1 What Business Are We In? Student Name Institution Affiliation Course Instructor’s Name Date This study source was downloaded by 100000859621567 from CourseHero.com on 05-05-2023 22:08:51 GMT -05:00 https://www.coursehero.com/file/192305439/What-Business-Are-We-Inediteddocx/ 2 a) A fast food retailer Introduction The primary objective of Yung's counter is to offer virtuous quality and a variety of affordable organic healthy meals while addressing the customer's issues and interconnected opportunities.The goal of Yung's counter is to enter the fast food market while targeting the labor force through deprivations in a family-like environment. The main focus is to conduct a business-to-customer distribution channel as a communication tool Yung's counter Menu and pricing There are a variety of meals available at Yung’s counter. These include; Beef burgers Chicken burgers Fish burgers Liver burgers Vegan burgers Chicken thighs French fries Greek salad Asian pizzas (Stuffed in pizzas) Beverages Fresh juices, all based on the nation's seasonal weather English tea Turkish coffee Ice creams Chocolate and fruit muffins. The kind of business we are trying to build is 'low-priced'; the products used have a quick turnover to maintain the low prices and only eye low-income customers. The business's goal is to This study source was downloaded by 100000859621567 from CourseHero.com on 05-05-2023 22:08:51 GMT -05:00 https://www.coursehero.com/file/192305439/What-Business-Are-We-Inediteddocx/ 3 be low-priced while focusing on a small market area and offering affordable services (Shankar & Bolton, 2004). Presenting new products to the market is risky since no one can tell how the consumer's response rate will be, but it has a substantial financial impact. Yung's counter is an open local retail eating spot with friendly customer service. The business launched its first service on July 21st, 2021. Our physical store and website (Yungcounter.com) logo is ‘Good food and happy customer.' The general idea of the business is to offer scrumptious stomach-filling meals at an affordable price. The store is located in Lusaka, Zambia. It comprises a senior management team that includes three top managers and two proprietors, two chefs with two assistants, four cashiers, and four cleaners. All the employees practice teamwork which makes running the business hassle-free. Marketing The marketing strategy implemented encompasses artistic colleagues with well-established brands in the market and recommendable reputations in their work. Our enterprise has therefore utilized its networks to promote the services we offer, and so far, so good. Additionally, we have involved a few advertising agencies in helping promote our logo. Any business owner would publicly attest that a good customer service team contributes to building a customer base. Our customer service team is amiable and highly contributes to recognizing the most loyal customers, identifying their motivations and what they love about Yung’s counter. There is a monthly meeting with all members to establish allegiance to lay out the business plan and ways to achieve them (Padhi et al., 2010). Through the marketing plan, we have managed to communicate with customers and get feedback on our services. Loyal clients received the pitch before the launch of the physical product and an invite to view the products. This was verified to be practical since most customers acted on the offer. Target audience and competitors Our target customers are university students, small nuclear families, and youths between ten to thirty-two years. These people fall easily under the influence of social media trends; thus, they are most likely experimenting with Western culture fast food. Based on our market analysis, we target about 8000 potential consumers, with an estimated 2000 loyal ones yearly, 4000 potential customers, and 2000 indirect ones. As the saying goes 'fish where the fish are' we have a variety of considerable competitors to beat, such as Chicken inn, Pizza inn, and KFC. These stores have This study source was downloaded by 100000859621567 from CourseHero.com on 05-05-2023 22:08:51 GMT -05:00 https://www.coursehero.com/file/192305439/What-Business-Are-We-Inediteddocx/ 4 a similar standard meal to offer, but our goal is to add new meals to the menu to meet the needs of a broader range of consumers and attract diverse customers too. For example, we offer fresh juices, liver burgers, beef burgers, salads, and Shish kebabs. Moreover, we are also adding a small space for children to help parents have quality time. This move has led to more sales and a lot of rivalry from our competitors. Generally, we provided quality products and satisfied all our customers by lowering prices compared to our competitors. One of the products that amused our customers was the liver burger. This is one of the creative meals that was first launched on a particular day, and we realized that the demand for them was unmatched, so we added it to the main menu. Moreover, compared to other burgers on our menu, this was the most affordable, with youths influencing others to get it. Shish kebab, a famous kebab in Ghana, also attracted many customers due to their love for grilled meat. Introduction of a new product is very crucial to the organization's welfare. According to our customer's perception, Yung's counter is an erudite delicacy that no one deserves to miss out on. Through the rumors and reviews, Yung's counter is very generous in quantity compared to our competitors. We are outstanding since we also sell vegan foods, which has amused many foreign customers to find vegan burgers on our menu. However, Yung's counter is coming up with a new vegan burger comprising lettuce, tomatoes, onions, coriander, minced soya bean, fresh avocado, and almond flour, all in a piece of potato bread. Additionally, our new liver burger comprises a share of minced chicken, cow or goat liver, fresh onion, lettuce, tomato, and ketchup, inside a potato bread. Market findings Before launching our business, we analyzed the fast-food market thoroughly to offer services that were overlooked by most of our competitors (Ledwith & Davis, 2008). We gave out coupon codes to promote our brand and motivate people to make orders. The research we conducted shows delicious meals amused customers at an affordable price. All our prices are added on (Yung’scounter.com) if a customer wants to confirm prior to visiting the physical location. Every Thursday, we have a buy one get one free promotion you wish to take advantage of. Additionally, we have a pay-on-delivery option, and our on-line delivery services are available 24 hours a. This study source was downloaded by 100000859621567 from CourseHero.com on 05-05-2023 22:08:51 GMT -05:00 https://www.coursehero.com/file/192305439/What-Business-Are-We-Inediteddocx/ 5 Conclusion and market implications Finally, to implement our plan, the Christmas season seemed the perfect time to launch our products. Yung’s counter is located in Longacres mall, off Alick Nkhata road. Here many businesses are launched by hiring DJs or comedians who help promote the brand. To keep our business running, we use the profit to cater for all bills and employee remunerations. This has been, so far, our biggest challenge in achieving long-term benefits. These two alone take 70% of the revenue while the rest is paid to our partners and invested in improving our products and services based on the customer's needs. We aim to accomplish at least a 15 to 17% market share within the following year. We also use customer relationship management to preserve the company image and customers. This study source was downloaded by 100000859621567 from CourseHero.com on 05-05-2023 22:08:51 GMT -05:00 https://www.coursehero.com/file/192305439/What-Business-Are-We-Inediteddocx/ 6 References Ledwith, M. J., & Davis, G. M. (2008). A test of quantitative models on the efficiency of American stock markets. 2008 IEEE Systems and Information Engineering Design Symposium. https://doi.org/10.1109/sieds.2008.4559709 Padhi, R., Tiwari, S., Bhattacharyya, A., & Padhi, R. (2010). A ZEM based effective integrated estimation and guidance of interceptors in terminal phase. AIAA Guidance, Navigation, and Control Conference. https://doi.org/10.2514/6.2010-8318 Shankar, V., & Bolton, R. N. (2004). An empirical analysis of determinants of retailer pricing strategy. Marketing Science, 23(1), 28-49. https://doi.org/10.1287/mksc.1030.0034 This study source was downloaded by 100000859621567 from CourseHero.com on 05-05-2023 22:08:51 GMT -05:00 https://www.coursehero.com/file/192305439/What-Business-Are-We-Inediteddocx/ Powered by TCPDF (www.tcpdf.org)
