Table of Contents
Introduction
The name of the business is Kennedy Fried Chicken, not to get it confused with Kentucky Fried Chicken.The nature of the business is a fried chicken restaurant in Rockland County. This is a locally based and self owned fried chicken outlet. I want to position and make a state recognized brand of chicken restaurants throughout the creativity and approach in respect of the image of the outlets. This chicken restaurant chain will provide very high quality food at value prices. This food will be served in a higher quality then average presentation and layouts. Kennedy Fried Chicken is to be opened in relation to an increasing demand for snacks and fast food. This food is in demand especially when the customers do window shopping or they walk in a shopping plaza and malls.
Situation analysis
In the highly competitive environment of today’s fried chicken market place, it’s becoming more and more difficult to differentiate one outlet of fried chicken from another. New York City is the economic hub of this market place in the United States. “With more than 62.8 million people visiting yearly , mainly from neighboring countries (nycfuture.org)”, fried chicken is a very good business to make known in that area. We have set out our main priority for opening the outlet in central NYC, preferably where one of the prominent malls for shopping in NYC is located.
This business plan is being prepared for obtaining a location for the initial launching of possible restaurant looks and concepts. Additional finance will be required to open the additional two outlets, which we anticipate to open in thirteenth months after the grand reopen and then in the third year after it. The initial amount of capital invested will allow KFC to provide its valuable clients with a valuable and good experience through the creativeness of its founders and managers. Kennedy Fried Chicken will attract more young adults in bringing their family and friends with our new atmosphere which will be innovative, fresh cut fries, and other selected and unique dipping sauces.
A SWOT analysis was performed to better understand where each area of the business lies. KFC has its own loyal follower base and all thanks to their secret sauces and chicken recipe. KFC has some of the best late night chicken that is loved by the consumers. One of the major strengths of KFC is the variety of food they offer to its customers, from burgers, chicken, gyros, wraps, biscuit options, ice cream, drink and mix and match options. There are areas where the business needs to improve to remain competitive. Kennedy Fried Chicken menu is largely made up of high calorie, salt and fat meals and drinks. Which often prompts protests by organizations that fight obesity and hence, decreases KFC popularity. Consumers also often choose healthier choices. Due to such a high presence of millennials, the food trends and preferences are changing. Consumers are preferring foods that are healthy in nature where they are found to be low in fats and calories. This changing food preferences of the consumers will eventually put pressure on restaurants like this. Kennedy Fried Chicken faces stiff competition from not just global players but also other local players as well. Competitors are introducing new food items to their menu to grow their market share and customer base and KFC must do all it can to beat or have a leg up on the competition. Opportunities is the second most important factor in SWOT analysis of KFC as it will shape the future of the company’s strategy. Changing the lifestyle of consumers and their increasing buying power will allow local restaurants like Kennedy Fried Chicken to explore new geographies to increase their market share and revenue. Catering to the changing food demands and needs of the millennials, they’ll have a big opportunity to introduce healthy foods in their menu that are low in fats and calories that the consumers are demanding from the places they eat. There are a number of challenges that KFC faces but it is still a strong local brand.
E-marketing strategic planning
The main aim and target of Kennedy Fried Chicken is to be among the most successful outlets of fried chicken, starting with one main outlet located in central NYC. Kennedy Fried Chicken will work to make itself a well known local brand in fried chicken restaurants in the marketplace. We want to provide our customers the total experience when visiting our place and also our website will create a user friendly atmosphere for online orders and as well as keeping our customers updated with the latest recipes. We will be selling and giving away goods from, sauces and also t-shirts, potato cutters etc, all with our name attached with it.Overall, our main focus will be serving high quality food at a great value.
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Objectives
The following are the objectives of my new vision for Kennedy Fried Chicken. I want to leave a lasting impression so that KFC becomes a place that is a must visit for eating, for those who do shopping in malls. We will establish its presence all over the state as a successful fried chicken restaurant chain and gain a market share in the state of NYC. Expansion into many outlets by the year three of business, and also franchise the restaurant to then sell to our neighboring metropolitan cities, like Jersey City, Philadelphia, Baltimore,Washington, etc. Others objectives are implementation of other locations that would be considered non traditional for the product we provided such as, universities, hospitals, airports, stadiums, amusement parks, office building and mobile units. After that, these objectives want to increase profitability of Kennedy Fried Chicken through the reduced overhead costs, increased efficiencies, improved customer service, cleaner restaurants, faster service and continued high quality products.
E-marketing strategy
For this strategy to work and be successful we need to be innovative, have an entertaining menu and create a unique experience for customers that will differentiate us from the other competitors. Controlling our costs at all times, in various areas and implementing a more conservative approach to our policy of growth. Although, as we want to be on the safe side in doing business, we give more than required funds for opening more than one outlet. Selling products which are of the high quality, while keeping our customers happy and satisfied with our various product categories of food. We will encourage the two most important values in the food business, brand and image, as these two ingredients are a couple of main drivers in marketing communications. Providing our highest level of satisfaction to our customers and maintaining the level of excellent services among other competitors. One of the main objectives that will be pushed is to get access to high traffic shopping malls.
Following the patterns and footsteps of fast food giants like Starbucks and Kentucky Fried Chicken and McDonal we will target ages between 18 to 35 years of age (IJBMI). Our customers will be able to read our brochures in respect of all the knowledge about our food and our featured sauces. The store we have will be decorated with bright countertops and display menus on the wall, to match other competitors store layouts. We would also want to minimize price competition, by distinguishing the products from the competitors by innovating or improving features.
Implementation Plan
“The quick service restaurant sector in the United States has seen a year-over-year growth since 2004, with its peak consumer spending reaching approximately three hundred billion in 2018. Comparatively, consumer spending in this sector saw a notable decline of about seven percent in 2019 (Lock S)”. The increasing number of new outlets has been showing a significant growth in this market. Many Americans lead busy lives and don’t have a lot of time to prepare food for their families. A lack of time due to work, childcare, and commuting, people often turn to convenience foods. Convenience foods are defined as types of foods that save time in food to get, prepare, and cleanup. Convenience foods are restaurant meals and ready to eat food from grocery stores. “Americans spend more than half of their food budget, 53.8 percent, on eating out (U.S. Department of Agriculture)”. That doesn’t mean they eat at home but eating out costs more than ever as restaurants have taken to raising prices as a result of the decline in customer traffic and an increase in minimum wage. At the weekends there is broader appeal for on the go orders, as a large number of customers go out to celebrate. Our market will consist of young adults who are single and currently enrolled in college and high school. Families with children and people from all sorts of income status. Surveys will be conducted with people in age ranging from ages 15 to 45. Due to a lack of time because of work, we can assume parents are giving more money to kids and students to buy lunch. Fast food is naturally their first choice, because of the brand building effort that heavily targets their age group. White collar workers in offices have stopped bringing lunch, and like everyone else they enjoy chicken, hamburger, pizza and whatever fast food place in the area.
Budget
The sales strategy is building and opening new locations at different outlets in order to increase revenue. However, this plan will be put into execution and implementation after the one “market tester” outlet at first showed potential growth. As each individual location continues to build its local client bases over a benchmark period of say first three years of operation, the goal of each store is $250,000 to $400,000 in annual sales, with the original flagship store expected to earn almost $650,000,000 annually. During the initial phase of the company being reestablished, Kyana and I will conduct planning and implementation in constructing the brand name and image and the making of Kennedy Fried Chicken’s first outlet.
The planning and construction is estimated to take approximately 8 to 9 months. This is in addition to the process of refinement and revision which will take us to early january of 2021. Each location will cost $40,00 to build. Our contractor’s contract is charging $23,000. We will need to take a loan of $50,000. This project is projected to cost $113,000. Our projected Profit and Loss account which shows Kennedy Fried Chicken will run at a loss for the initial two years, using up some of the cash reserves initially invested by the founders. As sales increase, KFC can expand into new locations to aggressively spread the recognition of the brand. This increase in visibility will allow us to take up less expensive locations, while maintaining our flagship operation, the first store, in a prime spot.The company will be privately owned by myself and my partner Kyana St Louis and some potential investors. Future shares will be offered after two consecutive years of operating in New York City.
Evaluation Plan
We anticipate the highest peak will be in the months of July and August and our volume from sales forecasted, due to being the summer. In November and December the season we also expect high volume sales due to the holidays and Chrimas. Millions of people and tourists from all over the country will visit New York City each year, mostly for shopping and dining. Currently, the company is owned by the two of us and we each will contribute $150,000 for the same amount of share, 50%. This will be the amount which is more than the amount required to cover start-up requirements, and provide the business with a cash margin that it can use for expansion over the first three years.
Conclusion
The main focus and target of Kennedy Fried Chicken is to be among the most successful outlets of fast food in New York State. Starting with one main outlet located in the main central New York State located as our first tester. Kennedy Fried Chicken will strive to make itself a prime local and eventually international brand in the fast food market. We want to provide our old and new customers with a jaw dropping experience when visiting our locations and we will also keep our fans up to date with any changes to our menus though our online presence.Our main focus will be serving high quality food at a great value.
Some of the many objectives to accomplish this goal consist of heavy product development. Which will increase variety on the menu, allow us to introduce dessert options and potentially offer a buffet to restaurants. Other objectives that will be implemented will be on non-traditional units including the shopping mall food courts, universities, hospitals, airports, stadiums, amusement parks, and mobile units. These key strategies will lead to an increase in profitability for Kennedy Fried Chicken, through reduced overhead costs, increased efficiencies, improved customer service, cleanliness of restaurants, faster and friendlier service while continuing to provide high quality products.
This company has four main goals in building this organization to become a worthy competitor. These four goals consist of providing consistent service, adding value in our products and brand. Maintaining a commitment to innovation for continuous improvement and growth, striving to always be the leader in the market changes. And the last goals are generating superior financial returns that will be beneficial to our owners and employees. We want to also reward and respect the contribution of each individual that will be part of our organization. Another value was expand and update training with the time and be the best they can be and more. Next is to commit themselves to the highest standards of personal and professional integrity at all times. We want every employee to dedicate themselves to continuous growth in sales, profit and size of our organization, and lastly is to work as a team.
