Naughty Monk Brewery Marketing Proposal

09.04.20XX

Tyler Robideau, Ryan Burdziak

University of South Florida Sarasota Manatee

8350 N. Tamiami Trail

Sarasota, FL 34243

Strategy:

In order to start a brewery there are many licences and fees that apply. Once all the licenses are required, the building laid out, and the equipment purchased, there needs to be a strategy put in place explaining how the company will operate once it is up and running. This marketing plan will guide us through a strategic plan in order to get our beers from “grain to glass.”

We first analyze what the core product and services are. The definition of core product or service is, “The dominant benefit or satisfaction that a customer expects from a good or service he or she buys” (businessdictionary.com, 2017). As a brewery it is easy to state what our product is, craft beer, but that is not what we are selling to our customers. We are selling an entertainment experience. We want everyone who walks into the door to have a great time while enjoying our products.

The next step is to gain some knowledge by conducting a local environment scan and analysis. We must look at the economy, social, technical, legal, political and natural  environment. Taking all these factors and combining them will give us a decent outlook for the future of the industry.

As in any business, there is always going to be competition. By learning about the market that we are entering into, we will be able to determine what the competition has done right and also what they have done wrong. Getting a complete competition analysis will help us obtain that information and lead us into our next section.

A SWOT analysis is a tool used to help us determine where we stand internally and externally. The SW are strengths and weaknesses that are internal to the firm. The OT are external and are part of the environmental scan we have discussed. Once these have been identified, we can determine how big or small these factors come into play.

Identifying the target market is an important step in order to find out who we should be advertizing to. Analyzing these individuals in order to determine what they would want to see the brewery do next. This will help the brewery to set goals for the week, month and year.

Positioning is an important step in the marketing mix. Having a good understanding of the competition and acquiring placement for our products in the market will be a key factor in our over all success of the company. Once we find out our target market, we will be able to position or products strategically throughout the market and sell more.

Developing  products is a great way to keep customers coming back to the brewery. They will be excited to try the next batch of beer that we may one day place in our product line. This helps us to gain customer knowledge and feedback while also monitoring what is selling well and what is not such a hot seller. We have done this already in the tap room and determined which of our beers will be first to market.

With pricing, promotion and distribution we will look at where to set our prices at while maintaining a decent profit but without over extending ourselves compared to the competition. Having a sales person in the market to ensure the customers are getting what they asked for and expected will be a key source for the brewery and help to build sales. Working closely with distribution companies, we will keep a good track of where are beer is and where we can improve on.

Lastly, we will conclude with the customer purchase and consumption experience and the financial plan. We will delve into the overall customer experience with our product and ensure they are satisfied and also set up a financial plan with goals to make sure that we do not over extend ourselves.

Product/Service Development

The expansion of the craft beer industry has been on the rise for the past 5 years. Just last year the craft beer market has risen by 6.2% (brewersassociation.org, 2017). Naughty Monks product-market strategy starts off with product and service development. The craft beer market is already established, but as a new brewery, we will be offering new products into that market. Naughty Monk needs to develop products that are different or better than the competition while also offering better service to their customers.

Having a knowledgeable staff will help keep our services up to the customers standards and keep them coming back. Keeping our staff informed about the products we have on tap will help the customer make an educated decision on what to purchase. By offering weekly specials and events at the brewery we are able to draw people in the doors. We have pool tables, darts, board games and televisions to keep them there. This goes along with the great quality of beer of course.

Market Penetration Strategy

There are two forms of markets for craft beer, on-premise and off-premise. On-premise is an establishment where customers can purchase and consume our products like your local bar or restaurant. Off-premise is where customers can go to purchase our products for later consumption such as Publix or Total Wine. In order to reach these markets, we need to have the production capability to keep up with demand.

The plan for market penetration starts out with the distributor. In our case we have already selected Gold Coast Eagle as our distributor for our product. We will start off with a hyper local list of potential accounts and release one of our product lines to feel out where the demand curve will fall.

In the tap room, we will have 24 lines for draft beer and we will offer wine and cider. Of the 24 lines we plan to keep 20 of those beers as our own and the other four will be dedicated to other local breweries and ciders. By offering wine and cider, we are able to gain a customer base that usually does not drink beer. So when a customer comes in with their spouse who does not drink beer, we will have something to offer them and hopefully sell them an extra drink

Definition of the Core Product or Service:  

The definition of the core product for the Naughty monk brewery is entertainment. Entertainment is a broad subject so we decided to break it down into a few different segments. This is a list of some of the benefits customers receive when they come to the Naughty Monk Brewery.

Craft: Creating small batches of beer in order to give our customers a variety of styles and tastes.

Local: Being independently and locally owned lets customers interact with the owners and gives them good insight on what the business is all about. It also helps to boost the economy in the region.

Experience: Having a staff that is attentive, social and knowledgeable about our beer will help keep customers coming into the door. Speedy and accurate service helps customers feel welcomed and appreciated. Spending time with customers and talking about our establishment and products keeps them engaged in our business and what we are doing and planning on doing. Knowing what kinds of beers a customer likes and being able to offer suggestions and samples gives the customer a peace of mind knowing they will not have to pay for a drink they do not like.

Fun: At the brewery we want customers to have a great time. We offer pool tables, darts, board games, cards and televisions to keep customers having fun with friends and family. We hire local bands to come play on the weekends who bring in their own followings to the brewery helping to boost sales.

Environmental Scan and Analysis :

 The Economy:  

        When you take a look at the Naughty Monk Brewery in Lakewood Ranch, Florida, in depth on how the surrounding areas have grown there is substantial evidence to support the fact that both Sarasota, and Manatee county have seen economic growth in the past several years. According to Henry Fishkind, principal of Orlando-based economic consultants Fishkind & Associates, “ the demand of this area is what is going to continue to drive housing, job growth and domestic migration on the upward swing.” In addition to the demand of the Sarasota and Manatee county areas, the tourism industry, the Gulf Coast lifestyle, as well as a shift in some of Manatee County’s economic structure has encouraged more businesses to open, and causes more of the population to be enticed by these areas  as possible places to call home.

Social:

In addition to the economy, there are several other factors that have influence on the craft brewery business including social factors that are seen in the local Southwest Florida Region.  With viral threats of contracting the Zika virus, tainted waters caused by waste water dumping, and large news stories dealing with shootings and conflict have caused a dip in tourism travel to Florida. A drop in tourism causes a drop in business profitability as well. Although there has been a small dip on tourism due to these factors influencing people’s decisions to travel, it has only affected a small percentage of the tourists. These issues being seen around Florida have been combated by state governments in order to sustain their most profitable sector of business here in Florida, tourism. In addition to help from local and state governments, another way to combat the reliability of gaining profit from tourism business, is to take a look at  the local environment as our target market, including different segments within.

Technology:

        With the ever growing trend of the use of technology in our everyday lives, small businesses can adapt to these changes accordingly and keep up with these trends in order to create a niche in their market. Application based browsing has become significantly crucial when trying to reach a target market in today's society with advertising tactics. Facebook, Twitter, Snapchat and Instagram are among some of the top social media platforms used by millions of people around the world. Over the last couple years, these companies have seen an increase in active monthly users with Facebook and its messenger app having a combined 967 million added users, Instagram with 300 million users, Snapchat contributed 87 million and Twitter added 31 million active users per month. With those numbers in mind, think about the costs associated with direct mail, television, radio and news advertisements trying to reach tens of millions of individuals.

Being able to differentiate the brand for Naughty Monk Brewery on the social media platforms in a way that is intriguing, fun, and valuable for the consumers will allow possible access to these millions of subscribers through word of mouth, sharing of the business page and ad push services provided by these platforms. The key is to stay trendy, fun and valuable in order to continue to bring new customers to the business page and continue to grow the market share.

Legal/Regulatory:

        In the brewing business throughout the state of Florida, there is a mandatory distribution channel from production that starts with the brewer that bottles the brew, next the distributor picks up the product from the brew house at a wholesale cost, the distributor then sells the product to retail locations at a bit of a mark up. The B2B process has to be completed through a third party distributor, where the B2C process can be straight from brewer to consumer. This sounds like an easy process, but this is just the tip of the iceberg when it comes to the expenses the brew companies face with production, health and regulatory aspects, and opening the business in general. To offset this mandatory distribution system in the state of Florida there is a law exemption currently in place that allows breweries to sell on site in glasses, cans and even big growlers to avoid the big costs associated with keeping up with large distribution as long as the sales are on their own property.

The large competitors such as Busch and Coors and now trying to fight these same exemptions that helped them due to the growing response of craft breweries taking pieces of their market share. In addition to the distribution law causing monetary issues, breweries are subject to huge costs just to become operational. Choosing the license appropriate for the business, whether a CMBP license to add a brew setup to an existing vendor licensed to sell alcohol that costs $500/year, which allows them to brew 10,000 kegs per year and only sell on site. The other license is the CMB license for full blown manufacturers  for distribution with a $3000/year fee, but no limit on production amounts, and can sell on site if promoting tourism and can get local zoning approval. Zoning also comes with a cost, the brew house must be wet-zoned, making sure local governments allow sale and or consumption on the property. Also, if it is a larger scale operation the brew house must be classified as commercial intensive, or if smaller then they can go with commercial light.

Next, the brew house must apply for a Federal Brewer’s Permit, along with a Florida Brewer’s Permit and Manufacturer's license. There is also a Florida Brewers Guild that provides education and help throughout the process when you become a member, that also provides more expenses. In order to try to combat the distribution issues faced today for brew houses in Florida these small operations, if all on the same page like the Brewers Guild, need to come together with the common goal of fighting the brew giants in court to show that these local brew houses are just as important as the large ones. Small businesses are great for the environment, the economy, the community and the employees that make it successful every day. With all the costs of start up already burdening the business, finding partners you can trust that you can all split a limited partnership with in order to try to spread out the large costs. Prepare for large scale distribution by growing and saving as much retained earnings as possible with full intentions of opening distribution. If the laws do not work in favor of the small brew houses to try to protect the business from possible collapse if the brew giants get their way, The Naughty Monk Brewery will be prepared for success.

Political:

        Some political issues tie in above with the legal/regulatory issues faced with opening a brewery, but there are some others that may not have been addressed before. Recently there have been political pressure on Cuba with regards to importing their goods into the United States, mainly through Florida. An increase in pressure on a country who has a large percentage of population here within our own state, let alone the United States, could cause its citizens to become dissatisfied with the decisions causing them to shift, or even possible retain their purchasing power.

In addition to the Cuba relations, there is an ongoing tension in the Middle-East that has caused our POTUS to increase defense spending. This sort of action usually causes a ripple effect throughout the rest of the economy and the Federal Reserve, and recently we are seeing signs of just that. With $4.5 Trillion dollars in treasuries, the Federal Reserve plans to start selling some of these bonds that is sort of a final step in completing the economic crisis stimulus they had helped the economy with in the last several years. Accordingly, this will cause their interest rate to rise the borrowing rate from 1%-1.25%, causing an increase in the cost of obtaining the money for commercial banks, which will cause an increase in lending rates for consumers and businesses alike.

Noticing these issues with lending and global crisis, we also see pressures on businesses and politics alike from groups, in our case, such as Mothers Against Drunk Driving. This interest group was founded on the basis to help the victims and families of those injured from the crime of drunk driving, and to help spread awareness and education of the alcohol consumption process partnered with driving. Although they may not go door to door requiring all retailers that sell alcohol for consumption on site to abide by strict laws like police, if something were to happen in an unfortunate manner that brought attention to the Naughty Monk Brewery in a negative way associated with such a crime, this interest group would be all over it.

To help avoid possible negative reflection on the brewery for these types of situations is tricky because it varies from situation to situation and is constantly changing. The brewery should try to be multicultural and differentiate themselves from the competition in ways that attracts people from all walks of life such as social events, gatherings, using the chalk wall with a map of the world and people can add a small symbol where they are from and other fun interactive ideas to bring people from all walks of life. The FED rates increasing will cause an increase in production costs for the facility if funds are lent in order to continue business. In order to try to help this sort of situation, accumulate enough retained earnings in order to provide the production cost increases short term until the lending rates come back down, or increase the cost to consumer. Becoming an alliance with the special interest group Mothers Against Drunk Driving with open ears and full intentions on providing a way to help their consumers sober up, or find alternatives for them to find a way home or sleep it off. Things such as partnering with transportation services such as Uber and Lyft can help limit the number of intoxicated individuals leaving, limiting so the perceived alcohol limit based on weight and drinks consumed, and other things can help the Naughty Monk become a leader in safe alcohol consumption.

Competition Analysis :

The Naughty Monk Brewery, like any local business, has competition unless by some chance you are in a remote location where you are the sole provider for the craft brew experience. With that in mind, the main competition in the Sarasota/Manatee counties and surrounding area include Motorworks, Darwin's, Three Keys, Big Top, JDubs and Calusa. When you start to analyze these competitors, you have to broaden your area of interest so that you can understand all angles of information. Things such as how their product is presented including any sort of theme , what sort of emphasis is presented on their website, what do consumers say about these establishments as opposed to the Naughty Monk, and anything else of importance need to be examined in order to help provide a full understanding of the competition.

The first brew house competition is Motorworks. After thoroughly reading the reviews on two different platforms for each competitor, TripAdvisor listed Motorworks Brewery with a 4 out of 5 star rating out of 236 reviews. The general consensus among reviewers is that Motorworks has a wide variety of average brews. A bit of historical background behind Motorworks is that it used to be a large car dealership. This expansive room gave new business ideas with the brew house providing large capacity for their number of brews, in addition to the room available for entertainment.  The downfalls found on TripAdvisor is that they have limited food selection, in addition to very poor customer service. In addition to TripAdvisor, Facebook reviews were also examined to give a second platform of individuals providing the feedback. Facebook lands Motorworks at a 4.3 out of 5 star rating out of 644 reviews. In contrast to the poor customer service comments left on TripAdvisor, there were a number of reviews on Facebook that provided both good and bad reviews about the customer service. The good reviews seemed to be sourced more from local individuals, on the other hand the bad reviews seems to be more derived from people just passing through. Overall, people give Motorworks a fun, entertaining atmosphere that has lackluster customer service.

Darwin’s is the next brewery that will be examined in the competition analysis. With a TripAdvisor rating of 4.5 out of 5 stars with 20 reviews. This brewery is described through all the reviews as a small, friendly home town bar with great customer service. With the fact that they are a small location leads to the fact that they do not provide any food options besides food trucks, as well as limited space for entertainment. The brews are a bit more costly here at Darwin’s, but overall a great place to be. Facebook gave Darwin’s a 4.7 out of 5 star rating with 215 reviews. The consensus from Facebook is pretty parallel to that of TripAdvisor that it is a place that provides friendly staff, pricey brews, limited food options, but a fun local spot right across the street from the Pirates Spring Training field.

The third competitor that was examined is Three Keys Brew and Eatery. TripAdvisor gives a rating of 4.0 out of 5 stars. This establishment is a veteran family owned brewery that has a full kitchen for food options. A great atmosphere is seen here, as well as game nights to provide events to draw customers in. The downfalls seen among many customers is that there are not servers that come to your table per say, you must go up to the bar to order your food and drinks. In addition to the bar side ordering, this location is right on Manatee avenue, which is possibly good for the exposure of the business, but many customers complain about the noisy and busy environment. Facebook provides a bit of different insight, with 4.6/5 star reviews saying there is very friendly and knowledgeable staff, but still concerned with the bar side ordering. A full kitchen provides food options all week long, and a relaxed environment with cozy areas for kids and all gives a feel of a great night out for families. The self service and the noisy atmosphere is the biggest negatives seen throughout a number of customer accounts.

The next brewery competitor is Big Top Brewing with a 4 out of 5 star rating on TripAdvisor. Big Top provides great, local craft beer and is conveniently located right off I-75. Food trucks and live bands on the weekends, fun entertainment such as cornhole, views of the brewing process and other bar activities. A number of intriguing and unique brews that always change keep locals coming back for more, but a bit of slacking customer service seen here can always change that. Facebook shows a strong 4.9 out of 5 stars with 392 reviews, only 8 of which are in the 1-3 star range. Great selection of brews, the fun weekend environment with the food trucks and live entertainment, and in contrast to TripAdvisor, Facebook customers showed a good side of the customer service. Overall, Big Top is a strong competitor.

Another local competitor, JDubs with a 4.5 out of 5 star rating on TripAdvisor, is one of the first production brew pubs in Sarasota. There is a tasting room on site, as well as distribution to retail, restaurants and bars. Food trucks on the weekends provides for a fun atmosphere with corn hole and bar style games similar to the other brew houses. Overall people are very satisfied with their brew selection, even as far as being featured on tap in many other local brew houses and bars around the county. Some downfalls seen throughout several reviews is that there is poor customer service, it is a very hard to find and access if you are unfamiliar with the downtown area, and there are many competitors around as well. Another strong reflection on Facebook with a 4.9 out of 5 star review, J Dubs is similar to the other top liked brew houses. Out of 364 reviews, only 8 of them fell into the 1-3 star range, 19 4 star reviews, and 337/364, or 92% of their reviews came in at 5 star ratings. Some contrasting reviews against TripAdvisor show strong customer service, great environment and people love the tasting room and beer garden. A recurring trend in the differences between the the platforms of reviews with TripAdvisor and Facebook has shown how local reviews and reviews from those just stopping in from out of town can differ so drastically. The TripAdvisor reviews tend to be more first impression based, where as Facebook provides reviews from those who have visited several times. Having both of these types of reviews is good to see multiple angles of customer feedback.

The final competitor to examine in the brew house market place is Calusa. Calusa provides food trucks all week during their operating hours. This is great for a brew house that does not have a kitchen, being able to provide food for individuals consuming alcohol is a great way to penetrate the market share of the other brew competitors. The environment is fun and friendly with live music and entertainment similar to the rest of the breweries. In addition to the food and fun, people even loved the environment enough to have special events such as anniversaries at Calusa. In addition to Big Top, JDubs and Naughty Monk, Calusa also comes in with a strong rating on Facebook with a 4.9 out of 5 star rating. What is also intriguing is the fact that out of 241 reviews they do not have any 1 star ratings. The 2-3 star reviews are senseless reviews that have no basis for the bad rating, for example, one customer complained that the brewery was not dog friendly. Overall, this establishment is a fun environment with knowledgeable staff that has food trucks all week long making them a very strong competitor.

The Naughty Monk brewery earned a 5 star rating on TripAdvisor with people talking about great brews and good customer service. A new distribution channel starting with Gold Coast makes Naughty Monk a new, fresh and competitive look on breweries along with some of the other top competitors. The fun you can experience at the Monk is darts, billiards, life size Jenga, and televisions to catch the game. The limitations seen throughout this establishment is the lack of food options only limited to what customers order in, or food trucks when available. In addition to the limited food options, the Naughty Monk is a newly established brew house with a growing customer base, in order to grow their market penetration, Naughty Monk brewery must create a name for themselves through bringing attention of their brew house to more customers. Some fun events, charities, game nights, and support of local groups can help bring awareness to grow this brew house.

In addition to the TripAdvisor rating of 5 star, Facebook ranks Naughty Monk up with the more established brew houses with a 4.9 star rating out of 5 stars. Naughty Monk has 0 1-2 star reviews, 3 3 star reviews, 17 4 star and 142 5 star reviews show strong likeability of local customers. The fun place to be, the great customer service and the good tasting brews is highly talked about throughout many of the reviews. If the Naughty Monk finds a way to incorporate a food option into their business, as well as ways to increase market penetration, both of these channels could lead to great success and profitability, though there are obstacles to reach that goal.

SWOT Analysis :

Strengths

Knowledge: Having our employees try each of our beers and give them a description to relay to the customers for selling purposes

Relationship selling: Interacting with every person that walks through the door and let them try different things before they buy

Customer interaction: Having owners on hand almost every day to thank customers for coming in and getting feedback

Variety: Having multiple types of beer on tap in the tasting room in order to broaden the spectrum of customers we can serve

Location: Where we located our brewery and tasting room is an up and coming area where potential customers will be moving in for the next few years

The strengths of Naughty Monk brewery are broken down by importance to the market as seen in the chart above. Knowledge about beers and products that the brewery is carrying has a good impact on the market. If we do not know what we are selling then there is probably a good chance that we will not sell too much of it. Relationship selling is a good tool to use in the tap room so that customer feels welcome and encouraged to try new recommendations that the bartender or brewer has to offer. This also ties in with consumer interaction. If we are not getting to know our customers and their likes, then how will we move forward and produce products that are appealing to the masses. Lastly we have variety. It is important to have a few different style on tap so that anyone who comes into the brewery has a selection they will enjoy.

Opportunities

Different type of selection: We have styles of beers that are not in the market as a local craft selection

Customer demand: We have customers and business owners coming to us waiting for our beer to be distributed to their bars

Converting Customers: Ability to get customers to change the type of beer they drink or convert them to buy ours instead of our competitors

Opportunities are an external element in the SWOT analysis and help us to identify the areas that we will be able to incorporate. When selling to customers outside the brewery it is important to have a good portfolio on hand to appeal to all accounts. So far the customer demand for our products exceeds our capacity to brew so we will have to take into consideration entering the market slowly so we do not run out of product and get overwhelmed with orders. The most appealing aspect of the opportunities is converting customers. This may take some time but will help to get more customer to prefer our brand over the competitor.  

Weaknesses

Capital: Limited funds for expansion and brewing materials to keep up with demand

New to business: Being new to the business of craft beer and entering the market with little knowledge

Sales staff: Do not have a set plan for sales personnel to be out in the market getting new customer and consumer feedback  

Capacity: Limited in production due to the amount of fermenters, kegs and brewing supplies we have on hand at the moment

Our internal weaknesses are pretty significant to the breweries success. Capital is the most important aspect to the brewery because it takes money to make money. Eventually we will need to expand our operations in order to gain more customers. Without capital, we will not be able to achieve this. Being new to the business has its disadvantages as well. Not knowing how to operate or what steps to take next is a huge flaw to any new business. The lack of a sales staff makes it difficult for customers to gain knowledge about your products and will eventually lead to you to have too much inventory and no one to sell it to. Capacity to brew is another factor we need to take into consideration. Once we gain the customers, we need to make sure we do not over extend ourselves and have enough product for the people we promised it to.

Threats

Competitors: Having multiple local breweries all competing for shelf space in stores and tap lines at bars and restaurants

Larger breweries have more buying capacity: Larger breweries have more of a reputation and capital to get into most bars and stores in the area

Over saturation: There are seven local breweries in Sarasota-Manatee country and even more in St. Pete Tampa. This can cause heavy competition

Price fluctuation: Prices and demand for brewing materials (hops, grains, yeast) going up will cause beer production to be more expensive

There are going to be external threats that need to be taken into consideration when going to market with our products. Competition is the biggest threat. There are many different bars and restaurants in the area but each of them only has a certain amount of tap lines. Some of them already have deals with other breweries to keep their beers on tap. Without securing draft lines that will stay, we will not be able to keep our business open. This kind of fits into the buyer capacity as well. Our distributor will only buy as much as they think they will need for the next week or two. Over saturation of the brewery market is hitting a peak. There are not 8 breweries in the Sarasota/Bradenton area with a few more in the works. All of these breweries are going to be fighting for the same shelf space and tap lines as the others. Finally we have price fluctuation. The likeliness of occurrence is not very high but needs to be taken into consideration when thinking about the company long term.

Target Market Identification:

After conducting a survey about current customers visiting the Naughty Monk Brewery, there is identifiable characteristics for the current market.  When you start to examine a target market, there are many things that must be considered such as certain behaviors, demographics, psychographics, geographics, or a combination of those traits in order to get the best image of the potential consumers. With the business being a brewery, the traits that were focused on for this study were age, check in status on certain social platforms, and gender. When you take a look at the graph above, the two age groups that provided the biggest results for current consumers fell within the 31-40 range and the 61+ range. The next age groups that were a bit smaller in results happened to include the 22-25, 41-50 and the 51-60 year old individuals. The smallest two remaining age groups in descending order accordingly ended up being the 26-30 year olds, and the 19-21 year olds. These results were a bit shocking, but being surprised may be a good way to provide new knowledge about your potential market.

In order to achieve the best results from the marketing towards the age groups that provided the least results is hard without a survey examining the actual facts. The age demographics that need to be targeted in order to grow that market segment are all very different, which shows that a very multi faceted marketing scheme must be uniquely developed in order to appeal to each of the segments.

Gender also plays a large role in the craft brew business, generally speaking most men prefer beer over women as you can see from the results above. Creating a more neutral vibe for both men and women gives an even platform for all gender roles to enjoy the environment. A shift in purchasing power has been seen growing steadily with women becoming worth more within the marketplace. More men are increasingly being seen working less than their female counterparts in the younger generations giving equal importance to business tactics to be focused on both genders. Creating a niche, in more than one way, is how you generate attention over others with very similar business practices.

The Naughty Monk serves wine and ciders that would go over very well with the female segment, but going a step above the drink option could be very beneficial. At a brewery, most women may go with their male significant other, or maybe a group of friends, but attracting individual or groups of females would be very challenging to a brewery that does not try to capitalize on that. Providing things like ladies nights with specials, events that focus on female interests, arts and craft area where a woman could possible come in and either bring her own canvas or purchase one in house and paint while she drinks wine and many other creative ideas could boost the female consumer outcome for Naughty Monk.

All of the above target market segmentations provide a good start for where to focus any sort of advertising. Gender, age and social platform check ins gives a newer brewery a good sense of the general target market that visits. Another market segmentation may be performed again in the future that is more in depth with geographics and psychographics when there is more resources available to do so. The three segments above are the best options because it was inexpensive to do the survey through the social platforms with simple feedback from current and potential customers. In addition to the expense savings, these three segments also give a multitude of ideas to generate new business with.

Attribute/Target Market (ATM) Analysis :

The best target market segments for the Naughty Monk to focus on would be the social platform potential, followed by the potential market within the female customer base. The reason the social platforms should be pursued before the neutral gender attention is due to the fact that it is again, inexpensive, and advertisements can be uploaded and changed weekly with ease. Once you start gaining exposure and increasing the customer turnout, an increase in capital will occur. If the funds are reinvested back into strategic planning tactics based on target market segments and key attributes that a consumer may consider when going to a brewery will increase long term growth. Although above in the competition analysis section where the attributes examined were based on food, service, value, atmosphere and location, these key attributes are thought of when thinking of any restaurant or bar.

The above chart provides detail to show how each different market segmentation provides different preferences for their ideal brewery. In addition to market segmentation preferences, you can also see which target markets these preferential strengths of the brewery attract with their current offerings. The different market segments provide a good encompassing group of potential customers for the brewery to examine. With that in mind, the columns that add up to the highest scores on the bottom row are the target markets that would be best to market to based on the brewery's current operation. The rows that total up to the highest scores on the last column are the best qualities, or strengths of the brewery that currently attracts customers.          

The markets that would be best targeted based on the information provided above, and the thought process behind the best value for the resources used would definitely be to focus on the young female adult age group 20-40 first. The reason I would choose to target that market segment first is the simple fact that if you draw the female crowd into the brewery, the majority of women that age are with a man the same age, which is the highest rated market group men 20-40. The young women would attend the brewery with their significant other who is already highly interested in the brewery environment leading to being able to target two segments with one advertising campaign. Doing strategic marketing is most important to allocate resources appropriately. After the young men and women 20-40 are targeted, the next market segments that should be considered are men 40+, tourists, women 40+ and families are the lowest preferred market for a brewery according to the data provided.

This is a very appropriate order of importance when you start to think of the demographics provided. The young men and women 20-40 age group is the ideal individual you think of when you think of who attends a brewery. This group of individuals are attending college, continual social drinking with friends and groups they are associated with throughout their quarter-midlife time frame. Where the brewery will have to attract the woman demographic is with more wine selections, ciders and drinks more to a woman’s liking. The next group of importance is the men 40+ group. This group of men love the idea behind the brew process, the flavor of fresh craft beer, also these individuals, whether married or not, usually are the next market of individuals that provides the greatest presence at these kinds of establishments. Tourists would be the second to last market segment of importance due to the limited frequency of these individuals,  and the expansive market area in order to reach people around the country and the world. Families came in last for the market segments of importance due to the fact that families usually do not take their family, kids and all, to a bar type setting.

The best qualities of the brewery include atmosphere, activities, brew quality and friendly staff.  If no other means of expanding operations is in sight with adding a food option, or something else to attract new customers, these current strengths provide enough of a basis to create a generic campaign based on current strengths with current consumers. These traits are very important to the brewery in order to showcase the best that the location has to offer their current customers. In addition to the best qualities, this data also provides the worst qualities of the brewery where the most improvement can be made. When you take a look at the best and the worst areas of your organization, you can capitalize on current strengths to excite an existing market, or formulate ideas on how to expand into the areas of struggle.

Each market segment is different, and must be targeting according to their individual preference of the brewery. The women 40+ would care most about the wine list, the specials and a friendly wait staff. Men 40+ are worried about atmosphere, brew quality and brews available. In addition to the 40+ segments, we see families worried about activities, price and staff. The next market segments include men 20-40 that care about brews available, atmosphere, activities, specials and price.  The women 20-40 prefer the brewery to provide activite, wine list and a decent price. The last market, tourists, care about atmosphere, brew quality, friendly staff and specials. As you can see, each of the markets have unique preferences that fit them accordingly, when selecting a market, this sort of information provides a great deal of data from all angles.

Setting Goals :

•          Increase customer satisfaction

As a new company, we will have to keep customers coming back. By listening to their needs, requests and ideas, we will figure out what they are looking for. For example, we had a customer ask us if we were going to do live music. It was an idea that we thought about but didn’t have a plan to execute it. We not offer live music three days a week. By listening and hearing our customers ideas we will be able to offer them what they are looking for when visiting our establishment.

•          Increase customer loyalty

Once we have a customer visit the brewery, we want to keep them coming back. By offering excellent service and new products we can keep customers coming back. Having events and beer specials on certain days will keep people coming.

•          Increase perceptions of quality

Starting off a brewery there can be flaws. Moving from a small batch system to a bigger batch system can come as a challenge. We’ll need to keep quality checks at each stage. With each batch it will get more dialed in and the quality will be more consistent.

•          Better utilize production capacities

Production of the brewery started off small on a one barrel system. A couple months after opening we received our 15 barrel system and two 30 barrel, four 15 barrel and ten 1 barrel fermenters. Now that everything is installed and working we will have to utilize the capacity. The bigger system will be for distribution and the 10 one barrel will be for the tap room. We will be able to turn over one of the barrels every 10 days. By doing so we can have new or replacement beer for the taproom constantly.

•          Develop new products

Developing new products will be a mix of things. There will be seasonal products such as Oktoberfest, Christmas, and Summer ales. The other portion will be from guest suggestions and what's trending in the market. We will keep a close eye on what customers are looking for and create those products within the ten day brewing time.  

•          Increase brand awareness

Running ad campaigns on Facebook will help to increase our traffic into the brewery. We can use target marketing by adding age and geographic location to the brewery. At this time, this is the cheapest way to get the word of our opening out there. Another form would be to attend beer festivals and sample our beer to guests of the event.

•          Increase repeat purchase

We offer to go and on premise beers. If there is a beer that we sell well in the taproom we will continue to make that beer without too many alterations. This will keep the drinkers of this particular beer coming back and possibly purchasing more than just one for consumption while there or to take it out in a growler.

•          Increase brand availability

Keeping the best selling beers on tap in the taproom has been a big trend in setting goals. By offering multiple types of beer, there is a chance that whoever walks in the door there will be something that they will like. We currently have 24 tap lines running and of those we plan to keep 20 of them the beer that we brew.

Positioning:

When thinking about positioning, we first need to understand who the target market is. According to our research, the target market for our products are males ages 31-40. The value that we offer these customers through our products is the overall customer experience. When someone buys our beer at the store or has one on tap at the brewery, we want to make sure that they are getting the best quality product. We brew belgian style beers so there needs to be some education on some of our products. Having appropriate labels that explain what they are getting when they buy our product is going to be key to helping them understand what they are buying.

There are currently seven different craft breweries in the Sarasota/Bradenton area. We need to make sure that we are offering the customer more when sending the beers out into the market. The two biggest competitors are JDubs and Big Top Brewing companies. Both of these breweries have been in the market for just over three years and have a huge following of customers who purchase their products in store and at the brewery. In order to gain an advantage over these customers, we have to produce different styles of beer and different variety of what is already in the market.

Most craft beer drinkers like to try different types of beer all of the time. Most of them, however, usually stick to one brand that they drink the most. Converting these customers from their usual brand to ours starts with taste, quality, and accessibility. We could brew the best beer in the world, but if our customers cannot find it conveniently in the store, we will not sell it.

Our first goal in the positioning part is to get our beers on tap at different bars and restaurants in the area. This will help get our name out there and customers will start to recognize the brand. Having sales personnel visiting different places every week and talking to patrons at the bars we are located in will help us to figure out what we are doing right and what we can work on. Once we have a decent amount of tap lines up around town, we will be able to bottle and can our beers. This will help us to expand into the off-premise markets such as your local grocery and liquor stores. This may be a bigger challenge than it seems. Every store has limited shelf space that is already being occupied by other breweries. Acquiring shelf space will be the most difficult aspect of off-premise sales.

To start out in the off premise accounts, we are able to put a limited supply of stock onto a display for a test launch of our beers. This will help the managers of the stores gauge how much product they will be able to sell throughout a specified time period. Setting up sampling at these stores with someone from the brewery talking to customers about our products can help get our brand recognized in the community.

For the rest of the marketing plan, we will have to look at the prices we will set our products at for the consumer. Developing new and unique products for our customers will help us keep customers buying different products throughout our product life cycle. Distributing our products to the market will be handled by a company that purchases our beers from the brewery then sells it to the accounts we have put in place. Promoting our products through displays, events, and interacting with customers will help keep customers in the loop about new products coming up and where they are able to purchase it.

Product Development:

Coming up with new beer recipes is not as easy as it sounds. It is fairly easy to come up with a beer style to make but mastering it take time and money. We currently have around 20 beers that we keep on at the taproom all of the time. We have looked at the beers that sell the most in the taproom and will be taking those to market first. The final product that will be taken into market will be kegged and bottled beer.

Producing beer is a timely and delicate process. Keeping everything cleaned and sanitized is the most important step when producing beer. If this is not done correctly, bacteria can grow and contaminate the product. We have a crew of four people in the brewery to help keep our products flowing. Our brewmaster creates recipes for our brewers to execute and then helps them to perfect them before sending them out into the market.

We have a certain capacity that we are using at the moment in order to develop current and new products. The price to make the beer varies by the amount and cost of the different ingredients used for a particular beer. Looking at the first beer we will be launching into market, Blonde Ale, it costs about $1000 to make 15 barrels of beer. This will be split up to 60-70 sixtel kegs to sell to the distributor at $55 per. One batch of beer will net us around $2800. As stated before, these cost vary by the different type of beer we are brewing.

Certain product we create will be known as “seasonals.” these products will be released for a specific period of time throughout the year. There are different styles that customers want to see throughout the different seasons of the year. Releasing them for a month or two throughout the year will cause an influx in demand during those months and get customers to buy more of this product and hopefully the others as well during this time period. This will help to keep customers engaged with the brewery and anticipate their favorite seasonal releases when they come out.

Pricing:

The cost structure of the beers and merchandise we will be selling in the tap room and out in the market has a few factors that need to be taken into consideration.

Certain items that we will have for sale in tap room besides beer are: Shirts, Hats, Koozies, and Growlers. All these items have their own cost and we will need to have a bunch of inventory on hand in order to satisfy many customers at once.

The shirts and hats are made by a local company that offers us bulk order discounts. The quality and design affect the price. Our quoted price is for 50 shirts of various price and sizes will cost us around $7.50 - $8.00 in materials and design. We will sell them at the tap room for $20.00 a piece. This is a 150% markup with a profit of around $12.00 per shirt. The hats are a little more expensive at $13.00 per hat embroidered and shipped. These will sell in the tap room at $25.00. We will not make as much of a profit on these, but customers have been requesting them and we should sell out of them fast after the first couple orders. Koozies have been purchased. With a bulk order of 1000 units or more we are able to get a better price for them. They were $1.34 each and we are selling them at the tap room for $5.00. This is a 273% markup and a $3.66 profit on each unit that we sell. The 64oz  growlers are $21.53 per case (6) and we are selling them for $8 in the taproom. We are not looking to sell these for as big of a profit. We are hoping that customers are going to bring them in and fill them with our beers every couple weeks for a higher markup than the cost of the growler. This brings us into the next and most important cost and price, the beer!

First we look at the ingredients that make up a bottle or keg of craft beer.  Then we have to take into consideration the labor cost in order to create the beer. This includes: Brewing, Aging, and Packaging. Finally we will look  at shipping and distribution.

There are typically 4 main ingredients that make up a beer: Water, Hops, Malts, and Yeast. Other factors may be spices or fruit needed to give a certain beer that extra flavor. Breaking it down we look at the cost of each of these ingredients and then make a formula in order to figure out how much it is costing us. The sheet will consist of all the ingredients cost added together and then divided by how many ounces were produced in that batch.

Malts are the first ingredient that we are going to look at. It ranges from 60 cents to 90 cents per pound. Depending on the type of beer we are making, we will use between 60 and 100 lbs of malt per barrel.

Hops are more expensive but we do not need nearly as much of these per barrel as we do the malts. Different hops have different costs so for the variety. They range from $7 per pound to $15 per pound. It takes between half and a full pound per barrel of beer depending on what type of beer you are producing.

Lastly, we have the packaging, aging and distribution portion of the cost structure. We will first talk about the packaging portion of the beers. We are currently only kegging beer. We will be using ½ barrel kegs and ⅙ barrel kegs in order to get the beer out into the market. The pricing on these kegs should not affect the cost of the beer over all but should be placed in the budget section as a must have for the brewery. The biggest cost for this section will be labor cost. It is a delicate process that needs to be monitored constantly in order to be done correctly. Kegging 15 - 30 barrels of beer into ⅙ kegs can take upwards of 10 hours.

Aging the beer cost the brewery money because if it is just sitting there we are not making anything of of it and the cost of making that beer has already been paid for. As each beer ferments, there is a day that we are not able to make another batch until that beer is moved.

Distribution is where the brewery will start to make money. Once the beer is kegged, the distributor comes and picks it up from the brewery and the brewery is paid for their product. In order to keep this process flowing, the brewery will have their own sales people out in the market encouraging customers to purchase their beer from the distributor and ensuring that everything is just as good as when it left the tap room.

In conclusion, there will be a lot that goes into a single batch of beer. Pricing the beer in order to make a profit is a complex formula that each different beer needs close examination of in order to find out the overall cost and set the price. Each of our beers will range from $50 - $70 per ⅙ barrel and $100 - $175 per ½ barrel. This will then in turn be sold by the distributor, Gold Coast, at a 28 -35% markup to the retailers.

(Picture courtesy of Huffingtonpost.com, 2014)

Promotion:

 Getting customers to switch from drinking their usual brand to ours is a little more challenging. Also having the restaurant or bar take down someone else’s product and replace it with ours might be a challenge as well. In order to do this we will have a couple sales representatives out in the market getting customer feedback and creating events around our beers being tapped at each establishment. Having tastings and release parties then promoting them at the tasting room in the brewery and the bar or restaurant we are going to be at will help to get the word out about our products.

The different avenues that we will be working at for promoting our products are sales promotion, personal selling and the internet. All three of these avenues are going to be the cheapest at first and will help us to get our name out there in order to boost sales and drive profit.

Sales promotion helps companies to boost sales through the use of added value. In order to get customers to learn about our beer, we will  send people to restaurants with samples so they know what they are buying beforehand. In order to get them to buy more than one type of beer or more than one keg, we will have to offer them something that will help their business out as well.

By offering to something as simple as a tasting for the night of the release is something that most bar owners love to do. It is fairly cheap for the brewery and also lets the customers interact with the brewers, owners or employees of the brewery. Offering them a case of glasses when they purchase more than one keg is another cheap way to gain extra business. The distributor pays for half of that cost for us also making it cheap for the brewery itself. Little incentives like these will help boost sales and promote the brewery.

Personal selling is the next way we will promote our brewery. Having sales representatives visit various bars and restaurants in the area and offer the beer purchaser samples will help them realize what they are buying. While this can be costly to the brewery, it would be a wise decision to have someone out on the road pushing the product in order to gain more business. The benefits of having a personal sales person will outweigh the cost of having one based on how much business they bring in.

The last way that we are able to promote the brewery is through the internet. Many companies today are using social media to help promote their business. Having a proper website that displays all of our companies information helps customers learn our story and find out what our hours are, what is on tap, and where we are located. Social media will help us to boost events for the brewery such as Trivia Night, Ladies Night, and Happy hour specials throughout the week. For a few dollars we are able to reach a target audience around the brewery and let multiple people know about our events with just one social media site.  The following graph shows the check in  activity level for different social platforms to show which platform thrived compared to the others.

For the greater majority, most users that visited social platforms to check in to the Naughty Monk used the Untappd app as opposed to the computer based website, or Facebook. With the growing trend in technology and the ease of access of information using handheld devices, computers and many other electronics provides a huge platform provided very inexpensively for many businesses to compete for consumer awareness. With the most potential falling within the Facebook segment, as well as the Untappd computer based website the focus of the advertising shifting towards growing these segments could provide hundreds, if not thousands of local potential customers.

In order to grab the consumer’s attention towards your product rather than another brewery, differentiating yourself from the competitors by creating a niche in that market is the only effective way. With the ease of information also comes the ease of scrolling right past the information without absorbing anything the individuals or groups are trying to communicate. There is a specific growing trend in short, fun, entertaining, attention grabbing video creations that, if done correctly, and consistently, can be very good for attracting attention to the Naughty Monk over the other competitors. Quirky ideas with the name Naughty Monk could be used as a continually entertaining way to draw more social media users to the Monk’s Facebook page where other marketing tactics can be used once the consumers visit the page.

In addition to the fun videos, once the users start to follow the Facebook page and Untappd web based site, weekly entertainment nights could be featured, small discounts offered if they mention the ad, small events like live music, and many other tactics cause consumers to shift their feelings from intrigued to interested enough to try the fun for themselves. Small quirky ideas like the ones listed above would definitely cause a stir among the social platforms generating more potential consumers, even leading to followers and life long customers.

The target market will be adults 21 - 55 in the Lakewood Ranch area. THis will help to get new customers into the brewery with events and specials. If we boost a post for just $5 per day and it should be seen by around 2500 people. Even if 5% of the people who see the event come into the brewery for that event or special and buy one beer that would help us gain revenue of around $750 just from a $5 post!

Distribution:

In the United States we have a law for the sale and distribution of alcohol.  It is known as the three-tier system. The three different tiers consist of the producer, distributor, and retailer sections. In order to get beer out into the market we will have to sell it to a distributor and they are able to take it to the on-premise and off- premise retailers.

As stated before, we have chosen Gold coast eagle to distribute our products. In the beginning we will choose five accounts within a few miles of the brewery and penetrate that small market. This way we will be able to get feedback from customers who may have not visited the tasting room yet and figure out a rough estimate on demand of our product.

Working closely with Gold Coast we will get a feel for the market and expand our production in order to keep up with demand. Expanding to other accounts will be done slowly in the beginning. We want to make sure that the customers we promised product to will get it and hopefully keep ordering it each week. A sales representative of the brewery will visit these accounts on a weekly basis to make sure the quality and quantity of product keeps up to the standards we have set.

Gold Coast Distribution delivers beers to all bars and restaurants throughout Sarasota and Manatee county. This will be our target market area for the first year after we start distribution. Acquiring new accounts in this area will help us to keep distribution moving forward and in turn, get us to produce more product each week. With over 150 bars and restaurants that carry craft beer in the Sarasota and Bradenton area, this should keep the brewery busy for a while.

Once we obtain a decent amount of tap lines at bars around the area, we should be able to move forward and start bottling and canning our beers for the off premise accounts. This will work in the same way that the keg distribution works. Each week they will pick up a certain amount of product from the brewery and then distribute it to the different grocery and liquor stores throughout the area. Attracting our target audience to the brand can be used through positioning at the store and the labels that are generated for product brand recognition.

Getting retailers to carry our product will be a bit of a challenge. As stated in the the positioning section of this plan, we will be able to grab shelf space from other breweries by out selling them. A lot of the local groceries support local businesses and would rather sell a local businesses products rather than someone else's. Keeping up with Gold Coast on the demand will help us to predict demand of the product for these retailers.

The positioning of the product in the stores will depend on the retailer's preference. Certain places have a “local” section where all of the breweries in the area are located. All of them will be purchasing from Gold Coast and our sales staff will visit them weekly just like at the in order to keep quality standards we have set. Expanding to new markets will take time, but will be more beneficial for us and our customers in the future.

This distribution plan of starting out with a few customers and then expanding to others will help us keep up with demand. The most important part of acquiring a tap line is to be able to keep that tap line flowing with our beer throughout the year. If we do not have enough product for the customers they will have to buy from one of our competitors. Moving to the off premise accounts will require us to add a canning line and brew more beer for the customers Starting off slow will help us out in the long run. Once we are able to figure out the demand for our products, we will be able to produce and distribute them more efficiently.  

Customer Purchase & Consumption Experience:

Customer purchase and consumption experience is the most important aspect of our business and marketing model. With there being few employees at the brewery, we will need to ensure that everyone looks out for the customers first. The different touchpoints tar we will experience in the brewery are as follows:

Walking into the brewery

Calling to ask about promotions and events

Sitting down at a table and taking an order taken

Following up on the order they took

Setting up appointments with managers or owners

Taking a brewery tour

When a customer walks into our establishment we want to ensure that they are greeted within 60 seconds. This will help them know that they have been noticed and are welcome. When it is busy this can come as a challenge but a simple “Hey I’ll be right with you” goes a long way in the customer's eyes.

The brewery gets multiple phone calls a day. We want to ensure that each one is greeted the same and we are polite. Usually the phone calls will be about upcoming events, what the specials are for the day, or just about the brewery itself. Answering the phone the same way each time with “Naughty Monk Brewery. This is Tyler how can help you” keeps it consistent and business like.  

After a customer is greeted, we ask them to sit wherever they’d like. Once they pick a spot employees are to go over and ask them if this is their first time visiting the brewery. This will help the staff know if they should give a brief description of the establishment and what we are all about. This is the time to explain about our beers, offer recommendations and let the customer sample what they might like. If they have been in before we can let them know what is new on tap and encourage them to try different beers than they did the last time.

Once customers order a beer we have a policy in place that is called “First-Third, Last-Third.” This is where we follow up with the customers about what they ordered when they have the first third of it consumed. The last third portion is when the customer is down to their last third of their glass we ask them if they would either like another one of the same thing or if they would like to try something else. The customer will be happy that we are keeping an eye on them while not bothering them too much.

We get customers who come in or call the brewery and are looking for a manager. This can be to set up an appointment, try to sell something or just want to talk to the owner about the establishment. When they are not there, we are required to take a message and give them a card for the person they came in and asked for. Letting them know that they are able to email them or stop back in when they are available.

We currently do not have a system for giving brewery tour but I believe that in the near future this will be implemented. Once we put this into place we will probably do them a couple times a day and the requirement is they purchase one of our beers. We will be able to explain the background of the establishment, offer tasting of beers that will be coming out and answer questions about the brewing process. Customers who visit breweries enjoy the knowledge and background of them.

All of these touch points will be given to everyone who walks through the door. It is important to give each customer the same great service in order to keep them coming back. It will ensure that no matter who is working behind the bar or in the brewery, the customer will receive the same service in the same way every time.

Over all the customer purchase and consumption experience will help us to achieve multiple goals we have set for the brewery. It will increase brand awareness but having customers tell their friends about their experience. It can help to create customer loyalty and repeat business when customers are satisfied with their experience. And it will give our establishment repeat purchases from customers who enjoy themselves and bring in new friends.

Budgeting/Financial Plan:

         The amount of equipment needed to get a production brewery started can be expensive. The system that has been used in the past is a one barrel pilot system. This produces about 320 beers at a time. We have 10 fermenters for this system which has a turnover rate of 10-12 days. In order to keep our tapline stocked, we will have to brew on the system once a day in order to keep up with production.

Starting with product development, we will have a head brewer that works 5 days a week brewing a single batch of beer. This takes between 6-8 hours with cleanup. He will be paid an hourly rate of $20 per hour. Each batch of beer cost to make is around $200. With the brewers pay and the cost per batch, we will be all in for about $360-$400. Each beer we sell in the tap room is going to be $6. If we take the $6 per pint and multiply that by 320 for the batch we will make $1,920. Subtracting the labor and raw ingredients cost, we will make between $1,520 and $1,560. This does not include the labor cost of the bartender who makes $5.25/hr plus tips. If it takes them 12 hours to sell 360 beers at a rate of 30 drinks per hour when we are open, this adds up to $63 in labor cost for the bartender. We are now between $1,457 and $1,497 profit after labor cost.

Target market identification can come at a cost but the ROI is substantial. With newer technology, we are able to get a pretty good indication of who our target market is through apps, social media sites and customer reviews. Most of these sites are free to use but we are able to boost posts for a fee. The app that we are using in order to gain the knowledge of our target market is Untapped. With this site the user make a profile and rates different beers that they try all over. This app generated a couple graphs that we can use to identify age and sex of the people who visit the brewery most. This helped us to figure out our target market for free. Geographic location can be used on our Facebook page. We target a post for everyone in within 25 miles of the brewery and boost it for $5 per day. This will target around 2200 people per post and get the word out there. We will do this for 3 months costing $450. If we can get more than 75 people to walk through the door and order a drink at this price for this boost we will be able to pay off the investment. We believe that we will obtain at least 500 customers to visit the brewery at least once in this timeframe. With the average beer consumption rate of 3 drinks per visit, that is around 1500 beers served with this implementation. At $6 a piece we will bring in $9,000 on a $450 investment.

Pos

Works Cited

Appelbaum, Binyamin. "Markets Unfazed as Federal Reserve Nears Plan to Shed Bonds." The New York Times. The New York Times, 12 June 2017. Web. 28 June 2017.

Dunn, Jeff. "Here's How Slowly Twitter Has Grown Compared to Facebook, Instagram, and Snapchat." Business Insider. Business Insider, 10 Feb. 2017. Web. 18 June 2017.

Elliott, Farley. "Florida's Burgeoning Craft Beer Scene Is Under Attack." Eater. Eater, 20 Jan. 2015. Web. 18 June 2017.

Layden, Lauren. "Tourism Has Dipped in Collier, but Is It Typical Slow Summer or Reaction to Negative News?" Naples Daily News. N.p., 20 Aug. 2016. Web. 18 June 2017.

Madd. "Mission Statement." MADD. N.p., n.d. Web. 28 June 2017.

"National Beer Sales & Production Data." Brewers Association. N.p., 2017. Web. 15 June 2017.

O'Dea, Janelle. "Top Florida Economist Predicts Strong Economic Year for Manatee County in 2016." Bradenton. Bradenton Herald, 14 Jan. 2016. Web. 18 June 2017.

"Opening A Brewery." Florida Brewers Guild. N.p., n.d. Web. 15 June 2017.

Satran, Joe. "Here's How A Six-Pack Of Craft Beer Ends Up Costing $12." The Huffington Post. TheHuffingtonPost.com, 12 Sept. 2014. Web. 12 July 2017.

Sorini, Marc, Andy, and John. "Three-Tier System: Its Impacts on You and U.S. Craft Beer." CraftBeer.com. N.p., 13 Mar. 2017. Web. 22 June 2017.

"What Is Core Product? Definition and Meaning." BusinessDictionary.com. N.p., n.d. Web. 10 July 2017.