Business Plan on Gastronomy Product of Bangladesh Taste of Bangladesh right9488170Entrepreneurship Development 1000000Entrepreneurship Development An Assignment On “Business Plan on Gastronomy Product of Bangladesh” Prepared for

Business Plan on Gastronomy Product of Bangladesh
Taste of Bangladesh

right9488170Entrepreneurship Development
1000000Entrepreneurship Development

An Assignment
On
“Business Plan on Gastronomy Product of Bangladesh”
Prepared for:
Shah Alam Kabir PramanikSenior Lecturer
Department of Business Administration
Daffodil International University
Prepared by:
Name Id No. Cell No. Email
Jakia Anam Shornaly151-11-192 01679846931 [email protected]
Md. Hafizur Rahman 151-11-196 01685573998 [email protected]
Md. Sagor Ahmed 151-11-202 01794295439 [email protected]
Md. Shammim Miah 151-11-208 01937893638 [email protected]
Md. Jonayet Hossain Leion151-11-209 01766088068 [email protected]
Md. Amit Hasan Sajib151-11-210 01676247645 [email protected]
Md. Rezwan Ahmed 151-11-215 01944857366 [email protected]
Ariful Islam Abir 151-11-217 01673232949 [email protected]
Submission date: 10 April, 2017
234315025400
Daffodil International University (DIU)
Table of Contents:
Sl. No. Particulars Page
1 Introduction 4
2 Product 4
3 Problem Solving 4
4 Possible Competition 4
5 Benefit of Product 5
6 Marketing Plan 5
7 Michele Porter’s Five Forces Model 5
8 Marketing STP 6
9 Marketing Mix 6
10 Customer Profile and size 7
11 Market Analysis 7
12 Market Planning Implementation 7
13 Management and Organization Plan 8
14 Organizational Structure 8
15 Financial Plan 9
16 Start-Up Cost 9
17 Break-Even analysis 9-10
18 Projected Cash Flow Statement 10
19 Conclusion 10
Executive Summary:
Tourism industry has been contributing to our economy hugely from the last few years. In 2012, around six-lakh (6 hundred thousand) tourists came Bangladesh to visit and enjoy its beauty. The total contribution of tourism to GDP was 4.4%, 3.8% to employment and 1.5% to investment in 2013. Bangladesh Parjatan Corporation (BPC) looks after the tourism sector in Bangladesh under the ministry of Civil Aviation and Tourism. There are a lots of scope to improve or succeed in maximum businesses by doing it in tourist’s industry.

We will be operating as a stakeholder of tourism industry because any tourists coming to visit there will be our customer and this is our one of the biggest strength for our business. We have our own business plan for future operation for which we have given concentration in few or required side which includes:
Introduction to products.

Marketing plan.

Management and organizational plan.

Financial plan.

Overall view/conclusion.

Besides these we have been trying to make sure that we can ensure our business a whole new concept for our consumer and create a new era of business by providing these kind of products. On the contrary we have taken many initiatives to make our above identified planning turn into a successful one by using necessary strategies as we are planning for the best.

Introduction/ Background:
Synopsis: This part of our business plan includes the idea of our business, description of the products which are famous food items from various district of our country, the kind of benefits it will carry for the customer as well as the possible competition of our business.

The main idea of our business is to provide gastronomy products or famous food items from possible districts of Bangladesh to the tourist places all over the country.

In addition, we will be making sure that customer from every corner of the world get to taste these foods which are only available in our country.

Product/Service:
As we are talking about the famous items of food we mean foods that are known for its unique taste, feature and of course the place from it belongs to. These food items are:
Pickle and nuts of Cox’s Bazar
Rashmalai of Comilla
Doi of Bogra
Chomchom of Tangail
Kachagolla of Natore
Sondesh of Naogaon
Rather than these food items we will provide basic food items that are usually needed for any kind of food venue which are: Water, drinks, fast food items and other necessary foods. But our main target is to attract customer with these gastronomy items which will provide value to our business.

Problem solving: Not exactly problem solving but our business focuses on to provide the customer with those famous food items that are not available in any places except the specific district from where it belongs to. It will make customer easier to collect those foods and they will get to know more about our country that will make them closer to those places. It will save them enough time and money by purchasing these foods from us without actually being in any of those districts. It may appear to be:
Easier to get these foods.

Time consuming as they don’t need to go to those districts.

Money saving.

Taste different food with quality assurance.

Getting these foods with best approaches.

Possible competition: There will be hardly any competition from similar products because it will be a whole new idea for this kind of business. On the other side, we have to make sure that customer get to know about our food items for which the business mainly stands for.
The possible competition can come from the other shops which are available in tourist places with new and innovative food items that attracts customers. Besides we have to make sure that customer truly identifies our foods and they may not take it as clone food.

Benefit of product: The strength of our business is that these food items will easily make our customer benefited from both sides and will make them purchase without any doubts or second thought. Anyone being a citizen of Bangladesh will definitely come to our shop and will purchase these foods because of its unique taste and quality and last but not least these are the foods that every Bengali person will surely taste as we are culturally fond of foods.

Marketing Plan:
Synopsis: Here in this part of our planning we will be discussing our entry forces, STP tactics, marketing mix and marketing implementation to ensure a perfect marketing execution.

The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is a process by which a product or service is introduced and promoted to potential customers. So as we are entering into tourism market we must analyse the entry strategies by
Michaele Porter’s five forces model:

Supplier Power: Here you assess how easy it is for suppliers to drive up prices. This is driven by the number of suppliers of each key input, the uniqueness of their product or service.

Buyer Power: Here you ask yourself how easy it is for buyers to drive prices down. As buyers can be a good source of benefit for us and that’s why we must choose as per our best interest.

Competitive Rivalry: What is important here is the number and capability of your competitors. If you have many competitors, and they offer equally attractive products and services, then you’ll most likely have little power in the situation.
Threat of Substitution: This is affected by the ability of your customers to find a different way of doing what you do. Here we must analyse the possible similar products to avoid this type of threats.

Threat of New Entry: Power is also affected by the ability of people to enter your market. If it costs little in time or money to enter your market and compete effectively, if there are few economies of scale in place, or if you have little protection for your key technologies, then new competitors can quickly enter your market and weaken your position.

Marketing Segmentation, Targeting and Positioning (STP):
Market segmentation: There are several strategies for segmentation but we must choose that one which matches to our business. Among various segmentation we should use Geographic segmentation because we will be doing our business in selected places where there will be consumer from all over the world.
Market targeting: Here our target customers will be everyone who has come to visit the tourist spots. Therefor we should pick undifferentiated or mass marketing strategy where we will target the whole market with one offering.

Market positioning: Positioning mainly deals with the offering of products to the customer. In other way the products which attracts customer the most or customer chooses among the same products. That’s why we must offer our product with most advanced way and ensure the quality to our target customer.

Marketing Mix: Marketing mix is the set of tactical marketing tools- product, place, price and promotion that the firm blends to produce the response it wants in the target market.

Product: As our main objective is to offer famous foods of Bangladesh to the target customer, we must offer our specific product in way that it must carry value in return. The product must contain it’s own unique value and should make it different from others by ensuring:
Variety
Quality
Design
Services
Features
Price: Price is what derives customer to buy a product. That’s one of the ways to bring customer. So price should be in a reasonable range where customer can afford to purchase a product. As we are selling the gastronomy products we must consider the facts of ensuring those within the limit of the buyer’s perception.

Place: As discussed before our target customer and place is the tourist spots. So any kind of popular or historic spots should be our main target to start up business. Even in tourist places we must ensure that customer get to know about our shop and our offerings which will be done by the next segment.

Promotion: Promotional strategy should be a weapon to attract customer and that’s why we must pick up promotional tools in the best way. Promotion will ensure the achievement of our business and will help us to attract target customer. For our business from various promotional tools we should use advertising. For that we can use:
Online advertising.

Social sites.

Newspaper.

Magazine
Customer profile and size:
Age: Gender: Income: Types: Target regions:
0 – 5yrs
6 – 12yrs
13 – 17yrs
18 – 30yrs
31 – 50yrs
51yrs +
All ages
Males
Females
All genders 0 – 10000
11000 – 99,000
100,000 + Individuals
Businesses
Families
Other
Tourists
Foreigner Local
Country
Other foreign regions
Distribution process: Our distribution system will be handling by our chosen employee. During the start up of our business selected personnel will be collecting by going to the several districts from the suppliers. In the beginning, top of our organizational member will go there to negotiate the necessary purchase and then we will fix some arrangements to get the products as time passes by.

Market analysis: If we analyze our business market then we find that our target market customer will be Tourist peoples. And number of the customer size of our business will be at list 30 % of the tourist. Our product can be differentiated easily from other because this is the unique way which we are going to providing all in a single stole. For positioning we are assuring 100% pure product.

Market planning and implementation: After analyzing market and pointing out target customer we must take our business strategy in full swing to ensure that we are going in the right direction. Before execution of our business we must go through our strategies that we have taken through segmentation, positioning, targeting, pricing, distribution and promotional activities. Al of these will help us to implement our business in the best approach to the customer.

Management and Organizational Plan
Synopsis: This part is consisted with the infrastructure of our business organization and management. This mainframe will help us to get introduced with the activities and distribution of work of our business.

Form of Business: As our business is consisted with up to 7 members, we must start it as a partnership business. For this we have to maintain or follow some rules and regulation to regulate partnership business. We will be investing capital, taking profit and loss and other financial or non- financial activities in equal quantity.

Members of management team: We will not be hiring any employee for our management team. In fact, we have already decided what our management structure will be. According to our organizational structure there will be Chief executive officer who will be taking all decision and other necessary execution planning. On the other hand, there will be two Accounts manager and Sales manager respectively and rest of them will be working in sales execution.

Legal Issues: There are some legal issues to start up business. To protect our business, we must maintain or take a few initiatives. Such as: we must take trade licensee and have to work according to suppliers benefit so that suppliers do not face any problems.

Organizational Structure:

Cultural Impact: As our target market is tourist from Bangladesh as well as Foreign country. So, we need to employ that person who have knowledge about Culture of different country’s people and know and speak in Bengali and English
Financial Planning
Synopsis: In our financial plan we will numerically discuss our start-up cost, financial statement, break-even analysis, cash flow statement to make financial side healthy and to provide a well made financial structure.

Start-Up Cost:
Particulars Amount Amount
Start-Up Cash:
Equity investment
Loan proceeds
Total Start-Up Cash
Start-Up Expenditure:
Security Deposit (Rent)
Start-Up Expenses
Legal and Consulting Fees
Salaries and Wages
Pre-Opening Advertising
Printing
Transportation Cost
Total Start-Up Expenses
Opening Inventory
Capital Expenditure:
Computer and equipment
Furniture and Fixtures
Building Rent
Total Start-Up Capital Expenditure
Total Start-Up expenditure 1200000
240000
500000
100000
35000
50000
5000
20000
40000
200000
15000
1440000
500000
210000
372000
255000
1337000
Break even Analysis:
Break even analysis is the situation when Total Revenue become equal to Total cost. We are calculating Break even to Identify how much quantity of product we have to sell to earn profit and avoid loss.

Our Fixed cost is estimated to 70000 tk, Variable cost 175 per unit and Selling price (Average of all Product) is 210.

Break Even Quantity is:
Q=70000210-175=7000035=2000 unitWe have to sell more than 2000 unit to earn profit.

Cash Flow Statement:
Particulars Amount Amount
Beginning Cash Balance:
Cash in
Sales
Total Cash available
Cash Out
Purchase of Inventory
Security Deposit (rent)
Start-Up expenses
Capital Expenditure
Total Cash out
Ending Cash Balance 1440000
462500
372000
500000
210000
255000 1902500
1337000
565500
Cash Requirement: From Cash Flow statement, we can See that our cash outflow of First month is 1337000. So, we need minimum 1400000 tk in first month to start our business.

Source of Finance: We are going to start our business in Partnership Business. Our capital will be collected 1200000 tk from our 6 entrepreneurs and 240000 from bank loan.

Conclusion: Representing Bangladeshi food is what we are trying to do in front of the people from all over the world as tourist spots does not include the citizen of a nation only but people from all over the world. Besides our main aim is to attract customers by offering gastronomy product as a whole new concept and making sure that customer find it more beneficial and interesting for them in a way that it makes them feel that they are taking the taste of Bangladesh. And last but not least our strategic business planning will provide us the best way to operate a business as well as success.