Taste of Class: Corporate & Private Catering Company

 
Taste of Class: Corporate & Private Catering Company

Executive Summary

Since November 20, 2010, “Taste of Class” catering company from New York City is actively serving local private and business customers. It strives to distinguish from the rest by offering excellent services that surpassing the clients’ expectations. Years spend in food and beverages industry, hotel, restaurant, and catering services as well as finance and marketing made it possible for the company to provide affordable food options and special events management. The target audience was chosen with respect to geographic, demographic, professional and psychographic factors. USP is based on the fact the restaurant is built to accommodate any office party or other special occasions. The owner keeps to the next steps for the existing supply chain and operational system: Farmer > Food Processor > Food Distributor/Warehouse > Restaurant > Customer. Company’s pricing strategy is quite simple and is focused on maintaining quality and establishing a strong identity in the community. There are few external and internal factors which influence the company’s performance: economics, politics, law, finances, and employees. Among all distribution channels, the management has decided on the advertisement, e-commerce, promotional ideas (innovations), and direct mail. The marketing concept sounds as “Wonderful food, reasonably-priced and knowledgeable service in an outstanding atmosphere.” In the end, it is recommended to follow S. M. A. R. T. (specific, measurable, assignable, realistic and time-related) rules to expand this business. The menu is inspired by different cultures and traditions. Only health conscious products like salads are available.

Target Audience

“Taste of Class” serves NY population only. It means the target audience consists of roughly 50,000 people. Talking about the restaurant’s class service, only those with income no less than $70,000 can afford company’s offers. Most of the time, these people are graduated grown-ups with the habit of eating outdoors several times a week. On the whole, this audince makes 55% of all “Taste of Class” direct client base.

Competition

Company’s main direct competitors are few other catering New York services like “JPO Concepts”, “Montgomery Inn”, and “KrispEvents”, among which the last one has the same goals as “Taste of Class” in terms of event services. “Fresh Julienne” can compete in terms of organic food supplies. To understand the competitive position of “Taste of Class” company, a SWOT analysis was conducted. The results showed that the major strengths of the company are 24/7 access, target audience which celebrates milestones, “Ladies’ Night” and “Date Night” active promotions, various atmosphere options in the dining room and bar. It also has a summer patio, Madison Square Garden and Jacob Javitz Center neighborhood, offers affordable and democratic prices, regular food innovations as well as menu up-date. However, the company lacks experienced personnel along with adequate hospitality coaching and supervision. The threat of new competition is supported by other factors like operational cost and rental expenses increase by over 100%, the price war and potential huge discounts penetrated to survive, threat of losing customer base. Vice versa, “Taste of Class” has a chance to overcome difficulties by providing delivery services and take-out, setting up a drive-through to meet the needs of people who are on the go, implementing more traditional menu, and accepting lower tax rates.

Unique Selling Proposition and Pricing Strategy

USP lays behind the “Taste of Class” a unique and fun atmosphere in the heart of New York, Times Square. It has a shape of cozy and elegant restaurant, yet the prices are rather democratic. Usually, the service is supported by relaxing R&B and jazz music which makes the place more silent rather than noisy and party. After all, live performances are suggested each weekend.

Concerning “Taste of Class” pricing strategy, it is a middle-prices restaurant which strives to be the most valued and known place for eating. Among all external factors capable of influencing the price, the company stresses on local economy and poolitics. Financial factors such as interest rates fluctuations, credit and consumer loans levels can cause an adverse effect too. As for the local law system, it helps “Taste of Class” to develop thanks to the new permissions regarding restaurant business like reducing taxes.

The sharpest internal factor to influence this business is its personnel mostly. Employees’ knowledge and skills stay weak, which distracts some customers. There are two ways to solve this issue: either to train harder or fire part of the staff.

Supply-Chain and Operational System

The main thing to take care about is food safety. To prevent accidents like poisoning, the company carefully manages and checks its suppliers regulated and inspected by such institutions as FDA or USDA. “Taste of Class” monitors every single food shipment to check it for sanitary norms. It is also crucial to follow updates on food recalls. To resist a contaminated food, the company pays attention to alerts from both the FDA site and Food Safety Inspection Service page. Finally, the company tries to cut out the middle man and go directly to the producers to consider buying loyal.

Distribution and Promotion Channels

Distributions strategy of “Taste of Class” is based upon four crucial elements. The advertisement is grounded on the newspapers, Internet, social networking, magazines, and other similar components campaigns. According to the modern technologies and innovations, the Internet marketing is the key to any commercial success. Web sites, forums, and social networks like FaceBook, MySpace, LinkedIn, Twitter, or Instagram are the tools to provide an excellent distribution success. Internet marketing serves as both informative and selling instrument for “Taste of Class”. Promotional ideas or changes help “Taste of Class” to develop and increase customer satisfaction level by creating a new menu, adding new items, suggesting some souvenirs and small presents. Another way for a company to reach its promotional objectives is to attend all relevant trade shows or promotional occasions in the local area. Multiple direct e-mails were preferred to single invitations.

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