A SAMPLE BUSINESS PLAN FOR
BUSINESS PLAN FOR IMAGINO FOODS
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Executive Summary
The founders of the IMAGINO Foods John and Henry Bean have been involved in the food industry for several years. They channelized their first restaurant in Antlers, Oklahoma in 2004 and the second 1 in Hugo in 2010. However, the restaurant got several praises from the customers for its quality and the menu but they get special proclamation for their desserts, which were frequently liked by the public. They got several requests to increase the availability of their flavored ice cream, so they decided to launch the new range of the whipped cream products apart from the restaurant. The founders added several more recipes in the range including the chocolate, raspberry, almond and strawberry. The founders launch the product in specific label that will stress to gourmet/specialty nature of the product. The founders are profoundly expecting positive cash flow and the profit.
Table of Contents
Introduction    5
Opportunity being addressed    5
Description of Products    5-6
Unique Benefits    6
Dairy Products    6
Gourmet/Specialty Product    6
Intellectual Property Details    6-7
Marketing Plan    8
Market Chosen    8
Market Research    8
Industry Analysis    8-9
Marketing Strategy    9
Target Market    9-10
Reaching to Potential Customer    10-11
Competition    11
Pricing Strategy    11
Financial Plan    11-16
Pro Forma Income Statement January 2019 - December 2019    12-13
IMAGINO Cash Flow Statement    14
IMAGINO Balance Sheet    15
Financial Ratios December 31, 2019    16
Contingency Plan    16-17
Management Team and Company Structure    18-20
Ownership and Management of the Business    18
Skills of Team Members    19
Training Needs    19-20
Introduction
The founders of the company are involved in the food business from several years. Considering their success, the company has moved towards establishment of two restaurant chains. The restaurant is praised for the quality of products, which it serves to its customers, but the restaurant is specially praised for the dessert that they serve. The flavored ice cream served by the restaurant has occupied a special position in the order menu of the customers. The founders are receiving constant request to increase the supply and production of the dessert. Therefore, the founders have decided to market these products exclusively apart from the other product and services offered by the restaurant. The business plan formulated for the IMAGINO foods consists of all the necessary steps that would be required to establish a profitable venture for the company including analysis of the opportunity, product development, analyzing the target market, reaching up to the target market, marketing plan, marketing strategies as well as the financial plan of the organization.
Opportunity being addressed
In normally scenarios, the company’s first launch their products and then they make the customer aware about their products but in this case, the founders seeking its extensive demand have already launched the product. The opportunity in this case clearly indicates that if the products were marketed well it would be a sure shot profitable situation for the company. As the specific product is in intensive demand among the public and establishing a solo venture considering the product would help the company in attracting a huge customer base as well as capturing the market base. The needs and demands of the customer regarding the specified productsalready make it a hot cake for the founders and it is one of the major reasons, the founders have agreed to launch the solo range of products (Barrow, Barrow & Brown, 2018).
Description of Products
The Bean brothers have developed several recipes for their flavored ice-cream range. They have included chocolate, raspberry, almond as well as strawberry flavors on their menu. These flavored ice creams served by the restaurant is one of the unique selling points of the restaurant and therefore, providing the restaurant with an opportunity to expand. The shelf life of the ice cream is estimated to be 21 days at the specified refrigeration temperature and up to six months, when frozen. The Bean brothers tend to market the product in its frozen state in the ice-cream tubs. They also plan to make the products available in six-ounce pressurized cans.
Unique Benefits
The flavored ice cream marketed by the IMAGINO will fall into two distinct categories namely dairy products and gourmet/specialty products. Both of these categories will be managed separately so that exceptional services could be provided to customers under both of these categories.
Dairy Products
Although the overall consumption of dairy products decreased in the respective countries, still there is, a good increase in the sales of the IMAGINOfood products has been observed in the market. The overall demand of the dairy product decreased in the market due to the changing taste and preference concerns of the customers. Though over the years there is a hike in the demand of the dairy products, which resulted as an added advantage to the restaurant. The restaurant influenced the customers with its quality product and services (Watson & Cunningham, 2018). The dairy products offered by IMAGINO emerged to be uniquely beneficial for the restaurant as they increasedthe market hike regarding the dairy products soon after its launch in the market. As they tend to increase the varieties in the dairy product by using several sophisticated processing techniques and by increasing awareness among the people regarding the several benefits of calcium rich diet, which can help the company in garnering huge bunch of new customers and increasing the market reach of theorganization in this genre too.
Gourmet/Specialty Product
The market research report indicates that the market of the gourmet specialty product will continue on the path of afast-paced growth in the upcoming times. The demand of the gourmet products is on a high rise and therefore, it will increase the production capacity of IMAGINO and therefore, allowing them to deliver more products in the market. The gourmet/specialty products are considered to be uniquely beneficia for the company as these products are on high demand among the customers, which made the Bean brothers to launch the range of these products as a separate one. The gourmet products have some added flavors in it seeking the intensive customer demand.
Intellectual Property Details
Considering the intellectual property details of the IMAGINO, the restaurant has some specific trademark regarding the products, ambience of the restaurant as well as for the staff of the restaurant. The restaurants have their own specific registration for prepackaged store food and the delivery of these products. The company also has several patented dishes on its menu as the flavors of these dishes have been created exclusively at these restaurants.These dishes have been named accordingly (Gabler et al., 2017).
Marketing Plan
Market Chosen
The chosen market area of the company is specially the metropolitan areas. The IMAGINO foods are serving currently in the Antlers and Hugo of the Oklahoma City and are seeking to expand their business in Tulsa, Texas and Dallas as well. The specific market the IMAGINO foods will be serving consists of 25 square block radii around the grocery shop that will be including the university student populations, schools as well as those who are primarily within the walking distance from the grocery stores where the IMAGINO Foods products are available.
Market Research
The market research conducted forIMAGINO flavored ice creams indicates that there is a growing demand for the ice cream in the other regions too. IMAGINO is currently serving in Antlers, Oklahoma and Hugo and IMAGINO is seeking to expand to Tulsa, Texas, Dallas as well as several overseas countries owing to the huge demands of products.Considering this the management has decided to add new flavor of the ice-creams to its menu. With the passing of time, the ice-cream business of the company would be reaching in some more regions. The company ice creams, as the founders state it have low calorie and low fat, which increased the popularity of the products. The growing demand for low calorie and low-fat flavored ice cream would be an added advantage for the company in the upcoming future (Chernev et al., 2020).
Industry Analysis
The industry analysis of the IMAGINO is determined through its SWOT analysis, which provides an overall idea about the position of the company and its products in the market.
Strength
· One of the major...