Your task in this assignment is to create the final version of your plan. You will include all the previous assignments you have been working on and attach the financials.The key to this assignment is to use the feedback you have received throughout the course to polish your plan to the point that you could confidently show it to investors and potential partners or customers. Therefore, one new piece to include is a 1 page executive summary.
Reminders and Notes
- Your company, whether a startup company of your choosing or based on the snack food company scenario, will operate within a 100-mile radius of your home address. Your goal is to reach $1 million in sales by the end of the second year.
Part 1: Business Plan—Final
- The executive summary is a critical aspect of this assignment. Your ability to condense and highlight critical information about your chosen company to investors will determine whether they decide to invest in you and your company or not.
In MS Word, construct a 10–20 page business plan in which you:
- Write a 1 page executive summary highlighting key aspects of each section of the business plan.
- Incorporate feedback to produce a comprehensive business plan for the product or business. Specifically, you will be combining all of the previous assignments and revising them to build your business plan:
- Week 3 Assignment: Company Overview and SWOT Matrix.
- Be sure to include all the headings from the assignment.
- Week 5 Assignment: Marketing Plan and Budget.
- Be sure to include all the headings from the assignment; the budget part of this assignment will be addressed in Section 2.
- Week 8 Assignment: Operations, Technology, Management and Organization, and Social Responsibility Plan (With Financials).
- Be sure to include all the headings from this assignment; the financials part of this assignment will be addressed in Part 2.
- The written section of the financials from the Week 8 discussion thread.
- Be sure to include any financial information that will help to convince the investors.
- Week 3 Assignment: Company Overview and SWOT Matrix.
** ALL PREVIOUS ASSIGNMENTS ATTACHED**
Running Head: YUMMY-YUMMY DESCRIPTION AND SWOT ANALYSIS 2
YUMMY-YUMMY DESCRIPTION AND SWOT ANALYSIS 2
YUMMY-YUMMY DESCRIPTION AND SWOT ANALYSIS
YUMMY-YUMMY DESCRIPTION AND SWOT ANALYSIS
Company Name and Product
Yummy-Yummy Incorporation is a fast-food business that seeks to increase the well-being of persons in the market. The fast-food company will deal with organic products that can be prepared and sold in fast-food outlets across the country. Yummy-Yummy limited will focus on offering the market organic fast-food meals that top-notch chefs make. The foods will be made from different vegetables from different countries. Products will be outsourced from other locations, and the products sold will be given names per the country of origin.
The overall mission for Yummy-Yummy limited is to "Serve delicious, organic foods to all the clients in the most convenient manner." A fast-food business is all about service. Service to its clients, employees, and all other stakeholders. The company needs to serve all customers and non-customers as this will bring the essence of being there for all persons. The business also has organic foods. Organic foods will ensure that people get the proper feed which will also boost the health and well-being of persons who wish to eat fast foods.
Trends in the Industry
Fast-food businesses rely on many components to remain competitive in the industry. Firstly, the business will have to ensure that it has kept proper designs that will make clients feel comfortable. Moreover, the fast-food business is digitizing its operations to ensure all operations are automated. However, they will have to employ personnel who will control these operations and ensure service delivery. The fast-food business is growing exponentially and the Coronavirus pandemic has resulted in healthy lifestyles among people. People are looking into foods that can be easily carried to the workplace and make them feel satisfied at the same time. Vegetarian fast-food businesses are increasing over the years as the demand for vegetarian food is on the rise (Bakaloudi et al., 2021).
Yummy-Yummy Incorporation works to ensure a quality-based positioning strategy. Quality is supreme in all business elements and customers will always jump for quality above quantity. The fast food business is there to ensure that clients get delicious food. Delicious vegetarian food is its specialization. Through this, the business will get to attract a number of its clients as they will be quality-oriented (Iyer et al., 2019). The quality of the foods will also brand the organization and become its unique selling point.
The Yummy-Yummy corporation will sell its products in a restaurant where people will come and take their orders. The business will apply automated systems where clients register using mobile phone numbers. Clients will make their orders and wait at least ten minutes for them to be prepared and packed. Afterward, the client will receive a notification on their mobile phones that their order is ready. The company will also have an online platform to accept orders from its clients and make deliveries using platforms such as Uber (Saad, 2020). A client will choose one product from the menu offered on the website and then select the destination for the products to be delivered. This method will only apply to the clients within a hundred-mile radius of the hotel as it will expand its limits upon developing other sub-branches. Yummy-Yummy limited will also have several ways of creating products that are customer friendly.
1. A valued brand.
2. Delicious foods.
3. Branded products.
4. Embracing Technology.
1. Issues in supply chain management.
2. Employee satisfaction levels.
3. The business model issues.
4. Myths and misconceptions about organic products.
1. Lifestyles changes in adopting healthier foods.
2. Greener approach by the government ensures healthier products are produced.
3. Increased social media channels to market the organization and brand the products.
4. Increased customer preference for door-to-door delivery.
1. Riskiness in investments in organizations.
2. Competition in international markets.
3. Culture changes that are not in favor of organic foods.
4. Stiff regulations concerning wages, hygiene, food quality, and higher taxation from the government.
The information below represents the SWOT analysis for Yummy-Yummy Limited. A SWOT analysis is a technique used in assessing the business portfolio in terms of its strengths, weaknesses, opportunities, and threats. This tool helps determine Yummy-Yummy fast food in terms of what the organization will be good at, what makes the business operations fall, the opportunities in a stall in the industry, and the threats in the market. This will be useful in making proper business strategies to maximize growth and development in the organization and n the industry. Information indicated in the SWOT analysis has been derived from research on how fast food businesses operate, the challenges they face, and the opportunities in the present moment (Galtsova, Pulina & Holovko, 2020).
Galtsova, O., Pulina, T., & Holovko, O. (2020). THE USE OF SWOT ANALYSIS METHODOLOGY FOR COMPLEX EVALUATION OF ENTERPRISES'CLUSTER ASSOCIATION DEVELOPMENT UNDER GLOBALIZATION. Baltic Journal of Economic Studies, 6(5), 163-170.
Saad, A. T. (2020). Factors affecting online food delivery service in Bangladesh: an empirical study. British Food Journal.
Iyer, P., Davari, A., Zolfagharian, M., & Paswan, A. (2019). Market orientation, positioning strategy, and brand performance. Industrial Marketing Management, 81, 16-29.
Bakaloudi, D. R., Jeyakumar, D. T., Jayawardena, R., & Chourdakis, M. (2021). The impact of COVID-19 lockdown on snacking habits, fast-food and alcohol consumption: A systematic review of the evidence. Clinical Nutrition.
Marketing Plan and Sales Strategy
Yummy-Yummy incorporation is a fast-food business that will be set up across the USA. The company will deal with organic products that will be prepared and sold in the fast-food centers in the country. Yummy-Yummy will be classified under the fast-food and retail business.
Yummy-Yummy enterprise seeks to have clients who are young working-class persons. These persons are either working or students on campuses. These students will want a snack they can take and return to work in no time. The business seeks to have clients who are able to ensure that there is an efficient and effective class in their dishes. These working-class persons will have an annual income median of $45,000. Most of the expected clients will be a mixture of who will come and have some time off in the organization. These young men and women will have a lavish lifestyle and want to consume organic products in the market. These people will want to ensure that they can consume fast food products that are non-cancerous and helpful to the body. These customers will purchase the products during lunch hours and during the weekend hours. Customers will want to choose qualitative work over quantity. These customers will be aged 25-34.
Yummy-Yummy limited will work with clients who are aged between 25 and 34 and these persons will have annual incomes of $35,000 to $55,000. These people will be working and have their four-year degree courses. There are other clients who will be students in colleges.
The business will be set up in Texas and will be located in the business center. The location will enable the business operations to be as effective as possible as these students and the working clas persons will access the classes with ease. Moreover, there is a need to ensure clients can place their operations in business environments that will tap uncovered markets and increase the business's potential to add value to itself and others. The business center will be in the urban region with many clients.
The customers will mainly shop in regional malls and shopping centers. They will also want to have hangouts and outdoor activities and will want packed lunches and snacks, which they will easily access at Yummy-Yummy corporation. These customers will mainly use the trains and busses to commute, and this will make business operations easy as they will pass by the location and have a meal. These people will want to have a lavish lifestyle while eating healthy foods as a large part of the group will be conducting exercises in the form of going to the gym and morning runs.
Yummy-Yummy choice of clients is mainly trendsetters and fun seeking. This group of young individuals will always want to try out something new and give their reviews on social media platforms. In many occasions, these are the people who will market the products as they will inform their clients using these platforms on the products. They will use the social media platforms to send reviews concerning the product and how the product will be marketed in the society.
Purchasing Pattern Description
Customers will make purchases in the course of their breaks, which implies tea breaks, lunch hours and evening hours will be mostly busy for the clients. The clients will also want to buy the products in person as they serve these meals to the people in need of them. Clents will make their purchases using debit cards, which is more friendly than carrying cash. The business will be busy all week-days and have limited purchases during the day.
Buying Sensitivities Description
Customers are more focused on the quality of the organization. Quality is one of the most feasible element in the organization.
Main competitors in the market include Java, Mc-Donalds and Beef Burger. Yummy-Yummy incorporation will offer qualitative products to its clients. This will ensure clients will always want to get more from the organization.
Yummy-Yummy Incorporation seeks to create vegetarian foods that are purely organic to ensure customers get maximum satisfaction from the products. The corporation wants to ensure that there are proper elements that exists in foods that will be of great value and eliminate issues to do with chronic illnesses brought about by junk foods.
The corporation’s slogan is Yummy For all.
Marketing Vehicles Table
Social Media: Facebook and Instagram
2-3 times per week.
$600 per month.
TV Stations: Local Station, WTC.
Once per week.
$1,000 per month.
$600 per month.
Search engine optimization
Eight times per day
$1200 per month.
Partnering with food delivery apps.
$300 per month.
Using celebrities in branding.
Three times per week
$1,000 per month.
Per the email sent.
$100 per month.
Marketing vehicles are tools used in advertising to the target audience. The channels above will be used by Yummy-Yummy limited to ensure clients get the best quality services (Tien, 2019). These channels will also ensure the organization grows in terms of customer base. The marketing vehicle with the highest expense is search engine optimization. Email marketing is the marketing vehicle with the least expenditure.
Tien, N. H. (2019). Customization and Standardization of the Business Strategy of Foreign Enterprises in Vietnam: The McDonald’s case and the fast-food sector. International journal of research in marketing management and sales, 1(2), 44-50.
Mamurov, B., Mamanazarov, A., Abdullaev, K., Davronov, I., Davronov, N., & Kobiljonov, K. (2020, March). Acmeological Approach to the Formation of Healthy Lifestyle Among University Students. In III International Scientific Congress Society of Ambient Intelligence 2020 (ISC-SAI 2020) (pp. 347-353). Atlantis Press.
Running Head: BUSINESS PLAN YUMMY 2
BUSINESS PLAN YUMMY 2
Operations, Technology, and Management, and Social Responsibility Plan
Planning is the essential element that drives organizations to success. One needs to plan to ensure successful operations are implemented in the proper manner and direction. In this case, the business plan will include the operations plan, technological plan, management and organization plan, and social responsibility plan.
Yummy-Yummy is a vegetarian, organic fast-food business that seeks to operate worldwide by offering world-class foods to its clients. In operations, the fast-food business will have many facilities. Being a fast-food business, the premises will need an entrance lobby, a serving area, a cashier station, a dining area, seat capacity, kitchen apparatus, serving capacity, and a queue region, among other facilities essential for the business's success. Yummy-Yummy Limited plans to buy all the facilities needed as they will have total control of the apparatus, which will also guide the employees in getting the work done efficiently. Hiring has several expenses in maintaining and paying the lease agreements, which does not add value to the organization (Norris, Taylor & Taylor, 2021). There will be little maintenance costs as soon as these facilities are installed.
A client will proceed to the cashier place and place their orders. As soon as they make all payments for the foods, they will receive a notification on their phones concerning the foods. Then the system will send a note to the chef in charge to make a certain food as per a certain order. The food is packaged using a specific order number. Once the food is ready, the client will receive a notification concerning the food that it is okay. They will receive the order and the process will be complete.
Research and Development
(Norris, Taylor & Taylor, 2021) Yummy-Yummy limited will ensure that the system applied is cashless and that there is reduction in using receipt as the system will be made to use mobile phones as receipts. Moreover, a client can make an order online and make the payments and come collect the order at the appointed time.
The restaurant will need seven employees actively working in the premises. There are other top officials who will work in the back office and ensure all operations are successful. The employees are paid as per the bare minimum wage stipulated in the salaries and remuneration commission.
The fast-food business will require many software and hardware tools that will be useful in effectively managing and transforming business operations into profits.
Yummy-Yummy limited will apply several software which include: Point of Sale system, table management system, food costing system, inventory management system, accounting software, cashflow management software, online order and delivery software, and PMS integration software, among others. This software will work together to ensure all processes are automized as the client makes their order to the payment section and dispatch the products to the client. The software will also have an antivirus system to hold all operations and ensure the organization's software safety (Hartley & Sawaya, 2019).
There are many hardware tech system requirements in Yummy-Yummy Limited. The business will require a touchscreen point of sale terminus, a contactless payment, order and pay at the table, self-order kiosk, printers, cash drawer, buzz timer systems, handheld point of sale system among the computers, servers, Keyboards, mouse touchpads, hard disks, CCTV cameras among other computer hardware. The business will also require telecommunications equipment installed in the facilities.
The telecommunication tools include phones, iPads, Laptops, and internet access that will be used in transmitting information in the organization (Hartley & Sawaya, 2019).
Yummy-Yummy Limited will have to use outsourced and in-house tech personnel. When installing new systems, they will have to outsource the software engineers who will ensure that the organization is moving in the right direction (Hartley & Sawaya, 2019). The in-house personnel will be needed to manage the system and check for any areas that may need replacements or have errors. This method is very cost-effective and will ensure organizational success if well implemented.
Management and Organization Section
Key Management employees
Yummy-Yummy limited will apply a functional organization structure. The top management level will have the CEO, the research and development officer, and the Operations manager. The Operations officer will have several tasks within the facility to oversee all operations from the technology process, procurement, human resource, and complaints section, among others. Each of these divisions will have a department head overseeing the department operations and reporting operations to the Operations Manager (Misra et al., 2020). The Tech officer will give any reports concerning tools, efficiency, and how the organization can increase its efficiency in operations. The CEO will oversee the financial operations, and with the help of the research and operations managers, they will oversee all operations and increase the organization's profitability. The lower-level employees will have customer care personnel, cashiers, waiters, cooks, chefs, store officers, and secretaries.
Yummy-Yummy limited will also apply several advisers who will ensure all employees have complied with all standards. These advisers will help solve lawsuits, research problems, employee management, teamwork, cohesion in the management, and proper accounting and reporting information to the management.
The table below represents a hierarchy of management.
Impact on Stakeholders
Yummy-Yummy Limited is in charge of all its stakeholders in the business. The business must ensure that employees are working in the most conducive environment by ensuring that all health standards have been met (Izquierdo-Yusta, et al., 2019). The organization also needs to enter into contracts with employees to ensure that they have complied with all legal standards needed by the business. Employees must have a health insurance package to ensure they are safe. This will also bring in the issue concerning the remuneration of employees.
Yummy-Yummy limited is also responsible to its clients by ensuring qualitative fresh organic foods are being made in the organization. They will also ensure that the clients get these products at fair prices.
Yummy-Yummy limited will also pay its suppliers on time or as per the stipulated time frame to ensure a continuous supply of the raw materials needed. The business will also pay its taxes and any other government fee to ensure the government benefits from the business.
The number one stakeholder is the community. Yummy-Yummy limited will employ personnel from the community and ensure that the people benefit from the business.
The business will also use renewable package bags for its products (Izquierdo-Yusta, et al., 2019). This will go a long way toward protecting the environment. The organization will also participate in organic planting events that add value to the industry and the world.
Hartley, J. L., & Sawaya, W. J. (2019). Tortoise, not the hare: Digital transformation of supply chain business processes. Business Horizons, 62(6), 707-715.
Izquierdo-Yusta, A., Gomez-Canto, C. M., Pelegrin-Borondo, J., & Martinez-Ruiz, M. P. (2019). Consumers’ behaviour in fast-food restaurants: a food value perspective from Spain. British Food Journal, 121(2), 386-399.
Misra, N. N., Dixit, Y., Al-Mallahi, A., Bhullar, M. S., Upadhyay, R., & Martynenko, A. (2020). IoT, big data, and artificial intelligence in agriculture and food industry. IEEE Internet of things Journal, 9(9), 6305-6324.
Norris, C. L., Taylor Jr, S., & Taylor, D. C. (2021). Pivot! How the restaurant industry adapted during COVID-19 restrictions. International Hospitality Review.
Research and Development Manager
Waiter & Waitresses
Running Head: KEY FINANCIALS 1
KEY FINANCIALS 3
Yummy-Yummy limited is an organic fast food business that offers these products to the young and working class persons. Yummy-Yummy limited plans to expand its operations in the present region and overseas by ensuring qualitative organic vegetarian foods can be easily accessible.
Yummy-Yummy Limited will deal with nine organic products in operations. The organic products have been classified as organic foods, organic drinks and whole meal. There are four organic foods and four organic drinks and one whole meal. The whole meal is a combination of the organic food and the organic drink. The corporation estimates increase in the units produced for all the nine products. The most consumed product will be the Whole Meal 001 product which is a combination of the products being sold in the organization.
Yummy-Yummy limited will have a range of employees from 25 to 35 full salaried employees in production, 3 to five employees in management, five administrative employees and 2-7 marketing personnel to manage all the entities of the organization. The number of employees will change as the demand for these products increase.
Funds to Date and Funds you Plan to Raise
The organization seeks to have capital investments of $61,000 and loans of $18,000. The leans will be accessed from the banks, other financial institutions and debentures. The capital investments are realized rom ordinary shares, preference shares, family and friends as well as angel investors.
Use of Funds
A number of the organization’s expenses are related to the cost of production. Other costs are related to the employee expenses and the benefits. Marketing also contributes to much expenses for the organization.
Break Even Analysis
The organizations seek to break even in the month of September 2023. The organization will have increased revenues from the increased production and cover a lot of fixed costs. The break even will be at October in the first year. The organization will have increased its sales projections to meet the fixed costs.
Yummy-Yummy Limited will generate profits from the month of September. These profits will increase as the years progress.