BUSINESS PLAN

Business Plan

Introduction

In this paper, we are proposing a business plan for Taste Buds Bakeryes specializing in cakes. We have covered all aspects of the business, which are needed to know beforehand. The management of the business, its operations and marketing plan has been provided, as well.

Mission Statement

1. Introducing and fostering a love of cake as well as other bakery items with differentiated approach.

2. Offering the best quality products and services to customers and provide ultimate taste to their buds.

Taste Bud

Taste Buds would be specializing in cakes, pastries, cookies and quality bakery delicacies. Our business caters to the growing need for parties and entertainment in which cakes are prerequisites. Taste Buds aim is to become the most profitable organization, by catering to a bakery market of young, upwardly mobile professionals and entrepreneurs living in the West End and primarily in the prestigious SW1 Knightsbridge area. The product line and variants are based on the customer's tastes. Taste Bud, through its customer-centric business model, would make customers' satisfaction the main priority.

Products

We would offer the following products

1. Cakes

2. Fudge

3. Snacks

4. Pastries

5. Other bakery items

Marketing Plan

The marketing strategy for Taste Bud will not require large investments. However, they would need to promote their Taste Bud through various channels such as magazines, newspapers, television commercials; billboards and banners. Due to a large number of competitors, it would be vital to promote the business effectively in order to attract most customers (Baker et al., 82-88). The preparation of marketing plan is required for every business. The prices will be kept affordable and comparatively lower to the competitors as penetration strategy is being used for the first few years (Stutely, 2002, 196-224). Moreover, extensive promotion would be carried out in the form of personalized marketing, social marketing and joint marketing. Word of mouth is certainly a powerful weapon of promotion, but also a well-organized campaign can bear fruit. For example, one can rely on the specialized agencies for the distribution of brochures, business cards, brochures, leaflets intrigued by the potential customers effectively communicating information to the taste buds bakery, and especially it is distinctive and strong quality and taste. Not to forget the billboards and ad on local media (radio, print, television). The advertising is catered to achieve the target market successfully. The measurement process is a fundamental aspect of marketing research. The measurement of marketing phenomena is essential to the process of providing meaningful information for decision-making. Issues that are commonly measured are the market potential for a new product, buyers groups according to demographic or psychotropic characteristics, attitudes, perceptions and preferences of buyers to a brand new, or determine the effectiveness of the new campaign advertising. The task of selecting and designing measurement techniques is the responsibility of specialist research. The task of marketing measurement is typically complicated by many concepts or constructs that invade the field of marketing. The marketing plan will help the organization to monitor the monthly and annual sales revenues and expenses.

Marketing Mix

To launch a new business, one must ...