The Food Truck Challenge
The Food Truck Challenge https://hbsp.harvard.edu/import/757092
Submit a word reflection discussing the key takeaways you learned from the simulation and how you could apply them in a real-world entrepreneurial venture.
Please keep in mind, the simulation helped you develop transferable skills NOT just skills applicable to a food startup .
Please follow APA 7 format. Include cover page and reference page. Please ensure your reflection includes (and cites) concepts from the textbook or other sources to support your commentary. Submit in MS Word file format. Submit a word reflection discussing the key takeaways you learned from the simulation and how you could apply them in a real-world entrepreneurial venture.
Please keep in mind, the simulation helped you develop transferable skills NOT just skills applicable to a food startup .
Please follow APA 7 format. Include cover page and reference page. Please ensure your reflection includes (and cites) concepts from the textbook or other sources to support your commentary. Submit in MS Word file format.
This whole thing us about the food truck simulation you can find it anywhere.
ANSWER
The Food Truck Challenge: Personal Reflection
The Food Truck Challenge: Personal Reflection
Looking back on the Food Truck Challenge simulation that we did in class (The Food Truck Challenge), there are a number of things that I learned. The simulation noted that frozen yogurt was popular among consumers from all demographics. For this reason, I decided to sell frozen yogurt at the University, which to me seemed like the market location that had the least competition. At first, I was not performing well since I did not pay attention to the feedback that I was getting. Later on, I realized the importance of feedback and used it to develop an optimal strategy for the business. This resulted in better performance by the third simulation. I also conducted in-depth market research, which enabled me to understand the market better and customize my offerings and strategy to suit the customers’ needs.
One main lesson that I learned from the Food Truck Challenge was the importance of paying attention to the current trends and changes in the market that one is running a business in (Wensley, 1995). I learned that even the slightest changes in the market can drastically affect the performance of a business (Burns et al., 2014). For instance, I did not realize that changes in the university calendar were causing foot traffic to substantially decrease, affecting frozen yogurt sales. Realizing the significance of the change helped in improving the performance of the venture. The simulation and the feedback that I received have taught me valuable lessons in marketing and market research. These skills are transferrable in the real business world, and I am confident that they will enable me to achieve success in my future entrepreneurship and career endeavors.
References
Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.
The Food Truck Challenge. https://hbsp.harvard.edu/import/757092.
Wensley, R. (1995). A critical review of research in marketing. British Journal of Management, 6, S63-S82.
