Tea taste

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Tea taste

  1. 1. 2012 TEA TASTE Every Sip Counts Nivriti Raj Tusharika pant Ballabh ojha vanaja 9/17/2012
  2. 2. ContentsExecutive Summary............................................................................................ 2Company Summary ............................................................................................ 2Start-up Summary .............................................................................................. 3Market Segmentation ........................................................................................ 3Target Market Segment Strategy ....................................................................... 3Competition and Buying Patterns ...................................................................... 4Marketing Strategy ............................................................................................ 4 1
  3. 3. Executive SummaryTea Tastewill offer a full range of teas (hot and iced), as well as pastries, teaaccessories, and loose teas for taking home or giving as gifts.We will train all ofour teatenders in the proper storage, brewing, and serving of each kind of tea.We expect to easily generate sales to existing committed tea drinkers, who willimmediately recognize the quality of our products and services. Marketing tothe much larger local groups who are not yet familiar with premium teas willemphasize our atmosphere (cosy, intimate, luxurious), our prestige-value (highprices, the sophistication of having a favourite "exotic" tea type), and teaaccessories.MissionOur goal is to provide the finest premium teas and tea accessories to residentsof the Whitefield, Bangalore in a relaxed and fun atmosphere.Objectives  To operate a successful tea and tea accessories café in Whitefield, employing two to five employees the first year.  To obtain a minimum of 200 regular customers in the Whitefield market the first year of operation  Maintain an average gross margin of 60 per cent.  Product Quality. We sell only the finest whole-leaf loose teas, and tea accessories.  Excellent Customer Service. Each customer will be treated as would an honored guest in our homes.Company SummaryOur primary focus is in the over 50 kinds of loose tea we offer, including blackteas, green teas, herbal teas (infusions), and flavored teas (black or green teaplus other flavors). We serve our teas hot and iced.Our tea-tenders will knowthe best brewing temperature and time for each of the 50 kinds of teas weoffer. These include straight black teas such as Assam, Ceylon, Darjeeling and 2
  4. 4. Keemun, blends like Chai.Tea Taste’s no-caffeine herbal infusions range fromflavored rooibus to fruit blends and medicinal brews (chamomile, ginseng, etc.)Start-up SummaryEquipment and Inventory will make up 75% of start-up requirements.Leasehold improvements and general expenses comprise the remaining 25% .Market SegmentationWhile we anticipate a split between locals and IT professionals, all members ofour target market are between the ages of 25 and 60, and have a moderate tosizable disposable income.Target Market Segment StrategyTea Taste cafe will provide the local upper-middle-class community with aplace to socialize, indulge themselves with fine teas and pastries.Thesecustomers will be glad to pay the price premium for our products in exchangefor the high quality, great taste, and sense of prestige they receive. In fact,higher prices for some items (Assam golden tippy versus regular Assam) mayencourage higher sales - these kinds of customers eagerly accept the idea thathigher prices equal higher quality, and want to buy "only the best," regardlessof whether their palate is educated enough to appreciate the subtledifferences.Tea Facts  Tea is growing in popularity and more people are drinking tea in the mornings as a substitute for coffee.  Tea is being consumed throughout the day; its milder caffeine effect allows for multiple cups without the "jitters."  Todays tea drinkers do not limit their purchases to one season, but drink tea all year long.  Tea has become the drink of choice for todays baby boomer, and teas health effects are giving tea a more active, youthful, and healthy image. 3
  5. 5. Competition and Buying PatternsIn Tea industry, competition depends on quality of teas, knowledgeableteatenders, and cultivation and education of a loyal customer base. Consumersused to Lipton teabags and other low-quality, tea-dust offerings in grocerystores are amazed at the range of tastes, textures, and fragrances from real,high quality tea. Offer them a good cup, and they will usually return for therest of their lives. However, getting them to enter your store in the first placecan be a major challenge.Our potential customers vary in knowledge of tea, and are seeking a widerange of experiences and products.Tea drinkers are looking for a pleasant,relaxing place in which to indulge their love of tea, share it with friends, andlearn more about tea varieties, cultivation, and health properties. Committedtea drinkers will always choose quality over price or convenience, seeking outthe freshest whole-leaf and tippy varietals in the area.Marketing StrategyOur marketing strategy needs to accomplish two things: first, to makepotential customers aware of Tea Taste Cafe opening and location; second, toeducate potential customers as to what a Tea Taste is, and why it is sowonderful. Clearly, with committed tea drinkers, the first will suffice. However,for the rest of our target market, we must strategically define ourselves as theanswer to the many different things each group is seeking.MARKETING STRATEGY QUESTIONNAIRE1: BACKGROUND  What business we are in?  What services and / or product do we provide?  What compelled us to start this business 2: MARKET  What is the market opportunity? What is the market size?  How can the market be segmented into logical customers group?  Is our market or business is affected by business cycle or system? 4
  6. 6. 3: MARKET AUDIENCE What market segment are we targeting? What is our customer’s primary reason for buying or wanting to use our product or services? Why would someone prefer our offering versus that offered by the competition?4: OFFERING What features and associated benefits does our offering provide? Identify features and association benefits for each target audience? What improvements can we make to our offering to better meet customer needs?5: SALES AND BUYING PROCESS What is the process for selling our service or products? Whatbuying criteria does our target audience use to select an offering? 6:PRICING How important is price in the decision process? Which of our competitors are considered the price leader? What does the price leader charge for its offering? 5

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