January 2003 This sample marketing plan has been made available to users of Marketing Plan Pro™, marketing planning software published by Palo Alto Software. Names, locations and numbers may have been changed, and substantial portions of text may have been omitted from the original plan to preserve confidentiality and proprietary information. You are welcome to use this plan as a starting point to create your own, but you do not have permission to reproduce, publish, distribute or even copy this plan as it exists here. Requests for reprints, academic use, and other dissemination of this sample plan should be emailed to the marketing department of Palo Alto Software at [email protected]. For product information visit our Website: www.paloalto.com or call: 1-800-229-7526. Copyright Palo Alto Software, Inc., 1998-2002
Transcript
January 2003
This sample marketing plan has been made available to users of Marketing Plan Pro™, marketing planning software published by Palo Alto Software. Names, locations and numbers may have been changed, and substantial portions of text may have been omitted from the original plan to preserve confidentiality and proprietary information.
You are welcome to use this plan as a starting point to create your own, but you do not have permission to reproduce, publish, distribute or even copy this plan as it exists here.
Requests for reprints, academic use, and other dissemination of this sample plan should be emailed to the marketing department of Palo Alto Software at [email protected]. For product information visit our Website: www.paloalto.com or call: 1-800-229-7526.
Copyright Palo Alto Software, Inc., 1998-2002
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This is a marketing plan. It does not imply an offering of securities.
IntroductionChef Vending (Chef), LLC is a family start-up business that specializes in importing vending machines and commercial food and beverage equipment from Spain. Chef will penetrate the vending industry with innovative, first to market, high quality vending machines. Chef will establish our own vending routes in the Southern and Central Florida region. Chef also plan to participate in the $321 billion food and beverage industry by supplying high-quality innovative equipment. With the establishment of one strategic alliance with a national brand name in either of their vending lines, Chef expect to easily exceed the financial forecasts.
The CompanyChef Vending's mission is to be the leader in introducing innovative, quality vending machines and restaurant equipment to the market. Through close customer contact and excellent relationships, Chef will meet the needs of the customers.
Chef Vending, LLC, is a privately-held Florida corporation and maintains an office and a small warehouse in a mixed-use area of North Miami Beach, Florida.
Three of the four investors in the company have full operational responsibility. Mauricio Ordonez and Javier Palmera, the co-founders, have both entrepreneurial and industry experience. Charles Mulligan brings operational management, marketing, and financial skills to the operation.
The ProductsChef Vending will have two product lines, each for the various markets it serves. The vending products line will include the unique Sandwich Express machine, a Fresh Orange Juice machine and the Multi-line Dispenser. The restaurant equipment products will be toasters, espresso makers, and fresh juice squeezers.
Most of the products, such as Sandwich Express are innovative machines that have functions and advantages not found in today's common vending machines, thus providing Chef Vending a competitive advantage over more established competitors.
Chef plans to aggressively enhance the existing line in the future. The immediate plans are to include a larger model of Sandwich Express that will offer a greater variety of sandwiches, and a more diverse product line, such as pizza. Other products are in the exploratory phase.
Chef is also pursuing supplier relationships with large nationally-branded juice and sandwich manufacturers, to customize the machines to their products. This would enable Chef Vending to supply machines to national companies and allow them to brand the machines with their product lines.
The MarketRevenue from U.S. vending consumable merchandise was $24.5 billion in 2002, an increase of 4.9% over 1998, according to the Automatic Merchandiser magazine's State of the Vending Industry Report in August 2000. Small companies, with sales of less than $1 million, accounted for 5.8% of the market and had projected sales for 1999 of $1.35 billion. Three quarters of all vending operators are classified in the small category.
Within the industry, snacks and cold beverages are the largest product segments and these two categories are the driving force of the industry. The food category grew at a rate of 7% last year, according to the Automatic Merchandiser. Cold storage machines grew at an even more impressive 42% in 2001, with this growth coming at the expense of shelf-stable products.
According to the National Restaurant Association, revenues from restaurants are expected to reach $321 billion in 2001. This is a large and healthy industry in our economy, and suppliers to this industry are expected to benefit from this growth.
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All of this indicates that a fast moving, innovative company that can introduce enhanced products to vending machine/restaurant equipment customers stand to gain significant market share in a relatively short time span.
Chef Vending will market its machines to three distinct market segments including; distributors, branded sandwich and juice manufacturers, and end users. For the restaurant equipment business Chef will focus on restaurants and hotels and equipment supply companies.
Financial ConsiderationsThe company has an initial start-up cost of approximately $157,000 of which $125,000 will come from a ten year SBA loan. Short-term borrowing will provide Chef with an additional $2,500 and the rest will be provided by investment capital.
Direct Cost of Sales 2003 2004 2005End users $439,512 $617,288 $773,955Distributors $175,805 $246,915 $309,582Subtotal Cost of Sales $615,317 $864,204 $1,083,537
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2.0 Situation Analysis
Chef Vending is in their first year of operation. Their products have received strong demand from initial contacts with end users and distributors. Marketing will be critical to generate significant demand for the products. The basic market need is for high quality, innovative vending machines as well as restaurant equipment.
2.1 Market Summary
Chef has captured good information about the market and knows a great deal about the common attributes of the target customers. This information will be leveraged to better understand who is served, their specific needs, and how Chef can best communicate with the customers.
The profile for Chef Vending consists of the following geographic, demographic, and behavior factors.
Geographics
• The immediate geographic target is the Southeast United States. • A 750 mile radius is in need of the products. • The total targeted population is 2,492.
Demographics
• End users and distributors. • The distributors are typically $ million plus revenue businesses. • The end users typically have at least 30 employees in their company. • The distributors serve higher end restaurants. • The end users are looking for a higher quality vending machine product instead of the
current, not healthy, poor quality product machines currently available.
Behavior Factors
• The end users have high regard for their employees and are looking for a way to offer them a high quality food product.
• The distributors are tired of the current limited selection of high quality equipment and are always on the lookout for new and innovative equipment to add to their product line.
• The target customers are looking for a way to differentiate themselves from their competitors, and unique products are one useful way of doing this.
2.1.2 Market Needs
Chef Vending is providing its customers with a wide selection of innovative vending machines and restaurant equipment. Many of the products have first to market features not found on competitors equipment. Chef seeks to fulfill the following benefits that are important to their customers.
• Innovative features- there are lots of vending and restaurant equipment on the market, customer demand innovation as a competitive edge.
• High quality machines- Equipment is expensive and customers cannot deal well with down time when equipment needs to be repaired.
• High quality food products- Vending machines are not normally synonymous with high quality food products. Chef Vending is changing this perception.
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2.1.3 Market Trends
Growth rates in both the vending industry and the restaurant industry remain strong. This growth is fueled by the changes in the workplace and workforce that are causing workers to consume more of their meals away from home. Away from home food sales are expected to increase by 53%, according to NAMA.
As more and more consumers eat away from home, the demand for higher quality is also growing. Vendors are now offering a full line of packaged frozen meals in their machines. Margins will increase as premium prices are being placed on branded, high-quality products.
Demographic trends are affecting the industry. A large group of young adults, who mainly grew up on fast food, have emerged as an economic force. This group's perceptions on fast food, technology, and vending, will have a positive impact in the vending business. Furthermore, overall population growth rates, and immigration trends particularly, will also have a tremendous economic impact on the vending industry. Much of the growth in both of these areas will be in the Southeast, where Chef Vending is poised to capitalize on these trends.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2003 2004 2005 2006 2007
End users
Distributors
Market Forecast
2.1.4 Market Growth
Studies by Automatic Merchandiser reflect an industry growth rate of approximately 4.8% over the last five years, matching the overall growth of the U.S. economy.
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0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
End users Distributors
Target Market Growth
2.2 Industry Analysis and Distribution
The U.S vending industry is divided into three main segments:
1. Operators- Companies that buy and place vending machines on their routes, sell the product and service the machine, and range from small family businesses to large national companies.
2. Manufacturers- Companies that manufacture machines for sale to operators. 3. Distributors- The link between the manufacturer and the operator. Supplies the market
with both machines and products for operators.
The food and beverage industry is divided into similar segments:
1. food and beverage Establishments- This segment covers the entire spectrum of bars and restaurants.
2. Suppliers- Companies that supply the establishments with all of their food, paper, and equipment needs.
3. Supply Houses- Acting as a distributor, these firms supply an area with their required supply needs.
Distribution in the vending industry typically runs through a distributor. These distributors will carry a brand of machine for sale in a defined geographic region. In some instances, manufacturers sell direct to operators or end users. Another form of distribution is to be a supplier to a nationally branded company. Similar distribution patterns are established in the food and beverage industry.
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2.3 Market Analysis
Revenue from U.S. vending consumable merchandise was $24.5 billion in 2001, an increase of 4.9% over 2000, according to the Automatic Merchandiser magazine's State of the Vending Industry Report in August 2000. This figure includes both machines and products. Small companies, with sales of less than $1 million, accounted for 5.8% of the market and had projected sales for 2001 of $1.35 billion. Three quarters of all vending operators are classified in the small category.
Within the industry, snacks and cold beverages are the largest product segments, representing 29% and 25% of the industry, respectively. These two segments are the driving force of the industry. The food category grew at a rate of 7% last year, according to the Automatic Merchandiser. Cold storage machines grew at an even more impressive 42% in 2002, with this growth coming at the expense of shelf-stable products.
Broader economic and cultural trends are also positively impacting the industry. Food sales away from home have become a larger part of total food sales in the U.S. since the 50's, according to the Department of Agriculture. Technomic, a Chicago-based research firm, reports an increase in demand for takeout meals as the percentage of two-parent households declines, along with the decline of the three regular sit down meals per day.
Consumer preferences about taste, price, nutrition, convenience, and technology are changing. These changes favor the vending industry, which now has the opportunity to spot these trends and develop their markets.
According to the National Restaurant Association, revenues from restaurants are expected to reach $321 billion in 2001. This is a large and healthy industry in the economy, and suppliers to this industry are expected to benefit from this growth.
2.4 SWOT Analysis
The following SWOT analysis captures the key strengths and weaknesses within the company and details the opportunities and threats that the industry faces.
2.4.1 Strengths
• Strong relationships with manufacturers. • Excellent product line. • Seasoned management team.
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2.4.2 Weaknesses
• Lack of brand recognition because Chef Vending is a start up organization. • The need to take on debt to get the business off the ground. • Chef's new and innovative product do not have a lot of visibility in the U.S. yet.
2.4.3 Opportunities
• Participation in a growing market with a significant percentage of the target market still not aware that Chef and their products exist.
• The food market, while somewhat effected by economic downturns is somewhat immune because food in many forms is a basic necessity.
• A strong distributor network.
2.4.4 Threats
• Heavy equipment makes more expansive than regional distribution more difficult. • High capital costs. • Future/potential competition from a national company.
2.5 Competition
Both the food and beverage and vending industries are highly competitive. Price, Return On Investment (ROI), reliability, and customer service are the factors most effecting a buying decision.
There are many large name brand companies with vending machines in the market. Chef is focused on creating a niche market for the innovative machines, to compete with larger more recognizable names. By being first to market, Chef has a unique opportunity to brand themselves and their machines.
Buying patterns are fairly consistent across the year.
2.6 Products Offered
Chef Vending has three vending machines and three lines of restaurant equipment.
The vending products are:
1. Sandwich Express- This machine stores, in a refrigerated unit, up to 140 pre-packaged sandwiches. When an order is placed, the machine sends a sandwich from the refrigerator to the toaster, toasts the sandwich for a pre-determined time, and at a predetermined temperature. In approximately 60 seconds, a fresh, delicious, hot sandwich is served.
2. Fresh Orange Juice (OJ) Machine- This machine, as its name implies, delivers a chilled 7 oz. cup of fresh squeezed orange juice. In a refrigerated unit, the machine stores up to 140 lbs. of juice oranges. This will yield approximately 110, 7 oz. cups. When an order is placed, the machine will dispense, from its refrigerated container, whole oranges that will be sliced in half, and then each half is pulverized for its juice. The juice will run through a filtering system to keep out the seeds and most of the pulp, to finally provide the
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customer with a 100% all natural cup of OJ in approximately 30 seconds. 3. Multi-line- These versatile, low-cost, easy-to-maintain machines provide the end user with
a variety of vending options, from phone cards to disposable cameras. Chef Vending is able to provide customers with machines that have either two, three, or four product lines; this will provide flexibility to maximize unit revenue.
The restaurant equipment products are:
1. Toasters- Coming with either a single or double toaster, these panini-type toasters provide the commercial establishment with an automatic machine that frees up service personnel for other customer service tasks. These machines will toast sandwiches, pastries, and a variety of other menu items, in a predetermined time and temperature, automatically dispensing the food item when done.
2. Espresso Maker- This high-quality espresso maker makes single-serve cups of delicious gourmet coffee from pre-packaged coffee pods. These pods provide great benefit to the owner by reducing the cost of measuring for each new order, and eliminating the waste associated with the traditional methods.
3. Fresh Juice Squeezer- This commercial grade machine will squeeze fresh, whole-juice oranges to allow the owner to sell a cup of fresh-squeezed orange juice.
To enhance the existing line, Chef is looking at a larger model of Sandwich Express that will offer a greater variety of sandwiches, and a more diverse product line, such as pizza.
Chef is also pursuing supplier relationships with large nationally-branded juice and sandwich manufacturers, to customize our machines to their products. This would enable Chef Vending to supply machines to national companies and allow them to brand the machines with their product lines.
As Chef increases their presence in the equipment business, they will continuously search out products to expand the existing line. A key component of this will be the feedback from the customer base.
2.7 Keys to Success
As a start-up company, new to the industry, and introducing new products, Chef must be focused and work hard to create acceptance for their brand and the products within the marketplace. The keys to success are:
1. Quality support and service, recognizing that Chef Vending's success depends most critically on the relationships it's able to create.
2. Innovative, quality products that are able to both expand existing markets and create new ones for customers.
3. Steady, disciplined pattern of growth. 4. Chef Vending's customers and keeping them happy.
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2.8 Critical Issues
Chef Vending is still in the speculative as a start up organization. The critical issues that they face are:
• Pursue controlled growth that dictates that payroll expenses will never exceed sales revenue.
• Constantly monitor customer satisfaction, ensuring that the growth strategy will never compromise service and satisfaction levels.
3.0 Marketing Strategy
The marketing strategy will emphasize the strengths of both the company and the products. Chef will position themselves as an aggressive, innovative company that supplies the market with new, high-quality products. Chef will position themselves in trade shows, within industry publications, and the Internet, to reinforce this marketing strategy. The brochures, letterhead, and business correspondence will further reinforce these concepts.
Chef also recognize that it costs six times more to attract a customer than to retain one. To that end, Chef Vending will operate under the principle that the best marketing is an exceedingly satisfied customer. While the industries Chef operates in are large, reputations play an important part.
3.1 Mission
Chef Vending's mission is to be the leader in introducing innovative, quality vending machines and restaurant equipment to the market. Through close customer contact and excellent relationships, we will meet the needs of our customers wherever we can. Chef Vending will secure sufficient profits from free cash flow from operations, to sustain its stability and finance future growth. We will add value to our community by maintaining a friendly, familial work environment.
3.2 Marketing Objectives
• Maintain positive steady growth each month. • Increase market penetration every quarter. • Generate increased brand awareness quantified by reactions/ feedback of customer sat the
trade shows.
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3.3 Financial Objectives
• Decrease customer acquisition costs by 1% a quarter. • Continue to decrease variable costs through efficiencies gained from experience. • Increase profit margins by .5% per quarter.
3.4 Target Markets
Chef Vending will market its machines to three distinct market segments:
1. End Users- Operators that have their own vending routes who wish to expand their product selections. Included in this category are large institutional food service companies that engage in vending operations as part of their overall food service business.
2. Distributors- Companies that supply operators with machines and supplies for their operations.
3. Branded Sandwich Manufacturers and Branded Juice Companies- By working closely with these companies, Chef will customize the machines to meet the company's specifications and to allow them to "brand" our machines with their products. They will either supply the machines or sell them to their customers who will buy product supply for the machines from these companies.
Chef has two markets for the equipment business:
1. Restaurants and Hotels - End users who benefit from the equipment purchased. 2. Equipment Supply Companies- These are large supply houses that offer a variety of
equipment to the food and beverage industry.
The following Market Analysis table and chart are broken down by general market segments, versus the specifics listed above.
3.5 Positioning
Chef Vending will position themselves as an importer of high-end an innovative vending machines and commercial food and beverage equipment. To achieve this positioning, Chef Vending will leverage their competitive edge.
• Chef Vending will enjoy the traditional benefits of first to market. Chef will attempt to leverage this position to establish and solidify the brand in the market. As a small company looking to establish itself, Chef will be attentive and flexible in meeting the customer's demands.
• For Chef's other products, they have design features that will make them very competitive. In addition to these design features, Chef will also be competing on price.
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3.6 Strategies
The single objective is to position Chef as the leader in vending machines and restaurant food and beverage equipment in the Southeast region. Chef will strive to aggressively increase their market penetration. The marketing strategy will seek to first create customer awareness regarding the offered products, develop the customer base, and work toward building strong customer loyalty.
The message that Chef Vending offers the best vending and restaurant equipment. This message will be communicated by several methods. The first method is participation in trade shows that will be a valuable resource. The second method will be distributor open houses. The third method is the development and use of Chef's Internet website. The last method of communication that Chef Vending will be using advertisements in trade publication.
3.7 Marketing Mix
Chef Vending's marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.
• Pricing- Chef's pricing scheme is designed to be competitive and at the same time provide Chef and the distributor (when applicable) with a fair margin.
• Distribution- All of the products can be distributed within the Southeast United States. • Advertising and Promotion- Chef Vending will employ several different methods for their
advertising and promotion campaign. • Customer Service- Exceptional customer service is a necessary component for making this
business successful.
3.8 Marketing Research
During the initial stages of the marketing plan development, Chef held several different focus groups with perspective customers. These focus groups were developed out of interactions/introductions made at the regional trade show. The goal of the focus groups was to solicit a significant amount of information from perspective customers.
Chef was very careful with the facilitation of the focus groups, attempting to insure that the results were as valid as possible. The groups ranged in size from seven to nine people. The focus groups were video taped to allow Chef to review them more carefully after the fact. Overall, the focus groups provide Chef with a wealth of information that was instrumental for them in launching and growing the business.
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4.0 Financials
This section will offer a financial overview of Chef Vending as it related to the marketing activities. Chef will address break-even analysis, sales forecasts, expense forecasts, and how they link to the marketing strategy.
4.1 Break-even Analysis
The break-even analysis indicates that $93,166 will be needed in monthly revenue.
($50,000)
($40,000)
($30,000)
($20,000)
($10,000)
$0
$10,000
$20,000
$30,000
$0 $27,853 $55,706 $83,559 $111,412 $139,265
Monthly break-even point
Break-even point = where line intersects with 0
Break-even Analysis
Table 4.1: Break-even Analysis
Break-even Analysis:Monthly Units Break-even 27Monthly Sales Break-even $93,165
The following table and chart reflect the forecasted sales for Chef Vending. Chef is forecasting significant sales growth for the vending and equipment sales and for the vending routes that Chef will establish and manage themselves.
Direct Cost of Sales 2003 2004 2005End users $439,512 $617,288 $773,955Distributors $175,805 $246,915 $309,582Subtotal Cost of Sales $615,317 $864,204 $1,083,537
4.3 Expense Forecast
Marketing expenses will be budgeted so that they initially ramp up and then re-ramp up over the course of the year. The expense forecast will be used as a tool to keep the organization on target and provide indicators when a modification or correction is needed.
The purpose of Chef Vending's marketing plan is to serve as a guide for the organization. The following areas will be monitored to gauge performance:
• Revenue- monthly and annual. • Expenses- monthly and annual. • Customer satisfaction.
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5.1 Implementation
The following milestones identify the key marketing programs. It is important to accomplish each one on time and on budget.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Marketing plan completion
Website development
Trade show particiaption campiagn #1
Trade show particiaption campaign #2
Ad campiagn #1
Ad campaign #2
Milestones
Table 5.1: Milestones
Milestones PlanMilestone Start Date End Date Budget Manager DepartmentMarketing plan completion 1/1/03 2/1/03 $0 Charles MarketingWebsite development 1/1/03 3/1/03 $10,000 Charles MarketingTrade show particiaption campiagn #1 1/1/03 6/30/03 $7,500 Charles MarketingTrade show particiaption campaign #2 7/1/03 12/30/03 $14,700 Charles MarketingAd campiagn #1 1/1/03 6/30/03 $40,500 Charles MarketingAd campaign #2 7/1/03 12/30/03 $38,100 Charles MarketingTotals $110,800
5.2 Marketing Organization
Charles Mulligan will be responsible for all of the marketing activities.
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5.3 Contingency Planning
Difficulties and Risks
• Problems generating visibility. • Importing issues that are beyond Chef's control. • An entry into the market that adopts similar products.
Worst Case Risks May Include
• Determining that the business cannot support itself on an ongoing basis. • Having to liquidate equipment to cover liabilities.
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Table 1.0 Sales Forecast
Sales Forecast PlanSales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecEnd users $0 $74,454 $80,353 $84,664 $89,773 $93,334 $97,884 $101,223 $109,334 $115,773 $121,998 $129,990Distributors $0 $29,782 $32,141 $33,866 $35,909 $37,334 $39,154 $40,489 $43,734 $46,309 $48,799 $51,996Total Sales $0 $104,236 $112,494 $118,530 $125,682 $130,668 $137,038 $141,712 $153,068 $162,082 $170,797 $181,986
Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecEnd users $0 $29,782 $32,141 $33,866 $35,909 $37,334 $39,154 $40,489 $43,734 $46,309 $48,799 $51,996Distributors $0 $11,913 $12,856 $13,546 $14,364 $14,933 $15,661 $16,196 $17,493 $18,524 $19,520 $20,798Subtotal Cost of Sales $0 $41,694 $44,998 $47,412 $50,273 $52,267 $54,815 $56,685 $61,227 $64,833 $68,319 $72,794
Appendix: Chef Vending
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Table 4.2 Sales Forecast
Sales Forecast PlanSales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecEnd users $0 $74,454 $80,353 $84,664 $89,773 $93,334 $97,884 $101,223 $109,334 $115,773 $121,998 $129,990Distributors $0 $29,782 $32,141 $33,866 $35,909 $37,334 $39,154 $40,489 $43,734 $46,309 $48,799 $51,996Total Sales $0 $104,236 $112,494 $118,530 $125,682 $130,668 $137,038 $141,712 $153,068 $162,082 $170,797 $181,986
Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecEnd users $0 $29,782 $32,141 $33,866 $35,909 $37,334 $39,154 $40,489 $43,734 $46,309 $48,799 $51,996Distributors $0 $11,913 $12,856 $13,546 $14,364 $14,933 $15,661 $16,196 $17,493 $18,524 $19,520 $20,798Subtotal Cost of Sales $0 $41,694 $44,998 $47,412 $50,273 $52,267 $54,815 $56,685 $61,227 $64,833 $68,319 $72,794
Appendix: Chef Vending
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Table 4.3 Marketing Expense Budget
Marketing Expense Budget Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecTrade Shows $5,000 $0 $0 $3,500 $0 $0 $6,000 $1,200 $1,500 $5,000 $0 $0Website $10,000 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150Advertisements $5,000 $5,500 $6,000 $7,000 $8,000 $9,000 $5,500 $6,000 $8,000 $9,000 $9,600 $0
