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A business plan sets out the future objectives of a business as well as its strategies on how to achieve them. Its main purpose is to generate an actual strategy for growth, to determine the future financial need of the business and also to attract the investors. Planning for any business is necessary for a number of reasons including;
It leads to the strategic focus of the business and the business can concentrate on special identities, target market and how to cope with the competition within the market. Again, planning enables the business to set priorities, keep track record of every activity, and properly manage resources. Finally, it enables the business to grow accountability because it will be able to evaluate itself at the end of the day to know whether it has achieved its objectives or not.
Fake Meats is a business owned by Steven and Kim to sell vegetables and fruit products. They started the business as a pool of their favorite vegetable products, and from there, the company grew company has continued to grow to greater heights. The company aspires to have an authority on fake meat products. They have constantly added new products to build an all-inclusive product.
Many people have reasons for not eating meat products, including animal rights, religious beliefs, health issues, and environmental factors, among others. Fake Meat is therefore set to offer options for this kind of individual. Meat is a protein, and that means those who don’t take it may not have proteins in their bodies. Fake Meat, therefore, was a strategy that was set to replace Meat and offer proteins in the body. The business has planned to carry out its operations under the following guidelines;
The target market for Fake Meat is vegetarians Vegans. A Vegetarian does not eat any flesh, whether beef, poultry, fish, or any other by-product from animal slaughter. But, on the other hand, a vegan does not take animal products because they are trying to avoid any form of animal exploitation and cruelty as much as possible.
Someone may decide to become a vegetarian due to health issues or sometimes as a result of veganism. They, therefore, must have to look for other alternatives that will give them whatever they miss from not taking animal products. Fake Meat founders Steven and Kim came up with a strategy that has greatly benefited many of such individuals who are continuously growing in numbers across the world.
Fake Meat products include various fruit levels, vegetables, grains, nuts, pulses, and seeds packed either together in small quantities or separately. Some packages are made with dairy and eggs, depending on the potential consumer’s choice. In their production, Fake Meat Company considers the following groups of vegetarian customers;
Lacto-Ovo Vegetarians. This group of vegetarians avoid consuming any animal flesh but takes dairy products, including eggs. However, the company is considerate enough to the extent that it has not forgotten about these vegetarians that would want egg replacers in their diets (Rosenfeld and Burrow, 2017). The following products are made for such consumers;
The Toaster Ready, Pre-Cooked Vegan Egg. This type of egg is made purely out of plants, Cholesterol-free, and is confirmed to use less water and carbon emissions than conventional eggs. In addition, the toaster-ready pre-cooked egg is easier to make as you only need to make it warm then consume it (Rosenfeld and Burrow, 2017). Another almost similar product is the plant-based eggs that are made out of lupin beans.
Another egg replacer that the Fake Meat company invented is Aquafaba powder. This is a dry type of the remaining liquid from the cooking chickpeas. Additionally, the company has come up with another product called Bob’s Red Mill. It is used in place of recipes that require the use of eggs. In many cases, people who use this product have allergies to eggs or those who need fewer cholesterol diets (Rosenfeld and Burrow, 2017). Other egg replacers made by the company include Ener-G Egg Replacer, Follow Your Heart, Vegan Powder Scramble, among many others.
The company also makes Lacto vegetarian products for consumers who do not use flesh and eggs but can do dairy products. There is also a consideration for consumers who cannot consume all animal products safe for eggs.
These are strict vegetarians who cannot consume any animal product and any product resulting from the animals. The most rigid form of vegetarianism is considered to be a vegan (Richter et al. 2016). Many Fake Meat products are strictly meant for vegans who are on the rise across the globe.
A vegan diet omits any animal flesh, dairy, eggs, and anything derived from the animals. They also exclude any products from the insects like honey, gelatin, carmine, pepsin, whey, casein, and many other products.
Strengths and Weaknesses
Fake Meat offers natural fiber and other chemicals that provide benefits related to antioxidants and anti-inflammation. These chemicals are not available in meat and dairy products. Additionally, fake meat products have lower fats but higher fiber.
The meat alternatives are also found to offer similar protein amounts the same way Meat would provide but in a cheaper way.
Fake Meat products are eco-friendly and so are associated with lower effects of greenhouse gases. These effects are found to have lower impacts on global warming.
On the other hand, fake meat products may have some shortcomings. For example, some are known to have heavy food colorings and textural flavors with high sodium contents (FakeMeats.com | Vegetarian & Vegan Meats & Treats, 2021). These might have side effects on the body.
Some products like soybeans may have chemical solvents that are neurotoxic and can be air pollutants. This is a chemical that is used to extract oil from soybeans. Again, many soy substitutes are made from genetically modified soybeans.
Market Penetration Strategies
Fake Meat company uses website marketing strategy to make known its products. This strategy means promoting a company website so that it can attract more potential buyers. The company states every detail of its products on the website, including the name of each good, their price, how to order for it, and what it contains (Santoso, Kauf, and Aristo, 2019). This way, the clients are aware of what to expect from whatever they purchase.
It is a positive marketing tool because, from the website, potential buyers from every corner of the world can identify what they need. Furthermore, it is not restricted to a given area because every person who types a word related to the company product will have it pop out as a choice (Santoso, Kauf, and Aristo, 2019).
A website marketing strategy enables the company to market itself to online users. It is also necessary because it helps to establish the trustworthiness of a business. A website marketing other than credibility also gives a positive impression of the company (Volpe, 2021).
The company uses consistent themes, colors, fonts, and updated images to keep the potential customers updated. All these elements are what make the website more attractive to the viewers.
This entails the act of distributing commercial messages to a given target group of potential buyers through emails. Any email sent to a potential buyer, or a regular customer is considered email marketing. This strategy uses email to send adverts, request a business, and promote the company’s sales and donations (Zhang, Kumar, and Cosguner, 2017).
This strategy keeps the customers’ prospects updated on the latest information that concerns the business. It is also believed to be an action-oriented strategy that is measurable and easily adaptable. One secret of the email strategy is that, whether the message is crafted to offer education or share any valuable information, it is always important to embrace a call to action (Zhang, Kumar, and Cosguner, 2017).
Fake Meat company does email marketing through their website, whereby, when you randomly click on a link on their website, you find an option to enter your email and subscribe for more offers. This is a perfect strategy for the company because it enables the customers to feel appreciated. In addition, a free subscription through email would make any potential customer feel part of the more excellent family of the Fake Meat Company.
Market Penetration Projections
Market penetration measures how much a particular product is used by the customers in comparison to its total estimated market. Projections are developed from the market penetration rates of the given product. The world has a total of 375 million people who don’t take meat or any other animal products. This represents 14% of the total population of vegetarians and another 3% of vegan population (Asia dominates vegetarian markets but understanding local factors crucial for sales success, 2021). Out of this vegetarian population, Asia stands at 33.2 million which is 16.8%.
Fake Meat company has its origin in Asia where it has the highest number of consumers. It means that, out of the 375 million worldwide consumers, it is easily reachable by just 33.2 million people. The company projects that by the next three years, it should have reached the whole vegetarian population across the world. This plan will be attainable through the above mentioned marketing strategies.
The company is set to sell fruit and vegetable products that will act as substitutes for meat products. The idea came out after assessing and weighing out facts on the trending lifestyles of various people across the globe. A lot of lifestyle diseases have emerged most of which are as a result of consumption of animal products.
Fake Meat is set to offer products that will act as substitutes to the animal products. Those who avoid animal products for various reasons will have options from the Fake Meat products.
The company makes both retail and wholesale sales of its products depending on the quantity ordered. Another factor that determines their pricing is the cost of shipping the product from its source.
Buying through this company means that someone can access one of the most famous vegetarian jerky, meat replacements, and sauces. Purchases are going to be made through the platform FakeMeats.com. Wholesale pricing is available on the company’s website for all goods on stock (FakeMeats.com | Contact, 2021). Anyone that wants to buy goods wholesale needs to contact the company through a given email, and then goods will be shipped to them in the most effective way.
Net Profit Ratio
Net Profit Ratio= Net Profit/ Sales
|Particulars||Values in ($) per Week|
|Net Profit Ratio||16.6%|
From the net profit ratio, the company plans to make a weekly profit of 16.6%.
This would mean that, for every sale made per week, after all the expenses are catered for, the company should save at least $160,000 every month. After one year of constant saving, the amount will have multiplied to $1,920,000. If all goes well, after three years, the company plans to operate in all the regions across the globe because it will have raised a total of $ 5,760,000 from the savings.
In conclusion therefore, Fake Meat Company is set to reach out to as many people as 375 million individuals around the globe who do not consume animal products. It is mainly focusing on such individuals because they are in need of substitute products that can offer similar minerals that animal products offer. In order to achieve such an objective, the company has set out strategic plans on how to make itself known to the many individuals across the globe who don’t consume animal products. Some of the strategies are website and email advertisements that the company will use to reach the potential customers.
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