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Executive Summary:
Our new marketing focus, made explicit in this plan, renews our vision and strategic focus on adding value to our target market segments, in our local market.We are going to plan for openening vegetable restaurant which is only for vegetable lovers . In this case our product is only vegetable. VEG LOVERS is a private limited company, which offers only veg items, for the people who are health conscious in their daily items and avoid non-veg. And for this we have targeted the customer of all ages. So we would provide the best quality and wonderful service in order to create grater customer value. Our main target would be to create a very good image in the market by providing quality of vegetables. We are planning to give raw material as fresh vegetable from costal areas in our country. To accomplish our job we would be very much conscious about social corporate responsibilities and our main target would be to provide greater customer value. And that is why we would be very much aware about customer feedback too. To make our plan success we have done situation analysis under which we have taken decision about market size, macro and microenvironment, critical issues . Again we have fixed marketing strategies for this restaurant. We have also projected the financial part, which contains forecasting of sales, forecasting of expenses and the break-even analysis. And finally we have done the implementation.
Goals
Vegetables restaurant is an innovative concept that targets a new, growing market. We assume that the market will respond, and grow quickly in the next 5 years. Our goals are to create a reputation of quality, consistency and security (safety of food) that will make us the leader of a new style of dining.
Objective:
Vegs lover main objectives are to:
Create jobs Provide quality vegetables and customer service at a reasonable price Achieve a profit within the first year Continually and consistently increase total number of customers per year
customers with new and pioneering products with international standards to match the changing lifestyle today. We will also maintain a friendly, fair and creative service environment which greetings diversity, ideas, and hard work. Before starting our venture we selected what will be our selected group or what will be our selected consumer. As a small business owner we will not be able to provide services for every people. Our main target markets are for trendy, middle and upper middle people. In order to be an efficient business organization we have to measure what will be the market how will we provide the best services among those target consumers. And we set a very reasonable rate for every customer, which they can easily afford. We will extend our business according to the customer demand. We are assuring a perfect arrangement of starting a new part of life, a new era of entrepreneurial business.
Production
Food production and assembly will take place in the kitchen of the restaurant. Fresh vegetables, meat and dairy products will be used to crate most of the dishes from scratch. The chef will exercise strict standards of sanitation, quality production, and presentation or packaging over the kitchen and service staff.
Service
There will be three ways a customer can purchase food. They may sit down at one of the 54 seats in the dining room and get full service from a waitperson. A separate take-out counter will service those who wish to pick up their food. Most take-out food will be prepared to order with orders coming from either the telephone or fax. Delivery (an indirect form of takeout) will be available at certain times and at certain times and to a limited area.
Market Analysis
The Target Market Our restaurant will be located in a downtown urban setting, it is an area where people travel to eat out and one that is also frequented by tourists.
Market Location & Customers
Banani is one of the most desirable retail locations in Dhaka city . The Dhaka Chamber of Commerce rates it as the 8th best retail market in the city. There are more than 400 businesses in a 1/4 square mile area with average sales of 50000 tk per square foot. The customer base will come from 3 major segments;
is centrally located and 15 minutes drive of 6 major suburbs Colleges and Universities Banani alone has 15 different universities and many different colleges and schools so its have large student bodies. Local businesses -- The Dhaka Chamber of Commerce lists over 100 businesses with an average of 12 employees in the Banani area
The food concept and product image of our restaurant will attract 3 different customer profiles;
vegetable eating habits. They like to eat different kind of vegetables. The health conscious person of any age or sex -- this includes anyone on a restricted or prescribed diet or those who have committed to a healthy diet. Curious and open-minded -- "if you try it, you will like it." Through marketing, publicity, and word-of-mouth, people will seek out a new experience and learn that nutritious food can be tasty, fun, convenient, and inexpensive.
The population and demographics of Banani have remained steady for the last 5 years. School colleges and universities have increased 35% over the last 5 years and is predicted to keep growing. Local businesses are increasing at a rate of 20% yearly. The idea of a health consciousness through nutritional awareness and dietary change has been slowly building for the last 7 years. The extensive government studies and new Food Guide Pyramid As people want to stay home more and cook less our strategy of delivering prepared meals on a weekly or monthly arrangement may be a widespread accepted new way of eating.
The Competition
There are over two dozen restaurants in the Banani area that sell food at similar prices. Although this presents an obvious challenge in terms of market share, it also indicates the presence of a large, strong potential. The newest competitors have made their successful entry based on an innovative concept or novelty. Our restaurant will offer an innovative product in a familiar style at a competitive price. Our aggressive plans of take-out and delivery will also give us an advantage to create a good market share before the competition can adjust or similar concepts appear.
Focusing on the unique aspect of the product theme (healthy, tasty foods) a mix of marketing vehicles will be created to convey our presence, our image, and our message. Print media -- local newspapers, magazines and student publications Broadcast media -- local programming and special interest shows Direct mail -- subscriber lists, offices for delivery Misc. -- yellow pages, charity events A public relations firm has been retained to create special events and solicit print and broadcast coverage, especially at the start-up. The marketing effort will be split into 3 phases;
1) Opening -- An advanced notice (press packet) sent out by the PR firm to
all media and printed announcement ads in key places. Budget - 10,0000 tk
2) Ongoing -- A flexible restaurent (using the above media), assessed
well as enhancing the customer's overall experience. Word-of-mouth referral is very important in building a customer base.
Sales promotion:
Promotion is one of the key elements of the marketing mix, and deals with any one or two-way communication that takes place with the consumer. This article concentrates is a high level introduction to developing a promotional strategy for our business focusing on advertising and other 'pull' tactic.
Operations plan
Facilities & Offices
This restaurant is a 2400 Square foot space. It was formerly a restaurant and needs on minor structural modifications. The licenses and codes' issues are all in order. New equipment and dining room furnishings will be purchased and installed by the general contractor
Hours of Operation
The restaurant will be open for lunch and dinner 7 days a week. Service will begin at 11:00 AM and end at 11:00 PM. The restaurant will be closed every saturday .
Employee Training & Education
Employees will be trained not only in their specific operational duties but in the philosophy and applications of our concept. They will receive extensive information from the chef and be kept informed of the latest information on healthy eating.
Systems & Controls
A big emphasis is being placed on extensive research into the quality and integrity of our products. They will constantly be tested for our own high standards of freshness and purity. Food costs and inventory control will be handled by our computer system and checked daily by management.
Food Production
Food will be prepared on the premises. The kitchen will be Most designed for high standards of sanitary efficiency and cleaned daily. Food will be made mostly to order and stored in large coolers in the basement.
Delivery & Catering
Food for delivery may be similar to take-out (prepared to order) or it may be prepared earlier and stocked. Catering will be treated as deliveries.
Machinery list:
Dishwasher Spice Shelves Shelving Unit Worktable Heat lamps Refrigerated Prep Station Microwave Oven Overhead Warmer Heat Lamp High Efficiency Series of Gas Digital Convection Ovens Fire protection system Exhaust hood and fans Pressure less Steamer Soup warmer Toaster Refrigerated display case Blender
Manpower required:
Chef: 1 Assistant cooker: 2 Quality supervisor: 1 Production worker: 5
Management summary:
Board of Directors
An impressive board of directors has been assembled that represents some top professional from the area. They will be a great asset to the development of the company.
Consultants & Professional Support Resources
At the present, no outside consults have been retained, excepting the design department at Best Equipment.
Management to be Added
We are presently searching for a general manager and executive chef. These key employees will be well chosen and given incentives for performance and growth.
Management Structure & Style
Mr. X will be the President and Chief Operating Officer. The general manager and chef will report to him. The assistant manager and sous-chef will report to their respective managers, and all other employees will be subordinate to them.
source of funding
Each investor contributes Taka 5,00,000(5,00,0005=25,00,000) which will be the paid up capital of our restaurant. Rest 25,00,000 will be borrowed from the bank as term Loan. Debt/equity ratio will be 50:50. Partner are investing 25,00,000tk (5,00,0005=25,00,000tk) Bank loan 25,00,000tk
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Debt/equity ratio will be 50:50 The total investment in the business is TK.500000.Members will 2500000 taka (5lakhs each) Total 50,00,000tk Debt/equity ratio will be 50:5o The total investment in the business is TK.500000. Members will contribute 2500000 taka (5lakhs each).
Financial plan
The total cost of the project is estimated at Taka fifty lakhs. Estimated expenditures are as follows : 1 2 3 4 5 6 7 Rent for premises in advance Kitchen equipments Erection and Installments Decoration costs Cookeries Furniture, Fixtures and Equipments Pre-operating Expenses TK 9,00,000 TK 11,50,000 TK 60,000 TK 9,50,000 TK 6,50,000 TK 9,40,000 TK 3,50,000
DESCRIPTION OF INSURANCE COVERAGE Any property is subjected to risks, those are covered by Insurance cover note. Possible risks and required coverage are suggested below:
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Risks Earthquake Flood and cyclone Fire Theft and burglaries Electrical clause
Reasons The premises is by rent It is in the first floor There risk from the kitchen Protection of cash and valuables are essentials Accidents from electrical short circuit may occur
Conclusion
The initiative to launch a Vegetarian Food Shop is a new concept. It goes with the present trends of food habit of the modern world. The company has to give the top most priority on quality of the food they produce. Our target market is obviously the students and people going to universities and offices near our restaurant. So, especially the trendy, upper middle and the upper class people will get preference in our marketing strategy. Finally, as entrepreneurs, we wont be sticking to conventional or traditional products or services. We will always look for new ideas, products, and services and then make our customers get used to them through extensive marketing
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strategies; to get our store more & more competitive advantages. We hope that our restaurant will be achieving reputation. We believe our success depends on our customers satisfaction. Thus, our primary value is fulfillment of the customers needs.
Appendix:
1. Wikipedia.org 2. Answer.com