Spice Bar Presentation


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Spice Bar Presentation

  1. 1. – Anne Marie Miller – Todd Conway – Scott Gavin – Mollie Toole – Mark Fisher
  2. 2. Mission Statement <ul><li>“Spice Bar strives to provide uncompromised wellness, happiness and health for each individual customer, by using the highest quality ingredients and offering excellent customer service within a chic ambient atmosphere that exudes vitality and luxury.” </li></ul>
  3. 3. Fast Facts <ul><li>Each day Americans spend an average of $109 million on dieting and diet related products </li></ul><ul><li>Restaurant sales grossed more than $500 billion in 2007 </li></ul><ul><li>Spice Bar has the opportunity to capture some of the revenue in both the diet and restaurant industries through its unique market offering </li></ul>
  4. 4. Spice Bar Idea, Brand & Location <ul><li>Spice Bar is a chic restaurant that caters to the needs of its upscale clientele by offering health-conscious menu items that taste great but still satisfy </li></ul><ul><li>The Spice Bar brand is young, energetic, health-conscious and trendy </li></ul><ul><li>Location 1: 313 Spring Street, NY, NY 10013 </li></ul>
  5. 5. Team/Management <ul><li>Anne Marie Miller: Manage Legal Matters, works closely with Daniel Miller, Esq. </li></ul><ul><li>Scott Gavin: Financial Manager </li></ul><ul><li>Mollie Toole: Kitchen Manager </li></ul><ul><li>Mark Fisher: Operations Manager </li></ul><ul><li>Todd Conway: Advertising/Sales Manager </li></ul><ul><li>Executive Chef: Ronald Reda, previous work experience includes 5 years as the Kitchen Supervisor in the White House during the Clinton Administration </li></ul>
  6. 6. SWOT Analysis <ul><li>Strengths: innovative approach to the health-food industry, understands its upscale target market well </li></ul><ul><li>Weakness: extremely high failure rate </li></ul><ul><li>Opportunities: restaurant and diet industries gross billions per year, Spice Bar can capture some of this revenue with creative and energetic marketing </li></ul><ul><li>Threats: SoHo is filled with well-known, established restaurants </li></ul>
  7. 7. Target Market <ul><li>Primary: Women between 20-35 yrs old, live in SoHo, upper to upper middle class, care about physical appearance and health, enjoys life and the social scene </li></ul><ul><li>Secondary: Women between 20-35 yrs old, live in NYC, upper to middle class, exercise regularly </li></ul><ul><li>Tertiary: Women, live in Tri-state, 18+ years old, will splurge for special occasions </li></ul>
  8. 8. Market Strategy- Pricing <ul><li>Appetizers: $12-$25 </li></ul><ul><li>Entrees: $25-$45 </li></ul><ul><li>Dessert: $8-$15 </li></ul><ul><li>Cocktails/Shakes: $6-$15 </li></ul><ul><li>Prices determined by: </li></ul><ul><ul><li>cost of ingredients </li></ul></ul><ul><ul><li>Spice Bar’s intended brand image </li></ul></ul><ul><ul><li>Executive Chef’s estimation of the customer’s value-perception </li></ul></ul><ul><li>minimum 65% mark-up on fair market value price </li></ul>
  9. 9. Market Strategy- Promotion <ul><li>Restaurant Opening- sponsored by Viridian Spirits, LLC </li></ul><ul><li>Host Charity Events </li></ul><ul><li>Promote Chef Ronald Reda </li></ul><ul><li>Live Music </li></ul><ul><li>DJ Serge Devant </li></ul><ul><li>Press </li></ul>
  10. 10. Market Strategy- Place <ul><li>Phase 1: 313 Spring Street, NY, NY 10013 </li></ul><ul><li>Phase 2: one location in the Upper East Side of Manhattan, one location in the Williamsburg area of Brooklyn </li></ul><ul><li>Phase 3: expand nationally and internationally in major cities such as Paris, London, Miami and Las Vegas </li></ul>
  11. 11. Market Offering <ul><li>Executive Chef Ronald Reda is currently developing the menu items to reflect Spice Bar’s mission and goals. </li></ul><ul><li>Menu items will be similar to the following: </li></ul>
  12. 12. Menu Item Samples-Appetizer <ul><li>Garden Lasagna </li></ul><ul><li>Fruit Sushi </li></ul>
  13. 13. Menu Item Samples-Salad <ul><li>Compressed Summer Berry Salad </li></ul><ul><li>Tropical Salad with Raspberry Poppy Seed Dressing </li></ul>
  14. 14. Menu Item Samples- Entree <ul><li>Beetroot Ravioli </li></ul><ul><li>Carrot and Parsnip Fettucine </li></ul>
  15. 15. Menu Item Samples- Dessert <ul><li>Cacao Pistachio Florentine & Mint Ice Cream Sandwich </li></ul><ul><li>Maine Blueberry Flan </li></ul>
  16. 16. Menu Item Samples- Shakes <ul><li>Wild Blueberry and Hemp Shake </li></ul><ul><li>Grapefruit Mint Spritzer </li></ul>
  17. 17. Menu Item Samples- Cocktails <ul><li>Mojo-jito </li></ul><ul><li>Pomegranate Infused Vodka Spritzer </li></ul>
  18. 18. Menu Item Samples- Beer & Wine <ul><li>Organic Mulled Wine </li></ul><ul><li>African Ginger Beer </li></ul>
  19. 19. Website Prototype <ul><li>Websites are an extremely important marketing tool for any new business </li></ul><ul><li>Spice Bar has teamed up with 7 Strategy, a top website development company, to create its website </li></ul><ul><li>The following prototype has been estimated by a 7 Strategy web developer to cost approximately $20,000-$25,000 to create </li></ul>
  20. 20. Website Prototype Screen 1 <ul><li>Screen 1 shows the Spice Bar door </li></ul><ul><li>When the mouse scrolls over the door the word “Enter” appears </li></ul><ul><li>When the word “Enter” is clicked, it brings the web visitor to Screen 2 </li></ul>[ENTER] [ENTER]
  21. 21. Website Prototype- Screen 2 <ul><li>Screen 2 shows the interior of Spice Bar </li></ul><ul><li>When the mouse scrolls over a table, the word [ABOUT] will pop up </li></ul><ul><li>When the mouse scrolls over the reception table the word [RESERVATIONS] will pop up </li></ul><ul><li>When the mouse scrolls over a waiter the word [MENU] will pop up </li></ul><ul><li>When the mouse scrolls over a patron the word [HOURS & DIRECTIONS] will pop up </li></ul>
  22. 22. Website Prototype- Screen 3 <ul><li>Screen 3 will include a Jobs link (Screen 3a), Press link (Screen 3b), and Bios link (Screen 3c) </li></ul><ul><li>Screen 3(a): Jobs </li></ul><ul><ul><li>Please contact Mollie Toole to schedule an interview or inquire about job opportunities at ________ </li></ul></ul><ul><li>Screen 3(b): Press </li></ul><ul><ul><li>Will include all press and PR for Spice Bar </li></ul></ul><ul><li>Screen 3(c): Bios </li></ul><ul><ul><li>Will include Bios for all Founders of Spice Bar </li></ul></ul>
  23. 23. Website Prototype- Screen 4 <ul><li>SCREEN 4: RESERVATIONS </li></ul><ul><ul><li>Reservations can be booked up to 30 days in advance. For reservations at Spice Bar, please call 212-123-4567. Spice Bar VIP rooms are available to host group events to accommodate up to 50 guests. To book the entire restaurant please contact _______ at 212-234-5678. </li></ul></ul>
  24. 24. Website Prototype- Screen 5 <ul><li>Screen 5: MENU </li></ul><ul><ul><li>Will show menu items and prices </li></ul></ul>
  25. 25. Website Prototype- Screen 6 <ul><li>Screen 6: HOURS & DIRECTIONS </li></ul><ul><li>Hours: </li></ul><ul><ul><li>Spice Bar is open from 10am to 12am on Sunday through Thursday and 10am to 1am Fridays and Saturday </li></ul></ul><ul><li>Directions: </li></ul><ul><ul><li>313 Spring Street, New York, NY 10013 </li></ul></ul><ul><ul><li>Shows a picture of the restaurant (represented as a star) on a map of SoHo </li></ul></ul>
  26. 26. Milestones <ul><li>Milestone 1: Get funding from an Angel Investor for start-up costs </li></ul><ul><li>Milestone 2: Within 8 months of opening- break-even </li></ul><ul><ul><li>bring in enough revenue to cover costs, no profits yet </li></ul></ul><ul><li>Milestone 3: Within 2 years of opening- profitable. </li></ul><ul><ul><li>bring in enough revenue to cover expenses as well as pay off debts </li></ul></ul><ul><li>Milestone 4: By 2012- save enough capital to invest in opening 2 additional restaurants (Phase 2 of expansion). </li></ul><ul><ul><li>Spice Bar LLC will create a new business plan for each individual location (Upper East Side and Williamsburg) and set appropriate milestones for the establishments </li></ul></ul>
  27. 27. Focus Group: Survey <ul><li>SURVEY </li></ul><ul><li>Circle one for each (Optional): </li></ul><ul><li>Annual Income: </li></ul><ul><li>$500K+ $250K+ $100K+ $75K+ $50K+ $25K+ less than $25K </li></ul><ul><li>Gender: Male Female </li></ul><ul><li>Ethnicity: Asian Caucasian African-American Hispanic Other </li></ul><ul><li>What is the most important thing you consider when choosing a restaurant to eat in? Rank the following items in order of importance (1 being most important, 5 being least important). </li></ul><ul><li>____Cost </li></ul><ul><li>____Chef </li></ul><ul><li>____Entertainment (live music, etc.) </li></ul><ul><li>___ Food Type (Italian, French, Organic, etc.) </li></ul><ul><li>___ Food Quality </li></ul><ul><li>___ Food Quantity (portion size) </li></ul><ul><li>___Special needs (Vegan, Kosher, etc.) </li></ul><ul><li>How often do you exercise? (Circle one) </li></ul><ul><li>Everyday 3 or more times/week 1/week 1/month Never </li></ul><ul><li>Rank the following items, 1 being the most important to you and 5 being the least. </li></ul><ul><li>___ Family ____ Career ____ Health ____Money ____Friends </li></ul><ul><li>How much would you be willing to pay for a great tasting meal that you knew was healthy and low in calories? (Circle the maximum amount you are willing to pay) </li></ul><ul><li>$10 $20 $30 $50 $100 $350 </li></ul><ul><li>How much would you be willing to pay for a high-end meal (not including alcohol)? (Circle the maximum amount you are willing to pay) </li></ul><ul><li>$10 $20 $30 $50 $100 $350 </li></ul><ul><li>Would you find it helpful if menus gave nutritional information like calorie content? (Circle one) </li></ul><ul><li>Yes No </li></ul><ul><li>Which 2 calorie-based portion options would you want to see at a restaurant (circle one from each row): </li></ul><ul><li>Row A: 300 350 400 450 500 (in calories) </li></ul><ul><li>Row B: 500 550 600 650 700 (in calories) </li></ul>
  28. 28. Market Research: Survey Results <ul><li>After surveying more than 100 people selected at random, the following answers came up the majority of the time </li></ul><ul><li>1. Annual Income: $75K+ </li></ul><ul><li>2. Ranking Importance: Food Type, Food Quality, Cost, Food Quantity, Entertainment </li></ul><ul><li>3. Exercise Frequency: 1/week </li></ul><ul><li>4. Ranking Importance: Health, Money, Family, Friends, Career </li></ul><ul><li>Cost Max: $50 </li></ul><ul><li>Calorie Count: Yes </li></ul><ul><li>Portion Size: 300 and 550 </li></ul>
  29. 29. Discussion: Q & A <ul><li>Please feel free to ask any questions </li></ul>