wedding cake project
Post on 14-May-2015
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- 1.Royal wedding cake is a trendy, business built around the belief that eating a healthy, organic dessert can have a significant impact on a persons well-being and attitude, especially for those who believe in consuming only natural ingredients.
2. India is a country where people from different races, cultures and religions are living together. They celebrate all the festivals and special days. Giving gift is a normal practice and people like to wish and celebrate events with bakery products. On such days the sales abruptly increases. Moreover, lifestyle patterns and taste also affects the sales of Royal wedding cake. SOCIO-CULTURAL ENVIRONMENT 3. Market Segmentation .is the process of analysing and classifying customers in a given market to create smaller, more precise target markets. Royal wedding cake has identified its overall market to consist of people who have a higher level of discretionary income to consume extraordinary cakes that not only taste good and look good, but also reflect the companys concern for improving the environment. 4. Target Market Weddings Bridal showers Anniversary parties Birthday parties 5. Demographic segmentation Income Based :- 3% 7% 30% 60% 0-25000 25000-50000 50000-100000 more than 100000 6. Life style Based :- 60% 30% 10% higher class upper middle class middle class 7. 50% 41% 9% Business Professional Service Occupational Bases :- 8. Customer Satisfaction Customer satisfaction is our first priority. We have a large number of cakes to choose. Our range of flowers is really vast including both artificial and natural flowers. Bouquets are also available to send to your loved ones. Flowers are available for every type of occasion whether you want to congratulate your colleague on his/her promotion or just want to gift flowers to your sweetheart to make her happy. 9. We know that nothing more than the smile and happiness of your loved ones is more important to you so we have all the loveliest flowers and gifts for them. Just what you have to do is to choose the one you want to send. Just a click and it will be sent to your lovely friend or family as soon as possible. We know that a satisfied customer is an asset to any business and we always strive to make our asset more satisfied and grow larger in size. 10. The Different Buyers Group in India 1. Wedding Group This segment is growing at 15% a year with 32,000 potential customers. 2. Parties Group This segment is also growing at 15% with 14,200 potential people. 3. Individual Buyer (walk-in) Group This niche also is growing at 15% with 48,000 possible customers. This niche also is growing at 15% with 48,000 possible customers. 11. Strengths :- Using organic ingredients resulting in high quality product. SWOT Analysis Experienced staff to start business and save money. Weaknesses :- First time business venture. Start up costs are only estimates 12. Opportunities :- Join the trend of modern wedding cake design Capitalize on changing market Threats :- Competitors could steal our ideas Financial problems could threaten our first years success 13. CUSTOMER TASTE DESIGN QUALITY VARIETY 1 GOOD GOOD EXCELLENT GOOD 2 EXCELLENT GOOD VERY GOOD GOOD 3 VERY GOOD VERY GOOD EXCELLENT GOOD 4 GOOD EXCELLENT GOOD VERY GOOD Value Proposition We make sure my cakes are better looking, tastier, and yummier, than the local bakers. 14. POSITIONING We will position our cakes in customer mind by the best quality, best service, best styling . Rests of the competitors are not offering the ways we are promotion our cakes. The unique selling style of our cakes will have very good impact on consumers mind which will compel them to buy our cakes again and again. The name Royal will also help us in this regard. It will attract and bring customers mind that they are offered with some thing special. 15. Brand equity is the added value that endowed to products and services. This value may be reflected in how consumers think, feel, and act with respect to the brand, as well as the prices, market share and profitability that the brand commands for the firm. Brand equity is an important intangible asset that has psychological and financial value to the firm. BRAND EQUITY Brand strategy As Wedding cake concept is new for Indian market ,we have more chances to get good market shares . We are going with the company brand name ,which is , Royal. The name itself says that the brand is Royal and it will provide the same services. 16. Branding Decision As our main focus will be on wedding cake but along with wedding cake we are also going to make bakery items . All our products will be named as the company name Royal. 17. Brand Differentiation Pop(point of parity) :- We are offering bakery product and small cakes , these products are also provided by the competitor. Pod (point of differentiation) :- as the competitors are already offering few similar product but we will create deferent in the mind of customer because we are going to offer wedding cake which are totally new for consumer. 18. Market Leader The wedding cake concept is totally new for Indian market. So , here no one is market leader. The wedding cake is giant in nature and it is costly as well so, the niche market for the product should be the higher class people or people whose income is good which we have already mention in income based segmentation . As this concept is new for the Indian market , we are having a great chance to be a leader of the market and it will be market leader. 19. About Service Cake Shape Round, square, heart ,cartoon, hexagon or wonky - to name a few, or maybe a tower of cup cakes or individually iced cakes. Cake Set Up Would you like a traditional cake set up on pillars, or a more contemporary style, with a cake frame or separators in between the cake layers. Cake Flavors Fresh cream cake , Fruit cake, Chocolate , vanilla, Strawberry, Black forest, Butter cake, Pineapple & Cherry. 20. Cake price The basic price for the wedding cake is 15000 Rs. But mainly it depend on cake size, setup, flavor, weight provide by the customers. The small cakes price will start from 500 Rs /kg. to 1000Rs /kg. 21. PRICING STRATEGY The price of the product depends on many things like, market position competitors price product quality etc. Before setting the price we should evaluate thing like price objective , expected demand , expected cost , competitors price or cost or offers , the methods of pricing. After evaluating all these things we should select the final price for the product. We should also play with psychology of the customer by ending the price at 99. As we are new in market it is necessary for us to attract the customer by providing initial discount and offers. 22. CHANNEL DECISION Channel decisions itself includes all the information about the way through which product or service will be delivered to the customers . As far as our product is concern we are going with direct selling method. We have cake cabs for the delivery of the giant cake . There are no mediators or distributors of ours as we are new in market . We are going to offer home delivery service for the small size cakes also. 23. Plans Of Operations It is necessary to manage operations in a manner so that we can easily fulfill market demand . The big wedding cakes needs continuous production . It takes time. So the production will run in two shifts each of 8 hours so that we can easily match with the market demand. In the same time, we are also going to make small cakes . If there is more demand then we will increase the shifts hours till 12 for both shifts and try to fulfill the demand. Plans For Location- we are going to set up a cake gallery in the posh area of the city . Our cake factory will be at a cheaper area of the city so that we can manage the cost. 24. Advertising Program Advertising is a medium of communication . It creates awareness about the product and the brand .We will do some events for the advertisement. Advertisement itself includes 5 Ms. 1)Mission- Our mission is to create maximum awareness about our brand and the products also. 2)Money- It gives idea that how much we should invest in an advertisement .There are many factors which affects the advertisement budget . As our product is new in market and there is not much competition so it needs more advertisement to create awareness. 3)Message- Our message for customers is A Cake For New Generation . It needs a creative strategy for execute the advertisement message . Television ads and print ads ,online ads , etc. plays very important role in execution of message. 25. Advertising Program 4)Media- Media include all the mediums like newspapers, Television, Direct mail, Radio, Magazines, Outdoors, Yellow pages , Telephones, Internet , etc. These are the mediums through which we will reach maximum people and do our Brand and Product promotion. 5)Measurement- It is the evaluation process which gives idea about the effectiveness od advertisement . We can measure it through feedbacks or sales volume. We have also planned to marketing our products by sending birthday card , information material, discount coupons to customers home. 26. Sales Promotion Sales promotion is an important ingredient in marketing .It attracts the customers to purchase. There is a thin difference between Advertising and Sales . Advertising offers a reason to buy and sales promotion offers an incentive . We have planned to give coupons, cash refund offers, price off for sales promotion. 27. Consumer-adoption Few decades back in India, people were not crazy about to celebrate their birthday or any other occasion or good thing with cakes because there are number of traditional desserts available. But as the time goes on , now, it is become a trend to celebrate birthdays or occasions with cakes . As far as birthdays are concern, celebration is empty without cake . Now, people are familiar with cakes, so , it is easy for us to make