Business plan of coffee flavour ice-cream
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This document contains a business plan for a proposed cafe called Coffee Cream that will serve a new type of coffee flavored ice cream. The plan includes details on the cafe's mission, location, budget, pricing strategy, target market, and marketing approach. The cafe aims to target NSU and IUB students who enjoy coffee and ice cream by providing a unique tasting product and hangout space. An initial investment of 2 million BDT is budgeted which is estimated to earn a profit of 4,000 BDT per day, reaching a break-even point within 1.5 years. The marketing strategy will use various promotions and an online presence to position the cafe as offering a distinct ice cream experience.
Business plan of coffee flavour ice-cream
- 1. Report on a Business Plan Submitted by: Name: ID: Md. Najmul Huda 1130849030 Najnin Sultana 1230274030 Iffat Ara 1110647030 Eleyas Mahbub Rifat 1130681030 Abu Sayeed Chowdhury 1120832030 Mkt460, Section: 2 Submitted to: Samy Ahmed, Lecturer, School of Business, North South University.
- 2. 1 | P a g e Letter of Transmittal: August 1, 2015 Samy Ahmed Lecturer, School of Business North South University. Dear Sir, We would like to give special thanks to you for giving us the opportunity to do this project and helping us a lot about this project. We have tried our best to do this report with due sincerity. Despite some limitation we have tried to complete the project accurately. Should you have any further enquiry concerning any additional information we would be very pleased to clarify that. Thank you. Sincerely Yours, Md. Najmul Huda________________ Najnin Sultana__________________ Eleyas Mahbub Rifat_____________ Iffat Ara_____________ Abu Sayeed Chowdhury_____________
- 3. 2 | P a g e Acknowledgement: First of all we would like to give thanks to Allah for giving us the ability to complete the project properly. Only for the grace of almighty Allah, we could prepare the assignment. Then we want to express our warmest thanks to our honorable instructor Samy Ahmed, Faculty member, School of Business, North South University. With his help it has become possible to complete this project. We are really grateful to him for his special co-operation and support. His helpful advices inspired us to do this project. His proper guidance helps us to learn about this project. Actually his contribution to us cant be measured; he gave support each and every time with very friendly manner that cant be expressed in word. We are really very grateful to him. We have done this project within a very short time. If it has any error or fault then we are praying apology for this.
- 4. 3 | P a g e Table of Contents Mission statement: .......................................................................................................................... 6 Location (Place):............................................................................................................................. 6 Budget plan:.................................................................................................................................... 6 Pricing strategy: .............................................................................................................................. 7 Positioning: ..................................................................................................................................... 7 Market segmentation and Target Group Analysis: ......................................................................... 8 Market opportunity analysis (MOA): ............................................................................................. 9 Market Demand:.......................................................................................................................... 9 Market Forecast:.......................................................................................................................... 9 Market potential: ......................................................................................................................... 9 Company Demand:...................................................................................................................... 9 Integrated Marketing Communication(IMC):............................................................................... 10 Sales promotion..................................................................................................................... 10 Discount................................................................................................................................. 10 Contest................................................................................................................................... 11 Quantity Deals........................................................................................................................... 11 Couponing................................................................................................................................. 11 Loyalty Program........................................................................................................................ 12 Event Marketing........................................................................................................................ 12 Direct Marketing ....................................................................................................................... 12 Internet Marketing ........................................................................................................................ 13 Website.................................................................................................................................. 13 Social Media.............................................................................................................................. 13 Pop-Ups/Pop-Under .................................................................................................................. 13
- 5. 4 | P a g e Executive Summary: We want to launch a hangout place named where our customer can and sit and gossip with their friends. We will introduce a new coffee flavored ice-cream which is the combination of coffee and ice-cream. That means we will provide ice-cream that contains coffee flavor. As this ice-cream is new in Bangladesh so we think we can create a good demand for this product. We will primarily focus to NSU and IUB students who love coffee and ice-cream. As it is a hangout place so those who want a hangout place they will also considered as our target group. We have estimated that we primarily invest 2 million taka to launch this business and if we can get good feedback from customer we will be able to make 4,000 BDT profit per day. As a result we will be able to get our return on investment within one and half years. We will try to create a good positioning in customers mind so that we can create a good value for our brand. Our positioning will be We will try our level best to give unique taste to our customer. Because of different time schedule many NSU and IUB students get bore and look for hangout place. We will take that scope as our opportunity. We will provide well decorated hangout place where they can sit and chill with their friends. So , we think it will create good demand for our company as well as our product. We also see good potentials in marketplace. We will use integrated marketing communication (IMC) to promote our business so that our customer came to know our caf辿 easily. We will use discount, contest, coupon, quality deals, loyalty programs, event marketing, direct marketing as our promotional tool in different situation. We will have a website page and page on Facebook so that customer can easily find us and access our information.
- 6. 5 | P a g e Introduction: We want to launch a hangout place where our customers can sit, gossip and pass time. We will also launch a different type of ice-cream there so that our customers can pass their time having ice-cream. The Ice-cream will be coffee flavored ice-cream. Its completely new flavored ice- cream which will be available in our cafe. We will make this ice-cream specially for those people who like coffee and ice-cream. The name of our caf辿 is We select this name because we will provide coffee flavor in ice-cream. Thats why its name is coffee cream.
- 7. 6 | P a g e Mission statement: Our mission statement will be Make you feel a different taste. Business plan: Location (Place): We will select 300 fee in Bashundhara as location for our business cafe. Because it is good place where people especially students can go for hangout with their friends. It has a good natural view. Another most important reason to select this place is it is not too far from our target group (TG). Budget plan: Initially we will buy two ice-cream making machine.
- 8. 7 | P a g e Description: Cost: Ice-cream making machine ( 2 pcs) 1,000,000 BDT Decoration and furniture 400,000 BDT Rent and advance 300,000 BDT Marketing investment 300,000 BDT Total 2,000,000 BDT Pricing strategy: We will use value based pricing strategy for our business. We will try to create a value for our ice-cream as it will be completely new in ice-cream industry. We will fix 60 BDT for a ice- cream. Our estimated revenue plan per day is mentioned below: Day basis revenue plan: Revenue (60*200) 12,000 BDT Cost (40*200) (8,000) BDT Profit 4,000 BDT Estimated revenue per month: 110,000 BDT Estimated time to reach break-even point: One and half years. Marketing plan: Positioning: We will try to flourish an unique taste in ice-cream. That will help us to differentiate our product from our competitors those who sell ordinary ice-cream only. Our positioning will be . We will hardly try to make the taste unique so that customer like it and can recall our brand during usage situation (At the time when they want ice-cream).
- 9. 8 | P a g e That means we will give such different taste to our customer so that once they have it, they will come again and again to take that different taste. Market segmentation and Target Group Analysis: Bases of segmentation Characteristics Demographic (age) 15-20 21-25 26-30 30+ Occupation Student Service holders Businessman others Psychographic (personality) Extrovert introvert dependable Followers Benefit Tasty Nutrient value Different flavor Energy giving
- 10. 9 | P a g e First we divide market based on some criteria. Then we select our target group from those segmentation. Those are highlighted are our target group. Market opportunity analysis (MOA): Our target customers are mainly NSU and IUB students. There are a lot of students in NSU and IUB who loves coffee and ice-cream. Some on them also want a place where they can sit and gossip with their friends. We will take their interest as our opportunity. We will provide a place where they can sit and gossip with their friends and can eat their favorite coffee flavored ice- cream. Market Demand: We talked with the coffee stall named Nescafe coffee stall inside NSU campus. We came to know that they sell around 500 cup coffees per day. It shows how NSU students love coffee. And this is summer season so there is huge demand of ice-cream in market. So, we can say that there will exist good demand for our coffee flavored ice-cream if we can launch it successfully. Market Forecast: If we can grab only 50% NSU students from coffee lover group( 500 customers per day), then it will be around 250 customers per day which will contribute a big amount of revenue in our business. Apart from that if we can attract 100 or 150 students from IUB to our outlet per day then it will also contribute a lot in our revenue. Market potential: There is huge potential in the market for our ice-cream. We are only one who will provide first coffee flavored ice-cream in Bangladesh. As result we will also get first mover advantage. These factors show that there exists a good potential in market for our ice-cream. Company Demand: As a student of NSU, we know that our class schedule is different. Someone may have one class at 8.00 a.m. in the morning and another class may have at 2.40 p.m. Between this gap time students feel boredom, they want a place for hangout and passing their time. And we will take that scope as opportunity. We will provide them well decorated hangout space where they can
- 11. 10 | P a g e pass their time by gossiping their friends and having ice-cream. It will create demand for our caf辿 that we can mention as company demand. Integrated Marketing Communication (IMC): Tagline: Taste the Difference Message: We promise to deliver the different taste in ice-creams. Sales promotion Sales promotion refers to short term use of incentives or other promotional activities that stimulate the customer to buy the product. Sales promotion techniques are very useful because they bring in: (a) Short and immediate effect on sale. (b) Stock clearance is possible with sales promotion. (c) Sales promotion techniques induce customers as well as distribution channels. (d) Sales promotion techniques help to win over the competitor. We will also use some sales promotion tools to promote our ice-cream parlour, stimulating instant sales for our service and also for creating a buzz in the market. Discount We will provide different types of discount for our products. There will be discounts based on different occasions such Eid, Puja, Christmas day, Pahela Baishakh, Bashonto Utshob etc. There will be also discounts on special packages in special seasons and these discounts will be limited for creating buzz in the market and increasing sales. There are some other discount offers which will be included: There will be a couple offer where the couples will get the chance to add an extra flavor with the ordered one on the top of the ice-cream and the boy will get a free red rose to impress his lady during some special occasions like valentines day and winter season.
- 12. 11 | P a g e If anyone gives good review in the Facebook group Food Bank, that person will get lifetime 10% discount. If consumers give check in of our place with the photos of our delicious ice-cream, next day that person will get a waffle for free with the ice-cream. Contest Some people are extremely in love with coffee and focusing on those customers we will arrange a Facebook contest where by liking our Facebook page they will express their love for coffee and among them we will choose three participants who will be able to express most beautifully and every person will get a beautiful coffee mug along with their photo and name and they will also get 375gm imported coffee. While participating in the events of NSU and IUB during different occasions, we will arrange some on the spot contest. The contest will be based on some interesting games for couples, friends and individuals and the winners will get free ice-cream of their favorite coffee flavor for free. We will arrange a selfie contest during mother's and father's day. People will upload their selfies with their mother and father along with our ice-cream and we will choose best three photos who will write the best heart touching captions. These three people will get free family ice-cream package and we will send it to their home. Quantity Deals It refers to offer of extra quantity in a special package at less price or on extra purchase some quantity free/some free services for example : We will give offer like if anyone purchase our special package, that person will get a cold coffee for free. Couponing Coupons are certificates that provide buyers a saving when they buy specified products. Most of the consumers love coupons: Coupons may stimulate sales of a mature brand or promote early on trial of a new brand. As a new brand in ice-cream industry we will also use different types of coupon packs. There are some renowned schools, colleges and universities here in Bashundhara who are our target customer and we will distribute our coupons in these places. There will be
- 13. 12 | P a g e 10% discount if someone come to our ice-cream cafe and show the coupons within the deadline of the offer. We believe this will definitely create a positive repose in the consumers. Loyalty Program For our regular consumers, we will provide membership card and they will get 5% discount every time they show the card during purchase time for a certain period of time. We will also take their personal reviews about our products and services as feedback and if any of their feedbacks proves to be successful for creating awareness, recognition and recall factor of our business, we will give that customer a lifetime membership card. Event Marketing During Pahela Baishakh, Pahela Falgun and other occasions, NSU and IUB organize cultural functions and these are very popular events. We will participate in these events by decorating a beautiful stall focusing on the theme of the events along with all our regular and special offerings. We will enhance the enjoyment by arranging some interesting games for the students and the name will be "Win and Eat". Direct Marketing Nowadays direct marketing has become a very popular IMC tool. We will also use some direct marketing techniques to reach our target consumer. Direct Mail: We will send our consumers direct mail and provide them information based on their requirements and also some offers. Broachers: We will pay some restaurants inside Bashundhara area who don't sell ice- cream to distribute our broachers. Posters: We will distribute posters inside NSU and IUB cafeteria and in front of the schools, shopping malls and departmental stores of Bashundhara area. Banners: People will see our banners along with our address and phone in numbers around Bashundhara gate and Mahedi Mart.
- 14. 13 | P a g e Internet Marketing Website We will have our own website which will help our customer to get information easily. We will design our website based on variations and uniqueness of our ice-creams. In our website we will provide all information about our ice-cream cost, special offers, upcoming offers etc. We will try to engage our customer by offering different types of flavors and special services. These types of activity will help to gain customer attention. For more information we will set up a customer help line in our website. Social Media We will try to create a buzz in the social media to increase our ice-cream cafe popularity, to do this kind of things we will pay for the advertisement in Facebook and Twitter. We will have Facebook and Instagram page where we will post our special offers, daily updates, and customer experience story about our ice-cream and thats how we can gain attention of customers. We will also give our customer special offers if they check in our ice-cream cafe location. We will post some videos on YouTube and share it on both our Facebook page as well as on our website. Pop-Ups/Pop-Under While accessing internet people will see our online advertisement on the screen and our advertisement will also appear underneath the Web page and will be visible only when the users leave the page. Conclusion: If we can successfully launch this caf辿 we think it will be a lucrative business. It will helps the students to connect with their friends as it is a hangout place. Initially if we get response from this area we will also expand our business to other location also. We will select those places as
- 15. 14 | P a g e our caf辿 which is near than the university campus. We have also a plan to launch more different flavor ice-cream later if we can be successful in our project.