Entrepreneurship - Marketing Plan
Point of differentiation (Pod):
- We will offer customized products to the customers.
- We will bake cakes according to the preferences and requests of the customers.
- These cakes are made up of organic ingredients that are nutritious.
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Unique Selling Proposition (USP): Our unique selling proposition is our family recipe for cakes.
Segmentation: We will sell our product to the Elite and Upper-Middle class.
- To create awareness.
- To specialize in cakes that are different from any other cakes available in the market.
- To establish a strong presence in the market as a unique bakery.
- Spreading happiness through taste.
- Completing important moments of your life.
- Direct Interviews from customers.
- Direct Interviews from home bakers.
- We will also get information through questioners filled by the customers.
- Social websites
Analysis of data: We will analyze the data from filled questionnaires and after conducting interviews.
Marketing Mix: As Bakelicious is a service so we are using 7p’s of marketing.
Product: Cake, cupcakes, cookies, and muffins.
- Our price will vary on the size and ingredients used for baking cake.
- For a customer, we will decide how much a customer is willing to pay.
- As we are targeting elite and upper-middle-class so our cost will be some for both.
- As we are starting a new business so our cost should be less than other competitors.
- We will make our items at home and also do online selling. We will place stalls in funfairs in school, college and universities, etc.
We will do promotion through:
- By creating Facebook pages
- Bakelicious will be positioned as a home-based bakery that will provide home-baked goods.
- The focus will be on quality and freshness.
- It will be a fun and inviting alternative to mass-market companies.
- We will offer highly customized products such that customers will be able to make the treats that they would bake if they had the time.
People: Momina, Sana, and Sajawal
Process: People can place their orders through Facebook and through Telephone.
- A cake business is fun. Most people need cakes for special days or events so what better way to make someone smile.
- Low startup costs. Since it does not require rent some space, then rent can be taken off the budget list.
- High mark-up for cakes. Since cakes are easy to make, we can price them according to their worth. Some are worth more than others but either way, it’s going to make a nice profit.
- Each cake represents a person or a relationship or a celebration by them. So, like each individual or his/her relationship with others, the cakes are unique.
- The cakes are creative, and each is a piece of art. There may be thousands of bakeries out there, but there are only a handful of bakeries that make as creative cakes like Bakelicious.
- Bakeries products are perishable items hence need to be sold as soon as possible to gain maximum benefit. The customers also prefer fresh products.
- Our bakery has introduced a few bakery items from possible product lines. This limited menu can be seen as a weakness.
- When dealing with art, a single problem lies in every field, there are not many artists available out there to help us.
- Depending on the size of the kitchen, it needs extra storage space for supplies.
This may require purchasing an extra cabinet or rearranging the kitchen.
- Expansion of the Product Line in the future with the introduction of more bakery items.
- Bakery Industry is growing at a fast speed and the demand for quality food is never-ending.
- Changing consumer tastes have given rise to "artisan" or gourmet cakes. Smaller bakers like Bakelicious with flexible production facilities can capitalize on such.
- In recent years, customers are becoming more and more health-conscious and prefer home-made goods made with quality ingredients and customers are also willing to pay a high price for that. Bakelicious produces just that.
- Raw-material and energy costs volatile: The costs of major raw materials, such as wheat, vegetable oils, fuel for delivery can change rapidly. The volatility in prices of raw materials cannot affect the end-product price, thus shrinking the profit.
- Competitors: Current and potential competitors are major threats for Cakes Tell Stories.
Budgeting: After analyzing the prices of the Home Bakers we are going to price our products as follows:
- Ingredient cost for cake Rs 20. 000
- 2 delivery boys salary Rs 20. 000
- Rent of bikes (2) Rs 4. 000 per month
- Bikes fuel Rs 18. 000 per month.
- After all this marketing research we will then follow this marketing plan, all of the group members will organize and apply this marketing plan thoroughly.
- One of the group members will oversee the operations in terms of the material, delivery system, advertisement, and maintenance if required.
- Other two of them will bake the cakes as required.
Sales Plan Overall Size of Target Market: Islamabad Total Population: 1. 15 million
A. Elite 7%
B. Upper Middle 15%
C. Middle 33%
D. Lower Middle 35%
E. Lower 20%
Total Population = 1. 15 million
Percentage of Targeted Section = x 0. 22
Targeted Section = 2. 53
Lacs Average Member in a Family = 5
Total Families = 50,600
Families Prefer Home Made Cakes = x 0. 20
Total Targeted Families = 10,120
ATAR: Fliers (15%) = 12000
Brushers (10%) = 8000
Social Website (70%) = 2000
Number of Targeted Families Initially = 10120 x 0. 15 x 0. 10 x 0. 70 = 106
Remember. This is just a sample.
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