Executive Summary
Justin Rosenberg created Honey Growth in 2012. This company offers tasty stir-frys, as well as various kinds of salads that many people prefer. Honey Grow is an attractive, fast-running, modern backbone. Undoubtedly, it provides healthy food stuffs which are very attractive in terms of their quality and pricing. HoneyGrow followed a conventional ordering theory which requires the technique of a touch screen. This system is convenient since it helps save time between order placement and order fulfillment since food is provided as soon as it is requested unlike in other existing restaurants where a client has to attract the attention of a sometimes busy waiter so as to be served. As earlier stated, the company provides a wide variety of fast foods. Apart from stir-frys, plus salads which have lots of ingredients, the firm’s menu contains juices from fresh fruits with no additives. Since its establishment, the firm’s product demand from its customers is experiencing a steady upward trajectory. Consequently, the company’s target audience is the group of consumers who like fast foods, salads, yoghurt and lovers of honey. For this case, Honey Grow has resorted to extending its product line so as to enable other customers access its products.
For areas such as tri-state, Honeygrow will also add other new product lines. It will expand its product line to the Hudson River and the district for meat packing. The company will further take up two neighboring positions of the Italian Restaurant. As it occupies that space, the décor in the Italian restaurant will be salvaged so as to be used in the upcoming store. The company has a high potential of growth due to its strategic location. The strengths of the company also contribute to its growth. In addition, Honey Grow is not likely to fall out of the market soon due to the stiff competition that is currently prevailing since it has proper and robust strategies in place. This competition comes from the new restaurants which are sprouting up in most locations. Furthermore, the advertising environment was welcoming to the quality products of the company. It will therefore survive rigid competition as it provides healthy products that are likely to be fresh without additives. Finally the use of touch screen system motivates individuals as they can choose what they want from a variety of available ingredients.
Background
Justin Rosenberg, the company’s founder, has been working for Honey Grow since its establishment in 2012. HoneyGrow reflects Justin Rosenberg’s passion for healthy foods and other fast food products that are in HoneyGrow’s product line. The founder of the company decided to source his products from local vendors since he firmly believed that local sources are the best. This is mainly because according to him, they taste better. Consequently, he introduced the slogan of the restaurant as ‘decent eating and growing local’. Moreover, the products are environmentally sustainable and friendly in that they do not have a negative impact on the environment (Cohen 2006). The company is currently located in various places. However, Philadelphia is its main location. Others include Bala Cynwyd PA, Radner PA and finally Cherry Hill NJ among others. When compared to other companies, Honeygrow has fewer locations. In reaction to this, the company is planning to establish itself in other regions such as the tri-state area. Honeygrow through the provision of its services has enabled individuals to come together from all walks of life to enjoy the delicacies that it provides. The firm targets people from all age groups. Recently, the founder of the company, Justin Rosenberg, signed an agreement with Architects to introduce a product line with momofoko spirits. This is a sequence of restaurants which consists of noodle bars among others. These restaurants will be in various locations such as New York. These constructors also wanted to bring in components of Chopt, which is an ingenious salad firm that is found in New York City. The prices for its products are generally affordable since they vary from four to seven dollars for the fruit juices. For other entrees, the prices range from eight to ten dollars.
SWOT Analysis
The marketing environment that exists around Honey Grow has a variety of opportunities that the company can consider. On the contrary, the environment poses some challenges to the operations of the company. To evaluate the company’s performance and viability, a SWOT analysis will be carried out (Houben, Lenie & Vanhoof, 1999). The SWOT analysis represents a thumbnail of Honey Grow’s position in the market environment. In the past few years Honey Grow built its impressive strengths. At the same time, it looked for varied opportunities that exist within its environment. The company’s strengths include production of healthy food stuffs which are generally advocated for by the medical personnel across the globe. Due to production of healthy products, HoneyGrow has been able to attract a huge number of customers who have remained loyal to it. Another key strength is that their services are tailored to be customer friendly. Therefore, many customers are impressed with this fact. Once they order something, it gets served without delays. This is mostly attributed to the adoption of the touch screen technology. Additionally, cutomers can make a menu of their own by simply adding the relevent products to their menus. Moreover, they can use the already created menu. Since some customers are naturally impatient, they have found somewhere where their requests can be granted without wasting time in the process of attracting a busy waiter’s attention. Apart from that, the products in Honey Grow are reasonably priced. This attracts very many customers as the goods are easily affordable, especially for individuals or families with low income. Therefore, HoneyGrow has made everything easier for its customers as they can purchase anything they want cheaply and efficiently. HoneyGrow has been able to attract other customers from other famous companies due to their competitive and affordable prices. Finally, the products are locally sourced; this is a strength as the availability of the product is definite. There is no day that the company would experience shortage of the products as a result of long distance deliveries thus inconveniencing customers. Further, taxes or custom duty which is involved in importing products from abroad is avoided.
Just like all organizations and companies, Honeygrow has its share of weaknesses. First, it is located in few areas. This makes it difficult for other customers to access some of its services mainly because of the distance barrier. As a result, it is costly and time consuming to travel to the places where the company outlets are located (Cohen, 2006). Another weakness is that the company is not well known; most people are not aware of the cheap, healthy and locally available products that it offers. This makes it hard to attract new customer. Additionally, it operates in a niche market which limits its operations. On the other hand, there are varied opportunities that Honey Grow is looking forward to pursue. These opportunities include franchise expansion which will enable the company get new customers. Also, the company is intent on developing other innovative strategies besides the touch screen technology. Another opportunity is that the company could consider packaging all its products so that it can sell them in some grocery shops. This will ensure that all parties have access to its products.
Honeygrow faces a lot of threats in its industry. Stiff competition from other companies in the industry poses the greatest threat to its survival or continued profitability. There are many fast food restaurants which are coming up. As a result, they will bring in greater competition for Honeygrow. For Honey Grow to survive in this competitive market, it has to formulate new strategies or tactics that are unique from the other fast food restaurants.
References
- Cohen, W. A. (2006). The marketing plan.cs Hoboken, New Jersey: J. Wiley.
- Houben, G., Lenie, K., & Vanhoof, K. (1999). A knowledge-based SWOT-analysis system as an instrument for strategic planning in small and medium sized enterprises. Decision support systems, 26(2), 125-135.