Vision, Mission, and the Team
The vision is to become the customer’s ultimate choice for all cafeteria needs through the profound promise to offer service with enthusiasm. The business always aims to address individual needs while demonstrating an equal degree of integrity in all interactions. The mission is to provide affordable and high-quality meals to students promptly.
The team will include chefs, a manager, three servers, and a cashier. Employment will be available on a part-time and full-time basis. Meetings to address emergent issues will be held twice weekly to ensure the cafeteria’s activities run smoothly.
Current Market Situation
The proposed cafeteria will be housed in a building with departments that have a high number of students. The advisement and financial aid department students do not have easy access to food and beverages. The students, whose families frequently accompany them, often wait several hours for snacks from a single cafeteria in the locale. The proposed cafeteria is the ideal vehicle through which students can access various high-demand products at an affordable price. While there are cafeterias at this college, they are particularly far from this four-story structure and lack the necessary signs to guide new students to the cafeterias’ locations.
SWOT Analysis
One of the strengths is that students prefer speedy access to food from a vendor providing a space to sit. Furthermore, there are very few alternatives available to students in the area. The weaknesses include the fact that the canteen will require heavy financial investment, and there is limited space to set up a canteen at the location in question. The opportunities include a readily available market of students and staff and a high potential for growth, given the ever-increasing number of students. Finally, threats include a price war with the existing cafeteria and challenges associated with gaining approval from the administration.
Objectives
The preliminary investigation revealed that students are dissatisfied with the cafeteria facilities owing to the prolonged waiting hours and substandard services. As a result, the key objective is to establish a modern cafeteria with cutting-edge features, products, and services. The cafeteria will be open five days a week to accommodate all students. The ultimate goal is to establish a standard for providing high-quality services and goods at a fair price.
Target Market and Marketing Mix Strategy
The target market consists of all students and employees from the university’s finance and advertising departments. The product is the first component of the marketing mix, and it is separated into the installation of the new cafeteria and its operation for five days as part of the launch. Each of the five days’ menus will be unique, highlighting various available items. The second factor is pricing, which will be comparable to or even lower than current market rates.
The third component is promotion, which will begin in July with strategic messaging announcing the cafeteria’s arrival. The promotion plan will be separated into two parts, with the first emphasizing the establishment of a new cafeteria and the second highlighting the products, longer operating hours, and an inexpensive pricing strategy. Posters, brochures, and bookmarks will be essential advertising materials. Word of mouth will primarily generate excitement and expectation among students. The goal is to instill a sense of enthusiasm in the target market. The cafeteria will be promoted using social media sites like Facebook, Twitter, and Instagram.
Action Plan
The plan of action involves distinct steps, the most important of which is accessing funding. Sponsorship bids have been weighted differently to provide suitable exposure for corporations eager to invest in the cafeteria. Some suggestions include emblazoning the company’s symbols on the cafeteria walls and naming some goods after the investing firm.
The café will be outfitted and furnished with an initial capital expenditure of 42,000 dollars from personal finances. There will be 20,000 dollars in emergency funds available to handle unforeseen circumstances. Finally, a $150,000 line of credit with a 6.2% interest rate will be available if the company needs it.
The installation of the cafeteria is the second important step. The primary tasks will be to enclose the area with glass, install two entrance and exit doors on both sides of the space, and incorporate abstract paintings on the rear wall. The furnishings in the chosen area will need to be changed, as will the lighting fixtures and fans.
The installation of a plasma screen and the inclusion of company logos on the walls will be prioritized. The final activities will be the procurement and installation of cooking equipment and new signage across the campus. It is important to note that all activities above are subject to institutional approval.
The goal is to enclose the proposed cafeteria with blasted glass walls on all sides to give it a distinctive appearance. Specific tables and chairs have been selected, and a predetermined seating arrangement has been proposed. So far, the aim is to blend sofa seats with tables, tiny square tables, and comfortable wooden chairs. The tables would be assembled so that about 16 tables, each with a capacity for four diners, would fit in the available area, providing adequate room for people to move around. Individual seats will also be available for people who prefer to sit alone.
Menu Items
The menu will primarily consist of fast-food staples. Hot dogs, chicken tenders, pizzas, soups, and bottles of water, sodas, and juice will be available. It is worth noting that consumers often prefer customized and personalized products(Halim et al. 615). Therefore, the items with the highest profit margins will be displayed in the upper left corner, and the menu will be separated into logical parts.
Images will be used infrequently to let the customer’s imagination determine the quality of the dishes. Illustrations will be employed since they are frequently universally appealing and may express the cafeteria’s personality. Finally, monetary symbols will be removed from all cafeteria menus.
Budget
The budget estimate for the process is $5,000 for the purchase and installation of blasted glass, 1000 for paint, and 3000 for furniture. It is estimated that 10,000 dollars will be spent on kitchen equipment, 500 dollars on lights, 300 dollars on blinds, and 1000 dollars on miscellaneous expenses. Other expenses include licensing fees and relevant permits. The purchase of produce for the cafeteria is estimated to cost approximately 4,000 dollars, and salaries are likely to cost 3,000 dollars for the first week of operation. Total expenses for the installation of the cafeteria are estimated at 27,800 dollars.
Business Goals: 30-60-90 Day Plan
Identifying areas where more training is needed and enhancing networking activities are among the business goals for the first thirty days of operation. All spending will be documented and compared to the budget within 60 days of operation. In addition, team member growth will be monitored, and biweekly meetings to handle emerging concerns will continue. After 90 days of operation, income and spending patterns will be studied. A first-quarter analysis will be conducted, and the plan will be amended depending on the results.
Work Cited
Halim, Karina Kusuma, et al. “Business Intelligence for Designing Restaurant Marketing Strategy: A Case Study.” Procedia Computer Science, vol. 161. 2019, pp. 615–22. Web.