project: the juice bar imc capstone · 2019. 3. 16. · imc capstone project: the juice bar kelly...
TRANSCRIPT
IMC Capstone Project:
The Juice Bar
Kelly Yurick
● Trish Salahshour● Health & wellness startup cafe● Cleveland suburbs
The Juice Bar
In 2017, the U.S. cold pressed juice market reached $4.3 billion.
By 2024, studies project that this number will reach $8.1 billion.
(Costello, 2018)
Previous Research & Literature Review
Factors Contributing to Small Business Success...
(Perry, Rahim, & Davis, 2018)
Building Clientele
Developing Meaningful Relationships
Learning Lessons
from Mistakes
Staying DeterminedKeeping Financial Matters in Check
Factors Contributing to Small Business Success...
(Blagg & Dannaher, 2003)
Stay motivatedAcquire Experience
Financial Organization
Clear Business Plan
Social Media Marketing...
(Subir Bandyopadhyay, 2016)
Target Market...
(Hua, 2016) & (Nielson, 2016)
Social Media fuels clean food movements such as vegetarianism, veganism, and juice cleanses
Millennials want a balanced, healthy lifestyle and companies that do more for them and their community as a whole
HypothesesH1: When examining wellness cafe businesses that have sustained success beyond the first two years of opening within the suburbs of Cleveland, OH, meaningful relationships and engagement will be the most important of the following best practices: building clientele prior to opening business, creating meaningful relationships and engagement, passion, learning lessons from mistakes, determination, acquiring experience, developing a clear business plan, and keeping financial matters in check.
H2: When examining wellness cafe businesses that have sustained success beyond the first two years of opening within the suburbs of Cleveland, OH, Millennials between the ages of 18-35 will be the primary consumers.
H3: When examining wellness cafe businesses that have sustained success beyond the first two years of opening within the suburbs of Cleveland, OH, social media will be the most successful of the following marketing tactics: social media (Facebook, YouTube, Twitter, LinkedIn, Instagram, Pinterest, Snapchat), company events, community event engagement, radio advertising, television advertising, internet advertising, and print advertising (banners, flyers, brochures).
Methodology● Survey
○ Qualtrics
○ 11 Questions
● 30 health & wellness cafe business owners○ Cleveland
● Email, Phone, In-Person● 3 Main Focuses…
○ Best Practices
○ Target Market
○ Marketing Strategies & Tactics
Results[24 Responses]
What does this mean?Hypotheses...
H1: “...Meaningful relationships and engagement will be the most important best practice…”
H2: “...Millennials between the ages of 18-35 will be the primary consumers…”
H3: “...Social media will be the most successful marketing tactic…”
Reality…
● Passion and Meaningful Relationships & Engagement
● Millennials 18-35
● Social Media
Passion and Meaningful Relationships & Engagement
● Central best practices● Passion fuels business● Create meaningful relationships & engagement
○ Customers
■ Social Media
■ Events
○ Entrepreneurs
■ Partnerships
Millennials 18 - 35● Majority of customers● Methods & channels to reach
audience○ Social Media
● Products & Prices
Social Media Marketing1) Facebook
2) Instagram
3) Twitter
4) LinkedIn
● YouTube
● Snapchat
Recommendations● Passion and Meaningful Relationships & Engagement● Millennials
○ Website
○ Social Media
■ Instagram, Facebook, LinkedIn, Twitter
● YouTube, Pinterest, Snapchat
● Align yourself with a mission○ Health, wellness, sustainability
● Look into product offerings & price points
Thank you!
Questions?