We are focusing on the Honduran Market specifically to our target audience in Tegucigalpa.
Tegucigalpa has a population of 1.19 million people out which 42.51% represent the economically active population, so we can estimate that we have a market potential of 505,967 persons. When we look at the gender among these individuals we identified that 63.5% are men and 36.5% are women. Our target audience will be:
Age: 19 to 50. We will specifically target individuals who want to lose weight, athletes, and those that want to eat healthy.
Both Male and Female
Income Level: 30,000 HNL and above
Social Class: upper middle class and upper class.
5.2. Marketing Strategy
Our first year we will focus primarily on our marketing strategy. Since we are not the first movers within the Honduran market, we have to invest a lot of time and money into creating brand awareness and showing how we differ from our competition.
5.2.1. Social Media Strategy
For our target audience, and the way the majority of businesses promote their products in Honduras, social media is one of the best tools to communicate our value proposition and product. Through social media it will allow us to interact with our customers on a real-time basis and create a trending of our product. We will focus on the following:
1. My Chef Website: Our main tool is our company website. Our website will be user friendly and it will allow users to view all of their information in an organized manner.
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Here, the customer will be able to see links to our bulletins, blog, and have access to the online support community. If a customer has any doubts or complaints, they can contact us through this medium and this will help us provide our customers with the best attention possible. We will aim to show success stories on our webpage on each of the meal plans that we offer. This will create a level of trust amongst our existing clientele as well as potential customers.
2. Instagram: Instagram has become one of the main tools for small businesses to promote their products. Through Instagram we will be able to upload pictures of our meals so that people can see how attractive they are and we will be able to change their perception of what healthy eating is. In order to create more traffic, we will be creating campaigns where the person that shares our pictures the most will get a free one week sample of our food.
3. Facebook: We will have a Facebook business page that will link to our Instagram account as well as our website. Facebook boasts of over 1 billion users, so this is a great way to bring more awareness to our brand and product. Through Facebook we are also able to see how effective our campaigns are and at what time we have the most client traffic. We will also invest in the Facebook ads which come at a small price compared to traditional print media ads. As well as in Instagram, we can hold contests making sure that the prizes are always relevant to our product and mission.
5.2.2. Bulletins
One of our goals is to raise awareness to the importance of living a healthy lifestyle. We will be sending semimonthly bulletins to our clients giving them suggestions and tips and how to accomplish their fitness goals. We want our customers to know that we understand their goals and we are here to provide support and give recommendations on how to do this. It is our
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future goal that we will have bulletins that give exercise tips (i.e. toning back, arms, legs), notify them of sport events going on around them, and healthy snack alternative such as DIY.
5.2.3. Public Relations
We want to promote our brand and present news and information about My Chef in the most positive light so we will focus
5.2.3.1. Sporting Events
As mentioned before, Honduras has seen an increase in sports events and participation from the community in these events. We will take advantage of days when competitions or races are being held to promote our brand and deliver leaflets to the participants. Since the majority of the people that participate in these events are part of our target audience, it is easier for them to see that we are what they need in order to accomplish their health and fitness goals.
We also want to host our own events such as walks in our national park that promote healthy living and create good opportunites for the My Chef community to meet and interact with each other.
5.2.3.2. Tasting Events
Since people’s decision to purchase food heavily relies on the taste, we will be holding a few tasting events so that they will be more likely to purchase our meal plans. In order to purchase our food, customers are required to purchase a minimum of one month, so we want our potential customers to be at ease that the food that they are purchasing is of the very best quality and is tasty.
5.2.3.3. Influencer Marketing
Recently in Honduras we have seen an increase in bloggers. We will partner up with influential bloggers in Tegucigalpa and all around Honduras so that they will be advocates of our products
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and promote them on their websites. Currently 65% of brands run campaigns focused on influencers and around 92% of consumers trust recommendations from these influencers. (Read, 2016) Many individuals actually prefer and trust these influencers more than they trust the promotional content from the brand itself. Influencers as well as our success story role model will inspire brand trust and promote brand awareness.
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We calculated our financial statements for the next five years. In order to have a better grasp of our projections, it is important to note the following:
We will take out a $10,000 loan to cover the purchase of our non-current assets for our property, plant, and equipment, this includes the purchase of a used car to make all the deliveries. Part of this loan will be used to cover our legal and accounting expenses.
The loan is at an interest rate of 23% for a period of 5 years. (Please refer to Appendix 9.2)
All cooking and distribution will be managed from our company office which will be a family house, so the rent we will be paying is below the market value.
Since we will be initiating operations at the beginning of November, we are only calculating wages for two kitchen personnel, one security officer, and one delivery boy for the two months remaining of 2017. Kitchen personnel and delivery boys will be hired on a part-time basis. By the second year we will have a total of 3 kitchen staff, Logistics Coordinator, 1 Delivery boy, and 1 Accountant. By the end of our 5 year calculations we will have a total of 10 staff members, 7 of which are part-time. You will note that a wage increase of 5% has been considered for each year. (Please refer to Appendix 9.4)
After talking with our consultant America and her experience with food production, and since the products that we are using are of a high quality and some are imported, our cost of goods sold will be 70% of the total sales.
We have stipulated that our kitchen utensils will be replaced every two year.
The currency conversion that we used is $1 USD is equal to HNL23.4718 for May,