The Tusk Meal Prep – A unique Product in the Fast Foods Industry of the USA
It is designed to meet diverse customer needs. The product is half cooked in order to allow consumers to make the final preparation of the meals before consumptions, enabling them to have flexible meals within their busy schedules. The fact that the product targets college students shows that it is easy to prepare because it is half cooked. The meals are healthy, tasty, and nutritious for people, who are concerned about being fit. Considering the nature of the meals, prepared by this company, it is understandable why it suits the target market very well. Many consumers find it too difficult and complex to prepare a full meal every time they go hungry. However, with the introduction of such a meal to the market, their demands will be fully met. This is because the Tusk Meal Prep adjusts to the consumers’ food tastes and preferences, thus, giving them an opportunity to choose specific meals that suit their tastes as well as health and general body fitness needs. The product is also designed to adapt accordingly to the changes in the lifestyle of the target customers to ensure that they get quality meals all the time.
The Tusk Meal Prep is a unique meal that is prepared for commercial purposes in order to receive sufficient revenues, so that it is possible to keep the company in operation and to make it profitable within the market. It is a fast food meal that it is half baked and requires just a few final steps of preparation to make it suitable for consumption. It is designed by nutrition experts to ensure that it meets all the health standards and is appropriate for consumption for people of all ages. This product has a competitive advantage in the hospitality industry, because it is prepared according to the tastes and preferences of customers, who are allowed to make their own final preparations of the meal to suit their needs and wants.
The main target market for the Tusk Meal Prep is college athletes, bodybuilders, power lifters, recreational lifters, CrossFit athletes, and other people in similar fields. The company targets these markets because of its nature and design. The products are aimed at customers, who do not have enough time and resources to cook a healthy meal that would suit their fitness and nutrition objectives. Moreover, this meal is specifically designed for such clients due to the fact that it is halfway prepared, so the consumer only needs to complete the preparation process before consumption, which is very convenient.
Brief Description of the Product
Tusk Meal Prep is a meal, prepared for a specific target group of consumers, who lack time and resources to cook, and, therefore, prefer fast food to traditional dishes. The product is designed for college students, who have limited time, since they are overloaded with many tasks to perform, including completing homework, doing quizzes, implementing projects, and fulfilling other assignments within a stipulated period of time. The Tusk Meal Prep is created in a flexible manner that guarantees the products’ abilities to adjust to the daily schedule of customers in order to meet their changing tastes, purchasing power, and dietary needs. This meal perfectly suits the customers because of its unique flexibility in preparation, which makes Tusk Meal Prep different from other fast foods, offered in restaurants, because it is half cooked and the customers are required just to warm it up in a microwave according to their preferences to make it ready for consumption.
Fast Food Industry Analysis
Industry analysis involves an evaluation of the entire industry, which the product belongs to, and solves critical issues such as the size of the industry, the level of competition within the industry, and the potential market share for the intended product. Through industry analysis, a marketing team is able to establish the strengths and weaknesses of the business in order to develop marketing strategies that can maximize on the strengths and deal with the involved weaknesses (Armstrong, Adam, Denize, & Kotler, 2014). Basically, industry analysis for the Tusk Meal Prep will analyze the general structure of the hospitality industry and specifically concentrate on the fast foods sector.
The hospitality industry and the fast foods sector are growing rapidly every day due to an increased demand for the foodstuff. Despite the increase in the demand for fast food, the level of competition within this sector has also gone higher because of the high number of similar firms, venturing to start a business in the same sphere. The industry is dominated by a large number of sellers that range from top restaurants to small catering firms, which offer foodstuffs to clients within a given area. The company, which is preparing the Tusk Meal Prep, targets mainly the Los Angeles county universities and has the intentions of expanding its business to more colleges in the next two years. Therefore, considering the target market of the company, it is possible to conclude that the number of competitors within this market would be small, thus providing a better opportunity for the company to grow.
The industry may encounter numerous fluctuations of demand and supply, depending on the part of the academic year. Since most of the target customers of the Tusk Meal Prep are college students, the industry trend for this product may vary according to the number of students, currently studying in college, and the level of commitment they have on a daily basis. The trends can also be affected by weather conditions due to the fact that customers will prefer this product in larger amounts during certain seasons (Armstrong et al. 2014). Therefore, the company should conduct a detailed market research to establish the demand trends for the product in order to avoid having losses when the demand decreases.
The market share for the product extends every day due to the market growth that is experienced on a regular basis. The industry possesses strength in being well-regulated by the existing government laws as well as the health and safety standards, which ensure that the products and services, offered by the company, are of a high quality. On the other hand, one of the weaknesses of this industry is the fact that the target customers change their tastes and preferences drastically, which makes coping with these changing trends very costly for the company (Hollensen, 2015). However, the general structure of the industry is quite steady, so the Tusk Meal Prep can be perfectly designed to enter this sector and attain great success. Considering the fact that the fast foods industry is growing rapidly, the introduction of a product, as unique as the Tusk Meal Prep, will be an outstanding input in the industry, leading to the attraction of many customers.
The main buyers of the Tusk Meal Prep are college students, who find it very difficult to prepare a complete meal on a daily basis. Moreover, it also targets bodybuilders and Cross Fit athletes, who need special nutritional food, which will help them to keep fit. The number of buyers of this product alters within a very short time span, because of the changing number of people, found in the target places, and due to the possibility of their moving to other places with new ones coming and having no knowledge of the existence of such a product (Armstrong et al. 2014). Another reason is that not all college students prefer such food, and there are those, who find it convenient to cook for themselves in their houses. These factors affect the numbers of customers, who have demand for fast food in such markets.
The behavior of the buyers is continuously changing, depending on their tastes and preferences. They have varying demands for different meals every day, thus, requiring the company to be flexible enough in order to deal effectively with these drastic changes. The buyers of the Tusk Meal Prep are motivated by their need for foods that can help them to stay fit. They value their health to such a great extent, because most of them consume these foods in the process of bodybuilding or after it (Hollensen, 2015). Therefore, their expectation is that they will be able to get healthy food, which can be prepared as quickly as possible, and maintain the same health standards at the same time. The greatest motivation for these buyers is the ability to obtain fast food, which is healthy enough to help them control their physical fitness.
The strength of the introduction of the product into the market is that it has a ready target group, which needs these exact goods. Therefore, marketing of the product will be easy, because the company has provided the exact thing, the consumers were expecting. Another strong point is that the Tusk Meal Prep has been designed to fit different needs, so that it can cater for the tastes and preferences of different groups of consumers. The product has a competitive advantage over other fast foods, because it is half cooked, which provides the buyers with an opportunity to select the best way to prepare their meals for consumption (Armstrong et al. 2014). The strengths, associated with the introduction of this product, make it outstanding, thus, promising good revenue returns for the company.
Regardless of the strengths, associated with the unique nature of the product, there are some weaknesses, which need to be addressed, in order for the product to be able to remain an outstanding performance in the market. The product targets a section of buyers, who are mostly college students, which presupposes its inconstancy. Therefore, the product may not attain brand customer loyalty in the market, because there is a lack of permanent buyers. On the one hand, the product is designed to meet diverse tastes and preferences of different buyers but, on the other hand, the fact that it is half cooked may as well result in being a weakness, because some buyers may prefer other fast foods, which are fully cooked.
There is a great opportunity for the company to expand its market territories and to improve its market share because of the good reputation of its unique product. The market for the product is very open for expansion, considering the raising demand for healthy foods that promote physical fitness. The company, for instance, can advance its distribution channels within the region in order to reach more athletes and bodybuilders. It can be achieved through advertising the product by promoting the benefits that the athletes and other target buyers will acquire from consuming the Tusk Meal Prep. The raising number of athletes in the region and the development of sporting culture in many colleges act as a great opportunity for the company to sell the Tusk Meal Prep in large quantities. The fact that many people have become very cautious about the foods they consume due to the health issues will help in presenting the Tusk Meal Prep to the market, because it is very healthy and it helps consumers to maintain their fitness level.
The biggest threat, this business is exposed to, is the changing policies, regarding the food safety and other regulations, which may affect its existence in the market. Government policies advocate for foodstuffs, which correspond to certain health standards and demands, which may be difficult for the company to cope with. The fact that the Tusk Meal Prep is designed to be a half-cooked product, which allows the customer to complete cooking before the consumption through heating the meal in a microwave, can present a serious health issue that may affect the reputation of the product (Hollensen, 2015). Half-cooked foodstuffs may trigger some health complications in case the buyer does not understand the best way to prepare them for consumption. Generally, the hospitality industry, being strictly regulated because it deals directly with people’s lives, poses a big hindrance to the introduction of unique products in a highly regulated sector.
Marketing or Business Goals
The Tusk Meal Prep is committed to attaining a significant success within the fast food sector by remaining an outstanding performance in the entire industry. However, the company is fully aware of the challenges and difficulties, associated with this market, and it has devised strategies to deal with such issues. The company has committed to setting some critical goals, which can be reached within its capabilities amidst all these challenges. The profitability goals of the Tusk Meal Prep entail obtaining a break-even level within the first year of operation, so that the revenues from the sale of the product will surpass the costs, incurred in preparing the product (Armstrong et al. 2014). The company also plans to increase the volume of sales for the Tusk Meal Prep by 20% within the first year of business.
For the company to attain the goal of breaking-even within the first year of operation, it is obligatory to ensure that the costs of production are minimized to the biggest possible degree. Therefore, the company has a goal of reducing the cost of the sold goods in order to ensure that the returns are significant enough to allow normal business operations. According to the profitability goals the new product targets to attain a net profit margin between 5-10% by the end of second year in the market. Although these profitability goals may seem unrealistic, they are quite attainable under normal business operation, considering the uniqueness of this product in the market and in the entire industry.
The company has also established strategic goals in the extension of the distribution channels and expansion of the growth rates of the product in the market. The Tusk Meal Prep is projected to extend its market coverage in Orange County, Riverside County, and Los Angeles County by the end of the second year. Upon the development of these strong distribution channels, the product market reach will expand, thus making the company achieve its strategic goals (Hollensen, 2015). The company plans to increase the market share of the product in order to raise more revenues from the product sales. Some of the strategies to be used in increasing the distribution channels include promotional activities and advertising strategies that are meant to attract more buyers of the Tusk Meal Prep. The product promotion will involve partnering with professional athletes, YouTube fitness gurus, and other social media participants to ensure that this unique product is strongly identified with the key figures in the fitness sector.
Detailed Description of the Product
The Tusk meal Prep is designed for commercial purposes to be offered to specific target customers. It has been developed to suit the tastes and preferences of college athletes, bodybuilders, CrossFit athletes, and other groups of people, who are quite concerned about body fitness. The product is very healthy, tasty, and nutritious for the kind of clients, who prefer the food that can help them remain physically fit. The facts that it is halfway cooked, and the consumer is only required to do the final stage of cooking before consumption, means that it does not involve any complicated activities. Being specifically designed to create a long term relationship with the clients, who frequently consume this product, the Tusk Meal Prep involves professional athletes and YouTube fitness gurus in its promotion strategies, in order to portray a clear image of the impact the product has on the athletes and other people, who are very sensitive about their fitness level.
The target market of this product has been clearly identified, and the strategic marketing has been done to cover the biggest possible number of consumers. The Tusk Meal Prep targets college athletes, power lifters, bodybuilders, CrossFit athletes, and any other people, who mind their physical fitness (Hollensen, 2015). The target market is comprised of clients, who have minimal time for cooking, hence, such healthy, tasty, and nutritious meals, prepared for them, fit their tastes and preferences. However, the company intends to expand its target market even more in order to involve other people, who are not necessary into sports, but are still interested in keeping fit.
- Product. Tusk Meal Prep intends to offer a variety of product plans to their diverse clients, taking into consideration the needs of each client. It has had an objective of offering three plans to the market, which are as follows: the first and the basic one, which offers 50 meals to the target market; the second one, which is of the premium class and provides 200 meals; and the final product offer, which is the deluxe plan that offers 400 meals in total. All these plans, proposed to the market, depend on the tastes and preferences of the clients within the market.
- Price. The prices of the different product offerings are varying, depending on the market and the target customers of the products. The basic meal plan tends to be the most expensive with an efficient meal plan having the price of 4 dollars per piece. The premium meal plan with an efficient meal plan is 3 dollars per piece, while the deluxe meal plan with an efficient meal plan is 2 dollars per piece. The delivery charges for the product change from time to time, depending on the location of the client. For all three meal plans, the delivery charges for the distance of 1 to 3 miles from the location are 5 dollars, while the delivery to the distance of 4 to 9 miles costs 10 dollars. Finally, clients, who are 10 and more miles away from the location, should contact the company to get an estimated price of delivery.
- Place. The company will be operating around the premises of the Cal State Fullerton campus, as it targets college athletes and the entire student body. Moreover, it has an expansion strategy, which aims to stretch its market share up to the University of California, Irvine, and other colleges around Orange County.
- Promotion. The promotional strategies for the Tusk Meal Prep include the use of social media platforms such as Facebook, Instagram, Twitter, and YouTube. The company intends to have a Facebook page that will offer discounts, promotions, and free samples to the clients, who like their page and will provide the most recent notifications to them whenever they arise. The Instagram platform will be used to promote the food through posting pictures of each possible food choice. The twitter platform will be applied in providing the up-to-date information about the daily advancements on the product and any other breaking news about product innovations (Armstrong, et al 2014).
The company has a comprehensive budget for financing the initial investment in the market. Introduction of the new products in a very competitive market will require an adequate capital, since it involves an intensive investment. The product distribution channels are well designed to provide good avenues for delivering the Tusk Meal Prep to the target consumers (Hollensen, 2015). In order for the company to attain the breakeven point at the end of the first year of investment, it has to provide significant funds to ensure that the product development process does not experience financial constraints. The projected cash sales by the end of the third year in operation are $10,000,000, while the subtotal cash from operations in the third year is projected to be $53,578,800. On the other hand, the total amount spent in operations by the end of the third year is $4,105,000 and the cash balance of the first, the second, and the third year is $0, $14,415,000, and $49,473,800 respectively. According to the strategic aims, set in the profitability goals, the product breaks even at the end of the first year.
In conclusion, the marketing plan for the Tusk Meal Prep provides a detailed analysis of the important sections of the business strategy. It includes the marketing plan’s introduction, which presents the background information about the product as well as the industry analysis, which examines the general structure of the industry. The market and the SWOT analysis emphasizes the strengths, weaknesses, opportunities, and threats within the industry. In addition, the marketing strategy provides marketing goals, a detailed description of the product, the target market, and financial analysis.