The French Bakery will make the following products; bread, cakes, muffins, buns, rusk toasts, among others. Most of these products are in the market, but their demand is high compared to what is supplied (Tapayan, 2018). Our products will have additional flavors like vanilla and almond to sell higher than our competitors; the main products will be cakes because they come in various varieties and have different pricing options. Individuals should offer cakes at affordable prices.
The bakery firm will incur fixed and variable costs for its products; the fixed costs will include; rent, taxes, insurance, and utilities purchase. The variable cost will be; the amount incurred in the purchase of ingredients, electricity cost, payment of employees, supply and packaging cost, among other variable costs (Barrow, Barrow & Brown, 2021). The pricing of bakery products becomes difficult, especially since many production costs are involved. Selling the products at the right price will make French Bakery make a healthy profit margin. The costs of the bakery product sold will be determined using the following formula; Direct cost + Overhead + Wages +Profit.
The French Bakery firm has made its products; and ways to attain the potential customers includes. The company will use mail campaigns, connect with influential food bloggers, attend food events, carry some samples, drop some samples to the target consumers, and open pop-up shops, among other strategies (Tapayan, 2018). The most effective way of reaching a large customer base is through the mail. The company can use famous online platforms such as Mail chimp to ensure that it has activated its mails for regular communication with clients. Influential food bloggers have an extensive network of followers; they pass word of mouth to their followers about the new firm in the town (Barrow, Barrow & Brown, 2021). The French Bakery company may consider connecting with the food bloggers by organizing a small event where they will showcase some of their products. The bakery firm will also seek to attract customers by employing the following tips; designing the operational areas with a funny and friendly message, giving free samples of the new products, and managing the social media well, among other strategies.
In conclusion, the 4Ps model enhances components of the market mix and aids a company in taking its products or services to a new market. It helps the organization define its products in the following aspects; price, product, promotion, and place; this definition ensures that the products offered to the market meet the customers’ demands.
References
Barrow, C. & Barrow, P. & Brown, R. (2021). The business plan workbook: a step-by-step guide to creating and developing a successful business, tenth edition.
Tapayan, A. (2018). Integrated marketing communications plan for a bakery.
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