Hello I am working on a Marketing plan with my Classmates we are Team 1 CateringI need parts 4 and 5 complete This is the assignment Class,Most of the assignment is done but the last part isnt complet
The Future Mission Statement
Our objective as Top Choice Catering is to provide our customers with the ultimate dining experience at their chosen location in the city of Fayetteville, and surrounding area; with our diverse menu, quality food, awesome presentation, excellent service, and a professional staff-all striving to manifest the perfect event. We will work to develop relationships with people in the community and build trust while focusing on protecting the environment. There will be brand values of trust, loyalty, and encouragement that will guide all the activities in the business.
VisionOur vision at Top Choice Catering is to provide a professional event from start to finish, whether an intimate affair or the biggest of bashes, our team treats every person like family.
ObjectivesMarketing Objectives
Experience an increase in the number of new customers who are converted to be long-term customers.
Diversify the products offered to include anything from pancakes, breakfasts at churches to prime ribs dinners at large non-profit events.
We strive to offer exemplary service that is differentiated from the competition so that it can attract high levels of return customers.
We look forward to offer catering services in 60 percent of the large events held in Fayetteville.
Financial Objectives
To be the one of the largest catering services in North Carolina by increasing our sales 5% annually. We plan to meet this goal by employing aggressive advertisements and giving customers exactly what they want (Burns, 2016).
Increase the profit from one event to the other through strategic planning and minimization of expenses.
A double digit growth rate every year.
We anticipated $1 million up-front funds. Out of the up-front funds, the partners provided $500,000, and the remaining is being provided by BB&T. The prices for the start of the business will include;
| Commodity/Expense | Price |
| Catering equipment | $200,000 |
| Office and office equipment | $80,000 |
| Training of staff | $60,000 |
| Advertising | $50,000 |
| Networking | $25,000 |
| Salary for the first month | $100,000 |
| Licenses and insurance | $35,000 |
| Staff uniform and banners | $50,000 |
| Total | $600,000 |
The total price of the requirements to start the business and see it run for the first month is $600,000. There will be a balance of $400,000 that will cater for all the other expenses before the business can start realizing profits.
Expected salesThe first month will not be included in the sales forecast, as it will be used to gather the required equipment and the staff. It will also be used to be used in extensive marketing. In the second month, a few catering jobs will be expected but the income will not be significant. Through marketing and word of mouth, the fourth month is expected to show a steady increase in sales up to the end of year (McDonald & Wilson, 2016). Networking will be crucial more so with event organizers in the city. The peak will be reached in December when the monthly sells are expected to hit $70,000. For the first year, the projected sales will be $515,000. Therefore, the business will breakeven within the first year after reaching the $500,000 mark.
Graph 1: Forecast sales
The sales forecast for the first three years will be done by grouping the customers into two categories; middle class customers and upper class customers. The middle class will be expected to pay a lower amount for catering services in an event; however, they will be the majority. For the upper class, they will be few, but will pay highly for catering services.
| Sales | 2018 | 2019 | 2020 |
| Middle class customers | $215,000 | $330,000 | $410,000 |
| Upper class customers | $300,000 | $380,000 | $470,000 |
| Total sales | $515,000 | $710,000 | $880,00 |
Marketing will be a priority in the marketing of the organization. The cost will be deducted from the $1,000,000 startup capital. For the first year, the marketing budget will be $75,000.
| Budget | 2018 | 2019 | 2020 |
| Advertising | $50,000 | $60,000 | $65,000 |
| Networking | $25,000 | $30,000 | $40,000 |
| Total budget | $75,000 | $90,000 | $105,000 |
The main aim of the Top Choice Catering marketing plan is to act as a guide for the organization. Therefore, there will be a need of monitoring to gauge the performance of the firm. The areas to be monitored include;
Revenue: this will be monitored on a monthly basis to see if the figures match the sale forecasts. There will be the annual revenue measure that will be used in planning for the second year.
Expenses: the expense will be monitored every month to ensure that they do not become costly to the organization (Blackwell, 2011). There will be an annual report of the expenses incurred.
Repeat business: the clients who get return services will be monitored so that they can be discounting and any other plans that the firm may have for its loyal customers.
Customer satisfaction: at the end of every event, the client will be expected to give a feedback (McDonald & Wilson, 2016). There will be monthly meetings to review the feedback from the clients so that improvements can be made based on that.
References
Blackwell, E. (2011). How to Prepare a Business Plan: Create Your Strategy; Forecast Your Finances; Produce That Persuasive Plan. London: Kogan Page Publishers.
Burns, P. (2016). Entrepreneurship and small business. London: Palgrave Macmillan Limited.
McDonald, M., & Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from them. New Jersey: John Wiley & Sons.
