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MealMart is a startup company. They made a plan to serve the people with ready to cook packed food that help the working people who had no time to cook their food. They started their service for 24 hours and the customer took their services as per their scheduled time. The customers were influenced by their supply chain because their strong supply chain serves the customers when and where they need the products. Their main competitors in the US wanted to beat Tesco and Sainsbury. They made their plan according to the customer demand and chose the place to make a strong supply chain where these two leading companies are weak.
MealMart Inc. is located in Maspeth, the United State, it is a part of the wholesalers' industry and they supply grocery and related products. The MealMart is a 24 hours convenience store which means it is open for customers all day and night. They supply a complete packet meal, their meals are ready to cook and they also supply ready-made coffee, soft drinks, and packed fast foods. They selected some non-food items that meet the needs of the customers' work life and personal life (Henry et al. 2020).
Their mission is to provide the meal in a flexible time with a fair price and they never compromise the quality of the food. They want to build a strong supply chain of food to help the customers that get opportunities to order their desired food from anywhere and the MealMart supply chain reaches to them and supplies their meal (Nosratabadi et al. 2019).
Their vision is very clear to the customers, they want to serve the customer when they want to take their meal and provide quality products at reasonable prices.
In recent days people are very busy with their work and sometimes they are not able to balance their personal and professional life. In this busy schedule, they have no time to waste cooking their food and it may affect their health. MealMart makes a plan to provide ready-made meals in packets and they want to influence that type of customers who are very busy with their work pressure. They provide food at any time and when the customers visit the store then they get their favorite dish, so the customers become happy and they visit again. Their target is very clear because they want to serve customers who work late or the working people who have no personal time to cook their food.
The customers' needs are from their industry: a clean environment, serving the customers timely when they come for their meal they get proper greetings from the staff of the shop and most important is hospitality (He et al. 2019). One of the most expected things is the quality and quantity of food and good chefs.
The food industry to improve their business follow some effective strategies these are; the packaging of the products, the brand positioning of the shop, arranging some entertaining events for the customers, the marketing promotion through all social media platforms and always listen the suggestion of the customer's feedback that may help the industry to meet their margin of profit.
MealMart company sells their product through packet so the packaging of the products is very important and the attractive packet of the products attract the customers, when the customers visit the store then the sitting arrangement, menu card design, ambience of the store, and presentation of food is very important and it could attract the customers to visit again to their store (Arslan, 2020). The ways by which the industry can collect their feedback of customers;
MealMart, when they start their business they always follow the customers demand because The customers are the asset of the business.
To get success in today's competitive business world, one should need proper planning and good organizational skills (Beynon et al. 2020). Some key takeaways that help in the growth of the business;
When going to start their business they have a knowledge about the sales market and the needs of the product according to the customer choices, and make a strategic plan according to the market demand and make a strong supply chain to serve the customers effectively (Keane et al. 2018).
The company needs to choose an effective customer segment and identify the products which give profits to the company and which products customers need very much, then the priority of the profit is evaluated and make a strategy according to the priority sectors or the priority products.
This part describes the type of relationship the company builds with the customers that give them profit. The customer relationships are driven by retention of customers, acquisition of customers. The self-service system is implemented according to the customer demand and the long term relationship helps to boost the sales of the products.
To establish the company for long term services, one needs to choose valuable resources from the company to get their benefit for a long time. The resources help the company to create and add a value proposition and help to reach the market's demand (Mustaniroh et al. 2020). The physical resources determine the point of sales, machinery, system manufacturing facilities etc. the intellectual property means the brand, customer database, proprietary knowledge which help to make a strong business model.
These segments describe all the information related to the cost that the business occurs by their valuable operations. These include the employees, partners, infrastructure, all the activities where cost is calculated (Sparviero, 2019). The cost-driven structure focuses to minimize the cost and value-driven structure focuses to improve the value without exceeding the cost.
The streams help to earn money from different sources by selling their goods. All the fees are calculated which is needed to promote the business, a product when launched in the market then it has advertisement fees, the brokerage fees and third party licensing fees all are required for selling the products in the market.
The channels describe the company and how they can communicate with the customers. The customers get support after buying their products and give values after purchasing the products and the customer easily connects with the company for the products.
It is the most important part of the business model because the company without customers never gets success. The customer is the main focus of the business, demographic helps to build a community of the customers by their age, gender, religion, level of education, income etc. the geographic defines the customers according to their geographical areas, such as country, region, city etc. Behavior segments help to know the choices and needs of the customers and their behavior, interests all the parts are defined in this segment (Bocken et al. 2020). Socio-Economic segment means the social and economic status of the customer and it helps in business very effectively because when the organization has the knowledge about the customers economic status then they supply that range of products that they could buy.
The main competitors for MealMart are Tesco and Sainsbury, they are the leading company in the US for the food industry (Ausloos, 2020), their position, their capital, investment in the business is far better than MealMart.
The gross profitability of Tesco was 7.3% in 2019, and 7.1% in 2020, the rate decreasing due to some decrease in the cost of product sales.
The gross profit of Sainsbury was 7.9% in 2019 and in 2020 their gross profit decreased by 12% and became only 7%.
As compared to the two leading companies, the business of MealMart is very beyond their imagination. They only opened 323 convenience stores in the first half of 2021 and grocers shops only 208 and fast food takeaways only 311. To compete with the competitors they need a full proof and effective business strategy.
The stakeholders they need to involve in their business to improve their position are, the suppliers, some government trade associates, find some more investors who positively invest their money with MealMart, communities, and the number of employees needs to increase to serve the customers (Dembek et al. 2018).
A marketing plan is the main component of a successful business, the plan contains all the information of the services, products of the company and discusses all the plan programmes that how their products and services will be marketed as per customer's interest (Todorovic et al. 2018). The 4Ps are the key factors that are involved in the marketing of a product and the services. The 4Ps are used by the company to determine some key factors for their business, what the customers expect from them and how they could fulfil their demand, how they stand out from the competitors and how they can interact with the customers. The 4Ps means the Products, Price, Place and Promotion.
Product means the goods or services that the company gives to their customers, and these products fulfil all the customer's demands. The demand of the customers changes according to the time and to be a successful marketer it is very important to understand the cycle of the products and the executive have a plan to deal with the change of product cycle and product (Sahir and Rosmawati, 2020). The type of the products is also sometimes dictated by how these products give profits and improve business and where they place the product to get maximum profits and what strategy they should adopt to promote their product in the marketplace.
Price refers to the cost of the products that customers pay. The marketers need to link the price of the product to the product’s perceived values and the product’s reality, but make sure that they consider supply cost, competitor's prices and discount as per season. Sometimes the executives increase the product prices that make the product luxurious and alternatively decrease the product price so that the customers can try it. The executives need to determine the time and places where the discount is applicable. The product should be innovative, high-quality materials, and high-quality products at a reasonable price.
The company when making decisions regarding the place of their business then they try to identify the places where their products and services influenced the customers. MealMart needs to determine the places where people spend their time at work and where the supply chains of their competitors are weak. Make sure to plan that their product should be in front of the customers that influence the customers to buy them. The store should be selected according to the products demand and placing the products on display. For more promotion of the products the placing of products on some famous TV shows, on Web Pages, in Films that help to gain the attention of the customers.
The promotion of the products is important because it helps to reveal to customers how they should use the products and why they need them and how much they paid for their products (Vukasovi? and Jalen, 2018). They also compare their products with each other through this promotional strategy. In today's world, people spend their time on social networking sites, so MealMart should promote their products through social media and their web pages or websites. The promotion helps the product to become familiar with customers.
The present projection of sales of MealMart is that 72% of convenience stores are run by their independent retailers and they achieved cost efficiency with some stable loyalty of customers. Their 96% convenience stores are open from 7 am to 10 pm. They will follow the market plans of 4Ps then they can increase their profit percentage and they make a plan to serve multiple food items so it will help them to increase their profit percentage by 30-35% than the previous year.
The financial analysis means scrutinizing the statement of finance to reach a productive and profitable outcome that helps both the stakeholders and investors to maintain a good relationship with the company. There are ten types of financial analysis used by the experts. MealMart is a startup business so for them, the Trend Analysis process is applicable (Zabolotnyy et al. 2019).
Trend Analysis: This analysis helps the company to compare the trend of the market on the basis of their past performances and for future improvement. The analysis is the collection of the information from multiple periods and plotting the information on a horizontal line to find actionable patterns from the collected information. The trend analysis is done for the accounting analysis of the stocks (Santeramo et al. 2018). The trend is of three types, downtrend, uptrend and horizontal trend.
The downtrend means when the economy level moves in a downward direction and the prices of the stock and size of the economy also decrease over time. Through this analysis, the company gathers knowledge of the position of the economic market and can calculate the values of stocks.
The uptrend means when the economic level moves in an upward direction and the prices of the stock and size of the economy also increase over time (STRATEGY, 2018). It gives a clear knowledge of when the market values increase according to the time. This condition is favourable for marketers and the cycle of the investment is started.
A horizontal trend means when the border economy does not move in any direction, sometimes moves upsides and sometimes moves downsides. This is not a proper time for investment because it is risky and the situation could not be predicted.
MealMart when using this trend analysis then they get a clear structure of the economic market and they invest according to the trend.
The financial plan is a very important part. It helps to determine which savings plan can buy to boost the financial condition (Sakaguchi et al. 2018). The main five components should be included in a successful financial plan, these are;
The business should be goal-oriented and one should identify the desires and goals. MealMart makes short term goals because they make a plan for the next five years. Their required funding is $5,000,000 and the time is next five years.
Make a list of the products and liabilities that give a clear picture of financial position. The liabilities means mortgage property, debts, unpaid loans. The company could figure out their expenses and business strategy accordingly.
The cash flow means the amount of money ingressing and egging in a bank account, it can monitor the expenses and income of the company. The expense monitoring helps to group together the luxury and necessity (Setiany, 2021). The widely accepted ratio of wants, needs and savings that make the structure of cash flow is 5:3:2.
MealMart is a startup business so there are so many risk factors and ups and downs they should experience in their business, so one insurance plan is very important, they need to invest some of the money for insurance. When they buy an insurance policy it will help them in their tough time and it also decreases some risk of their business.
In this business MealMart made a plan to improve their gross profit and beat their competitors like Tesco and Sainsbury. They have calculated their weakness and strength and made strategies according to them. They followed financial analysis by trend analysis because it helps them to calculate the condition of the economy of the market and they could invest according to them. They also analyzed the stakeholders who are not present with their company and involved them. They use short term goals because they plan for the next five years to achieve the goal that beats the competitors.
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