Report on Juice Zoo in Cincinnati

Executive Summary of Juice Zoo in Cincinnati

In this paper, a business plan for a new business, “Juice Zoo” is explained. This business will be located in Cincinnati and will offer a wide range of services to customers. In Ohio, a juice bar will be established for promoting the business of juice where people can spend time in leisure and enjoy their time whether it is daytime or nighttime. This business will play an important role in attracting customers and providing them with services they need for relieving themselves from their daily lives of stress and work. In this paper, this business will be analyzed from different perspectives and different aspects will be discussed as well. First of all, the overview of business will be provided along with its vision and mission. Moving on, its services and products will be analyzed and what types of juices are provided by it. Additionally, financial plans, marketing plans, and operational plans are also discussed in this paper.

Business Overview of Juice Zoo in Cincinnati

The new business in Cincinnati will be named “Juice Zoo,” and the bar will be attracting all types of customers. It will be located in the main market where different types of entertainment businesses are present. For instance, there will be a cinema near it and other types of motels. In addition to just offering juices, some other services will also be offered to attract customers, which include a large aquarium and a dance floor. Therefore, it can be said that the business will be dealing with a diversity of customers and offering a wide range of services. There will be no limitations on the juices served and it will be up to the customers to choose which type of juice they want (Grant, Hackney, & Edgar, 2010).

Vision of Juice Zoo in Cincinnati

The vision of Juice Zoo is concerned with attracting and gaining an optimal number of customers. In order to satisfy customers, it will offer a diversity of juices that can meet the preferences of customers.

Mission of Juice Zoo in Cincinnati

The mission of Juice Zoo is to satisfy the customers and meet their expectations because it is satisfaction that facilitates business growth. In addition to it, the aim of Juice Zoo is to offer an environment that is preferred by customers and in which, they can spend their time being themselves and having fun.

Objectives of Juice Zoo in Cincinnati

Following are the objectives of Juice Zoo:

·         To focus on offering unparalleled services to customers.

·         To provide customers with an exceptional quality of products and a comfortable environment that people can enjoy.

·         To utilize the benefit of location and attract a significant number of customers.

·         To focus on the management and handling of internal finances and cash flow for enhancing the capital growth of the bar.

·         To ensure that the requirements of customers are fulfilled and their expectations are met.

·         To plan the opening of the bar in an attractive and eye-catching manner.

·         To publicize the venue in a significant manner.

·         To make sure that annual sales exceed $140,000 by the end of the third year.

·         To control operations, costs, and cash flow while ensuring diligent management.

·         To keep the costs of juices and beverages affordable (Aileron, 2011)

Products and Services of Juice Zoo in Cincinnati

Features

In addition to just offering juices and beverages, there will be some other features as well such as house music, live music, and a large aquarium. For Juice Zoo, a major concern will be to ensure the quality of the product and offer a relaxed atmosphere to customers.

Competitive Advantages of Juice Zoo in Cincinnati

In Cincinnati, there are already several juice bars, such as Off the Vine, Rooted Juicery, and Total Juice Plus. For obtaining a competitive advantage among all the bars, different services will be provided to customers and fulfilling their varying requirements. Other juice bars are not providing an aquarium as a source of entertainment to customers. In addition to it, a market advantage will be obtained by analyzing the preferences and needs of customers to set affordable prices that can be afforded by them.

Marketing

In order to promote the bar, different types of promotional strategies will be created and implemented. Other than just focusing on the effectiveness of strategies, their cost-effectiveness will also be focused upon. For instance, LinkedIn, Facebook, and Twitter will be utilized for advertising the bar and attracting customers.

Production

·         Small cocktail lounge

·         Popular bands at night

·         Specialty bars

·         Jukebox

·         Neighborhood bar

Suppliers

At the bar, a wide array of juices will be offered to customers such as fresh apricot juice, cranberry juice, apple juice, peach juice, peach juice, etc. These products will be offered to customers and suppliers are the fruit providers. Considering the fact that most of the products are created in-house, the only suppliers are fruit providers. They will be responsible for delivering the fruits which will be used for making juices and serving them to customers.  

Growth of Juice Bar Business and Industry

In Ohio, business associated with Juice Bar is considered quite successful and there are already several businesses that are running successfully in the market. Additionally, the market has also experienced growth. It indicates that both the market and the opportunities present within it are significant. Therefore, opening a new juice bar with proper strategies can be both profitable and beneficial. Below is the graph which effectively represents the condition of the market and how it has grown with time.

This graph perfectly portrays the state and condition of market with respect to the bar business. It can be observed that there has been growing with time. For instance, it can be seen that in the year 2013, the bar business was not as effective and profitable as it was in 2018. In addition to it, it can be said that in comparison with 2014, the market was more profitable, and bars created more revenues and the market expanded as well. However, in 2014, rather than experiencing significant growth, the opposite was experienced. Sales decreased, and the market size also decreased due to which some bars were closed as well.

But it can be observed that with time, revenues were increased, and market size also increased. In 2019, revenues reached billions, and the same thing can be said about the market size as well because it was increased in size as well. At the moment, it wouldn’t be wrong to say that the market appears to be promising for the bar business and with well-planned decisions and strategies, the business can be quite profitable. Therefore, the market is profitable, and it can serve to attract customers and raise profits.

Long-Term and Short-Term Growth

            One of the most important short-term goals of the business (Juice Zoo) is concerned with attracting customers and promoting the business. Considering the fact that the business has just opened, it is more than just a little important to attract customers and create a strong position or image among the customers. Although creating a strong image can be a second short-term goal, the more primary objective is to raise the awareness of customers and attracting them. The second long-term objective is to ensure that a strong presence of the business is developed among the customers.

            An important long-term objective is to make sure that after three years, the annual sales will exceed $140,000. This figure is a significant amount which will be reached once the business has operated for three years. The second long-term objective is concerned with expanding the business and opening new branches into neighboring areas. This objective is also considered important because business expansion is one of the long-term objectives of almost every business, and it is also an objective of Juice Zoo (Kraten, 2010).

Profit Plans

            In order to make profits, the competitive advantage will be utilized. For instance, other juice bars don’t offer aquarium services to attract customers. Other than just offering these services, live music as a feature of Juice Zoo will also be provided, which will play an important role in attracting customers. Obviously, when more customers are attracted, more sales are generated, and profits are made. Another important component that will help in increasing profits is offering a diversity of juices to meet the standards of customers and fulfill their requirements.

Financial Analysis

Marketing strategy

Market segmentation

For the said business, there exists a vast market i.e. It covers nearly all the demographics in the said region. The more emphasis is on the people belonging to different age groups. It may range from 15-40 i.e., students, school-going youngsters as well as young professionals. It is, therefore, important to locate the franchises of juice bar and health supplements near the shopping malls as well as the college & the universities.

There are three significant market sections that will be catered by the juice bar. There are a few areas of the assessments that are permitted by the market division plan of the Juice bar, and these are likewise used to evaluate the non-specific definitions  (Michel Wedel, 2012). These three market portions are;

Childless young professionals: The juice bar will seek for both the single grown-ups along with the young couples. It very well may be the couple or gathering of companions who have wanted to invest some valuable energy with one another.

College students and undergrads: The said juice bar is to provide the college students with an environment that better helps to attract college students as it has a relax surroundings along with the  aquarium that will be one of the most important eye-catching point for the college students. This juice bar also secures the natural progression among the young professionals and students of the high schools. The college students and the undergrads will make a remarkable percentage for market servicing.

Business ventures and vacationer: Tourist and the business explorer's market will also be the main visitor of the juice bar. The juice bar will plan to get access to these people by using direct marketing for the patrons of the local hotel.

Target market

For the juice bar the objective markets cut over the individuals of the different classes especially as per their age and salary level. It likewise incorporates the tourists who are locally from USA and who came from across the USA borders. The individuals from varying backgrounds are significant objective market of the said juice bar. The juice bar has already conducted its market survey as well as feasibility study.

In this market’s survey it has observed those points which are expected by the juice bar to patronize by these points. It basically tends to provide the target market as well as the loyal customers of the juice bar. The numbers of the customers are represented through the list given below: Based on this customer count, it can be evaluated that the juice bar & the bar for the health supplements will attain good profit (Weinstein, 2013).

·         Tourists

·         Corporate Executives

·         College Students

·         Business People

·         Government Officials

·         People in the entertainment industry

·         Sports Men and Women

·         People in the entertainment industry

Products/ Services

The juice bar & the bar for the health supplements is intending to provide quality products to the customers. These products will be offered at the economic as well as the reasonable prices. The products which fall under the category of the juices and the smoothies will be offered by the said juice bar in Cincinnati, Ohio USA. It includes all kinds of products and services that are part of the juices, slush, and the smoothies.

The juice bar is intending to compete with the market leaders by providing a variety of products as given:

·         Fruit juices

·         Vegetable juices

·         Smoothies

·         Juice shots

·         Tea & coffee

·         Health supplement

As a part of the promotional campaign, the juice can adopt the strategy for offering special discounts to the 100 first comers. Also, if the customers are regular and purchase the products of the juice bar up to a specified limit then the discounts will be offered to these customers too.

Prices

The prices of the products are depended upon the products and quality of the services, but the Juice bars will provide the products with different price ranges. It will start from $10 to $100. The various pricing strategies will be used in this business that would also be part of the promotional strategies. The membership card will also be issued to regular customers. There would be balancing system in this membership card, such as in $500 the customer can visit the Juice bar 4 times in month and avail the particular premium services by using the international brands of the Juice bars.

Promotion

As a part of the promotional strategies, the juice bar will make use of the advanced as well as the latest techniques. The USP (unique selling proposition) of the Juice bar is that it has the collection of all the verities of the juices that are produced locally and internationally.

Plan of traditional guerrilla marketing tactics

The Juice Bar will use various innovative strategies by using the various social networking sites in order to market its business in the USA markets. It will use direct advertisements on Facebook, Twitter as well as Instagram (Akhtar, 2016). Then it will take the leads of the business professional, and then text messages will be sent to the target market for introducing its business tactics. The pages of the juice bar will also be liked by the college groups (Snedeker, 2018).

Selling of product or services

The juice bar will encourage their customers to buy their products by providing various services such as standup comedy, live band, and music. Moreover, the bouncing dance floor and aquarium is the one most important eye-catching service for its potential buyers. The Juice Bar will sell its products by targeting the buying cycles of the market. In order to improve the buying cycles of the customers it will conduct the feedback from the customers.

Operations Plan
Management Team

In order to manage the functions of the juice bar, the management team will have a critical role. The team will include the members as given:

CEO: Chief Executive Officer or CEO is to serve as the bar’s head as well as the head of every other employee. The CEO will also be accountable for all operations in the juice bar. He is the one will determine the long and short-term objectives. The approval of all the plans and strategies will be done by the CEO. It will be evaluated whether they are sustainable to be pursued or not. The skills of the CEO will involve strategic thinking and the capability of rising above the normal details and deciding where the juice bar will be heading. The hiring of the workers is also the responsibility of the CEO.

COO: COO or Chief Operating Officer will be responsible for managing the operational details of the juice bar. The Chief Operating Officer will also ensure that the juice bar will be delivering its services properly to customers. The COO will be responsible for determining if the processes of juice bar are meeting the expectations or not.

President: The main role of the president will be concerned with filling the gaps which are left by the CEO and CFO. The planning board will also include the president and his/her advice would play a critical role in determining the direction of a decision.

CFO: The CFO or Chief Financial Officer will be responsible for handling the finances and the money. In addition to it, the CFO will be creating financial strategies and budgets and will be figuring out if it is better for the juice bar to head in a specific direction or not. The role of CFO will also be important because he/she will keep the juice bar financially stable.

CMO: In the Juice bar, CMO or Chief Marketing Officer will ensure which strategies should be implemented for ensuring marketing effectiveness. The CMO will also be responsible for analyzing the sales strategy and implementing it successfully (Ahammad, 2017).

Planning for human resource management

All the planning related to the management of human resources is to be carried out by the department of human resource management. The human resource manager will be the head of the said department who is responsible for taking all the strategic decisions regarding the management of the human resources at the juice bar. It can be related to their hiring, firing, bonuses, compensations, leaves, etc. In addition to understanding these needs, the human resource manager will also create strategies and standards according to which talents will be hired in the bar. For example, he will choose the methods for screening and hiring the workers. It can be through interviews, and it can also be through online searching about the eligible candidates.

Other than simply managing the human resources, significant-obligation regarding the human resource supervisor will be to oversee individuals in the juice bar and guaranteeing that they are performing as indicated by the desires. It will likewise be the responsibility of the human resource manager to guarantee that there is an innovative culture built up inside the juice bar (Bamberger, Biron, & Meshoulam, 2014).

Day to Day Operations

The operational plan will also take into consideration the planning for the day-day affairs of the juice bar. At the start of every week, it will be determined whether the expectations of previous week and requirements are fulfilled or not. After matching the actual with the expected targets, both the financial positioning as well as the targets for the next week can better be determined. It is a key determinant to evaluate the success or the failure of the strategic plans of the juice bar. In case there exist the issues in the activities of the previous week, then the activities and operations of the current week will be changed in order to meet the expected standards (Jacobs, Chase, & Lummus, 2011).

Conclusion of Juice Zoo in Cincinnati

Overall, it can be said that opening Juice Zoo in Ohio will prove to be quite profitable because the market is promising and it has already experienced years of growth. In the last three years, the market has been profitable, and if effective strategies are implemented, the business will be profitable. In addition to it, if the objectives are achieved, sales of over $140,000 were achieved. The future long-term objectives of the business are to increase sales, build a loyal customer base, and expand the business.

References of Juice Zoo in Cincinnati

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