© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Establishing the Right Kind of Catering for You Chapter 3

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Catering Market The catering market is a group of customers: –In same geographic service area –With unmet catering needs and wants Caterer must carve the market into niches. –Group customers with similar needs. –Understand own strengths and market’s opportunities

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Who is the Caterer? Analyze capabilities as a caterer. How to can satisfy customers –Specialize in on- or off-premise catering? –Corporate accounts or social market?

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Mission Statement or Purpose Identifies who the caterer is –Why you’re in business –What you plan to become –What you can do for potential customers –Relation to competition Guides the decision-making process –Type of business, including current customers –Types of catering functions –Where the events will be executed –How to solve the current needs of present customers

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Importance of the Mission Statement Reflects the company’s culture –Guides the employees –Contains the core beliefs, values and history Separates a business from its competition –Communicates differences and expertise –Helps to exceed the competition

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Growing the Business Professional growth –Controlled growth is a management quandary. –Create a strategic growth plan. Strategic Vision –Create a long-term vision. –Project growth over the next ten years. SWOT analysis –Internal strengths and weaknesses –External opportunities and threats

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Strengths Internal attributes, skills or assets that signify exceptional competitiveness in the market Tactile, defensible positions for the caterer to uses as an offensive or defensive weapon Make it difficult for other caterers to compete

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Weaknesses Internal areas that can limit a caterer’s ability to compete successfully in the industry –Tasks the caterer does not execute well –Tasks the caterer does deficiently Lack of: –Physical endurance and stamina –Culinary, technical or management skills –Specialized knowledge or equipment

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Opportunities External, controllable future events that best match the caterers’ competitive strengths Potential, profitable growth zones “Build a positive reputation.” Opportunities include: –Potential economic growth –Recognition of sustainable trends –Ownership of professional production equipment

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Threats External elements which can cause a potential loss for a caterer Threats include: –Government regulation –Changes in interest rates –Decrease in the demographics of the area –Entry of new competitors –Lack of certain skills and abilities