EXECUTIVE SUMMARY
The Ya Kun Kaya group had many goals and aims altogether. Firstly, the restaurant wanted to expand its cafeteria to the neighboring nations so as to increase its customer base. Secondly, the organization wanted to expand its supply chain on the products that they sell to all local and foreign clients. Thirdly, the hotel business was to push for the outsourcing of human resource personnel to boost their skills and manpower (Grant, 2003). In essence, the achievement of these plans had to come in handy with follow-up strategies. The tourists, locals, and the regular orders were given priorities by offering not only that toasts and the Chinese culture specialties but also a full range of the western world delights. The budgeting of forecasted plan was divided into quarterly phases. The human resource, transportation, and the CSR management were done one after another after quarterly basis. The reason was to allow enough time for planning and gaining stable financial base between the periods of implementation (Jacques and Kepos, 2011).
The management of Ya Kun Kaya advised a diversification of personnel so that expertise can be achieved from different angles. The boost will help in understanding cultures, traditional foods, and preferences of the international markets that the organization wanted to counter. The overall performance will be measured by using a standard deviation criterion. The management shall check the general income of employees and multiply it with the production working rate. The overall revenue in a year will be divided by the number of total employees so as to determine each employee work rate. This act will enable the organization determines the number of customers served and the new ones gained from the new markets that are to be ventured in the future (Saxena, 2009).
Ya Kun Kaya Toast in Singapore
1 Introduction
Hotel and restaurant business has grown so much in Asia. Singapore being one of the dominant economies in Asia, there is continuous need to invest in the hotel industry. In this case study, we focus on the Ya Kun Kaya Restaurant and their foods (Saxena, 2009).Their menu ranges from drinks, beverages, foodstuffs to coffee making. The company started as a small family business in the year 1994 but later blossomed to a bigger restaurant to more than four countries. Its branches extend from China, Japan and predominantly in South Korea. The toast chains come from the famous Chinese cultures that amass a massive traditional set-up in the hotel industry. The above products are just but a few not to mention the inclusion of peanut butter in the mix of the other specialties. The management has the challenge of creating strategies that can be used to analyze how beneficial the company can get in the low seasons. Therefore, an examination of the internal strengths and weaknesses together with the opportunities and threats from the external elements is vital to be addressed. This marketing plan will focus on the growth, strategies and the suggestions that the analysts can use to determine the way forward in improving the Kaya Toasts (Grant, 2003)
2 SITUATIONAL ANALYSES
The Ya Kun Kaya organization has specialized in differentiating its services into two companies. The first one named the Ya Kun, deals in factory productions of coffee and the second one works on the international front by franchising its programs to the other outlets for familiarity and improving market niches (Jacques and Kepos, 2011). They include;
3 COMPETITIVE PARTNERS
The main competitions arise from the majority of advertisers in the local arena and the regional fronts. The competitors do offer products and services of similar types. The restaurants include the Tong Ah Kopitiam, Coffee Kaki and Chim Mee Confectionaries. In essence, the research is interested in formulating strategies that can help the organization to meet its goals and objective (Dorsey and Adams, 2007). The study will also talk about the feasibility and the major additional programs in the SWOT analyses that can make a better name and reputation for the Ya Kun Kayas in the future (Saxena, 2009)
4.0 INDUSTRY ANALYSES
The concepts under the industry are issues of threats, control, power simulations that the company uses to adapt to the changes in the restaurants. The overall inclinations include the competitors that the organization has in mind. Many years back, many companies concentrated on the junk foods and foreign luxuries to deliver sales. The hotel industry is nowadays full of numerous local and international products to suite all consumers such that none feels left-out by the industry (Jacques and Kepos, 2011). Nowadays, the corporations find it easier to do specialization in advertising when sales promotions via the messages that the company uses to pass information in the emails. The Ya Kun Kaya might be in line with the ‘junk foods and toasts’ scenario, but the consumers of the company’s products might not find it beneficial or helpful in their purchases or usage. The competition arises in the sense that many prominent hotels dealing in the specialty of treats do not fear the rules and regulations brought upon them hence an influx of restaurants that deal with the coffee, butter and toasts come up in faster rates (BELEW, 2011).
5.0 THREATS OF SUBSTITUTES
In the hotel industries, the customer tastes need to be taken care of in a mid to satisfy their urge and needs. Essentially, and in Singapore, the Ya Kun Kaya’s can retain and improve on their food and beverage tastes so that a level of relevancy can be maintained in the customers' eyes. The company can also benefit greatly from its strategic location (Saxena, 2009).Being in the Middle East, the research scientists argue that the hotel industry can gain more by acting as a linkage of both eastern and western cultures. The inclusion of such foreign and local foods allows the formation a brand to the restaurant’s name. It gives a more contemporary modernization of the Ya Kun Kaya’s image in the world of hotel industry (Press and Kimball, 2012).
6.0 CURRENT MARKETING OBJECTIVES AND PERFORMANCE MEASURE
6.1 Bargaining Power of Customers
In continuation, it is advisable for the Ya Kun Kayas to form a new product in the market so that a line extension can be achieved. The customers are expected to have continuous profitable margins when purchasing the products since they are not sensitive to the changes in pricing. It was noticed that due to the limited menu by the business, Ya Kun Kaya’s customers had a difficulty visiting the supply restaurants hence there would be no harm in trying the untapped potential into other new food specialties by the hotel industry. The main objective would be to concentrate on the ready markets that consist of the youths that are in the three segments of the Ya Kun Kaya’s customer niches (Saxena, 2009).
6.2 Supplier Coordination
The marketing part is done at the specificity of the company guidelines, and the reorder rate is persistently high at 90 percent annually. The relationship between the supplier and the restaurant has been excellent and only needs continuous implementation and strengthening of its goods deliveries. The recommendations to be made from these objectives include an introduction of products that have not been produced by considerate competitors like the Kopitiams. The traditional specialties like steamed rice and roasted meat can be offered during lunch and dinner times when most foodstuffs are consumed (Grant, 2003).
7.0 PEST Analysis
7.1 Political Analysis
The analysis involved here range from the political, economic, social and technological analysis that may affect the company’s standard functions. It was noted that the Ya Kun Kaya needed to change their mode of customer relations and adherence to rules of the law. The improvements in technology and regulatory rules were vital in enhancing consumer satisfaction in the general company.
7.2 Economic Analysis
There is an enormous amount of coffee business in the Singapore nation today. In fact, the Ya Kun Kaya can expand on their marketing zones from this end and also get an opportunity to relate with some restaurants in exchanging business ideas. From the name Ya Kun, it is noticed that it is the real entrepreneurial urge and skills that catapulted two immigrants to engage in a coffee store business. They faced economic challenges, but their agility and resilience pushed them to success. The management has frequently been promoted due to their excellent customer relations. The employees have a little turnover due to the right salaries and equal opportunities provided by the owners. It is this management strategy that has also helped the Ya Kun Kaya group evolves to an economic giant in Singapore’s Hotel Industry.
7.3 Social Analysis
The restaurant has been well adverse with the Chinese culture making it quite easy for the business to expand. The consideration of the functioning style of embracing culture was synonymous by the fact that a large population fell for the Chinese culture. The availability of different cuisines saw it possible for the adventure in the Ya Kun Kaya coffee shop. The company’s good CSR has enabled it to achieve a brand excellence and many accolades including the award by the Singapore Institute of Food Science and Technology in 2007.
7.4 Technological Analysis
The company had less trouble from the technological advancements that the organization used to disseminate information about their new products to both local and other international branches.
8.0 SWOT ANALYSIS of Ya Kun Kaya
The general discussions include the application of the strengths, weaknesses, opportunities and the threats aligned to the functions of Ya Kun Kaya Toasts.
8.1 Strengths
8.2 Weaknesses
In the countries where Western delights are enjoyed, Ya Kun Kaya automatically faces the challenge of selling its toasts and blend in coffee. The limited menu hence reduces purchase level hence a slight decrease in income generation. The sale volume has dropped in the overseas nations due to high pricing. The ineffectiveness in the menu also creates a weak customer base since delivery of services becomes predictable (Saxena, 2009).
8.3 Opportunities
The excellent business marketing has given Ya Kun Kaya a high rating in the possibilities the restaurants can achieve from its sales overboard. Firstly, the company has indicated its interest to open more branches in Thailand, India and the likes of United Arab Emirates (Pride et al, 2014). The populous ratings in these countries for example India will increase the sales volume rapidly. Secondly, there will also be a great Chinese intervention due to the embrace of the nation’s culture in undertaking the restaurant business. Thirdly, the Chinese being populous in the world will enable a vast market space that will form good sales and branding criteria in managing the business of the Ya Kun Kaya Group.
8.4 Threats
The biggest challenge comes in the context of hotels in local and international capacities that are doing the similar business of beverage and toasts productions. For example, Tong Ah Kopitiam that offers milk and salted butter has a high level of skilled labor creating tension to the Kayas frequently. That is a fierce competition, and since the restaurants have not engaged in marketing strategies, there is a chance that a customer base can be quickly lost (Pride et al., 2014).
9.0 MARKETING STRATEGIES
9.1 Target Markets
Target market one: The organization focuses on populous nations like China and India that deal with brokering, distribution and manufacturing of toasts and beverages. The products can be customized by the Singapore Board of Traders and much more elaborate customer retention by the tourism sectors. The company can also seek the customers from the schools and colleges that are involved with the Ya Kun toasts on daily or monthly deliveries (Press and Kimball, 2012)
9.2 MARKETING MIX
Products: The restaurant produces products from beverages to foodstuffs that are also advertised in the media outlets as a marketing tool specialty. The attribute of meeting customers’ needs at a faster rate is a unique nature that proves their dwelling success (Saxena, 2009).
9.3 Price:
The quality of products is associated with its value added to the premium price. Price elasticity should be surely maintained to keep customers’ demands at heart. For instance, the Ya Kun Kaya group should emulate the history and independence of its management (Pride et al, 2014).
9.4 Distribution:
The organization prefers direct marketing since its products are perishable and light to supply. The company can use mail and promotional tactics as an asset in the continuous sale of produced products. The strategy of giving consumers coupons and arranging for competitive events will boost loyalty amongst the probable customers (Grant, 2003).
9.5 Promotion:
The business enjoys a large part in promotional benefits hence the surplus attained can be used in maintaining the direct mail advertising via a specialty in the media outlets like journals and magazines. The budget also needs to fit in the new and foreign products that are to be introduced in the business.
10 FORECASTS
The sales are expected to scale up to one million dollars every year. The returns in the next five years or so can include; $85,000 each month amounting to $1 million annually. That is $440,000, $355,000 and $ 400,000 consequently in the same year from quarterly measure to annual revenues ratio (Pride et al., 2014).
11 MARKETING IMPLEMENTATION
The Ya Kun group needs actual customization of its products hence the organization should organize a marketing function by use of business groups. They include manufacturing, non-manufacturing, consumer and the industrial groups for better implementations. There will be flexibility and a high level of creativity in undertaking its business (Grant, 2003).
11.1 Evaluation and Control
The performance standards and the financial comparisons of the Ya Kun are greatly influenced by the adherence of the company to coffee and outright success. The reserve has become known from the central to downtown areas of Singapore to be one of the best coffee shops. The confidentiality of operation has seen the company traversing its boundaries to neighboring countries to scale up their economies (Press and Kimball, 2012).
11.2 Monitoring Procedures
The actual plan and the objectives of the hotel should be measured to gauge its effectiveness in implementing the desired goals and outcomes of the survey. There will be numerous studies carried out if a need to professionalize projects in the restaurant arises (Kimball et al, 2012). A concept of management will then be used to evaluate the overall implementation of the marketing plan. A quarterly analysis of the procedures will be done to try and ascertain the application of the activities planned by Hotel Management (Grant, 2003).
12 CONCLUSIONS
The Ya Kun Kaya will achieve profitable gain if the implementation and procedures are adhered to by the management consistently. The human resource advancements and outsourcing of other suppliers play a great role in reaching the goals and objectives of the organization. The overall improvement will foster development in the delight being manufactured by the corporation substantially. The outstanding roles played by the employees allow good customer retention in inhibiting the Chinese cultures has been vital in the progressive growth of Ya Kun Kaya.
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Jacques, Derek, and Kepos P (2011). International Directory of Company Histories. Detroit, Mich.: St. James Press Print.
Press, Entrepreneur, and Kimball, C (2012). Start Your Self -Publishing Business. New York: Entrepreneur Press, 2012. Print.
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Pride, W. M., & Ferrell, O. C. (2014). Marketing. Australia, South-Western Cengage Learning.
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