I. EXECUTIVE SUMMARY:
Sub sandwich industry has been growing at a rate of around 15% as compared to 3% of other fast food like hamburgers. Hence there is a lot of potential in this industry to grow. The cost of entry is low and hence, for the new business venture, collaboration with a coffee house has been created to create as much awareness as possible and attract large consumer base. The marketing objectives are broken down into three phases:
· Awareness
· Trial generation
· Retention and expansion.
The marketing budgets in the initial phase are constrained and hence focus is on word of mouth, leaflets, sampling and radio advertisement and as sales increases with expanding business, marketing budgets are planned to be increase and shift more towards outdoor and television advertising.
II. ENVIRONMENTAL ANALYSIS:
In today’s environment, people are living a very hectic, busy and a fast life. Usually both parents are working and they do not have the time to come home and do the cooking from the start. The kids are busy with sports, soccer, music and other extracurricular activities in addition to school work. Socializing is also on a peak and low cost time efficient availability of food is required. Hence, the fast food industry in such a busy schedule is booming. The fast food industry is huge, very attractive and very profitable and attracts a large customer base of all ages. The sub sandwich industry can be taken as a sub category of fast food or an alternative to burgers and other heave weight gaining meals and sub sandwiches can be seen as a health alternative. As far as the industry is concerned, the competition is very tough as the market is huge and cost of entry is not that high.
“Sandwich chains continue to build market momentum with the flexibility to offer more nutritious choices than pure burger concepts” (http://www.sandwichshopbusinessplan.com)
FAST FOOD MARKET FORECASTS:
As mentioned above, the fast food industry is a growing industry. According to the forecasts, the fast food industry is to maintain an anticipated compound annual growth rate (CAGR) in the United States of 2.3% for the five year time period ranging from 2005-2010 and accordingly this will drive the market for fast food expectedly to $56.7 billion by the end of 2010 which is an increment of 12.1% as compared to the year 2005 (Mccarty).
MARKET SHARE:
Sub sandwich industry is continuing to capture the fast food market share as it is growing by 15% as compared to 3% of others. This is because of increased health concern and sensitivity towards healthier food.
“”The sandwich segment is going to continue to capture market share from the rest of the fast-food industry,” predicted Anthony Conza, Blimpie president.”A lot of that relates to the public’s increasing desire to have a healthier, fresher product.” (Mccarty)
A. THE MARKETING ENVIRONMENT:
Competitive forces:
Completion in the fast food industry is very high and particularly in the sub sandwich industry as the cost of entrée in the industry is very low which makes it easier to start operations. There are huge giants like McDonalds and Burger King in addition to sub sandwich giants like Subway and Quiznos. Other than these giants, there are a large amount of other sub sandwich operators which makes the competition very high in this sector.
Moreover, the completion is even higher in the urban districts as compared to rural areas. But another point to be noted is that business volumes are higher in the business districts due to higher populations and demand for fast food.
“The “crowded, yet growing” sub sandwich segment, as well as the fact that the sub market’s simplicity and low barriers to entry make for tough competition” (Writer, 2007)
Economic factors:
Entering into the fast food sub sandwich industry is relatively easy and low cost which makes it more attractive. As business expands, economies of scale bring the cost of business even lower. However, cost of location sometimes can be very high but this varies according to the choice of location and posh areas and commercial sectors increase the cost of business due to location expense.
For big players like Subway, advertising costs are high as they advertise on prime time spots on television which are very expensive and other above the line (ATL) marketing tools like outdoor advertising which includes billboards. Small operators do not have those big budgets for marketing and rely on word of mouth marketing and BTL tools like free sampling and activations.
Political factors:
There are no such political restrictions but recently there has been a growing concern about obesity. This has proved in favor of sub sandwich industry as sub sandwich industry is growing with the incline towards healthier fast foods as compared to hamburgers. Hence child obesity is gaining popularity with intense pressure building up to take action against such measures and demand is shifting more towards healthier alternatives like sub sandwiches.
“(AP) Every day, nearly one-third of U.S. children aged 4 to 19 eat fast food, which likely packs on about six extra pounds per child per year and increases the risk of obesity, a study of 6,212 youngsters found” (NEWS, 2003).
Legal and regulatory forces:
As the concern for obesity grows, the concern of advertising effects on consumers and their health are rising. This is especially true for children as child obesity is one of the major concerns in this debate. There has been pressure on the government to ban such advertising which affect eating habits of consumers.
The Public Health Association (PHA) shows a positive link fast food and advertising and Calls for a ban on advertisement of such foods (Association, 2006).
However, it is hard to put government regulations on a consumers free choice of food, but what the government in some states has done or has the option to do is to make it mandatory to publish the number of calorie intake that a person will have on that particular item of food and such a case has been seen by a local judge in New York (Skepticum, 2007).
Technological forces:
Technology has been improving rapidly and its effect in the fast food industry has also been felt and has had positive contributions in terms of advertising and manufacturing as well. When we talk about operations and manufacturing, technology helps in making these fast foods which gives them the advantage of time efficiency such as electronic toasters and walk in freezers, electronic cutters and more. It also gives them economies of scale. (JonKatz, 2001)
As far as marketing is concerned, technology has helped transfer the concept of fast food to be more acceptable globally and has helped tremendously in expansion. Other than that, it helps in online advertising, and also in telemarketing, email marking and more. It has also helped in maintenance of a customer database which helps in customer service and satisfaction.
Socio-cultural factors:
In today’s time, people do not have much time and are living life at a very fast pace. Those products are successful that bring with them consumer ease an satisfaction in the shortest amount of time consumed and same is true when it comes for the choice of food and this is why fast food industry is rapidly growing. Recently, health concerns are making its way in the culture of the society and the trend is more towards healthier fast foods like sub sandwiches that offer health, speed and quality to the consumers in one package.
B. TARGET MARKET:
Sub sandwiches industry is a thriving industry and attracts consumers from different classes and age brackets. The business venture proposed is a sub sandwich outlet with the presence of coffee business as well as coffee and fast food attracts the largest of the crowds. The reason for this is that coffee is a necessity in American culture and sun sandwiches are a favorite at lunch and dinner time. So when the two are combined, sub sandwiches can be promoted even when coffee is being served at breakfast or during supper hours since coffee is a must.
The target market hence is divided into five segments to suit the needs of every group.
Target market 1: working class and business executives who like to stop for a strong cup of hot coffee before work to kick start the day.
Target Market 2: We also aim to target teenagers and university students, who would want to stop for a quick breakfast in the morning, or grab a coffee on their way to university.
Target Market 3: This segment targets those who stop for sub sandwiches for lunch.
Target Market 4: this segment of the target market is weight and health conscious people.
Target market 5: Lastly, after all offices are closed, we also aim to attract crowd for dinner aged between 18 and 35.
C. CURRENT MARKETING OBJECTIVES:
The sub sandwich industry as mentioned above is already very competitive and market leaders have huge advertising budgets to compete with. With the proposed venture, marketing will mainly be done on a lower level as compared to these giants. The main focus of marketing currently is to create awareness and trial among the potential customers and take a step towards achieving their brand loyalty in future with providing continuous high quality food.
The main reason a coffee house has been attached to the sub sandwich business is for a round the clock promotion irrespective of lunch or dinner times. Coffee is a norm in American society and a coffee house in the business district as planned for this coffee district will attract crowds. The sub sandwiches can capitalize on this opportunity and promotion can be done at the same time. The presence of the counter even if the sub sandwiches are not being served at that time and adds to the promotion itself.
Other methods include the word of mouth which is a really powerful be it any business. To achieve a positive word of mouth, high quality delicious food is a requirement.
In addition, radio advertising on local channels where the restaurant is located can be effective. Email marketing is also a low cost option. Since the restaurant is in the business district, marketing through leaf lets in the offices is planned to make people aware of the presence of the business operating near their work place which they can visit during lunch hours. This is the start of the business and hence budgets are squeezed, but as the business grows and sales increase, expansion can be done and advertising on a larger scale can be implemented where the focus can shifted more towards ATL marketing tools.
III. SWOT ANALYSIS:
A. Strengths:
· It is a different kind of concept. Combining coffee and fast food for which the demand is very high. Since a coffee house in a business district can attract large number of people, sub sandwiches can capitalize extensively on those customers and create a name for it.
· Indirect marketing of sub sandwiches at all times even during the hours when sub sandwiches are not selling such as breakfast time but due to the presence of the brand in the house when coffee is being sold, the consumers are unconsciously paying attention to the sub sandwich brand availability.
· The variety in the menu to suit the needs of different kinds of people or the same people at different times so as to provide them with something unique in each visit.
· The location is in a business district and hence one of the major advantages is the crowd and the amount of people and hence, a vast market can be tapped with greater number of people with limited marketing resources.
· Offering customized sub sandwiches according to the desire of the customer.
· Since it is a new venture and on a small scale, adding new varieties to the menu is very quick in contrast to the big player and also time efficient. Hence keeping up to date with demands of the customers and offering them what they want.
· Cost of franchisee is not that high
B. Weaknesses:
· It is a new business venture and hence the brand name is not recognized yet.
· The budgets at this initial stage are restricted and hence ATL marketing cannot be done.
· There is a danger that if demand exceeds capacity of this one outlet, customer dissatisfaction can be bad for business.
· Employee turnover at the initial stage is high and variations in service can occur. (Mccarty)
· As it is a small business, there is no significant presence and no franchisee yet and hence it is difficult to compete with well established brands with a store at every corner.
C. Opportunities:
· High growth potential in the industry.
· Shift in demand from burgers to healthier fast foods like sub sandwiches.
· Sub sandwiches suits the life style and hectic schedule of the Americans and those in the business district of the Midwest.
· Easy cost of entry in the business and low start up costs.
· Low cost of franchising.
· Improve and change menu offerings according to customer demand not a problem.
· Opportunity to partner with and experiment with other brands and food types like deserts, coffee and others to expand business.
· Improve customer service every step of the way.
D. Threats:
· Competition is very tough.
· Others in the fast food business have started to offer sub sandwiches with the increase in its demand. For example fast food giant McDonalds’ started offering sub sandwiches called McSubs to cater to increasing demand a long time ago and other are following suit. (times, 1990).
· Downturn in the economy and financial market can affect and hurt the business and sales.
· Lot of clutter in advertising and heavy budgets are required to break through the clutter and leave a mark on the mind of the consumers.
· Easy cost of entry is also a threat as the competition increases in the sub sandwich industry as the demand increases.
· Delivery service by big giants can hamper gaining dominance by small operators in a specific location.
E. Matching strengths to opportunities, converting weaknesses and threats:
· Capitalize on the huge market for sub sandwiches and increasing demand
· High quality food and variety to keep customers attracted.
· Reduce turnover of employees and offer consistent customer satisfaction through service.
· As it is a small venture, capitalize on size and offer new varieties more frequently which are difficult to offer by market leaders.
· With growing concern about obesity, focus more on healthy fast food when advertising to get customers of other fast food restaurants offering hamburgers.
IV. MARKETING OBJECTIVES:
Analysis the SWOT analysis it is clear that there is potential in the sub sandwich industry to expand but completion is tough although there is high demand. Hence in the first phase of marketing the new brand, the objective is mainly to create awareness and hence, collaboration with coffee is created to attract as many people and potential customers and promote the brand through low budget marketing and mainly through word of mouth.
In the second phase, the objective is to generate trial as much as possible and marketing is done through leaflets and brochures to be distributed in the business district where it is located.
In the third phase the objective is to retain the existing customers and to attract more customers. Marketing can be done through radio advertisement as budgets ware constrained for television spots on prime time. Expansion should be the main objective after awareness has been created.
Another very important aspect to be focused when marketing the brand is to target the health conscious people as they are more likely to be potential customers as they are shifting eating habits from hamburgers to submarine sandwiches.
V. MARKETING STRATEGIES
A. TARGET MARGETS
The key to selling the product is not as dependent on advertising or distribution, or even the product or the service as it is on the target market. One needs to take time to carefully identify the target market, segment it, then choose the most profitable segment according to the product or the service being offered and then devise an entire marketing plan (Price, Product, Promotion, Distribution ) around it.
Since we are opening a blend of coffee shop and sandwiches, our target market is spread over a larger base, where we aim to target coffee customers (teenagers on their way to college and university and business executives who are on their way to work) in the morning hours (between 7 am and 10 am) and the business peoples during the lunch hours(s we are planning to open the outlets in the business districts). Also for dinner, through special deals and the variety in the menu we aim to draw teenagers and random crowds, who are just out for a quick bite (Eaton, 2006).
Target market 1: Working class and business executives who like to stop for a strong cup of hot coffee before work to kick start the day.
Another reason to target coffee drinkers in the morning is that since we are a new product in this already competitive market, pairing up with an established coffee brand will give the exposure and marketing needed to introduce our product among customers.
Example: According to the target market analysis the peak hours of coffee business are from 7 am in the morning to maximum 10 am. Between these hours, the working class is on its way to work and our location in the business district is perfect to target these people.
Here we give them two options, either they can grab a coffee and head off to work (if they are short of time) or they can sit and sip hot coffee with some freshly baked muffins in a peaceful environment, equipped with all necessary accessories or coffee fixtures as we call them, such as newspaper, comfortable couches, coffee tables an so on (Morgan, 2007).
Target Market 2: We also aim to target teenagers and university students, who would want to stop for a quick breakfast in the morning, or grab a coffee on their way to university.
Since we aim to maximize the space we are paying for at all time of a day, we have targeted to different market segments, one for coffee and the other for sandwiches. The students can sop and grab some quick coffee along with a donut or a muffin at affordable prices, since we realize their budget and time constraints.
For this purpose we also plan to introduce certain items in the menu specifically targeted towards this segment of our target market.
Target Market 3: The final segment of our target market is focused towards those customers who would stop by for lunch and taste one of the delicious mouth watering sandwiches we plan to have on our menu
For Example: as we will be located in the business districts (at least initially) we aim to attract the office going class (as our targeted Customers) who would stop by for lunch during their lunch breaks. Since lunch breaks are usually short (mostly 45 minutes to an hour), our sandwich parlor would be the perfect place to grab a quick delicious and affordable bite at lunch.
We are also aware of the fact that people do get bored of the same food everyday, hence in order to attract a continuous of customers we plan to keep a vast variety in our menu, with special items popping in now and then to give our customers a large number of options to choose from, also keeping in mind that they experience different tastes every day while maintaining our quality standards (Zuber).
Again we will make sure those proper fixtures for lunch, that is, a separate menu board for sandwiches on one side of the wall, while a separate counter for coffee, and so as to avoid confusion also standard table and chairs for the customers will be provided as their comfort is our utmost priority.
Target Market 4: A major chunk of our target market is weight and health conscious people. The decrease in the sale of hamburgers and cheese burgers has contributed to the expansion of the sandwich market which is now growing at a rate of 15% annually as compared to 3% growth in the burgers and steak markets
This phenomenal growth in this segment of the market provides us with a great opportunity to cater to health and diet conscious people by keep specialized subs in the menu, keeping in mind their requirements.
Therefore, we are responding to the growing customer expectations for healthy and custom made sandwiches, we plan to explore a new market, moving away from the already saturated hamburger market.
Target market 5: Lastly, after all offices are closed, we also aim to attract crowd for dinner aged between 18 and 35. We will provide them with an environment where they can come in, sit, relax, have a nice meal or an after dinner snack.
B. MARKETING MIX
1. Product
When we talk about the product we need to consider two aspects of it. The product itself, as in the sandwiches we offer to our customers, and the service which we provide at our out lets.
Both aspects are equally important and contribute equally to the marketing mix. As far as the sandwiches are concerned, that is the tangible attributes; we will focus on freshly baked bread along with fresh vegetables and other fillings and sauces.
There will be 6 types of bread which come in 3 different, 6ft, 12 ft and 15 ft (for f those food lovers). Apart from that there will be 15 different toppings to choose from, ranging from tuna, to mushrooms to olives, chicken, salads, including low fat fillings, you name it and we have it (Subway: Anyway, 2005). There would also 10 different dressings and sauces to spice up the sub, all put together we aim to offer endless amount of possibilities so that u get an entire new experience every time u visit us. The purpose is to involve the customer with ever visit, and as they create their own subs, we feel the brand attachment and satisfaction will keep bringing them back.
We also need to focus the service aspect of the restaurant. As we are all aware of the fact that only satisfied customers come back for more. Therefore we make sure our customers get their food well in time, for which we will train our employees. We also need to make sure we are courteous to our customers, giving them a warm experiencing that they have no option but to come back.
Price:
The sub sandwich industry as mentioned above is already very competitive and market leaders have huge advertising budgets to compete with. With the proposed venture, we have decided to adopt the low price penetration strategy, while subway has adopted a premium pricing strategy with prices approximately 15% higher than its competitors (Subway’s Marketing Strategy in India, 2005).
There are several reasons for adopting a comparatively low price strategy. For one, the hamburger and sandwich industry is very competitive right now with giants such as Subway, Wendy’s, Jack in the Box and McDonalds, who have been there for a very long time and a have very strong following of loyal customers.
McDonalds alone operates in 119 countries with 31,000 retailing chains, while the United States fast food market is projected to have a volume of about 37 billion transactions (Mccarty, 2006). Thus with retail chains with such a wide spread network, we need to price our subs at a lower value comparatively in order to penetrate into out target markets.
With this low price we will be able to penetrate ourselves in the market and profits we will be based not with low volume high price sales, rather we aim to succeed by grabbing a larger chunk of the market and make profits through low price high volume sales.
Also as we have been mentioning before, these sales will be sided by our house that has been attached to the sub sandwich business is for a round the clock promotion irrespective of lunch or dinner times. Coffee is a norm in American society and a coffee house in the business district as planned for this coffee district will not only attract crowds but also help us generate our profits by bringing in large volume of customers.
Distribution: As we are opening just one outlet initially, our distribution strategy in future will mainly focused on efficient delivery system, lower prices for franchises so that we can penetrate every corner of the market, and lower service costs. Initially the product would be available in one store only and will be expanded with time. We do not plan to start a delivery or online order at this point
Promotion: since the fast food market is very saturated at this point, promotion plays a very important role to register your new product with customers. Thus we carefully need to consider our promotion strategies. There can be several ways we can promote our product into the market. For starters, as we have been mentioning, by attaching our self to a coffee store, in a country where hot coffee is a norm, we do get a lot of exposure into our target market that would come in for coffee (Duncan, 2007).
Then we can use other promotional offers, however since we are a small business right now we can not afford television advertisement. We will therefore focus on below the line (BTL) activities such as distributing leaflets in offices and tubes etc.
Since 70% of our target market is within the same district we are located in (the business district), we can also do a little free sampling in the form of small Sub Bites at peak hours (lunchtime), to attract customers in the outlet after they have an idea what we are offering them.
The remaining budget can be used for direct mail, by first analyzing our target market and then sending out our menus and new offerings to them.
All these promotional activities as we have mentioned earlier will be spread over three phases, first phase will focus on awareness, in the second phase we will generate trial, and in the third phase will focus on retention and expansion.
VI. MARKETING IMPLEMENTATION
A. Marketing Organization
Since we are targeting diverse customer segments, from working class to health conscious people, our product requires extensive customization (with every sub served to match the need of the respective target audience). It is therefore necessary to organize the marketing functions by customer groups or segments as we call them. This will enable us to focus our efforts exclusively on the needs, expectations and specifications of each target customer segment. We have therefore decided to organize the marketing functions along the following customer segments(1) working class and business executives who like to stop for a strong cup of hot coffee before work to kick start the day; (2) target teenagers and university students, who would want to stop for a quick breakfast in the morning, or grab a coffee on their way to university; (3) this segment of the target market is weight and health conscious people; (4) This segment targets those who stop for sub sandwiches for lunch or for dinner who are mostly aged between 18 and 35.
Each group will be responsible for the marketing of the product and coming up with new creative product and marketing ideas for that particular segment assigned to them. Also each group will be given most of the decision making authority while the front live employees would be empowered to make on the spot decisions that will maximize customer satisfaction. Hence we see a shift from centralized decision making authority to a decentralized one.
These changes will also help the marketing organization to be more creative, proactive and flexible in nature and also give us an opportunity to monitor and respond to competitor activities.
B. Activities, Responsibility, and Time table for Completion
After designing the marketing plan and identifying the target markets we move on to the implementation stage which will begin from the end of the next fiscal year, from November 1. All activities will be categorized and handed out to the people in charge, who will then be responsible for complete execution of those activities.
November 1, create four marketing and sales manager position, one for each customer segment and one position of the marketing director who will overlook the four managerial positions and ensure coordination between them.
November 15, assign four members of the analysis team on the following projects (1) research potential new products and customers and identify new customer expectations; (2) design a customer survey project to gauge customer feedback and explore new product areas.
By January 20, the research teams will report their research and market survey results.
By March 25, develop a marketing information system which incorporates all customer or target market information.
By May 15, develop the new product offerings along with an analysis of potential customers for which the business analysis team will be responsible.
July 15, make initial contact with identified potential customers for trial phase.
August 20, implement the customer satisfaction survey, previously designed and address customer concerns. For this job the marketing manager is responsible.
September 20, implement the improved product offerings and start advertising efforts to potential target market, on a low scale to create awareness.
October 30, analyze the report results of customer satisfaction surveys and evaluate the product offerings at hand for which the marketing manager is responsible.
VII. EVALUATION AND CONTROL
A. Performance Standards and Financial Controls.
After the plan goals are set an analysis of them will be conducted with the financial expenditures. The following financial controls and performance standards are suggested:
· Out of the total promotional and advertising budget, initially 55% will be dedicated to customer surveys and new product research.
· Te budget break down with in the budget will be a 40% allocation to customer survey, competitor survey and marketing information system development, 50% allocation to new business development and product implementation and the remaining 10% for free sampling, BTL activities and so on.
· Each project team is responsible for reporting all financial expenditures and well as direct expenses for their respective segments for which a standardized reporting format will be developed by the marketing director.
· The marketing manager, one reported all the information will be responsible to adherence to the project budget and make any adjustments necessary based on the results.
· All new products will be evaluated on a quarterly basis to determine profitability and hence the continuation or elimination of the product
B. Monitoring Procedures
In order to analyze the effectiveness of the marketing plan of the new business it is necessary to compare the actual performance with the planned objectives for which monitoring procedures should be in place:
· Time requirements, resource needs and budgetary expenditures will be evaluated using project management concepts.
· A perpetual comparison of actual and planned activities will be conducted on a monthly basis after the initial implementation phase.
· Each project team will be responsible to determine what changes should be made in the product focus, procedures and operations based on he results and studies conducted in their respective areas.
References
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