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BUS 301 November 28, 2018 Table of Contentsexecutive summary3Mission, Vision, and Values4Industry and competitive analysis5-7Products, Pricing, and services8-9Marketing Strategy10-12Risks of operations13External Benefits to the University14-16Appendices#Executive Summary Mission StatementBrainFood is dedicated to providing the students of the University of Louisville (UofL) with a healthy, yet reasonably priced variety of smoothies, salads, sandwiches, and snacks. By delivering healthy food and snack options made with primarily locally grown fruits and vegetables, BrainFood is promoting healthier and stronger brains. BrainFood is focused on integrating ingredients into our menu that promote brain function, learning, and memory.Vision StatementOur vision is to give students the best food and beverage options, while also providing them with an experience they will not forget. We aim to promote healthy living and whole food nutrition, in hopes students learn that eating healthy can be simple, inexpensive, and tasty.ValuesSmile! It could change your customers’ day.Show that you care.Ensure employees and customers are having funIndustry and Competitive AnalysisThe food and beverage industry on the University of Louisville’s campus is constantly changing with new food options opening and restaurants moving locations. This industry is a competitive cluster, especially on a smaller campus, but there are many opportunities BrainFood can capitalize on that will contribute to BrainFood’s success.Current Food and Beverage Alternatives on CampusThe healthier alternatives currently operating on campus that will pose more serious competition to BrainFood are Subway, Ville Grill, McAlister’s, Sandwich Shack, and the Student Recreation Center (SRC) Café. The more convenient but unhealthier options are Chick Fil A, Papa Johns, Wendy’s, Panda Express, and Twisted Taco.Most of the market share on campus is owned by Ville Grill, Chick Fil A, and Subway. BrainFood will be able to compete with these popular locations by providing fast service and lower prices, two areas these restaurants are lacking in, and excelling in the following areas. Areas of Opportunity for BrainFood:Providing a new healthy food and beverage option: Several of the current restaurants on campus offer healthy food choices on the menu, such as Chick Fil A and McAlister’s, however none of them advertise and run their business completely based on healthy food. BrainFood would be the first restaurant on campus to be a complete healthy food choice. Health and nutrition is an increasing concern among many students and BrainFood would be able to fulfill this demand. Fulfilling the lack of food options in the College of Business: The Texas Roadhouse space in the atrium of the College of Business (COB) provides a convenient location for a restaurant, as the College of Business currently offers no food or beverage options. Adding a restaurant to the College of Business would not only provide COB students with an easy and convenient option but also draw in other students and decrease the crowd and long lines in the Student Activity Center where most of the other restaurants are located.Satisfying the need for more variety among food choices: Besides Starbucks, no other restaurant on campus emphasizes drinks as a primary product. The lack of businesses that are beverage-based provides opportunity for a food and beverage option that allows students to quickly grab a healthy beverage, such as a smoothie. Additionally, this industry is dominated by fast food options, and there is definitely a demand for a business that does not fall in the category of fast food.Other Potential CompetitorsThe newest food option on campus, Sandwich Shack, opened during the Fall 2018 semester and is located in the Student Activities Center. Thus far, this business has not gained the popularity needed to be a successful and profitable business on campus. The main reason for this is the lack of variation from existing food options. The Sandwich Shack does not have a mission statement that separates them for the other food options on campus, and this business is close to being categorized as “fast-food.”Concluding ThoughtsOverall, this industry is very competitive, however a business, such as BrainFood, that is able to separate themselves from the alternatives will be much more successful.Products, Pricing, and ServicesProducts OfferedBrainFood is committed to providing a menu filled with a variety of fresh and healthy food options. Our goal is that anyone and everyone is able to find something on our menu that they will enjoy. The general products and flavor combinations that will be offered at BrainFood include:Smoothies and Acai Bowls (small and regular size)Strawberry/Banana, Pineapple/Mango, and Blueberry/StrawberrySalads (half and full size)House, Cobb, Greek, and Fruit SaladSandwiches and WrapsTurkey, Ham, BLT, Grilled Cheese, Veggie Combo Snack AssortmentGranola bars, Chips, Vegetable Boxes, and Mixed NutsPricing AnalysisOur goal is to offer a fair priced menu for the students of the University of Louisville, while staying competitive in order to retain customers. We understand being a student is expensive, and money is not easy to come by. The pricier items included in our menu such as the full size salads and regular size will not exceed $10. Smoothie prices can be compared to that of Einstein Bros Bagels single smoothie option and will be available for purchase from $4 - $5. Similarly, sandwich and wrap prices will be competitive with prices at McAlisters and the newly opened Sandwich Shack. Prices for these items can be expected to be $5 - $8 depending on the type chosen. The assortment of offered snacks will be available at their standard retail prices ranging from $1 - $3.Meal SwipesLike all other restaurants on campus, BrainFood will offer multiple combinations that University of Louisville students will be able to purchase for a meal swipe. Four meal swipe combinations will be offered:Option #1: Full sized salad of choice with a regular fountain drink or small smoothie Option #2: Sandwich of choice with either a fruit or veggie cup and a regular fountain drink Option #3: Any half size of an acai/smoothie bowl with a regular fountain drinkOption #4: Any regular smoothie and snack of choiceOn the Go OpportunitiesBrainFood will partner with Tapingo, an app allowing students to place orders ahead-of-time on their cell phone. This decreases long lines and student wait time and ensures students will still have the chance to eat even in a rush. Tapingo also allows students to customize their orders to their liking, enabling them to choose exactly what they want while also easily navigating dietary restrictions. A new and exciting feature recently put into effect by Tapingo is a delivery option. Unlike competitors such as UberEats and GrubHub, Tapingo’s delivery option will be completely staffed by students. This job allows students to be their own boss, as they are able to decide for themselves which orders they will deliver based on the times that they are available to work. Marketing StrategyOverviewDriven by the goal to attract University of Louisville students, a wide variety of cost-effective and user-friendly marketing strategies will be implemented to promote BrainFood and increase awareness across campus. Located in the atrium of the College of Business and occupying the previous Texas Roadhouse study space, BrainFood will offer a healthy, yet reasonably priced menu to UofL Students consisting of smoothies, salads, and sandwiches. A unique variety of inbound and outbound marketing techniques will be employed to achieve this goal.Inbound Marketing StrategiesThe inbound marketing approach attracts individuals by strategically placing content in front of them in a way that is relevant to what they are searching for, thus making individuals more likely to become customers. Inbound marketing strategies are ideal for small businesses like BrainFood because these methods are inexpensive, easy to implement, and user-friendly for customers. The inbound marketing strategies that will be utilized to promote BrainFood and create awareness across campus are social media marketing, student surveys, and advertising in the College of Business’s monthly newsletter.Social Media Marketing: Promoting BrainFood on social media will be one of the main forms of marketing the business utilizes. Since social media sites are one of the most commonly utilized platforms by our target audience, it is expected that this form of advertising will be one of the most effective. An Instagram account will be maintained and updated regularly, with a focus on customer interaction. Giveaways for a free smoothie will be conducted each time the account’s followers increases by 100 followers.Student Surveys: Surveys will be sent out to students via their Cardmail accounts before BrainFood’s opening to narrow down potential food options and will continue to be sent out once every quarter. These surveys will not only provide vital information about the target audience but will also inform students again of the new restaurant on campus. Students who complete the survey will receive 10% off their purchase.College of Business’s Monthly Newsletter: Advertising in the monthly newsletter that is sent out to all College of Business students and faculty will further increase BrainFood’s exposure. A special “Meal Deal of the Month” will be advertised in the newsletter, offering a unique, meal combo at a discounted price.Outbound Marketing StrategiesOutbound marketing techniques attract customers who may be potentially interested in what the business has to offer and teach them more about the business. In turn, these methods are often more expensive to implement but show promising returns. BrainFood will implement a variety of outbound strategies to teach potential customers what BrainFood is all about.Campus Housing Events: BrainFood will host and/or sponsor events at affiliated campus housing, such as Kurz Hall, Community Park, The Province, and University Pointe. Students who attend the events will have the opportunity to play games for gift cards and sample food straight from the menu. Students that participate will be entered in a drawing for a BrainFood gift-basket.Percentage Night Fundraisers: College of Business organizations, such as Delta Sigma Pi and Student Council, can host percentage nights at BrainFood, where 15% of the proceeds at the end of the night go back to the organization. These events incentivize students to support the specific organization, while also supporting BrainFood.Punch Cards: Loyalty cards will be offered and punched each time a student purchases a smoothie. Once a student has purchased four smoothies, the student will receive the fifth smoothie for free. This method encourages students to revisit BrainFood in order to receive a free smoothie.RisksThe risks associated with opening BrainFood in the College of Business are: Low traffic in the College of Business: Placing BrainFood in the College of Business could be risky because it is a more low traffic area when compared to other areas on campus, such as the SAC and Ekstrom Library. Not only is the College of Business geographically located on an outer edge of campus, it also houses a very specific set of classes. Business courses are not taken by a smaller amount of students because they are not general education requirements. This is significant because it means many students will have to go out of their way in order to eat at BrainFood.Removal of a student study area: Students that attend classes within the College of Business are hardworking, and the COB is already lacking study space. BrainFood will remove a study room in the COB, so it must be advertised that BrainFood will not do more harm than good. It is essential that BrainFood voices the benefits of adding a healthy food and beverage option to the College of Business and not weigh on fact a study space is being removed. Construction and noise during class time: The construction of the restaurant could cause the students and faculty stress if the project is not completed in a timely and quiet manner. Noise from construction could be a major distraction to students and professors during class. In order to minimize this risk, construction will begin during the summer with the goal to be completed by the beginning of the fall semester. BenefitsOutsider OpinionsThe overall opinion of a college or university is important for many reasons. Funding, enrollment rates, and the overall future of the university are affected by how people, both internal and external to the school, view the university. Rankings are a great way to determine the best of the best and showcase some of the University’s strengths.Rankings3080254409575In September of 2016, , a website devoted to healthy living, named the University of Louisville one of the Top 25 Healthiest Colleges in the U.S. The website commends UofL’s wide variety of traditional and unique fitness classes, along with the great frequency that the classes are offered. Although these features have not changed, the University of Louisville has found itself left out of more updated “healthiest campus” rankings. We can infer that although our Student Recreation Center is seen as above average, the food choices on campus are hurting our overall “health” status. Adding BrainFood to the University of Louisville campus will bring something to students that they have not yet been provided. UofL has yet to work organic and local food sources into their menu, and by doing so, we believe that UofL will be able to regain their position as one of the healthiest colleges in the U.S.Student EmploymentThe addition of another restaurant on campus will allow for more on-campus job opportunities. On-campus jobs do more for students than what meets the eye. As well as helping students financially, they also allow students to become more involved on campus and improve their grades.Financial Assistance: Students and their families are paying a significant amount of money in order to pursue a chance at a higher education. According to the University of Louisville, in-state students who plan to live on campus can expect to pay approximately $21,914. Out-of-state students can expect to pay upwards of $37,000, and neither of these figures include technology or campus health fees. With prices like these, more students than ever are looking for part time employment.3629025114300Campus Involvement and Connections: On-campus jobs allow students to become more integrated within their campuses and provide unique opportunities to make connections with faculty members. A NAPSA Journal titled “The Influence of Work on College Student Development” examined a study and found that, “Employment on campus appears to have a positive effect on involvement with professors and in clubs and organizations.” Student employment allows for more outside-of-the-classroom interaction between professors and students and encourages student workers to continue to find other ways to get involved on campus.Improved Grades: Better grades, or more specifically a higher GPA, seems to be the most unforeseen benefit of student employment. It has been found that, “working part-time, between 10-19 hours per week is not only compatible with being a full-time student, it is also associated with greater time spent studying and a higher GPA” (Dundes, 117). On-campus jobs help keep students motivated and on track by providing them with an environment that prioritizes their academic success.Overall, most studies seem to come to the conclusion that when students work between ten and twenty hours per week, they are able to benefit from a variety of skills including improved social and time management skills. These skills then transfer into their academic careers.Concluding ThoughtsSince the only food that can be purchased from the College of Business is from a vending machine that requires the use of cash, the need for a restaurant seems fully supported. Additionally, when a single building houses approximately ninety faculty members, as stated by the University of Louisville’s College of Business website, and a steady flow of students, having a place to quickly purchase food seems more than reasonable. ................
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