mgt/465 part 3

Executive Summary

Part One: Executive Summary Elements

Learning Team C’s Vision Statement for the business is:

A vision is a future state that is desired by a firm. It is a source of inspiration to a firm. It portrays an image about what a firm wants to become (Mariotti & Glackin, 2015). In addition, it indicates where a firm wants to journey.

Vision Statement

It is Oh Taste and See’s obligation to provide decadent and indulgent products to customers irrespective of what they can and cannot eat. Oh Taste and See strive to be the leading choice of customers in Nashville within five years by offering fresh, quality baked products. Customer satisfaction will be top priority; therefore, the business will gather customer feedback and use the information to improve the products. Thus, ensuring that the baked products meet customer needs and expectations to generate repeat purchases for the business. Accordingly, the products will be made to bring excitement and happiness to each consumer. Oh Taste and See will nurture and grow the business based on innovation, customer focus, customer satisfaction, results, delivery, trust, and meeting expectations.

Executive Summary Data

Executive Summary Element	Research Results
Marketing
Product/Service Idea- Describe Product/Service Characteristics
Benefits/Features	Operating a bakery can be a difficult enterprise with startup equipment costs, production deadlines, adhering to safety and maintenance regulations and heavy local competition for customers. There are, however, some key benefits of running a bake shop. For instance, there is control over a retail business in which a consistent customer base can be developed and the ability to expand when the time is right. Another pro to running a bakery is control over the products provided and their amounts. The options include an almost endless variety of bread, pastries, cakes, brownies, and pies. Therefore, focusing on a particular product line to specialize in can perfect the recipe and the manufacturing of it. For instance, central items might be different muffins and bagels that serve the breakfast crowd; then there are the holidays and the ability to make edible themed treats around that particular holiday. Another benefit is the freedom to be creative, as the bakery business offers the potential for significant ingenuity. Management and staff can experiment with original recipes, exciting presentations of products and can express the bakery's style with decorations. Employees who are allowed to express their ideas are more satisfied with their work than those who are expected to produce the same items day in and day out. Another benefit of running a bakery is that expansion can be done to the business as often as needed. Sometimes there is the opportunity to move into a larger area or to add on to the present facility. However, the number of different products offered and the amounts that are baked can be increased, even if the physical size is not enlarged.
Unique Features	Besides being able to own your own business, set the rules, and be as creative as you wish you can also be considered a niche bakery. With so many diet plans and restaurant owners catering to certain eating habits, so can the bakery. The bakery doesn’t have to just cater to a sweet craving. It can also avoid gluten-contained product meaning regular wheat flour cannot be used. The average grocery store might offer one or two selections for bread and other pastries at most. With a bakery, you can meet a local niche need like serving gluten-free products to establish an instant business relationship.
Limits and Liabilities	Limits for Oh Taste and See will be that no dinner service is offered by the company. While there will be sandwiches provided for lunchtime and these could be sold in the evening, there is no dinner menu per se available. Therefore, Oh Taste and See is limited to mainly the breakfast and lunch crowd. As for liabilities, these include general legal responsibilities to cover the company in case of customer accidents and workmen’s comp insurance in case of employee calamities. Furthermore, if delivery service becomes available, auto insurance would also be a liability that would need to be covered. However, Oh Taste and See does not anticipate the aforementioned limits and liabilities to be a hindrance in is goal of creating newly baked foods, offered with outstanding customer service, and provided for a nominal price.
Production and Delivery or Service Execution	Putting execution before a strategy is an essential trait in today’s competitive world. The business environment is a chaotic, sometimes unpredictable place. However, Oh Taste and See will hand make and bake daily the products to ensure quality and freshness. With the fact that bakeries have such low margins, execution is one of the keys to success for the company. According to Guillen and Garcia-Canal (2012), Bimbo is now the world’s largest bread bakery, initially founded in 1945 a Spanish immigrant to Mexico used execution excellence to adapt to the bakery business quickly. In 1996 Bimbo moved to the U.S. and strategically utilized efficient delivery routes, which gave them the upper hand (Guillen & Garcia-Canal, 2012). “By 2012 it had swallowed up more than a dozen U.S. firms, including the bakery divisions of Weston Foods and Sara Lee” (Guillen & Garcia-Canal, 2012, para. 2). Thus, just one example of how execution is vital in the production and delivery of a product.
Suppliers	Yeast will be out-sourced to a local farmer that provides some of the finest yeast in the South. Salt will be ordered out of country from India where it is of great quality and at a much cheaper price than other locations. Flour will also come from the same distributor as the yeast. However, the pastry supplies will come from Pastry Chef Central Inc. and the bakery equipment will come from the WebstaurantStore Food Service Equipment and Supply Company.
Intellectual Property/Permits	“Trademarks are used to protect a business’s logo, designs, symbols, phrases, or name so that competitors can’t use the same or extremely similar marks or name that you do, confusing the two businesses.”(Sweeney, 2015) The idea is that trademark is property;thus, being able to register a trademark give exclusive rights to use it. Nobody else will be able to legally encroach upon it; therefore, being able to properly protect your trademarks will allow for continued success. Oh Taste and See will eventually have a logo with which consumers will recognize the business, but this has yet to be decided. permits include a business license, sales tax permit, and a certificate or permit through the local department of health to sell food.
Business Location- Describe Planned Business Location
Home Based	N/A
Multiple Locations	Oh Taste and See will have multiple locations. There will be a main bakery in the city of Nashville, specifically downtown, a place where entertainment attracts large numbers of visitors and locals. Nashville, also known as Music City, offers both day and nighttime attractions (Nashville Farmers Market, 2018). Having the main bakery in the downtown location will allow for high volume traffic. The second location of the bakery will be a stand at the local farmer’s market. The Nashville Farmer’s Market is a popular central destination in Nashville Tennessee (Nashville Farmers Market, 2018). The market has “open-air, outdoor Farm Sheds, which consists of two large covered sheds that serve as a home to more the 150 farmers and merchants during peak growing season. “Throughout the year, shoppers at the Nashville Farmer’s Market can fine ranchers, dairy farmers, cheese-makers, bakers, food artisans, crafters, and flea merchants, as well as farm-direct products like honey, jams, jellies, and more” (Nashville Farmers Market, 2018).
Lease Facility- Existing Facility	Both the downtown location and the Farmers Market have established facilities that can be leased for use. Leasing space and some equipment reduces the required start-up capital and also provides greater flexibility (Mariotti & Glackin, 2015).
Virtual	The bakery will have a website that will display menus, contact information, and order capabilities.
New Facility Construction- Own	N/A
New Facility Construction- Lease	The construction that would be needed for the facility would be to custom branding elements. The kitchen, prep, and sales floor are already established and partly equipped and would not require additional construction.
Other- Specify
Additional Executive Summary Information- Specify Below

Part Two: Reflection and Observations: Marketing analysis

1) What roadblocks did the team face when obtaining required information?

The team seemed to obtain information efficiently and effectively. Some things that stood out that were harder to find or figure out how to do were the intellectual property rights and limits and liabilities. Making sure you as a business owner is covered on all fronts is very important.

2) What lessons were learned during the week’s Learning Team assignment which can be applied during the specific phase of business start-up?

Sourcing suppliers was more challenging than expected. There are tons of options out there so figuring out how you want to source ingredients is where you need to start. Do you want to keep costs low? Do you want to source all of your ingredients locally to support your community?

3) What is the team’s overall observations of this week’s assignment relative to the type of

information needed to develop a comprehensive business plan?

Overall, the team had a great grasp on what kind of information is needed for a successful business plan. The more details that are hammered out from the beginning will provide for a smoother execution of the business plan. Things like location, suppliers, vision, and distribution are all seemingly little things alone and could be figured out on the fly, but when they are put together they create one working business. Those details are necessary to know from the beginning.

4) How does this week’s Learning Team assignment support the Learning Objectives?

This week’s assignment really had parallels to the ability to conduct a feasibility study and creating a business plan. All of these elements that are included in the executive summary are details that feed into doing a feasibility study. Also, branding a marketing come after these are figured out. It has really shown us what must go into the start of a business.

Summary of Executive Summary Data

A vision statement is the framework of strategic planning, supplying the answer to – “where do we want to go?” (Ward, 2017). Therefore, Oh Taste and See’s vision statement shows the direction the company will take to accomplish its goals and sets a standard of recognition for the business. A good vision statement goes beyond one or two years and Oh Taste and See’s reaches up to five years; thus influencing decision making and resource allocation significantly (Ward, 2017).

The benefits of Oh Taste and See are fresh baked goods, served by excellent customer service, at low prices. With features such as bread, pastries, cakes, brownies, and pies, including the unique features of distinct recipe request and the bakery’s unique pretzels. “Benefits are the reason customers buy the product or service,” and features are characteristics that a product or service does or has (Kauffman Foundation, 2007). Therefore, the benefits and features that Oh Taste and See have are of excellent quality, with unique features resulting in higher customer satisfaction.

However, there are limits and liabilities, as there are with any company. Oh Taste and See has limits in that it is not necessarily a dinner source; therefore, it mainly caters to the breakfast and lunch crowds. As for liabilities, there are general, employee, and automobile, where required. Therefore, Oh Taste and See has purchased bakery insurance to include general and product liability; along with workers compensation, unemployment, disability, and medical insurance. Furthermore, Oh Taste and See will obey all food safety laws, obtain required licenses and permits, and pass all inspections.

The production and delivery of Oh Taste and See’s bakery offerings follow those of most bakeries; however, the care that goes into each item is unique and does not consist of an assembly line of employees on autopilot. The delivery of the just now baked goods through customer service associates who are friendly, welcoming, and delighted to serve consumers are of exceptional value. The production begins with handmade and fresh baked items and the delivery consists of outstanding customer service in an inviting atmosphere.

Furthermore, suppliers for Oh Taste and See include Pastry Chef Central Inc. and WebstaurantStore Food Service Equipment and Supply Company; along with a local farmer and salt obtained from India. Although the Pastry Chef Central is located in Florida, it offers a better variety of bakery supplies than the local market. As for the WebstaurantStore, it has a vast quantity of restaurant equipment and is located in Kentucky with a ground shipment time of one day; thus, its lower prices and location make it a better fit for purchasing equipment and supplies, than the surrounding area’s selection (WebstaurantStore, 2018).

Intellectual Property/Permits consists of a yet defined logo that will give the company easy recognition to consumers. However, the permits include a business license, sales tax permit, and a certificate or permit through the local department of health to sell food.

Oh Taste and See will have multiple locations, with only one brick and mortar location in the downtown Nashville area and a stand at the local farmer’s market; along with a virtual site on the web with order capabilities. Although it will feel like a family atmosphere, this will not be a home-based enterprise, as both the downtown location and the farmer’s market stand have established facilities that can be leased for use.

References

Guillen, M.F., & Garcia-Canal, E. (2012, October). How the world’s largest bakery puts execution before strategy. Harvard Business Review, (), . Retrieved from https://hbr.org/2012/10/how-the-worlds-largest-bakery-puts-execution-before-strategy

Kauffman Foundation . (2007). Product/service features and benefits. Retrieved from https://www.entrepreneurship.org/articles/2007/01/productservice-features-and-benefits

Mariotti, S., & Glackin, C. (2015). Entrepreneurship & small business management. University of Phoenix eBookcollections.

Nashville Farmers' Market. (2018). Retrieved March 11, 2018, from http://nashvillefarmersmarket.org/

Sweeney, D. (2015, August 04). Three Ways to Protect Your Intellectual Property. Retrieved March 11, 2018, from https://www.fundera.com/blog/three-ways-to-protect-your-intellectual-property

Ward, S. (2017). Vision statement definition. Retrieved from https://www.thebalance.com/vision-statement-2947999