Studio 67 - Mission and Vision Statement, 4 Ps of Marketing, Supply Chain, Sales Analysis - Example

Assessment 1 Table of Contents Introduction 2 Description about Business 2 Marketing Objectives 3 Mission & Vision Statement 3 4P’s of Marketing 4 Target Market 5 Supply Chain 5 Competitors 5 Sales Analysis 6 Profitability Analysis 7 Financial Analysis 8 Tactical Analysis 8 Marketing Analysis 9 Conclusion 11 Introduction Developing new business requires that the management looks towards working on the different aspect of the business so that based on it proper strategy which will help towards determining the manner the success of the business will be achieved can be made. This report looks into developing a new business in the service sector where the focus is on providing organic food to the customers through the restaurant to be called by the name Studio67 and will be opened in Australia. This report looks to present the financial analysis along with the different budgetary requirements and overall process which will help the business to determine the manner they will be able to perform in the market. This will thereby help to understand the manner in which the performance can be improved and the future earning can be estimated Description about Business This section tends to provide the information about the company and the idea that about the venture and the manner it will help in the growth of the business. Studio67 will open a restaurant by this name and will look towards offering organic food which is healthier compared to the other food that is served in the restaurant. This will act as a differentiating factor and will determine the manner in which the business will be able to develop its business. The business is building a new idea of providing customers with food which is non greasy and non oily so that customers don’t have to deal with the risk of obesity. Since, customer focus towards health has increased it thereby provides an opportunity through which the business will be able to catch on it and ensure a mechanism which helps to satisfy the customers to a very high extent. Marketing Objectives Studio67 based on the manner in which they want to work have looked towards identifying the strategic objectives which they want to achieve. Based on that Studio67 has looked towards allocating their resources so that the business is able to achieve its objective and ensure that the overall vision of the business is achieved. The strategic objective for Studio67 is To ensure that the profits of the business increases by at least 7.5% Having quality in their servings which matches top class food but also ensuring that the servings are oil free and fit for consumption also for people suffering from obesity Hiring the best quality talent so that customer satisfaction can be enhanced and ensuring that the restaurant has the required workforce which will enable them to deliver their business on the stated model Mission & Vision Statement The vision and mission statement of Studio67 is as Vision: Provide food to customers which are delicious but have little or no iol content so that people even suffering from obesity can dine in the restaurant and will also provide an opportunity for others to be fit. Mission: Studio67 will provide quality food and standard ambience which looks towards matching the quality of food served by the top restaurant by ensuring that the food is non greasy. 4P’s of Marketing This section will look towards examining the manner in which Studio67 will look towards ensuring that business looks towards providing quality services. This helps the description to be as follows Product: Studio67 looks towards ensuring that the product served by Studio67 will ensure that there is no oil and grease. This will ensure that the product served by Studio67 is of the highest quality and will ensure maximum productivith from it. Price: Studio67 looks to price its product for the premium category of customer as it looks towards designing the ambience, have quality food and ensure proper delivery of food and services so that customers are satisfied. For this purpose Studio67 looks towards pricing their product slightly high so that they are able to fetch sufficient revenues for their business. Place: Studio67 will provide services at the restaurant and the food will be delivered by the customers at the table. Studio67 looks towards providing food directly to the customer and ensure enhancement of customer satisfaction. Promotion: Studio67 based on the budgeted allocation for marketing looks towards marketing the restaurant through newspaper, bill boards, pamphlets, radio and other cost effective promotional tools. Studio67 is also aiming at high customer satisfaction so that word of mouth can be used to attract customers and spread the popularity about the restaurant. Target Market Studio67 looks towards targeting both the male and female population. The fact that Studio67 looks towards differentiating their food by serving oil frees food so that will look towards targeting customers who are obese. Special care has been taken to ensure that the food served by Studio67 has the required nourishment and looks towards targeting the same segment of the customers by delivering quality service Supply Chain Studio67 has looked towards developing their entire supply chain in such a manner that there is continuous availability of raw materials as well as finsihed products. This will enable the business to ensure that they are able to have the required resources which can be used to produce finished product. This will thereby act as a step through which the business will be able to work on developing quality services which will look towards meeting the requirements of the customers. Competitors Studio67 faces stiff competition as the restaurant industry is slowly moving towards saturation. Most of the restaurants look towards offering customers a comfortable ambience, quality food and service. This makes the differentiation factors between the different players to be very little. In addition to it all the different players in the market are looking towards developing a niche market for its services by differentiating itself which will require that the business focuses on acting in such a manner that the customers become loyal and will have to look tor something different in their services so that more and more customers are satisfied. Thus, the degree of competition is very high and the degree of differentiation is very low. Sales Analysis Studio67 based on the market conditions and the manner the other restaurants are performing has determined the revenue potential for the business. While forecasting the revenues Studio67 has ensured that differentiation of their services from other is taken into consideration so that an appropriate revenue model can be developed as is as Sales Forecast (3 years)   Year 1 Year 2 Year 3 Revenue from Restaurant Business $118,000     Revenue from Restaurant Business   $148,000   Revenue from Restaurant Business     203,000 Other:       Delivery of packaged food   $12,000 $27,000 Total $118,000 $160,000 $230,000 The same has been depicted through a representation of a chart to be as Profitability Analysis Based on the estimated earnings and expenditure Studio67 has looked towards identifying the profit and loss that the business will be able to visualize in the near future and is as Sales Forecast (3 years)   Year 1 Year 2 Year 3 Revenue from Restaurant Business $118,000     Revenue from Restaurant Business   $148,000   Revenue from Restaurant Business     203,000 Other:       Delivery of packaged food   $12,000 $27,000 Total Revenues $118,000 $160,000 $230,000 Expenses       Development of Restaurant 35,235 21,000 18,000 Capital Expenditure 28,000 24,000 21,500 Promotion 5,000 13,000 19,000 Recruitment 12,000 23,000 29,000 Other Expenses 8,700 10,500 12,200 Total Expenses 88,935 91,500 99,700 Profit Before Tax $29,065 $68,500 $130,300 Income tax (10%) $2,906.50 $6,850.00 $13,030.00 Profit after tax $26,158.50 $61,650.00 $117,270.00 The above projections have also included taxes but are bound to change due to different taxes that the government of respective state imposes on different business. Despite it the profit and loss projection for Studio67 highlights profit for the business Financial Analysis This analysis will help to understand the manner in which Studio67 will be able to generate profits and the time which will be required to cover the cost. The break even analysis is as Break Even Analysis Cost Description Fixed Cost Variable Cost (%) of fixed cost Variable Cost     Employees & Chef   10% Other Services   3% Fixed Cost     Development of Restaurant 35,235   Capital Expenditure 28,000   Promotion 5,000   Recruitment 12,000   Other Expenses 8,700   Taxes 2,907   Total Fixed Cost 91,842   Total Variable Cost   13% Breakeven Sales Analysis 103,782   The analysis shows that the break even point for Studio67 will come when the restaurant is able to sell goods worht $103,782 which is after removing the operating expenses as it will help them to cover their capital expenditure. Tactical Analysis Studio67 has looked towards developing a framework through which they will ensure that the goods are sold in cash. Since, the work in the service sector where food is served to the customers so special effort has been made to ensure quality. Further the payments in the market will be made at the earliest. The restaurant also looks towards having different schemes and discounts based on different situation which will ensure that the business is able to develop something for everyone thereby ensuring variety and different options for the customers to choose from. Marketing Analysis This aspect will help to understand the marketing strategy that Studio67 looks to have. This will help Studio67 to work on different areas and deliver quality service 6.1. Value Proposition Serving food which has high nutrients but is non oily and greasy so that all type of consumers can consume it Ensure quality workforce who are able to understand the customer requirements and provide services based on the customer requirements Ensuring competitive pricing so that customers get something extra for the same price 6.2. Branding Studio67 has to look towards understanding the key success factor which determine whether the business is successful or not and will help to gauge the efficiency and growth of the business in different terms. The most critical factor which will determine the success of the business is the ability of the restaurant to retain customers. This will act as a major point in determining whether the restaurant is able to provide quality services to its customers. This will require that the restaurant looks at developing a Balance Score Card which looks towards noting the level of satisfaction and the different factors which helps to determine whether the customers are satisfied or not. This will act as a major point which will determine whether the business has been able to perform satisfactorily and is able to ensure contribution from all the different areas. This will help Studio67 to develop their brand ensure that customers are provided with something extra Conclusion This report thereby looks to present the business plan for Studio67 where the report dwells on different aspect of the management. The report presents the manner in which Studio67 will go about developing the business and concentrates on the financial aspect to find out whether the business will be able to benefit from investing into the business. This report also looks to provide the manner in which Studio67 will look towards marketing the restaurant and the manner in which it will operates. It thereby presents all the important details pertaining to the restaurant business and the manner the industry and market is growing which will enable the investor to get the money both from self financing and borrowing from the market. Assessment 2 1. Describe 4 different marketing options you could include in your marketing plans The different marketing option that can be implemented in the business are Offer free classes or serves so that consumers, employees and other understand the product or services better. This will also ensure that the doubts get solved and will help to understand the manner in which the product or service will provide additional value to the business. This will also act as a step where better description about the product or services can be provided Look towards joining the local business groups and networking sites so that the business is able to increase their awareness about the product and services. This will act as a measure through which the business is able to market their products and ensure that better relationship is developed which will look towards providing better marketing strategy for the business The business can look towards becoming part of some charitable trust or can look towards increased help towards the society in some form or the other. This will help the business to be able to develop a network where awareness about the company spread fast. Since, it will look towards providing the benefits to the society it will thereby ensure that word of mouth spread fast and the business is able to market itself better The business should look towards creating their own blogs so that customers are able to provide their feedback. This will help in receiving both positive and negative feedback which will help to understand the area that the company needs to work on so that the performance improves. Further, this will also ensure that positive feedbacks creates the company is a better situation as people reading the blogs will be temped and pushed towards purchasing the products and services of the company 2. Describe 4 different marketing strategies The different marketing strategies that can be implemented in the business are Offer free classes or serves so that consumers, employees and other understand the product or services better. This will also ensure that the doubts get solved and will help to understand the manner in which the product or service will provide additional value to the business. This will also act as a step where better description about the product or services can be provided Look towards joining the local business groups and networking sites so that the business is able to increase their awareness about the product and services. This will act as a measure through which the business is able to market their products and ensure that better relationship is developed which will look towards providing better marketing strategy for the business The business can look towards becoming part of some charitable trust or can look towards increased help towards the society in some form or the other. This will help the business to be able to develop a network where awareness about the company spread fast. Since, it will look towards providing the benefits to the society it will thereby ensure that word of mouth spread fast and the business is able to market itself better The business should look towards creating their own blogs so that customers are able to provide their feedback. This will help in receiving both positive and negative feedback which will help to understand the area that the company needs to work on so that the performance improves. Further, this will also ensure that positive feedbacks creates the company is a better situation as people reading the blogs will be temped and pushed towards purchasing the products and services of the company 3. Describe the benefits and restraints of 4 different marketing approaches The different marketing approaches will help the business to make changes so that they are able to ensure that the goals of the business can be achieved. Using the different marketing approaches will ensure that the business is able to use different strategies through which they will be able to ensure that the resources are used in the most efficient manner and will help the business to come up with strategies through which there is better control. This will also enable to develop a pool of customers and ensure that regular awareness about the product or services is created. Chaning the marketing strategy continuously will have an effect on the business as ensuring the changes will make it difficult for the business to gain effectiveness from the previously used strategy. This will also make the customers and employees doubt whether the strategy adopted by them is correct and will create doubt in the mind of the customers regarding the manner in which the overall strategy is implement and might hamper the progress of the business in different quarters. 4. Describe the benefits and constraints of 4 different marketing mixes The marketing mix helps to understand the manner in which the different areas constitute towards the overall growth of the economy. This helps to understand the manner in which the different important variables contribute towards the growth of the organization and helps to understand the manner in which the organization can look towards developing their marketing program. This will require that the different people working for the organization are able to understand the goals and direction and can look towards working on the different parameter that has been provided. The contraint for the organization is that it looks towards concentrating only on the internal area of the business and doesn’t consider the global areas which might thereby have an effect on the performance. There can be situation where the global situation is something different from the business situation which will make it difficult for the business to be able to achieve its objectives. 5. Describe the following legislation / codes of practice / national codes ADMA Direct marketing code of Practice: ADMA code of practice is a developed code of standard which looks towards protecting both the consumer and the business by setting legislation which looks towards breaching the code of conduct and looks towards promoting a culture which helps to increase the confidence level of the business. This is developed so that the business is able to continue their operations smoothly and doesn’t faces any obstacle but at the same time ensures that the business is able to get the relevant directives which also ensures that they act fairly Australian E-Commerce Best Practice Model: This model clearly sets the code of conduct for protecting the interest of the consumer in e-commerce business. This helps the businesses and different groups of people to deal with consumers who indulge into online transaction by following a voluntary model of conduct which is based on the legislative requirements. This thereby ensures that the business is able to work with clear transparency and is able to ensure that the interest of both the consumers and the business is protected. Australian Government Policy Framework for Consumer Protection in Electronic Commerce: The government has looked towards ensuring that the interest of the consumers are protected in business conducted through e-commerce by ensuring that the business looks towards providing genuine products to the consumers which have been demonstrated through their websites. This also looks towards ensuring that the bargaining power of the consumers increases as they are provided with greater flexibility and looks towards ensuring that the business is aimed at providing maximum efficiency to the consumers Free TV Australia Commercial Television Industry Code of Practice: It is the self regulatory code which has been adopted and needs to be ensured that the business looks towards adapting free to air broadcaster in the Australian media. This thereby lays down the framework within which the broadcaster have to work and have to look towards ensuring that they are able to provide the required channels as stated and abide by the rules so that the interest of all parties are protected Defamation: It is a false communication which is made with the intention to tarnish the image of some other person or organization. It is considered as an illegal act and is done for the purpose of maligning the image so that the other party is seemed more acceptable and the consumers or person to whom it has been directed accepts the other party. This act is considered an act which is wrong and should be condemned so that true and actual facts should only be brought forward to the people. Copyright: It is a legal right which is provided by the government to ensure that the original creator or person who has developed the things has certain rights which are exclusive over it but is limited for a certain period of time. This is done with the intention to ensure that the person who has fairly and discovered something new is given some extra facilities so that people look towards developing similar new concepts or things which will benefit the society over a loner period of time. Equal Opportunity: The Equal opportunity states that each and every person irrespective of caste, creed, sex and culture should be provided with an opportunity which is equal and same for all. This requires that the management should be flexible and ensure that all people within the organization is given the correct adequate opportunity. This will make the team comprise of different people with different background which will make it necessary that the management is able to ensure cultural integration so that the business can be managed in an effective manner. Along with it the involvement of the management will involve and special care has to be taken to ensure that no employees is secluded or treated in a manner which is unfair or unjust. Thus, it will require that the process of people management develops further and the entire workforce is controlled in a manner that provides maximum benefit and opportunity of growth for the business. Privacy Laws: The privacy law states that the state has to look towards ensuring that the information which has material relevance and is available to the person should be protected and steps should be taken to ensure that the personal and privacy of a person is not breached. This law requires that appropriate steps to protect the interest of the private parties is developed Anti Discrimination: It states that all employees have to be treated equally and should be treated at par with all irrespective of age, sex, creed, color, gender, religious, and political party. It requires that no discrimination should be made against any one as all people are equal and should be treated equally by ensuring that all people are provided appropriate opportunity. This will ensure harmony and will make all people to work together as a unit which will help in accomplishing the work in a better manner as it will look towards better efficiency and achieving the goals in a better manner. Regulations for sweepstakes: It is a method which is adopted to promote a product by giving coupons which the consumers have to fill and based on which gifts and other emoluments are provided to the customers. The prizes vary based on the company and the different strategy adopted and is done with the purpose of promoting their product or services so that more and more consumers know about the product or services and look towards purchasing those. Trades Practices Act 1974: This is a law which is pertinent in Australia and looks towards protecting the interest of the consumers and also looks towards having certain restrictive trade practices act for the companies which will ensure that the business is able to garner efficiency for the consumers. The trade practice act looks towards developing a required platform through which the performance is monitored and steps are taken to ensure that the business is able to perform its duties in a correct and lawful manner. Read More