Business Plan for Vending Kiosk.edited

docx

School

Kenyatta University *

*We aren’t endorsed by this school

Course

500

Subject

Business

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by HighnessHeat18409

1 Business Plan for Vending Kiosk Student’s Name Institution Name Unit Title Instructor’s Name Assignment Due Date

2 Business Plan for Vending Kiosk Introduction Vending kiosks act as retail stops and a convenient way for customers to get access to a variety of products such as food, soft and hard drinks and any other necessity that is essential in everyday life. Vending kiosks are usually located in places such as stations for both trains and cars, airports, schools, churches and any other busy places since they experience high traffic of possible consumers and customers (Straubinger et al., 2021) . When compared to vending machines, vending kiosks have several advantages, such as offering a wider variety of products with payment methods that are more convenient, such as the use of debit and credit cards (Seidlová, 2019) . In years to come, the Vending kiosk industry is expected to grow drastically due to higher demands from the public for its popularity and convenience for cashless payments (Seidlová, 2019) . For this paper, the business plan clearly outlines the launching of a vendor kiosk strategy, such as the target market in the vending kiosk industry business. Executive and Company Summary Vending kiosks are the most convenient way to reach the goal of customer satisfaction by providing them with a variety of products like beverages and food they need to meet their demands. This business plan showcases the strategy that should be embraced when launching vending kiosk businesses, including touching on the target market and offering products and services and financial projections. The target locations for the effectiveness of kiosk vending business will be those with a market gap and the availability of traffic areas near bus stations and

3 airports (Straubinger et al., 2021) . The significant difference between the vending kiosk business and the vending machine is the advantage of offering a variety of products to customers and employing effective and convenient payment methods compared to those of vending machines. Products and Services The vending kiosk can offer different kinds of products and services conveniently. The products and services rendered include fruits, vegetables, clean water, beverages, soft drinks, sanitary pads, chargers and any other necessity that the market is demanding. Target Market The target market for the vending kiosk business is commuters and travellers, individuals who need quick and convenient access to food, beverages, and everyday essentials while on the go. Furthermore, students, especially college students, may need last-minute items such as sanitary pads and chargers for everyday needs. In addition, office workers are professionals in the corporate world who need items like chargers during their workday (Seidlová, 2019) . Finally, tourists and visitors that need essential items during their visit, like transportation cards and first aid supplies Overall. People in emergencies need immediate first aid items during emergencies or accidents. Marketing and Sales Strategy The marketing and sales strategy for the vending kiosk business will focus on factors such as location, whereby the vending kiosks will be placed in high-traffic locations with high demand for the products offered. Another marketing strategy is partnerships whereby the business will partner with vendors and potential clients to promote the kiosks and attract customers. Digital marketing through the use of social media like Meta business and Search

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 engine optimization purposefully to reach possible customers to generate good sales if they are impressed. A loyalty program is a great way to encourage repeat business and build customer relationships. You can offer customers rewards for purchasing at your kiosks, such as free products, discounts, or exclusive offers. Targeted advertising: With the help of digital marketing tools, you can target your advertising to specific demographics and interests. Management Team The management team for the vending kiosk business will consist of experienced professionals with expertise in the following areas: retail operations, sales and marketing and Finance (Har et al., 2022). Financial Projections The following are the projected financial results for the vending kiosk business:  Start-up costs: $50,000  Annual sales: $100,000 in the first year, with conservative growth of 5-7% in subsequent years  Monthly operating costs: $3,000-5,000 There is a possibility of the vending kiosk business being a profitable venture for any business person or entrepreneur. The business can meet the demands of a large, growing market with its various products. Has the potential to be a profitable and successful venture. For the financial goals of the business to be achieved fully, the management team ought to be professional and execute the plan accordingly (Seidlová, 2019) . Feasibility Study

5 The following is a feasibility study for the vending kiosk business: Industry/Target Market The advantage of the vending kiosk market is that it accommodates travellers, commuters, visitors and fast food for convenience to meet the hunger of a customer. The growth rate of the kiosk is projected to grow at a CAGR of 10.7% from the year 2022 to the year 2030 due to the need to satisfy the need of customers to embrace cashless payment methods that are so convenient to them ( Grzybowska et al., 2020). The vending kiosk industry has a market projected to be $20 billion by the year 2027. Organizational Operations The vending kiosk business will be operational under professional management who are experienced with much knowledge in finance, marketing and operations in retail to achieve the goal of customer satisfaction and profit management for the business. Financial and Overall Potential The kiosk business has Financial and overall potential to compete in the market with a higher rate of success due to high demand and supply in the industry. The starting capital of the business is relatively low and affordable, and the profitability prediction is from two years. The business' management team is solid and professional, hence viable for executing the plan. In conclusion, the vending kiosk business can be a profitable firm to venture into with the advantage of offering various services and selling products to the larger growing market. There is professionalism in the management system that best suits it for executing the business plan

6 accordingly to achieve financial goals. A vending kiosk that is strategically located will have an advantage over a vending machine whereby there will be a variety of products offered at the convenience of a customer through embraced payment options such as cashless payment. When the plan is executed right by professional management, then the vending kiosk business can become very successful. References Grzybowska, H., Kerferd, B., Gretton, C., & Waller, S. T. (2020). A simulation-optimization genetic algorithm approach to product allocation in vending machine systems. Expert Systems with Applications , 145 , 113110. https://www.sciencedirect.com/science/article/pii/S0957417419308279

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

7 Har, L. L., Rashid, U. K., Te Chuan, L., Sen, S. C., & Xia, L. Y. (2022). Revolution of the retail industry: from the perspective of retail 1.0 to 4.0. Procedia Computer Science , 200 , 1615-1625. https://www.sciencedirect.com/science/article/pii/S1877050922003714 Seidlová, K. (2019). A Business Plan for the Vending Machines Start-up True Snack. http://digilib.k.utb.cz/handle/10563/49204 Straubinger, A., Michelmann, J., & Biehle, T. (2021). Business model options for passenger urban air mobility. CEAS Aeronautical Journal , 12 (2), 361-380. https://link.springer.com/article/10.1007/s13272-021-00514-w

Business Plan for Vending Kiosk.edited

Related Documents