Business Plan Comparative Analysis: Fancy's Foods & THR Restaurant

This report presents a comparative analysis of two distinct business plans: Fancy's Foods, a dairy product and specialty product company, and THR Traditional Home style Restaurant. The analysis delves into various aspects of each plan, including their respective missions, visions, and business objectives. It identifies key strengths such as Fancy's Foods' marketing strategies and THR's organizational structure, while also highlighting weaknesses like Fancy's Foods' manufacturing plans and THR's employee retention challenges. The competitive environments of both businesses are examined, emphasizing the impact of market competition and strategic positioning. The report further explores strategic orientations, available resources, and performance measures for each company, offering a comprehensive overview of their approaches to achieving business success. The analysis provides insights into the marketing strategies, competitive advantages, and overall strategic implications of both businesses, culminating in a conclusion that synthesizes the key findings and offers a comparative perspective on their potential for long-term profitability and market success.

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Strategic Business Plan
Comparative Analysis

Contents
Comparative analysis.......................................................................................................................2
Analysis and interpretation of mission, vision and business objectives..........................................2
Key strengths of the plan.................................................................................................................2
Key weaknesses of the plan.............................................................................................................3
Competitive environment................................................................................................................3
Strategic orientation.........................................................................................................................4
Available resources..........................................................................................................................5
Performance measures.....................................................................................................................5
Conclusion.......................................................................................................................................6
References........................................................................................................................................7
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Comparative analysis
The business plan of Fancy’s Foods and THR Traditional Home style Restaurant are compared
while providing the strengths and weaknesses of the business plans. The information is analyzed
to bring the aspects of the plan while interpreting the mission, vision, objectives, strengths,
weaknesses, competitive environment, resources, performance measures and strategic orientation
(West, et al., 2015). These are the elements that are included in the business plans and are
compared accordingly.
Analysis and interpretation of mission, vision and business objectives
Fancy’s Foods mission is to capture the dairy products market and have specialty products.
Vision of the business is to ensure that the business plan of the two markets such as dairy
products and specialty products ensure increase in sales. The main objective of the organization
is to market its product to a large market and cater customer interest in whipping toppings.
The vision of THR is to offer traditional family style food and service to the people along with
several cuisines in the menu. Mission statement of the organization is to provide a space where
customers relax and have a unique kind of experience in the hotel. The main objectives of the
business are to be among the best in home-style restaurant, to provide meals with quality and
reasonable price and to achieve prime cost ratio. Both the business plans have different
objectives, vision and mission as it ensures that the industries are different.
Key strengths of the plan
The key strengths of the Fancy’s Foods business plan are the marketing strategies and the
financial matter provided to achieve business objectives. Marketing strategies help to ensure
sales volume of the product while working on promotional measures or offers. Marketing
strategy of the organization includes entering in the new market such as retail sector (Ansoff, et
al., 2018). Entering the products in grocery stores is a good initiative while demonstrating the
products with in-store displays in several markets. Attractive label is another product attractive
feature that ensures business planning and conducting product image in packaging strategy.
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The key strength of THR is the organization and management area in which the organization
structure, management team and the senior level management are the key strengths of the
business. Marketing strategy such as positioning statement, promotion and advertising, pricing
strategy, marketing programs and website are the key areas that are well planned in the
organization (Chernev, 2018). The business strength relies on the sales strategy that will be
implemented with the help of sales program and sales forecast.
Key weaknesses of the plan
The key weakness of the business plan is the manufacturing plans of Fancy’s foods. The
manufacturing plan can be improved and several promotional strategies can be used in marketing
and planning of the product. Wide range of products is not provided, while the competitive is
strong in dairy products. Thereby business needs to focus on variety of products and services.
For THR, the weaknesses include retaining employees in the organization and some errors while
focusing on tight margins. The business plan should consider several aspects that help to ensure
the strength and consider business objectives. Weaknesses in the business plan may reveal the
unexpected results that may hinder in growth and development of the organization.
Competitive environment
The business plan for Fancy’s Foods include competitive analysis in which there are several
brands of whipped topping that are available in retail stores. This is mere competition that needs
to be considered by the organization. Lack of variety may increase the competition which
becomes a weakness of the product. The competition in the mainstream reveals the real
challenge for the organization as there are grocery stores in the area such as Hugo and Antlers
who have several brands in the stores.
THR firmly believe that the business strength of an organization is quality of the product which
is a major reflection that will be introduced in the competitive factor. The long term goal of the
organization is to select the best human resources that have goodness of family values. These
employees are the asset of the organization which means that competitive advantage is an easy
goal to be achieved by the organization (Cassidy, 2016). As the human resources that are
recruited ensure business success and adhere to the planning process made for the organization.
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Strategic orientation
It is very important to choose appropriate strategies and practices so that the overall performance
of the organizations can be improved and enhanced sustainably. The prime motto of both the
companies THR and Fancy’s Foods is to increase their sales in the market by attracting more
potential customers through their best quality products and services. In order to reach out to
maximum effective customers and boost their sales volumes, the companies need to undertake
suitable marketing strategies that have enabled them to achieve their desired marketing
objectives, mission and vision statements.
THR has aimed at providing the best quality home style meals to all the customers at reasonable
prices to gain their interests and attention and as such, they prefer using the high quality
ingredients for preparing their meals. It will thus position its brand image sustainably in the
Benbrook suburb of Fort Worth, Texas as the premier home-style restaurant. They have decided
to involve the current industry marketing trends and to do such they need to take better
advantage of the cost savings and provide a friendly ambiance within the restaurant (Meyer, et
al., 2017). The main purpose is to make the customers feel home like while having their meals
and thus the marketing manager of THR will provide a relaxed atmosphere with light traditional
interiors like wooden tables and checkered table cloths. For attaining the interests of the
customers, THR will provide a standard menu fare for their convenience. They will also develop
their website having all the details of their offerings, a map and driving directions for guiding the
customers to the way to the restaurant. Moreover, to cope up with the current marketing trends,
THR will promote their menu and services widely on social networking platforms like Facebook
and Twitter (Tuten and Solomon, 2017). This will help them in attaining a large customer base
thereby influencing their sales. They will even team up with Yelp and Groupon as well as offer
different facilities like birthday club and loyalty club to increase their earnings by 15%.
On the other hand, Fancy’s Foods will start its business in the local area of south-eastern
Oklahoma where The Beans have a strong reputation and product recognition amongst the
customers. The Company has decided to establish an effective image in the market and as such,
they intended to participate in the “Made in Oklahoma” Demonstration Program to gain a strong
customer base. In this Program, the Beans will introduce its Whipped Dream (new product) in
the market for attracting the attention of more customers. Fancy’s Foods also aims at entering
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into the grocery and specialty markets in Tulsa area in the year 2000. The Beans has aimed at
marketing the products through in-store displays. Huge demonstrations will also be done by
offering the customers with products having flavoured toppings along with fresh fruits during
summer (Hill, 2017). Additionally, during winter months, the customers will be provided with
toppings on the hot chocolate and gourmet coffee. For achieving competitiveness, Fancy’s Foods
will give special attention on establishing an attractive and eye-catching label which will
highlight the Company’s offerings and their special products. They will also concentrate on their
packaging and logo and make it such so as to create a strong and positive impact of the brand in
the minds of the customers in the market in the near future (Hollebeek, et al., 2016). It can be
said that in this way, the sales of Fancy’s Foods can increase significantly thereby acquiring
competitiveness.
Available resources
The available resources at THR are:
 Exceptionally efficient staffs are recruited and trained to perform their activities
effectively (Noe, et al., 2017)
 The location area is quite friendly to attract the customers
 They have sufficient capital to set up their business and use improved marketing plan for
their growth
 Experienced suppliers for supplying the necessary quality ingredients for preparing food
The available resources at Fancy’s Foods are:
 Significant capital for setting up their business in the targeted market
 Efficient distributors for establishing strong channelization
 Human resources employed are able to manage their operations
Performance measures
At THR, continuous monitoring and evaluation will be made on the financial performance and
sales performance of the company. Records will be kept by regularly reviewing the Cost
Accounting Systems and Prime Cost Report so that any kind of inventory shortfalls can be
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prevented. The performance of the staffs will also be checked regularly their KPIs so that the
efficiency of their operations can be judged.
At Fancy’s Foods, the business planning and marketing specialist named Linda Byford will take
care of the label of the Company by conducting a focus group study which will evaluate or
measure the extent to which the brand image is capable of attracting the attention of all the
customers in the market (McDONALD, 2016). The effectiveness of the label developed and the
packaging styles will be measured for understanding the Company’s ability to meet the demands
of the customers.
Conclusion
From the overall comparative analysis, it could be determined that the strategic implications of
the companies named Fancy’s Foods and THR are different from each other. The strengths and
weaknesses of each of the companies in their targeted market segments have been discussed in
this paper. It could be analysed that the marketing strategies and competitiveness of both firms
will be decided based on their capabilities and their vision and mission statements. The
marketers of the companies will analyse the overall market environment and decide on the
strategies they should adopt for long term profitability margin and significant benefits.
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References
Ansoff, H.I., Kipley, D., Lewis, A.O., Helm-Stevens, R. and Ansoff, R., 2018. Implanting
strategic management. Springer.
Cassidy, A., 2016. A practical guide to information systems strategic planning. Auerbach
Publications.
Chernev, A., 2018. Strategic marketing management. Cerebellum Press.
Hill, T., 2017. Manufacturing strategy: the strategic management of the manufacturing function.
Macmillan International Higher Education.
Hollebeek, L.D., Conduit, J. and Brodie, R.J., 2016. Strategic drivers, anticipated and
unanticipated outcomes of customer engagement.
McDONALD, M.A.L.C.O.L.M., 2016. Strategic marketing planning: theory and practice. In The
marketing book (pp. 108-142). Routledge.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2017. Human resource management:
Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Tuten, T.L. and Solomon, M.R., 2017. Social media marketing. Sage.
West, D.C., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage.
Oxford University Press, USA.
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