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“Soup for Soul”. Providing different kinds of fresh and healthy soup with healthy food. Group 25 . Group members: Anna Ng, Wai Na (2001036109) Cheung Chun Kit (2001441201) Ng Tsz Lok Gary (2001048047) Cheng Wai Yeung Richard (2001047172). Presentation Run Down. Introduction

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soup for soul

“Soup for Soul”

Providing different kinds of fresh and healthy soup with healthy food

group 25
Group 25
  • Group members:
  • Anna Ng, Wai Na (2001036109)
  • Cheung Chun Kit (2001441201)
  • Ng Tsz Lok Gary (2001048047)
  • Cheng Wai Yeung Richard (2001047172)
presentation run down
Presentation Run Down
  • Introduction
  • Reasons for starting “Soup for Soul”
  • Rationale
  • Marketing research and result
  • Existing market structure and analysis
  • Key success area
  • Characteristic and uniqueness
  • Target customers
  • Set up procedure
presentation run down4
Presentation Run Down
  • 5Ps Strategy: Product, Price, Place, Promotion, Position
  • Staffing
  • Budgeting
  • Daily operation
  • SWOT Analysis
  • Anticipated problem and possible solution
  • Prospect
  • Personal feeling and learning
  • Q & A session
introduction
Introduction
  • Starting a business—”Soup for Soul”
  • Supplying of a variety of healthy soup and other healthy food in a convenient way
reasons for starting soup for soul
Reasons for starting “Soup for Soul”
  • We like drinking soup and cooking high quality and long hourly cooked soup and share with others
  • Soup can be highly healthy, natural, with great variety
  • Soup can make one to be relaxed
  • Drinking soup is a traditional Chinese Culture and a cue to healthy body and mind
reasons for starting soup for soul7
Reasons for starting “Soup for Soul”
  • Hong Kong people like drinking soup and they are becoming health conscious
  • The working pace is fast, together with other reasons, which makes the habit of drinking soup is relatively less popular
  • There is space for setting up “Soup for Soul”
rationale
Rationale
  • 1. To provide a quick and convenient way for people to enjoy different kinds of healthy soup with high nitration
  • 2. To promote the habit of drinking soup regularly so as to have a healthy body and mind
marketing research
Marketing Research

Aim of marketing research:

  • Customers value and preference analysis
  • Giving relevant information on setting 5 Ps
  • Existing market structure vs. the feasibility of “Soup for Soul”
research methodology
Research methodology

Primary data

  • Searching in the internet

Secondary data

  • Questionnaires
  • By conducting telephone interviews and survey in the internet
  • Sample target: Our target customers—working population, aged range from 18-65
  • Sample size: 100
research result
Research result
  • 78% like drinking soup
  • 22 % do not like drinking soup
factors that like and drink soup
Factors that like and drink soup:
  • Staying healthy (84%)
  • Beneficial to health (87%)
  • Tasty (40%)
  • Personal preference (17%)
  • As a habit when having meal (25%)
  • Others (16%)
factors that do not like and drink soup
Factors that do not like and drink soup:
  • Unhealthy (55%)
  • Avoid being fat (56%)
  • Inconvenient to cook soup (66%)
  • Not tasty (43%)
  • Personal preference (29%)
  • Others (15%)
favorite kinds of soup
Favorite kinds of soup
  • Vegetable soup (20%)
  • Seafood soup (12%)
  • Meat soup (8%)
  • Soup for vegetarian (15%)
  • Functional soup (with Chinese medical ingredient)/soup that has specific beneficial effects on bodies (45%)
ideal soup
Ideal soup
  • Tasty (80%)
  • Stay healthy and fit (76%)
  • Beneficial to health (74%)
  • Stay young and beautiful (80%)
  • Improve sexual ability (32%)
  • No MSG (92%)
  • Others (12%)
buying pattern
Buying pattern
  • 39 % would like to buy soup if their ideal soup is available in the market
  • 61 % still consider other factors and do not sure whether they would buy soup if their ideal soup is available in the market
factors to be considered to buy take away soup
Factors to be considered to buy take away soup
  • Price—Reasonable, no huge difference between the price of ingredient and cost
  • Kinds of soup –A variety kinds to be chosen
  • Taste—Delicious
  • Convenient level—High and immediately available
  • Functions of soup—stay beautiful and young, improve mental state, beneficial to health, improve sexual ability etc.
  • Nutrition level—High
  • Ingredient—Healthy, no MSG
the existing market structure
The existing market structure
  • There 7 restaurants specialize in selling soup in Hong Kong
  • There are 4 existing soup delivery services in Hong Kong since April 2004
  • There are no restaurant specialize in selling take away soup
  • Some restaurants provide soup apart from other food

Source: www.yp.com.hk

restaurants specialize in selling soup in hong kong
Restaurants specialize in selling soup in Hong Kong

1. Ah Yee Leng Tong阿二靚湯

  • Location: Quarry Bay, Mong Kok, Causeway Bay, Shau Kei Wan

2. Tai Woo Soup Restaurant太湖靚湯小館

  • Location: Shau Kei Wan

3. Ah Tai Rest阿大靚湯飯店

  • Location: Tsim Sha Tsui

4. Han Nya Tou Robatayaki般若湯

  • Location: Quarry Bay
restaurants specialize in selling soup in hong kong22
Restaurants specialize in selling soup in Hong Kong
  • Soup specialized restaurants are less in Hong Kong
  • Demand is much larger than supply
  • Limited choices on the types of soup among the customers
  • Sources:
  • Result of our marketing research; www.yp.com.hk
soup delivery services
Soup delivery services

Day Day Soup 日日老火靚湯

Ah Suet Lan Tong 阿 雪 靚 湯

Smart Soup Workshop 靚湯工房

Soupdaily 靚湯日報

soup delivery services24
Soup delivery services
  • Order is needed to be made before a day, no immediate order can be made.
  • Need to pre-pay for the package of the soup and the delivery services
  • collection of the bowl of soup next day
  • Limited area for the delivery services

Source: http://www.daydaysoup.com

http://www.suetsoup.com

http://www.smartsoup.com

http://www.soupdaily.com

the feasibility of soul and soup
The feasibility of “soul and soup”
  • There is business opportunities…
  • Few restaurants specialize in providing soup in Hong Kong
  • No restaurants specialize in providing a variety kinds of soup in Hong Kong
  • High quality of soup is not easily and immediately available, especially in CBD
  • There is huge space for starting “soul and soup”—A restaurant in CBD providing different kinds of long-hourly cooked and healthy soup
key success area
Key success area
  • Reasonable price —Price set according to the price ingredient and types of soup
  • Choices —10 different types of soup can be chosen by customers
  • Taste —Delicious with different tastes
  • Convenient level —Relatively high, the take away soup is immediately available
  • Functions of soup —different soup has different beneficial functions to health: stay beautiful and young, improve mental state, beneficial to health, improve sexual ability etc.
  • Nutrition level —High, natural and fresh ingredient is used for cooking, no MSG added
characteristics and uniqueness
Characteristics and Uniqueness
  • We emphasis on our product—different kinds of high quality, health and functional soup
  • A shop which specializes in selling take away soup in CBD
  • Caring both health and soul of our customers and potential customers
  • All soup being cooked for long hours, using various kinds of natural ingredient with no MSG added
characteristics and uniqueness28
Characteristics and Uniqueness
  • Conducting marketing research seasonally and make modification of the recipe and menu list accordingly
  • Seasonally change of menu list and recipe
  • Providing a variety kinds of soup, with different themes and functions seasonally
  • Getting abreast of the taste of our customers and potential customers
  • Employing experienced consultants and cooks to involve in our company
  • Special and convenient packages for take away soup
target customers
Target customers
  • White collar office workers
    • Busy, think cooking soup is tedious and inconvenient.
    • Could afford soup besides regular meal for lunch
    • A taste of soups with style
    • Want to stay healthy, pay attention to quality
target customers30
Target customers
  • Other auxiliary customers
    • Tourists
    • Shoppers
    • Willing to spend money for taste and style
5ps strategy
5Ps Strategy

5Ps :

  • Product, Price, Place, Promotion, Position
position
Position
  • Primarily: Middle class, bourgeois

(soups of $10 - 30)

  • Also: Up market

(for lavish soups ~$50)

place address
Place: Address
  • 32, Wellington Street, Central, Hong Kong
place
Place
  • Reason of the choice
    • Branch of the Queen’s Road Central
    • Near the MTR station exits
      • Flow of people is large
    • Lots of commercial centers
      • there are many white-collars in this area, which are our main target of customers
    • the shops nearby also provided different kind of customers
place36
Place
  • Only one sit-in soup restaurant in this district
    • Not too much competition
  • Other kind of restaurant nearby
    • The working population can enjoy a bowl of soup from our shop after their lunch
  • Fitness Center nearby
    • Our soup is a must!!!
product
Product
  • Mainly focus on soup that beneficial to health and fitness
  • Provide international style and taste to attract variety of customers
  • Regular modification of the menu list will be made according to the marketing research
product and price
Product and Price
  • Types of soup and price:
  • Daily Family Slow-cooked Soup $10
  • Soup for vegetarian $15
  • Nourishing Soup $20
  • Soup with International style and Taste $25
  • Functional and fitness soup $30
  • Luxury Soup $50
product44
Product
  • After purchasing the soup, our customer can enjoy following by pay $2 more:
    • Noodle
    • Corn
    • Cracker
    • Vegetable
    • Yam bundles
logo and package
Logo and Package
  • Use the name of our shop to create the Chinese word ‘soup 湯’
promotion
Promotion
  • Distributing Leaflet on the street
  • Human Advertising Plate
  • Promotion Week
  • Foretaste
setup procedures
Setup procedures
  • Rent a shop
  • Decoration
  • Application for licenses
  • Water, electricity and gas
  • Buy cooking utensils
  • Contact suppliers
  • Hire personnel
  • Advertising
application for licenses
Application for licenses
  • “Business Registration” from Inland Revenue Department
  • “Food Factory License” from Food and Environmental Hygiene Department
  • “Environmental Permit” from Environmental Protection Department
staffing
Staffing
  • 6 full times
    • 4 full time day shift
    • 2 full time night shift (1 chef, 1 worker)
  • 4 part times
  • 1 consultant oversees recipes
budgeting

Rent (2 months deposit and 1 month prepayment)

$225,000

Cooking utensils, installations and utilities

$100,000

Equipments (e.g. cash registers, refrigerators) and fittings

$100,000

Contracts with suppliers

$20,000

Promotion and miscellaneous (e.g. licenses)

$55,000

Total

$500,000

Budgeting
  • Startup expenses:
monthly projected balance

Revenues

Expenses

Sales:

Packaging

$10,000

Family

$10 x 4800

Ingredients

$72,000

Luxury

$50 x 1200

Utilities

$30,000

Nourishing

$20 x 2880

Rent

$75,000

Functional

$30 x 2880

Miscellaneous

$5,000

International

$25 x 2400

Salaries:

Vegetarian

$15 x 1200

Consultant

$10,000

Others

$2 x 2400

Chef

$20,000

Night shift

$10,000

Part time

$5,000 x 4

Full time

$10,000 x 4

Total:

$334,800

Total:

$292,000

Monthly projected balance
swot analysis
SWOT Analysis
  • Strengths:
    • Selling take away soups — innovative
    • Customers can enjoy tasty, healthy and long hourly cooked soup in a relatively convenient way
    • Seasonal change of menu list can keep abreast of the current taste of customers and further capture a larger share in the market
swot analysis55
SWOT Analysis
  • Weakness:
    • Selling take away soup and healthy food only—may be difficult to build up customer loyalty
    • Fluctuate flow of people in CBD--relatively less customers besides lunch time, tea time
    • Hot soup maybe less popular in summer
swot analysis56
SWOT Analysis
  • Opportunities:
    • People are becoming health conscious
    • The working pace is fast in Central  convenience is the key
    • Innovative soup and cold soup can be a new trend in HK
swot analysis57
SWOT Analysis
  • Threats:
    • New entrance
    • Competitions with the existing food services
anticipated problems solutions
Anticipated problems & solutions
  • Hygiene Issue  tidy packing, clean everyday
  • Image  promotions, corporate identity
  • Customer loyalty discounts
  • Current trend and taste of our customers  continues marketing researches
prospect
Prospect
  • Image building  popularity
  • Branches
  • Chaining stores in CBDs
personal feeling and learning
Personal feeling and learning

Anna Ng, Wai Na:

  • A simple business is a complicated business
  • Many practical consideration and problems
  • Starting a business need to plan from different perspectives
  • Analysis the environmental factors and having a appropriate business ideology are vital
  • Learning from planning and discussing
personal feeling and learning61
Personal feeling and learning

Cheung Chun Kit :

  • Difficult, but interesting
  • During the discussion, there will be some quarrels. We learn to solve the problem through rational discussion.
  • The process of building up a business is much more complicated than imagination.
personal feeling and learning62
Personal feeling and learning
  • Ng Tsz Lok Gary:
    • Starting a business is challenging, but interesting
    • It’s a valuable experience to combine different opinions together
    • Personally, I prefer simple and I believe in simple business
personal feeling and learning63
Personal feeling and learning

Richard Cheng:

  • Starting business always depends on budget
  • We could think big but reality dictates after all
  • Business styles of partners are crucial
q a session
Q & A session
  • Thank you