Vending Machines proposal

1. BUSINESS PLAN BY
PLANNING AHEAD


BOOTS: VENDING MACHI NES





BY NATHALIA FISHER





NATASHA IVANOVIC

2. 2


Table of Contents



Executive Summary ....................................................................................................................... 3
Introduction.................................................................................................................................. 4
Product......................................................................................................................................... 4
Mission Statement ........................................................................................................................ 5
Objectives ..................................................................................................................................... 5
Beauty and Personal Care Industry ................................................................................................. 6
The Main Competitors ................................................................................................................... 8
Consumers.................................................................................................................................... 8
Product Strategy ........................................................................................................................... 9
Price Strategy ...............................................................................................................................10
Place Strategy ..............................................................................................................................10
Promotion Strategy ......................................................................................................................10
Operational Plan ..........................................................................................................................11
Financial Plan ...............................................................................................................................13
Conclusion ...................................................................................................................................15
References ...................................................................................................................................16

3. 3


Executive Summary

The business consists on vending machines that will sell beauty and personal care products in specific
locations across London. The locations are 15 major train, underground, and coach stations, 5
airports, and 5 major London nightclubs. Now a day, consumers are requiring more products on-the-
go due to the fast-pace lifestyle (Mintel, 2013). The vending machines fulfil consumer needs of
convenience, accessibility, and it is an easy and quick way to purchase goods (Euromonitor
International, 2009).
The beauty and personal care industry is a growing sector, and by Boots being the UK leading beauty
retailer gives a competitive advantages over potential competitors (Mintel, 2013). The beauty and
personal care vending machines have the smallest percentage in the market of vending with only 1%
of the global value sales (Euromonitor International, 2009). It gives Boots the opportunity of being
the market leader in this sector in the UK. The potential competitors for the vending machine sector
are convenience stores, and stores with long opening hours.
The main target group for the vending machines are women, and secondarily men between 25 and
45 years old who will potentially buy beauty and personal care products on their way to work, or a
business trip. The vending machines in nightclubs will primarily target men and women between 18
and 35 years old who frequent the club.
The promotion strategy for the new Boots vending machines will focus on social media advertising.
The objective is to create awareness of the locations of the vending machines. An advertising agency
will be hired to carry out the promotion through Twitter and Facebook. Boots will give away beauty
and personal care related prizes that will be hidden behind the products sold in the vending
machines.
The vending machines will use already exiting Boots operational system. The products will come from
the warehouse; will be delivered by exiting Boots staff to the locations of the vending machines, and
it will be refilled once or twice a week. The supply chain will work as shown below:



Staff will be properly trained to refill the vending machines. Boots will use existing customer services
to deal with any customers’ issues. Staff will be trained to carry out proper solution for the
customers. To deal with maintenance of the vending machines, Boots will use the engineers from the
company where the vending machines will be bought to maintain and fix the vending.
The beauty and personal care vending machines are very profitable and are expected to reach the
break-even point in the first year. The overall profit is predicted to increase significantly from
Warehouse Distribution
Vending
Machines
Consumer

4. 4

£118,865.60 (first year) to £176,372.00 (second year), due to the decrease of costs and increase of
sales. Further profit increase is expected for the third year of £182,091.25.

Introduction

Due to urbanization people are living in a fast-pace lifestyle, which opens to new business
opportunities to offer these potential costumers products on-the-go (Euromonitor International,
2009). The personal care and beauty sector is the smallest sector in the vending machines market,
which gives the opportunity to Boots to explore this market and potentially gain a great market share.
The Boots beauty and vending machines fulfil the consumers’ need of having products efficiently, and
with great accessibility. In countries such as France and Italy the concept of beauty vending machines
has been in use for a few years and has been proved successful (Euromonitor International, 2009).
There is great opportunity to use prime locations such as train, coach, and underground stations,
airports, and nightclubs to reach the final consumer (Euromonitor International, 2009).

Product

The new product proposal designed for Boots UK Limited is an environmentally friendly vending
machine consisting of a range of beauty products for men and women. The aim is to have the
machines’ strategically placed within the main train stations in London, the main airports and also a
selection of central London nightclubs. The product will not just be aesthetically pleasing; it will
incorporate Green technology in order to keep up with growing environmental consciousness. The
demand for Green products continues to expand (Green Business Bureau, 2013) so by tapping into this
market the company is able to create positive public relations and benefit from cost savings.
This idea is not necessarily due to a complete gap in the market as there are similar products that have
been released. For Example, “BeautyMart” UK Limited designed a vending machine which this year
(2013) has become available to use in Harvey Nichols London, however this particular reinvention of
the traditional vending machine includes products of a high expense and is consequently aimed at a
high class target market, compared to the psychographic segmentation that Boots market towards
(Young, 2013). Therefore, there is a gap for the same product that reaches a differentiated
demographic segment of consumers. In order to do this the machine will include products that are
currently part of Boots product portfolio within the stores, the average price of the products to be
included in the machines is £2.64 (see finance section).

5. 5


Mission Statement

Mission - Our mission is to become the world’s leading pharmacy-led health and beauty group. We
seek to develop our core businesses of pharmacy-led health and beauty retailing and pharmaceutical
wholesaling across the world and become a significant player in many major international markets
Purpose - Our purpose is to deliver products and services that help people look and feel their best.
Values - We believe in making a difference and are proud of the contribution we make to the wellbeing
of the communities we serve.
(Alliance Boots, 2010)
The product reflects the changing demands of consumers for a more time effective, convenient
shopping experience, therefore by launching a product that meets these demands Boots can comply
with Boots ‘Mission’ of becoming a ‘significant player’ within markets. Boots purpose is to ‘deliver
products and services that help people look their best’. By creating a product that is available 24/7 it
allows this purpose to be enforced within a longer time scale. Usually the products are only available
during store opening hours and when ordered online there is a delivery waiting period. The products in
the vending are therefore able to target people who are traveling at any time and people in nightclubs
which on average stay open until 3 am when. Not only will the machines benefit this customer, they
will also contribute towards the marketing of Boots.
Since the recession there has been a major cutback in consumer spending due to a lack of confidence
in the market and lack of disposable income people can generate (Euromonitor International, 2012).
However people still purchase ‘essentials’ but are just more wary of price. Also, the fact that the
professional service segment within the Beauty market has declined, this has resulted in more people
purchasing beauty products to use at home (Monk, 2013). With regards to this, the idea of having a
vending machine holding a number of essential, beauty and personal care products, is perfect for the
current market. This “fast track shopping” approach allows for adaptation of the constant change in
demand of consumer shopping behaviour. The machine also offers a convenience factor as there is the
option to pay by card and notes instead of traditionally having to use change.

Objectives

Business Objective:
• To install sustainable vending machines in specific locations such as train, underground, and coach
stations, airports, and night clubs.
• To achieve the profit forecast for the next 3 years, 10% +/-
• To focus on the idea of creating a convenient, reliable product in order to meet the changing
demands of consumers

6. 6

Operational Objective:
• To maintain the physical appearance of the vending machine and to make sure stock is refilled on
regular basis
• To monitor sales in order to identify which products are selling best or worst to help to increase
sales.

Marketing Objective:
• Increase vending machine location awareness
• Increase sales of the vending machine products through the marketing campaign


Beauty and Personal Care Industry

Over the years the beauty industry has developed rapidly and today it worth almost 15 billion in the
UK in 2012 (Mintel, 2013) . As men are purchasing more beauty and personal care products, beauty
industry is expected to grow by 8.5 % by the end of 2014 (Mintel, 2013). .
Boots is one of the biggest beauty and health retailer in the UK and owns its own labels such as N7,
Botanics, 17 and Naturals (Euromonitor International, 2012). These products have had a fast growth
and have reached overseas markets (Mintel, 2013) . Boots has two different visions, to concentrate on
beauty and personal care as well as on pharmaceutical side, such as pharmacies and hospitals (Boots,
2013)
In the past two years sales of beauty and personal care has risen and it is estimated that it will
continue to rise in upcoming years (see Figure 1) (Euromonitor International, 2012). Despite the
recession, the premium beauty segment is still growing (Mintel, 2013). Consumers prefer to buy their
personal care products in discount stores and supermarkets, due to the availability of buying in bulks
and promotional sales (Euromonitor International, 2012).

7. 7

FIGURE 1
UK: Consumer spending on beauty and personal care products through retail channels (incl. VAT) 2007-11

Below are the UK leading beauty retailers market share. As seen below, Boots is the UK leading Retail.
UK: Leading 15 beauty retailers’ share of total consumer spending on personal care goods, 2011.

8. 8


The main competitors

The main competitors in the Beauty Retail market are A.S. Watson UK (Superdrug, Perfume Shop,
Savers), Lush Retail Ltd, Space NK Ltd, and The body Shop (Mintel, 2013).
Boots is facing strong competition from general merchandisers and supermarkets that are getting
bigger shares in the market (Euromonitor International, 2012). Superdrug is still the main competitor
in the beauty retailing sector which is the second largest beauty retailer in the UK (Mintel, 2013). In
the vending machine sector the potential competitors are convenience stores, and stores with long
opening hours (Euromonitor International, 2009).
The beauty and personal care vending machines have the smallest percentage in the market of
vending with only 1% of the global value sales (Euromonitor International, 2009). Due to lack of
competition in this specific vending sector, Boots have a great opportunity to grow in this market.
To better understand the competition and the advantages of the vending machines a SWOT analyses
was created:

Source: (Euromonitor International, 2009)

Consumers

Vending machines fulfil consumer needs of convenience, accessibility, and it is an easy and quick way
to purchase goods (Euromonitor International, 2009). Consumers are requiring more products on-the-
Strenght
-Fast-paced lifestyle where consumer
requires products on-the-go
-Convineint locations for consumers, such
as airport, stations, and nightclubs
Weakeness
-Consumer perception of products sold in
the vending machines as being expensive
-Vandalism can limit sites for the vending
machines
Opportunities
-With raise in technology vending machines
are becoming more secure, consume less
energy, and accept wide range of payments,
as cards, notes, and coins
Threats
-Competition from convenience stores, and
stores with long opening hours.
-Environmental and recycling laws creates
higher costs and challenges for vending
machines owners
SWOT

9. 9

go due to the fast-pace lifestyle (Mintel, 2013). The urbanization has led to busier consumers,
especially in big cities such as London, Tokyo and New York (Euromonitor International, 2009). It has
been evaluated that Japan has the biggest amount of vending machines per capita in the world
(Ashcraft, 2013). It's not a surprise, as major cities have limited space, busy people, relatively high cost
of labour, and accommodating environment for vending machines.
The Boots vending machines will fit in the big city environment of London and fulfil the consumers’
needs of products on-the-go. The main target audience are women, and secondarily men between 25
and 45 years old who will potentially buy beauty and personal care products on their way to work, or a
business trip. The vending machines in nightclubs will primarily target men and women between 18
and 35 years old who frequent the club.
Vending Machines have a negative consumer perspective of being expensive, sell low-quality products,
have technical problem, and do not accept cards (Euromonitor International, 2009). With raise on
technology many of these problems do not exist anymore. Boots vending machines will be positioned
itself in the market as environment friendly vending machines, with convenience of location and
products, easy to use, and as extension of standard and quality of the stores.


Product Strategy

Boots will be the first pharmacy to offer products on-the-go in vending machines. According to MINTEL
Report “Beauty Retailing” (2013) there is a need in the market for beauty and personal care products
on-the-go. Consumers are looking for accessibility and convenience (MINTEL, 2013), and Boots can
meet these needs by providing essential beauty and personal care products in appropriate locations to
help consumers to save time.
To meet the environmental law standards, the vending machines are environment friendly, meaning
that they are 26% more energy efficient than a regular vending machine. It will also be recycled by the
Electronic Waste Company when it reaches its end of the life cycle.
The product sold will be careful selected according to location of the vending machines. Vending
Machines in clubs will have a product differentiation of male product (hair gel, deodorant, perfumes
etc.) in the men toilet and female products (make-up, hair spray, perfumes, body lotion, tampons etc.)
in the women toilet. In station location, such as coach, train and underground, and airports will include
products the people may need on-the go and before going to a trip (make-up, tooth paste, wipes,
plasters, hand sanitizers etc.). Having different kind of products in the vending machines will help to
reach a wider target audience in the market (Smith, 1990).

10. 10


Price Strategy

The price strategy for the vending machines will differentiate according to the location of it. Boots
vending machines located in underground, train and coach stations, and airports will follow the same
price than Boots stores in Central London, which are 5 to 10 pence higher than prices in other Boots
(Euromonitor International, 2012). It will give a fair price to customers that will be able to rely on
having Boots on-the-go and paying reasonable price for the goods.
The vending machines located in clubs will sells the product in a premium price at 20 to 30 pence
more expense than Boots store located outside Central London. Because of the lack of competition,
fast and accessible service, and convenient location a premium price is the most appropriate for the
vending machines in the clubs (Barrow, Barrow, & Robert, 2008).

Place Strategy

The vending machines will be allocated in 15 major stations around London, including train, coach,
and underground. It will also be in 5 major night clubs in London, and in 5 airports, that are
Heathrow, Luton, Gatwick, Stansted, and City Airports.
The locations were chosen according to buyer behaviour (Jobber, 2010). Now a day, people are
always in a hurry, and they expect services to be fast and accessible (MINTEL, 2013). According to
MINTEL (2013) report, 67 % of British women apply their make-up in the public transport on their
way to work. Looking at this trend, the vending machines will use this opportunity to reach these
women with on-the-go beauty and personal care products in stations and airports.
The night club location will be a great opportunity to fulfil the need of beauty and personal care
products when people are out in nightclubs. The vending machines would substitute the use of staff
in the toilets selling beauty products. Using the products from the vending machines will also
guarantee a high standard of hygiene.

Promotion Strategy

The promotion strategy for the new Boots vending machines will focus on social media advertising.
The objective is to create awareness of the locations of the vending machines. The campaign will last
one month. A social media advertising agency will be hired to carry out the campaign on Facebook
and Twitter, and an agency will be hired to create a website for customers to claim the prizes, and
learn more about the promotion and vending machines locations.

11. 11

The campaign consist in voucher prizes that will be hidden behind the products that are sold in the
vending machines. The voucher prizes will be related to beauty and personal care products. The
prizes will be spa days, beauty treatments, gift cards to spend in store (varying from 20 to 100
pounds), and bags of beauty and personal care products.
The agency will be responsible for the promotion of the campaign in Twitter and Facebook, and to
send clues about location and products that may have a prize hidden in it. The campaign will create a
straight communication with the customers through social media and create awareness of locations
of the vending machines.


Operational Plan

Boots UK is a retail company, the term retailer meaning an individual or a company, of whom sells
goods to the consumer (Wolinski & Coates, 2008). The term supply chain meaning network of
entities; is it directly or indirectly interlinked and independent in serving the same customer. It
involves vendors, of which supply raw material, as well as producers who convert these raw
materials into products, stocking these products, being distributed to retailers and retailers of whom
provide these goods to the end user. (Robert et al., 2010)
On that basis, this is how our supply chain for Boots UK will look, with our intended product
proposal:



Describing the process, first of all, starting off with Boots warehouse, where the products will be
stored. There are several warehouses, based on regions where Boots is situated throughout London.
From the warehouse, the next stage is the distribution, where vehicles; vans will travel across
branches in which the vending machine are situated to refill the machines, this procedure will be
carried out by existing Boots staff, who will work part time and will be trained to be dealing with this
vending machine concept, and will also need a driving license, as part of the criteria. The procedure
after that, will be the vending machine itself, which will vend the products, in accordance to demand
and seasonal trends of its location. The final stage is the consumer, the end user in which the
products will reach out to, providing the convenience to buy from the vending, rather than queuing
up in store.
When stocks of the vending are running low, a program will inform the supplier that it needs to be
refilled. The vending will be refilled when stock is at 50% of capacity. Furthermore, the vending
machines will also accept card payments, as well as notes and coins.
Warehouse Distribution
Vending
Machines
Consumer

12. 12

Below is a list of potential products to be sold in the vending machines:

 Tampons
 Condoms
 Tights
 Body Lotion
 Hand Gel
 Nail Polish
 Deodorant (male and female)
 Hair Gel
 Hair Spray
 Lipstick
 Lip Balm

 Antiseptic Cream
 Plasters
 Mascara
 Contact lens solution
 Disposable contact lens
 Mini perfume bottle
 Compact Umbrellas
 Sunscreen – Seasonal

As briefly mentioned, some of stock in which will be held are seasonal and based on demand where
the machine is situated. For example vending machines in night clubs, will have products such as hair
gels, and deodorants. . And the different types of products provided will be of the bestselling brand,
due to limited spacing.
Some of the products will be Boots own brands, to maximize profit and increase Boots own brand
sales and awareness. The vending machines will also sell premium brands such as L’Oreal to fulfill
consumer demand.
Existing staff will need to carry out training, in order to fully understand and carry out their role in
refilling stock of the vending machines. The training will take up to a week. The maintenance of the
vending will be provided by the company where it will be bought. In addition, routine checks will be
carried out, in order to verify if the machines are fully functioning, which should prevent issues. If
issues are to arise, whereby the machine takes someone’s money, without giving a product in
exchange, or issues with credit cards and so forth, we will use existing Boots customer service to deal
with the issue. Further additional training of customer services staff will be carried out, in order to
make staff well prepared in dealing with such matters. The number to the customer service, will be
provided in the corner of the vending machines, in bold, so it cannot be missed. If it results to
manually fixing the machines, due to the technical issues the consumer is dealing with, Boots will be
in partnership with the company of who provides the vending machines, as discussed, in order to
come down and fix it.

13. 13


Financial Plan

Anticipates sales for the product in terms of units and sales
The top ranked products based on their value share at boots are colour cosmetics, sun care and skin
care, with a value of 12.9%, 20.2% and 6.45% respectively (Euromonitor International, 2012). Based
on this interpretation, a range of products was selected based on consumer demand which is shown
in the table below. In addition, each product carries a different value, so an average price needs to be
calculated. The average unit price in the vending machine is (£44.90/17) = £2.64
Product (Example) Price in £
Lip Balm 1.99
Nail Polish 1.89
Tampons 1.29
Condoms 2.99
Tights 4.00
Body Lotion 1.50
Hand gel 1.30
Mascara 2.99
Plasters 2.05
Antiseptic Cream 2.55
Eye Drops 3.10
Sun cream seasonal 3.99
Umbrellas seasonal 4.99
Total 44.90
Average Price (44.90 / 17) = 2.64

Sales
Boots revenue has increased by 18% in the previous financial year and it is expected to see a further
growth of 3% in the coming years (Boots Annual Report, 2012). There will be 40 machines allocated
across public places in London. Each machine will have a capacity of 20 product lines with 10
products in each line. At full capacity there will be 200 products available in a vending machine. It is
estimated that each vending machine will sell 600 units each month in the first year and it will be
refilled once or twice a week. That means (600 x 12 x 40) = 288,000 units a year in the first year. This
is risk anticipation, however the figures are generated based on the capacity of the vending
machines.
Costs Involved
To launch the new product, fixed and variable costs are involved. Boots will require 40 vending
machines which will be purchased at a cost of £2499.00 each. The total cost will be £99960.00
(intelligentvending.co.uk). The amount will be paid over a five years period with an APR of 12%.

14. 14

Annual repayments will be £2274.40, which includes 12% APR. Even though, it is a large sunk cost,
the profits generated through the vending machine will cover the costs easily.
It will cost Boots averagely £1.60 per product to buy it from the manufacturer and the mark-up will
be 65%, which will lead to the average selling price of £2.64. There will be an additional cost of £295
a year for maintenance, which will be provided by the company from where the vending machines
will be purchased.
In the first year it is planned an advertising campaign of cost of £50,000, which will increase the
target market aware of the new vending machines. In the first year the advertising costs will be
£60000, which is £50,000 for the campaign and £10,000 for the rest of the year. In year 2 and year 3
the advertising will be less, £10,000 respectively each year.
Some existing workers will be trained to re-fill the vending machines and they will get paid at a rate
of £9 per hour. The shift and the amount of hours will depend on how empty the vending machines
are. However, the estimated cost for wages will be around £2000, which means £24000 annually. In
addition, the vending machines are eco-friendly and consume 26% less electricity. The expected bills
for the electricity will be £70 a month for each vending machine, so (70 x 12 x 35) = £29,400 annually.
Break – Even Analysis
‘Breakeven analysis is used to determine when your business will be able to cover all its expenses
and begin to make a profit’ (SBA.gov). The break-even point can be calculated in terms of units with
the following formula.
Fixed cost £119214.40 = 126152 units
Contribution margin per unit (£2.64 - £1.695)
Boots will break even in the first operating year for this product. As the costs are relatively low, the
company only needs to sell 126152 units to cover their fixed costs. As the estimated units sold will be
252000 in the first year, Boots will break-even in their first year.
Estimated Profit & Loss Account for Year 1, 2 and 3
As seen below, profit and loss accounts have been created for the next three years. Each year, the
sales will increase by 3%. Variable cost is £1.695 per unit.
Year 1 Year 2 Year3
Sales Revenue £665,280.00 £685,238.40 £705,795.55
Variable costs
Wages £24,000.00 £25,956.00 £26,734.70
Cost to purchase £403,200.00 £413,696.00 £427,755.20
Total Variable costs £427,200.00 £439,652.00 £454,489.90
Contribution Margin £238,080.00 £245,586.40 £251,305.65
Fixed costs
Maintenance £3,540.00 £3,540.00 £3,540.00

15. 15

Advertising £60,000.00 £10,000.00 £10,000.00
Finance payments for machines £2,274.40 £2,274.40 £2,274.40
Electricity £29,400 £29,400 £29,400
Rent £24,000.00 £24,000.00 £24,000.00
Total Fixed Costs £119,214.40 £69,214.40 £69,214.40
Profit £118,865.60 £176,372.00 £182,091.25
Year 1 Year 2 Year 3
units sold 252,000 259,560 267,347

The profit and loss account is shown for the following three years. As seen the overall profit will
increase significantly in the second year, from £118,865.60 to £176,372.00. This is because the
advertising costs have fallen and the sales have increased. Although, the variable costs have slightly
increased, it is less in proportion than the sales and reduction of fixed costs. Furthermore, it is
expected to see a further increase in profit in year 3.


Conclusion

The beauty vending machines are a great opportunity for Boots to expand their beauty and personal
care products. It has a solid profitable margin as well as a low cost. Implementing this business plan
will give Boots an advantage of being the first pharmacy in UK to provide beauty and personal
products in a vending machine.
Due to the urbanization products on-the-go will be even more required to save consumers time. The
vending machines are also environment sustainable and conform to the environmental laws, what
offers low risk in the purchase of the machines. It is also low risk, as the break-even point is reached
before the first year is completed.

16. 16


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