Explanation:
Resources:
To compete in the street food market it is important to have several resources. First of all, you need to build a strong reputation among consumers. You can either do that threw social media or other offline mediums. This can enhance your customer reviews and referrals.
Secondly, you need to be very mobile. It is important to be able to move from one place to the other to serve different customers but also to gain a greater customer reach.
Thirdly you need to establish a strong and good relationship with your food sources in order to get a good understanding of the supply chain, which in this case may either be your food producer or your farm.
Another resource you need is enough staff to focus on all operations including preparation, maintenance, and cleaning, but most important to be able to serve your customers.
In addition to this, you will also need enough inventory to meet your customer's needs. This can range from grills to fridges.
Capabilities:
Some important capabilities that are needed in the food market segment are that people love to see how the food was prepared. This contributes to their customer experience when being able to view this process. In addition to this it is more important to get the food out quickly rather than spending a lot of time on the presentation. But it most important of all will always be the quality.
Another capability that is needed in the street food market segment is the ability to offer sustainable and environmental friendly products, as there is a growing interest in "clean food."
Core Competencies:
One core competence should be a strong focus on operations and food preparation. By building relations with farms and other food producers you gain a better understanding of the supply chain but also create a strong relationship with the community. And as various studies have shown that 72% of the people take into consideration where the food was produced or where it was farmed this also builds a stronger relationship with their customers.
The street food market in general isn't thought of offering high quality kitchen standards. Based on the survey they held in the fall of 2015 they found that people have a higher willingness to pay for clean food. By offering a high quality and "clean food" menu you gain a competitive advantage.
Within the street food market segment, the vendors are highly mobile and will therefor change locations often. Nevertheless by only focusing on only several markets you gain knowledge on your audience and are able to offer the right products and the right prices to meet customer's wishes and use this core competence to create a competitive advantage.
