Term Project - MKTG 254

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School

Humber College *

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Course

254

Subject

Marketing

Date

Feb 20, 2024

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docx

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Uploaded by BarristerPowerCamel27

YAMU Catering Service Humber College MKTG 254

1. Describe the specific products and/or services you will offer. YAMU is a Japanese catering business, that will offer an authentic sushi experience where an experienced chef will prepare and present the best sushi for any event. YAMU offers 3 different types of services: Service Description Sushi at Your Event Will prepare and present sushi at event location with a customized menu of your choice Prepared and Delivered Will be prepared just prior to event and delivered directly to you. Prepared with Chef Will be prepared just prior to event and delivered to you accompanied by me who will cut, platter and present sushi to the guests from food truck. Table 1:Services 2. Locate and describe the customer groups you will be targeting. YAMU will be targeting Individuals, organizations and businesses for special events and occasions in the GTA. 3. Clearly define the market potential that you will be estimating. In other words, you will be calculating the annual expenditures of which group of potential customers ( who ) on what product or service?

I will be estimating how much money consumers would spend annually on a catering service. 4. List all the relevant data that you have gathered, indicating the sources and calculate the market potential, explaining your calculations. Estimating Market Potential MP = Market potential N = Possible number of sales P = Average selling price Q =Average annual consumption MP = N ×P×Q N = 2080 (40 People X 52 weeks in the year) P = $20 per person Q = 52 MP = 2080 ×$ 20 × 52 MP = $ 2,163,200.00 The average cost for a caterer is $20 per guest. 1 Let’s say caterers gets booked 4 times weekly, mainly for birthdays, weddings, or business conferences. Because of the COVID lockdown, gatherings are limited for a maximum of 10 people. 5. Explain how your business is predominantly Manufacturing, Wholesale, Retail or Service. YAMU is predominantly in the retail business. The business will involve production of Sushi's that will be sold directly to consumers for events. 1 https://fash.com/costs/catering-cost

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Therefore, there is no reselling included, it is from business to consumer. It is not in the service industry since the product (sushi) is tangible. 6. Describe the Brand Image that your business will project. Explain why this is appropriate for your product or service and for your target customers. YAMU will help create the greatest memories by catering special events, while providing top quality service that give the customers an extravagant sushi experience. This business will provide reliability and high-quality presentation of sushi like you’ve never seen before. If YAMU can build that reputation as a caterer, customers will most likely book again. 7. Specify your suppliers (name, location, URL) for any products or supplies that your business will need. The supplier for YAMU will be Ozawa Canada Inc. This wholesaler is located in Richmond Hill, ON. They supply Japanese food, beverages and supplies. URL: https://ozawa.ca/ 8. Name, locate, and briefly describe any direct competitors that you will have to deal with. YAMU may have direct competitors of other Japanese restaurants that is in the GTA. EDO-ko is a traditional Japanese restaurant that offers catering as well. It is located in downtown Toronto which is a prime location. Even Restaurants like Nami (also located downtown Toronto) who don’t offer catering but have the take-out option could be direct competition. 9. Briefly describe any indirect competition that you will have to deal with.

YAMU may have to deal with indirect competitors such as other Asian cuisine restaurants with other menu specialties like ramen, tempura, tonkatsu and etc.; American restaurants that serve meat and hot meals like steak, hamburger, pizza and etc.; quick bites Cafes where customers can grab a wide range of snacks, coffee or even desserts. 10. Name and explain the pricing strategy that you will be using and explain how it fits in with the rest of your marketing mix. The pricing strategy YAMU will be using is Value based pricing. This would be quite ideal as it will allow YAMU to fix prices on the services offered. This is primarily because YAMU offers three categories of services (refer to Table 1: Services Offred) The services will totally vary depending on the customer's preference and needs. This pricing strategy will boost this business as it gives a window to customers to make a choice depending on the value of the service they need. This will make YAMU invest heavily on quality services hence increasing the businesses long-term profit margin. 11. Describe the specific means you will use to promote the business explaining the reasons for your choices.

I will be promoting YAMU Catering via social media sites such as: Social media is a great long-term approach to marketing, and is always a great option for catering or any small business type, to get their name to be known. 12. Identify the legal form of the business. Explain your reasons for this legal set-up. YAMU Catering will involve being in customers’ homes and businesses quite often, dealing directly with people eating food that I have prepared. A person could choke, have an allergic reaction, get hurt, or their property could be damaged. Therefore, in order to protect myself from a potential personal liability, I would use limited liability company (LLC) Social Media Reason Facebook Connect with friends, family, and acquaintances to book events with people who actually know you. Have them leave a review on your business page and share updates about your latest events. Instagram Post a Photos and videos from parties where your delicious food is on display will help more people discover you. LinkedIn Winning over corporate clients

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