Executive Summary Start up company in our first year of operation. Offering healthy, carefree dining solutions for individuals, families and elderly people. Affordable alternatives to dining out. Delicious and nutritious meals. Professional and courteous staff. A choice you can feel good about!
Target Market Demographics Geographic Location Area to be targeted is Rochester, Minnesota and surrounding areas within 20 miles. Ideal Clients Busy professionals (Mayo Clinic Residents and Doctors). Dual career families. Individuals who do not have a desire to cook. Individuals seeking weight loss. Elderly people living alone.
Market Trends and Needs Trends Increasingly busy lifestyles make it harder to enjoy healthy meals at home. Eating more fast food. People of all ages gaining unwanted weight. Needs Quick and convenient ways to eat and live a healthy lifestyle. Healthy, nutritionally balanced meals.
Market Growth Our services will continue to be in demand as lifestyles remain busy. Potential to generate substantial revenue as demand increases. Potential to double revenues in a short period of time. Existing client referrals will drive growth.
SWOT Analysis Strengths Experienced, dedicated management team. Professional, hardworking employees. Solid financial resources. Weaknesses No established client list. Reliance upon client resources in their kitchens could affect quality of meals.
SWOT Analysis cont. Opportunities Limited amount of competition in the area for chef services. Proximity to the largest integrated medical center in the world. Threats Conservative community. Retaining quality employees. Competition from local restaurants that provide catering services.
Competitive Analysis Pre-made Meals Dish It Up! Seattle Sutton Catering Services Local restaurants and grocery stores Chef Services None
Service Offerings In home preparation of quality, healthy meals by a professional chef. Catering services for dinner parties or special events. Delivery or store pick up of freshly prepared meals.
Success Strategies / Differentiators Employees are fully screened and formal background checks done. Clients are able to interview the chef or catering staff before they hire them. Donating services to local non-profit organizations. Strong focus on exceeding clients needs will ensure growth through referrals.
Organizational Strategy Meals Made Easy Product Life Cycle
Organizational Strategy – Cont. Introduction High-quality food and service at low and affordable costs. Introduce the product and service to expand and build awareness. Sales and revenue may be lower and advertising costs may be higher. The price of the catering service will be initially low to encourage a wide spread market penetration. Incentives and/or trial offers will be directed to early adopters.
Organizational Strategy – Cont. Growth Promotional Activities - expanding the market. Advertising will stay at a constant pace to stay competitive. Competitors will begin to enter the market. New menu items and/or service options. Bulk buys, purchase incentives, and frequent buyer reward programs. Offer discounts incentives for customer loyalty. Continue to build customer loyalty.
Organizational Strategy – Cont. Maturity Sales of services will continue to increase. Profitability is Strong. Brand Awareness is Strong. Advertising expenditures will be reduced. Modifications will be made in order to differentiate the product from competing products. Loyalty programs will be introduced. Price promotions will be advertised to attract new customers. Emphasis on differentiation and incentives; to get competitors’ customers to switch.
Organizational Strategy – Cont. Decline Extend Product Life Cycle: Reduce costs and/or find new uses for the services. Prices may be lowered to stay competitive. Market Saturation: Sales will begin to decline - market becomes saturated. Menu items will become obsolete, or customers’ attitudes change. Profitability will be maintained longer with loyal customers. Hope competitors will exit out of the market.
Market Size Rochester Minnesota community and within a twenty mile radius Active professional business people Active dual income family
Market Share Penetrate 10% of the Rochester downtown professional. 5% of the active citizens of Rochester and the surrounding communities. Long-term goal - 20 – 30% of the complete targeted population.
Product Positioning Service Targets: Elderly Single Families Busy Professionals Services Provided: Home delivery of pre-cooked meals ‘Rent - a - Chef’ program Service Costs Financial Objectives: Achieve break even point A double digit growth rate for each future year Strategic Summary (year end goals): Establish a solid foundation for the business Obtain a steadily increasing client base
Tactical Marketing Plan Advertising Local newspapers Flyers in grocery stores, Hospitals, Nursing homes and on car windshields within a 3 block radius Online
Distribution Strategies Samples, Free Trials Benefit Meals Wedding Conventions Cooking Conventions Coupons, buy one get one, buy one get one ½ off Business Expos Meal give away – prepared, delivered and served for 12 people
Outward Image Clean, bright store interiors French Interior design – the look of professional chefs and superb training Professional staff Khaki and dress shirt uniforms – store staff Traditional chef wear – hat, white coat and black pants Casual chef wear – khakis and dress shirt
Conclusion Prepared Meals, Catering, Special Occasions Ready to eat, ready to cook Target area 20 mile radius of Rochester Market share 10% after the first year Very adaptable to changing market conditions
References Dish It Up. (n.d.). Retrieved May 26, 2010, from Dish It Up: Mayo Clinic Rochester Minnesota. (n.d.). Mayo Clinic. Retrieved May 28, 2010, from Mayo Clinic: Ronald McDonald House. (2008). Ronald McDonald House. Retrieved May 26, 2010, from Ronald McDonald House:
References cont. Seattle Sutton. (2008). Seattle Sutton's Healthy Living. Retrieved May 26, 2010, from Seattle Sutton's Healthy Living: U.S. Census Bureau, Housing and Household Economic Statistics Division, Education & Social Stratification Branch. (n.d.). U.S. Census Bureau, American FactFinder. Retrieved May 03, 2010, from U.S. Census Bureau: qr_name=DEC_2000_SF3_U_DP3&- ds_name=DEC_2000_SF3_U&-_lang=en&-_sse=on&- geo_id=16000US