I. Research and analyze the current situation. In order to formulate an effective and practical marketing plan, Premier catering
company first needed to examine the macro and micro environments.
The following SWOT analysis captures key strengths and weaknesses within the
company and describes the threats facing Premier:
Strengths: We have a well-trained and friendly staff. Our chef is well known in the
Memphis area and has a strong culinary following. Premier offers the highest quality,
organic and locally grown foods.
Weaknesses: Since we are a start-up business, we have a limited marketing budget to
develop brand awareness. We lack experience in desserts and cake decorating. Our chef
also lacks experience in vegan/vegetarian cuisine and ethnic foods.
Opportunities: We have the ability to develop long term relationships with banquet halls and wedding coordinators. Premier is the only catering company currently offering farm
to table fare. Since we recently acquired a food truck, we can use this to get our name and
products out to the public.
Threats: There are several catering companies in the Memphis area. A slump in the
economy may decrease customer’s budgets for parties. A major concern is raising food
costs. We are very reliant on what the local farms can produce and what products are in season. Organic catering and gourmet food trucks are fairly newer concept in this
business so we have little to go on with forecasting sales and looking at direct competitors.
Our staff is our greatest asset. In order to turn the lack of experience from a
weakness to a competitive advantage, we will seek out additional training or staffing
with knowledge in cake decorating, vegan/vegetarian cuisine, and ethnic cuisine. A
slump in the economy may decrease the amount customers are spending, but people are
still going to celebrate special occasions.
Premier’s mission: At Premier Catering, our goal is to provide the Memphis area with
the best catering and hospitality service possible. Whether it’s a simple drop off or full
service dinner, we have the tools and experience to assist all your catering needs.
Premier’s resources: Our human resources consist of an excellent chef, and well trained
servers and bartenders. Since this is a start-up company, we have limited financial
resources. We recently invested in a new oven, two new catering vans, and a acquired a
food truck. We just started growing our own herbs and are trying our hand at produce.
Since we are focusing on farm-to-fork fare, currently we are working on building
relationships with local farmers including Claybrook Farms, West Wind Farms, and True
Vine Farms. These farms are vendors at the Memphis Farmer’s Market which is one of
the locations we plan on vending with our food truck. New food distribution companies
and food trucks are on the rise, but food quality and freshness are the most important
aspects to our company.
Premier’s offerings: Our catering packages range from lower drop-off meals to full
service sit down events. The catering services will be for weddings, office parties, Bar
Mitzvahs, and other assorted parties. We will begin using our food truck soon on the
No other catering company or food truck in Memphis is focusing on farm-to -fork fare,
which gives us a competitive advantage and hopefully this will allow us to break into
new markets and generate repeat business. With doing this, we also would like to
increase the amount spent on each transaction. The restaurant business is not the most
stable market and there are many competitors. If we try to offer too much or too many
options, the quality of food may suffer.
Demographic trends: The market…