclassblog.blogspot.com/2016/03/my-unfair-advantage.html