1

MBAX 6100
Entrepreneurship and Small Business Management
Feasibility Plan Parts I & II

Auntie Carlas Frozen Bread Dough




March 20, 2007
Carla Ooyen & Masashi Tsuchiya
2
Product Concept
Frozen Premium Bread Dough

The premium quality, flavor, and smell of homemade artisan bread without the hassle of
mixing, kneading and forming the dough.
Premium quality bread dough sold in the freezer section.
At home, the consume thaws, rises, and bakes.
Product will be made of natural or organic ingredients
Manufacturing will use old dough techniques for premium flavor
May offer unusual, specialty or holiday selections such as panettone, stollen, or Greek
Easter bread
May sell in an oven-safe, recyclable container for added baking convenience


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Market value projections in billions of $
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
$10.50 $11.10 $11.40 $11.70 $12.00 $11.40 $11.20 $11.20 $11.40 $11.50
Market value of all Bread and Roll retail sales in the World
1

$145.7 billion in 2004 (2.4% growth in the past five years)
Market value of all Bread and Roll retail sales in the United States
2

$13.5 billion in 2006 (1.3% growth in the past five years)
$14.1 billion projected by 2011
Downturn in 2004 due to low-carb diet trend, but market rebounding by 2005
Rhodes International reported in 2006 that sales of Rhodes frozen white bread dough are
increasing at 8% annually.
3

Bread market hit bottom in May 2004, demand is stronger now. Vice president of HomAde
Foods agrees sales of 2005 1
st
quarter have increased.
4
The U.S. governments release of the revised food pyramid is reminding consumers of the
importance of whole grains in their diet.
5

Market for bread and related products has been and is expected to continue to be
almost flat for the next few years.
6









(Difference in figures from other market size data is due to different source of data)
Market Analysis Size and Growth
4
Market Analysis - Trends
Increasing gourmet premium market
According to Fortune magazine
7
, a gourmet bakery in Paris, Poilane, sells about $18 million annually, to 50
different countries, to celebrities like Robert De Niro and Steven Spielberg, and to three star French chef
Alaim Ducasse, who buys 5000 metric tons per year. Long distance distribution is done within 24 to 48 hours
by FedEx, with price ranging from $10 in Paris to $47 in the U.S.
Artisan bread market is increasing
By 2003 sales of premium breads totaled $933 million, or 16 percent of all bread sales, and were continuing to climb
8

Artisan and specialty bread sales have increased 23% from 1998 to 2003.
9

Specialty breads add cachet. People are looking for more sophisticated flavors
10

Increasing need for convenience
Experts interviewed all agreed that consumers of natural & organic products were looking for more
convenience
Rhodes advertises convenience: They are both freezer-to-oven rolls that come in a re-sealable laminate bag.
They thaw, rise and bake in 30 minutes
11
5
Increasing market for healthy foods
Organic food is increasingly popular.
(Bread) is not surging quite as aggressively as other organic segments, its showing respectable growth.
12

The consensus of the experts interviewed was that the Organic market is continuing to grow.
13

Anti-allergy food (non sugar, gluten free, etc) is increasingly popular.
Gluten free, sugar free, allergy free bread will sell.
14

Whole grain bread is increasingly popular.
Whole grain bread market was slow in 2000 to 2003, however in 2004 sales increased 3.3% from previous years sales.
15

In 2005, 73 new products were introduced with specialty grains such as spelt, buckwheat, kamut, quinoa, and pearl
barley.
16

In 2006, wellness will again be one of the industrys top influences; the relationship between health and food
has become big business.the comeback of carbs will add fuel to the growing interest in breads
17

Young mothers want to feed their babies better food.
18

People are looking for natural version of everyday products.
19
Market Analysis - Trends
6
Industrial Bread and Artisan bread
Industrial bread
Mass produced bread
Mainly white bread
Frozen dough available
Artisan Bread
Bakery made rather than mass production
Premium gourmet bread
Organic, Sugar free, Gluten free, Allergy free
No frozen dough available
World Bread and Roll market in 2004
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Europe: $95.3 billion with artisan bread having a 60% share
The U.S: $13.1 billion with artisan bread having a 12% share
Asia-Pacific: $12.8 billion with artisan bread having a 30.5% share
Japan: $5.6 billion in 2006, which is about 48% of Asia-Pacific market, with artisan bread having a 20% share
India: $1.5 billion in 2006
China: $1.1 billion in 2006
Market Value of the U.S. Bread, Roll and Bun dough retail sales (Excluding in-store use such as
restaurant)
21

Refrigerated market = $252.4 million in 2003
Frozen market = $443.0 Million in 2003
Market Analysis Market Segmentation
7
Demographic 1: Bread consumer consumption of bread in 2003
22
Penetration rate is more than 95% across all following segments
Number of loaves consumed weekly
45% of buyers purchase 1 loaf per week
31% of buyers purchase 2 loaves per week
12% of buyers purchase 3 loaves per week
Percentage of users by age group:
21% are 35 to 44
19% are 45 to 54
19% are 25 to 34
13% are 18 to 24
12% are 55 to 64
Bread consumers by gender:
52% of buyers are Female
48% of buyers are Male
Percentage of users by race/ethnic origin:
72% are White/non Hispanic
12% are Black
12% are Hispanic
4% are Asian
Bread consumption by region:
36% live in the South
23% live in the Midwest
22% live in the West
19% live in the Northeast
Market Analysis Demographics
8
Demographics 2: White bread and Whole Grain bread
23

White bread buyers tend to be:
Spanish, Hispanic
Young 18 to 34 years old
High school graduates
With children
Live in a rented property
Whole grain bread buyers tend to be:
55 years or older
College or Graduate school graduates
Retired
No children
Live in own home
Market Analysis Demographics
9
Little growth in the bread market: currently between -3% to 3% per year
Raw material supply
Weather issues such as a drought could cause a raw ingredient shortage.
Possible insufficient ingredient supply. The demand for organic products is increasing faster than the supply
of raw ingredients.
24

Economic downturns reduce the demand for premium products.
Market Analysis Threats
10
Market Analysis - Market Structure
Retail route (major route)
Manufacturer (finished bread or dough)
Wholesaler
Retailer (sometimes bake from dough)
Consumer
In-store use
Manufacturer (finished bread or dough)
Wholesaler
Restaurant, Caf, Sandwich shop, etc.(sometimes bake from dough)
Consumer
Own-production (Bakery)
Manufacturer = Retailer (all process by retailer)
Consumer
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Opportunity
Market trend for premium bread needs
Huge world market for bread export opportunity
Higher share of artisan bread in Europe and Japan (than in the US)
Ocean freight = about $0.30/loaf
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Niches
No premium frozen bread dough in current bread market
Jason Vincent, Category Manager - Frozen Foods for Wild Oats, feels that there is a need for natural/organic
frozen bread dough and is surprised that no one has yet entered that niche. The long shelf life is a key
attractive characteristic. He feels the market is probably 2 to 3 units per week per store.
Adam Schneider, natural food broker, indicated that he could sell the hell out of a par-baked frozen bread
product.
Increasing market segment for premium bread.




Internet e-commerce
Other form of direct sales to consumers
Export opportunity
Market Analysis Opportunities & Niches
Market Analysis New Distribution Channels
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Market Analysis - Conclusion
Feasible, there is a niche!
No direct competitors no premium frozen bread dough manufactures exist currently.
Consumer interest is favorable - Increasing demand for healthy foods such as organic.
Consumers are looking for natural substitutes for everyday products.
Growth opportunity - The U.S. share for artisan bread is lower than most other developed
countries. As people get more health conscious and taste sensitive, the market will grow.
Export opportunity - Europe accounts for about 64% of world bread market. Japan accounts
for about 48% of Asia-Pacific bread market. Both countries with higher artisan bread share
than U.S.
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Competitive Analysis Industry Structure
Carrying Capacity
The bread industry is fairly slow growth (see Market Analysis section).
Frozen food section of grocery stores is limited in size. Securing space for a new product means
that an existing product looses space (or is no longer carried).
Must have a niche product that fills a customer need.
Frozen premium bread dough could gain space by fulfilling an unmet need.
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Degree of Stability
Fairly stable demand for bread from year to year. A staple of most peoples diets.
Seasonal variations in demand. Higher demand near holidays, such as
Thanksgiving, Christmas, Easter and Mothers Day.
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Diet trends, such as the Atkins low carb craze in the early 2000s, can have
a serious negative effect.
Complexity
Grocery industry generally requires working with suppliers, distributors, brokers, and retailers.
For local market entry, it is sometimes possible to avoid working with distributors or brokers.
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Selling in food service chain to restaurants would require same chain as grocery industry unless
sales market is only local.
Obtaining necessary health department and FDA approval can be complicated.
Industry Evolution
Bread industry as a whole is mature.
Organic food segment is in the later stages of the high growth phase. Retailers are starting to
see me-too products rather than new innovations.
29

Organic growth opportunities are tied to convenience and replication of traditional (not-so-
healthy) products.

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Competitive Analysis Barriers to Entry
Economies of Scale
Large manufacturers
Receive discounts for buying ingredients in large volume. Power to affect supplier costs.
Marketing budgets are larger. Profits of large volume products can help support marketing and sales of
lower volume or introductory products.
Entry level companies
Lack of volume equates to higher ingredient costs.
Marketing costs cannot be spread over product line.
Customer Loyalty
Because there is currently no retail frozen premium bread dough, customers would currently
have no brand to be loyal to. First entry advantage might deter customers from switching brands if
a new competitor entered the market.
If a known baked bread brand, such as Rudis, were to enter the market, customers would be
more likely to buy known over unknown.
Loyalty to baked breads brand could deter customers from switching to frozen dough option.
Proprietary
Recipes competitors may not be able to replicate that customer-winning flavor.

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Competitive Analysis Barriers to Entry
Capital Requirements
Building a manufacturing facility from scratch is costly. For example, a 18x24x12 freezer space
would cost about $90K for parts and installation.
30

Copackaging agreements with licensed manufacturers are a means of avoiding the necessity to
build a factory.
Unused capacity can be rented from manufacturers or restaurateurs (approximately $10 to
$14/hour).
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This is a low capital way for a small company to test the business concept without
major investment.
Cold storage facilities, such as Atlas Cold Storage, offer storage and inventory management,
thus reducing the need for on-site freezer space.
Cold storage freight services alleviate need for company purchase of refrigerated truck fleet.
Access to distribution channels
Must convince retailers and distributors to carry your product. They may not be interested in
dealing with small manufacturers.
Do not have direct access to customer if using standard distribution channels.
Government Regulation
Must follow state and local Department of Health commercial food safety requirements (cant
start a food business in your garage).
Must register with the FDA and follow food labeling guidelines.
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Competitive Analysis Degree of Rivalry
Price point issues
Variety of entrants in bread market means that price comparison is inevitable.
Premium, natural, and organic breads generally sell in the range of $3-$5 for a 1 pound loaf of
bread.
If frozen bread dough is priced significantly above baked options, consumers will substitute.
Rivalry is somewhat friendly. Competitors provide coupons and promotions to
encourage consumers to purchase their produce, but price wars are not an issue.
Big manufacturers, such as Pillsbury or Wonder, that have the power to squish
competition wouldnt be interested in a small niche market like frozen premium bread
dough.

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Competitive Analysis Major Competitors
There are no direct competitors in the premium frozen bread dough category, so we focus
on indirect competitors. Key indirect competitors include:

Frozen traditional bread dough
Rhodes International - frozen loaves in white or wheat. The white bread compares to a
traditional sandwich loaf little flavor, soft texture.
Frozen pre-baked traditional
Pillsbury Oven Baked Crusty French Mini Loaves a household brand name producing an
extremely average convenience bread product.
Frozen pre-baked natural or organic
Alexia - frozen baked artisan bread rolls. Known for producing a quality product.
Fresh natural or organic
Rudis Organic Bakery produces a wide array of certified organic breads, primarily sandwich
style.
Grocery bakeries
Grocery bakeries produce a large variety of fresh baked breads of varying qualities. Natural food
grocers generally produce a higher quality product.

See the Competition Matrix in Appendix 2 for a detailed comparison of competitors.

Possible Future Competitors:
Current baked bread manufacturers could easily produce a frozen dough product. Its really just a
matter of making slight modifications to production and packaging.
Food service companies, such as Bridgford, Ralcorp Frozen Bakery Products, and Richs, produce
frozen dough or par-baked bread and could fairly easily offer a retail product.

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Competitive Analysis - Competitor Self Perception
Rhodes Bake-N-Serv
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Enjoy hot, homemade quality white bread fresh from
your own oven. Available in three or five loaves per
package. Just thaw, let rise, & bake!
Family owned company committed to quality

Rudis Organic Bakery
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Our Mission is to be the leading manufacturer and
supplier of branded certified organic breads. We are
dedicated to the highest standards of quality, taste,
packaging and communications. We are committed to the
families we serve and look to bring warmth, sincerity, joy
and a higher quality of life to our people, our customers
and the world.


Alexia
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Alexia

Foods, Inc. produces a full line of 100% all

natural, trans fat free, premium frozen products for the
oven, microwave or fryer that deliver outstanding gourmet
flavor from freezer to table in just minutes.
Convenient and versatile, Alexia Artisan Breads bake up
beautifully and complement any dish.

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Competitive Analysis Basis of Competition
Convenience vs. Quality
Shelf bread is part of a weekly shopping trip. Sacrifice freshness and quality for a product that
will easily last a week.
Frozen (pre or par baked) bread products offer the convenience of fresh baked bread without
an immediate trip to the store. Sacrifice immediate use, and sometimes flavor, for a product with a
longer life.
Fresh bakery products come in 2 categories:
Cheap and not so tasty. Good if you are already making a quick trip to the store.
Higher quality products may have a very good artisan flavor, but freshness deteriorates quickly and an on-
demand trip to the store is required.
Frozen bread dough requires some planning, but allows one to make fresh bread without the
hassle of mixing, kneading, or forming, and no on-demand store trip is required.
Premium frozen bread dough offers high quality ingredients and flavor and medium convenience.
The level of convenience is tied closely to ones proximity to a store (rural populations).
Reputation For big industry players, like Rudis or Rhodes, their reputation is a key
competitive factor.
Consumers will try product based on name alone.
New ventures do not have brand recognition
Specialty Offering specialty products, such as gluten free or vegetarian, is a key
competitive factor for many small bread makers.

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Competitive Analysis Control over Prices, Costs, & Channels
Prices
Consumers know what bread costs. Limited ability to charge a premium price.
Consumers are highly unlikely to buy bread that cost more than $5 a loaf, based on what is
already competitively available.
Costs
A start-up is going to have a difficult time getting price breaks from suppliers. With the relative
shortage of natural and organic ingredients, suppliers have a fair amount of power.
Conversely, some market factors have made standard ingredients more expensive, which
means there is less marginal cost to going organic. For example, due to natural disasters,
regular sugar is currently only slightly cheaper than organic sugar (40/lb. vs. 50/lb.).
36

Channels of Distribution
Large grocery chains require distributor relationships.
Introduction in local stores can provide a means for bypassing the distributor.
Internet sales could be a creative means of connecting directly to retail customers.

Competitive Analysis Market Domination
No direct competitor
Many small businesses in the natural and organic bread market
In the Frozen Bread/Rolls/Pastry Dough category, Rhodes International has 40% market
share, Homade Foods Inc. has 44% and General Mills (including Pillsbury) has 10%.
37


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Competitive Analysis Conclusion
Bread manufacturers are not currently addressing the market niche for premium frozen
bread dough.
Existing indirect competitors could enter this niche market fairly easily if they wanted.
Future competitors, such as food service companies, could also enter this niche.
Market size is small so there is little incentive for large companies to enter the market.

There is a market opportunity for premium frozen bread dough, and currently no direct
competition, but there is no barrier for future entry.

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Endnotes
1
Global - Bread and Rolls, Datamonitor industry market research, October 31, 2005.
2
Japan Bread and Rolls, Datamonitor industry market research, December 1, 2006.
3
D. Gail Fleenor, Rising Sales: The Comfort and Aroma of Home-Baked Bread, Rolls, and Biscuits are Available From a
Wide Array of Tasty, Convenient Items in the Freezer Aisle, Frozen Food Age, December 2006. Vol.55, p18.
4
Renee M Covino, Bread is Back: Oh What a Difference a Year--and the Return to Balanced Eating--Makes on the
Frozen Bread/Dough Category, Frozen Food Age, April 2005, Vol.53, p28.
5
Baby Boomers and the U.S. Food and Beverage Industry, December 2005, p95.
6
Market Trends: Fresh Bread and Related Products, August 2004, p2, p9
7
Tom Sancton, Fortune magazine, Jun 22, 2007, Vol.115, p157
8
Bread, Cake, and related products Encyclopedia of American Industries. Online Edition, Thomson Gale, 2006
9
Market Trends: Fresh Bread and Related Products, August 2004, p7
10
Market Trends: Food Flavors and Ingredients Outlook, February 2006, p114
11
Baby Boomers and the U.S. Food and Beverage Industry, December 2005, p83
12
See Call Reports - Lind Iggi, Jason Vincent, and Scott Roy
13
See Call Report - Tom, Vitamin Cottage
14
The U.S. Market for Whole Grain and High Fiber Foods, April 2005
15
Market Trends: Food Flavors and Ingredients Outlook, February 2006, p117
16
Market Trends: Food Flavors and Ingredients Outlook, February 2006, p21
17
See Call Report - Adam Schneider
18
See Call Reports - Adam Schneider, Jason Vincent
19
Renee M Covino, Bread and Dough for a Crisp Fall: Get Customers Ready for the Autumn Baking Season with More
Frozen Bread, Dough and Rolls--Now Highlighted with Extra Health and Convenience, Frozen Food Age, June
2006, Vol.54, p24
20
Market Trends: Fresh Bread and Related Products, August 2004, p61.

23
Endnotes
21
Simmons Market Research Bureau, Study of Media and Markets Fall 2004
22
Global Bread and Rolls, Datamonitor industry market research, October 31,
2005
23
Market Trends: Convenience Home Baking Products, February 2004, pp84-86.
24
See Call Report - Jason Vincent
25
See Call Report - Mr. Sato

26
See Call Report - Jason Vincent
27
Frozen Dough Handbook, Volume 61, p10, Rhodes International Inc.
28
See Call Report Scott Roy
29
See Call Report - Jason Vincent
30
See Call Report Scott Roy
31
See Call Report Lind Iggi
32
http://www.cfsan.fda.gov/list.html
33
http://www.rhodesbread.com/
34
http://www.rudisbakery.com/about_us/mission.jsp
35
http://www.alexiafoods.com/index.html
36
See Call Report Scott Roy
37
Market Trends: Convenience Home Baking Products, p51, February 2004.

MBAX 6100
Entrepreneurship and Small Business Management
Feasibility Plan Part III

Auntie Carlas Frozen Bread Dough




April 24, 2007
Carla Ooyen & Masashi Tsuchiya
25
Size and Growth
Market size of all Bread and Roll in the United States is more than $10 billion. Low future
growth rate. Details as follows;




Increasing gourmet premium market
Artisan bread market is increasing
By 2003 sales of premium breads in the United States are about 16 percent of all bread
sales, and continue to increase.
1

Artisan and specialty bread sales have increased 23% from 1998 to 2003.
2

Specialty breads add cachet People are looking for more sophisticated flavors
3

Increasing market for healthy foods
Organic food is increasingly popular.
Anti-allergy food (non sugar, gluten free, etc) is increasingly popular.
Whole grain bread is increasingly popular.
Young mothers want to feed their babies better food.
4
People are looking for natural version of everyday products.
5


Market Analysis Summary Market Trends
Market value projections in billions of $
(source: Market Trend, Fresh Bread and related products, August 2004, p2 and 9)
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
$10.50 $11.10 $11.40 $11.70 $12.00 $11.40 $11.20 $11.20 $11.40 $11.50
26
Segmentation
Industrial Bread (mass produced, mainly white bread)
Artisan Bread (bakery made, premium gourmet, organic, natural, etc)
Bread penetration rate is more than 95%
6

Typical whole grain bread consumer: 55 years or older, College graduate or higher
education, retired, no children, and homeowner
Market Threats
Little growth in bread market.
Raw material supply weather issues or surge in organic ingredient demand could cause
supply shortage
Economic downturns reduces the demand for premium products.
Market structure
Retail route : majority of bread products
Manufacture Wholesaler Retailer Consumer
In store use :
Manufacture Wholesaler Restaurant/Cafe Consumer
Own Production : Bakery
Manufacture/Retailer Consumer

Market Analysis Summary
27
Market Analysis Summary Opportunity and Niches
Opportunity
Increasing market trend for premium artisan bread
Huge world market (opportunity for export)
Niches
No premium frozen bread dough in current bread market.
New Distribution channel
Internet e-commerce
Other form of direct sales to consumers
Export opportunity

28
Competitive Analysis Summary
Industry Structure
Carrying Capacity - limited space in the frozen food section, must find a niche
Degree of Stability - Fairly stable year-to-year demand. Diet trends can have a serious negative
effect
Complexity - have to work with suppliers, distributors, brokers, and retailers.
Industry Evolution
Organic food segment is in the later stages of the high growth phase. Retailers are starting to see me-
too products rather than new innovations.
7

Organic growth opportunities are tied to convenience and replication of traditional products.
Barriers to Entry
Economies of Scale large manufacturers can get volume discounts
Customer loyalty to existing brands
Capital Requirements must secure necessary product space & equipment
Distribution Access - Must convince retailers and distributors to carry your product
Government Regulation must meet State Department of Health & FDA requirements
Degree of Rivalry
Price Point must be competitive with other bread options
Power big manufacturers have power to control market if desired





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Competitive Analysis Summary Major Competitors
Key competitors in the bread industry include:

Frozen traditional bread dough
Rhodes International - frozen loaves in white or wheat. The white bread compares to a
traditional sandwich loaf little flavor, soft texture.
Frozen pre-baked traditional
Pillsbury Oven Baked Crusty French Mini Loaves a household brand name producing an
extremely average convenience bread product.
Frozen pre-baked natural or organic
Alexia - frozen baked artisan bread rolls. Known for producing a quality product.
Fresh natural or organic
Rudis Organic Bakery produces a wide array of certified organic breads, primarily sandwich
style.
Grocery bakeries
Grocery bakeries produce a large variety of fresh baked breads of varying qualities. Natural food
grocers generally produce a higher quality product.

See the Competition Matrix in Appendix 3 for a detailed comparison of competitors.

Possible Future Competitors:
Current baked bread manufacturers could easily produce a frozen dough product. Its really just a
matter of making slight modifications to production and packaging.
Food service companies, such as Bridgford, Ralcorp Frozen Bakery Products, and Richs, produce
frozen dough or par-baked bread and could fairly easily offer a retail product.

30
Competitive Analysis Summary
Basis of Competition
Convenience vs. Quality - Shelf bread with long life vs. Fresh bakery product with better taste but
shorter life
Reputation - For big industry players, like Rudis or Rhodes, their reputation is a key competitive
factor. New ventures do not have brand recognition
Specialty Offering specialty products, such as gluten free or vegetarian, is a key competitive
factor for many small bread makers.
Control over Prices, Costs, & Channels
Consumers know what bread costs. Limited ability to charge a premium price.
A start-up is going to have a difficult time getting price breaks from suppliers. With the relative
shortage of natural and organic ingredients, suppliers have a fair amount of power.
Large grocery chains require distributor relationships, but there may be creative alternatives to
the traditional channel, such as local stores or internet sales.
Market Domination
No premium frozen bread dough in U.S. retail market
Many small businesses in the natural and organic bread market
Conclusions
Bread manufacturers are not currently addressing the market niche for premium
frozen bread dough.
Existing indirect competitors could enter this niche market fairly easily if they wanted.
Future competitors, such as food service companies, could also enter this niche.
Market size is small so there is little incentive for large companies to enter the
market.






31
Opportunity for Frozen Bread Dough
Market trend for premium bread needs
Huge world market for bread export opportunity. Higher share of artisan bread in Europe and
Japan (than in the US)
8
No premium frozen bread dough in current retail bread market.
Jason Vincent, Category Manager - Frozen Foods for Wild Oats, feels that there is a need for
natural/organic frozen bread dough and is surprised that no one has yet entered that niche. The
long shelf life is a key attractive characteristic. He feels the market is probably 2 to 3 units per
week per store.
9

Adam Schneider, natural food broker, indicated that he could sell the hell out of a par-baked
frozen bread product.
10
In 2004, the natural foods bread and baked goods category grew 14.1%.
11

Problem: Not everyone has the joy of experiencing fresh baked bread
No time to make nutritious, great tasting bread.
May not live near a bakery where premium, natural, or organic bread is made.
Not everyone has the skill or desire to make good bread from scratch


Venture Analysis Opportunity and Need
32
Compelling Need
Physical we all need food to survive, and bread is a major part of the American diet.
Physiological Faced with increasing obesity and health concerns, Americans have a need
for healthier products
Shoppers want to see high levels of specific nutrients and specific health claims on Nutrition Facts
labels and whole grain is one of the most important claims.
12
[reaffirmed by customer survey data]
Emotional
Want the satisfaction of feeding a nutritious product to loved ones
Fresh baked bread makes people feel warm and comfortable
Relieve the stress of needing to find time to make the product oneself
To relieve the stress of hectic lifestyle, want convenient, fast and fresh products: As lifestyles change
and people having lesser time for baking, refrigerated and frozen categories seem to be more
convenient to bakers rather than preparing from mixes.
13

Social
Consumers want to join peers in showing increased concern for sustainable practices. They want
products that show their Awareness of earth-friendly farming practices and desire to recycle and
conserve energy
14
Want a fresh, homemade product to serve friends at dinner parties.
15


Venture Analysis Opportunity and Need
16
33
Product Description
Performance
Product will rise and bake dependably to produce a consistent taste and texture.
Ingredients will be natural or organic. Nutritious whole grain options will be offered. No
unpronounceable ingredients.
Dough is made using old-world multi-day build processes to provide optimum flavor complexity.
Packaging will protect product from freezer burn to guarantee taste and texture once baked.
Loaves will be sold in packages of 2-1 lb. loaves or 3-10 oz. loaves.
Cost
Target retail price per package is $7.99 [for 2-1lb or 3-10 oz.].
Promotional discounts or coupons would be available (generally required by distributors and grocers).
Discount price (such as 90% retail) could be offered for direct sales (such as internet).
Availability
Carried by natural grocers and mainstream grocers, specialty shops
On-line purchases available for local customers or those willing to pay for refrigerated/dry-ice freight.
Consumers required to make cash purchases, but Company will have to maintain credit terms with
distributors or other commercial purchasers.
Social
Use product performance superiority to build a name that people can trust.
Fun brand that consumers of all ages can enjoy
Customer as marketer, spreading the word to family & friends
Service
Money-back product quality guarantee
Possible organic certification
Comprehensive, easy-to-use website with long list of categorized FAQs
Specialized instructions to meet variety of customer cooking styles
Customers feedback actively solicited and acted upon.
Venture Analysis - Product
34
Product Range (based on consumer survey results)
Flavors
Stage 1: Whole wheat, multigrain, sourdough
Stage 2: Rye, bagels, specialty such as cinnamon raisin
Sizes
Stage 1: Package of 2-1 lb. loaves
Stage 2: Package of 3-10 oz. loaves
Shapes
Traditional loaf shape
Consumer option to cook without pan for an artisanal, free-form shape.
Stage 1: First stage of introduction Stage 2: Product expansion phase
Meeting Customer Needs
Product targets need for healthier, convenient products. [See Opportunity/Need and Unique
Benefits sections for more details]
Production & Delivery
Rented bakery & warehouse space, used bakery equipment (if not pre-equipped space)
Contract refrigerated freight services for transportation.
Internet sales will require overnight shipping w/special packaging (customer pays shipping
premium)
Product Design Refinement
Investigation of freezing techniques, such as flash freezing, to optimize stability of product
quality.
Investigation of partial proofing before freezing to speed thaw times.

Venture Analysis - Product
35
General Survey
Mixed response to idea:
Many like the idea and thought it seemed simple: Seems just like laying out meat.
Others hated it: I pay people to bake for me
Concerns - The time involved and the possibility that the bread wont taste good in the end
Varieties
Whole wheat was clearly the top choice.
Multigrain & Sourdough were the secondary selections
Limited interest in other varieties such as rye, bagels, white, pita, and cinnamon raisin
Price
Standard Loaf: $2-6
Small Loaf: $1-3
Whats Important
Superior flavor is very important
Natural/Organic, Whole grain, & Freshness are fairly important
Price & Shelf Life are only somewhat important
Most bread is purchased in the supermarket bread aisle

Venture Analysis Customer Survey Summary & Conclusions


36
Prototype samples survey
Liked the appearance, taste of the loaf
One respondent felt more likely to purchase after trying.
Felt that a bigger loaf was probably better given thaw/proof time.
Including pan added to convenience
Concerned about the bread taking a long time to thaw and rise
Would purchase the bread for special occasions, like dinner parties.
Good for people who dont know how to bake.
Suggestions
Consider making bread rings of sectioned bread to speed up the proofing.
Really soft doughs proof much more quickly than dense wheat and rye doughs.
To attract attention, I might put seeds on and in some of your breads

Conclusions
There is consumer interest in the product.
Need to investigate methods that might allow much quicker thaw/proof times perhaps
partial proofing.
One surveyor left the bread in backpack overnight, refroze, and then tried again. Flavor was
still good. This suggests that a partial rise might be an option.
Really great directions and website are needed to meet different customers needs. Some
want detailed directions, some go by feel, etc.


Venture Analysis Customer Survey Summary & Conclusions
It tasted like the
best store-bought
bread or bakery
bread that I have
ever had. My
husband would like
to put in an order
already!

37
Targeted Consumer
Demographics
Cook of the family, generally women
Parents in their late 20s to late 30s
College educated professionals
Baby Boomers (Early 40s to early 60s)
High income households ($50K+)
Semi-rural to rural consumers where bakeries are less accessible
Psychographics
Believe in a healthy lifestyle which is supported by nutritious foods
Believe in the benefits of regularly purchasing natural/organic products because they are good for
them and good for the environment
Want to feed their family (especially children) a quality product
Want to replace traditional products with healthy alternatives
Social status
Grew up in a lower to middle income family (more likely to have experienced fresh baked bread)
Middle class values with an upper income
Family is important, but the rest of life gets in the way


Venture Analysis Targeted Consumer Market
38
Distribution
Retail Route: Manufacturer Distributor Grocer Consumer
Food Service: Manufacturer Distributor Food service/Restaurant as Consumer
Internet or Local Sales: Manufacturer Consumer
Target markets opinions on current offerings
17
:
Generally satisfied
Decent, but not always fresh or tasty doesnt last longartisan breads are hard to come
by
Theres a lot of choice out there; but not much when it comes to baking at home
Consumers appear willing to try the product as long as performance concerns can be
mitigated.
Buying decisions are made by the family grocery shopper. Survey results indicate
that:
Superior flavor is very important
Natural/Organic, Whole grain, & Freshness are fairly important
Price & Shelf life are only somewhat important





Venture Analysis Targeted Consumer Market
39
Major Benefits
Health
Nutrition - natural/organic ingredients, whole grains, lack of processed ingredients are better for the
body
Taste like going to a French bakery, not the day-old section
Emotional
Love serving quality ingredients to family and friends
Achievement for those who havent had success making own bread from scratch
Convenience dont have to make a mess mixing or forming. No flour to clean off the counter. No run
to the store for bread.
Comfort can enjoy warm fresh bread straight from the oven
Memories - smell of fresh bread baking takes you back to Grandmas kitchen
Social
Sustainability organic ingredients are good for the environment, as is recyclable pans and packaging
Personal Relationships make friends think you slaved all day and are an amazing baker!
Service
Helping hand website and customer support line are like cooking with a professional chef in the
kitchen. Youll always have answers to problems and questions.



Venture Analysis Unique Benefits
40
Uniqueness of Benefits
Rhodes frozen bread dough can also provide convenience, achievement, comfort, &
memories benefits
Organic bread makers, such as Rudis, provide health, convenience, and sustainability
benefits
Only Auntie Carlas can provide all of these benefits through its quality manufacturing,
packaging, and excellent customer service!

Educating the Market
Teaching them that bread can be in the frozen aisle
In-store demonstrations
Website information
Sampling product to prove that its dependable, easy, and tasty


Venture Analysis Unique Benefits
41
Venture Analysis Sustainable Competitive Advantage
Ventures resources
Financial
Low capital requirement to start and run the venture
Founders have personal savings to commit to starting venture
Founders can take personal loans and use credit cards to provide additional financing
Spouses to keep food (in addition to bread) on the table
Physical assets
Low requirement for plant and equipment
No incoming ownership of physical assets
Rent kitchen space to avoid initial capital requirements
Recipe
Ability to produce nutritious & tasty product
Location (Boulder)
Health sensitive consumers who would buy healthy food
Healthy image of the town
Easy access to local Natural Food industry
New idea
New frozen dough product that is easy to bake
42
Venture Analysis Sustainable Competitive Advantage
Ventures capabilities
Knowledge
Management Two CU Leeds MBAs!
Product expertise and production experience - Carla
Export experience Masashi
Contacts
CU Alumni network, Deming Center, entrepreneurship professors
Access to the knowledge of Boulders natural food experts
Website
Family & Friends to help build a full service website that will help to draw & keep customers
Barriers to entry that venture faces
Regulatory
Must meet state board of health regulations. This is easy if renting shared/incubator kitchen space that
is already certified.
Proprietary
Bread is not high technology, so there are no trade copyrights or patents to battle.
Customer Loyalty
Loyalty to baked bread brands could deter customers from switching to frozen dough option.
Getting customers to look in the frozen section for bread
Distribution
Have to convince grocers to find room in limited freezer space to carry our product.
Have to convince distributors to carry product line.
Competitor Response
If a known baked bread brand, such as Rudis, were to enter the market, customers would be
more likely to buy known over unknown.
43
Venture Analysis Sustainable Competitive Advantage
Barriers venture can create
New distribution and retail system
If we can create our own private distribution or/and retail channel which other manufactures can not
imitate, this would function as a barrier.
Customer brand loyalty
Because there is currently no retail frozen premium bread dough, customers would currently have no
brand to be loyal to. First entry advantage might deter customers from switching brands if a new
competitor entered the market.
Create a taste that consumers cannot forget
Build consumer trust in the quality of ingredients
Build complete product line one stop purchase of all frozen baked products
Create website that consumers like to visit, builds camaraderie, and answers all of their questions.
Trade secrets
Create unique recipes and baking processes competitors may not be able to replicate that customer-
winning flavor.



44
Venture Analysis Risks
Marketing
Will the consumers buy?
With current financial projection, break-even sale volume is about 250-1 lb. loaves per day. Based on
an initial sales estimate of 3 loaves/variety/store per week [based on Jason Vincent interview] and
assuming 4 initial product varieties, product would have to be in 146 stores to reach break even
volume.
If this break-even volume cannot be obtained before savings are depleted, the venture will fail.
Another low-carb diet craze could kill the venture before it gets off the ground.
Price structure
Every dollar change in sale price has a huge impact on revenue. $1 increase in retail price reduces
break-even sales to 175 units per day. On the other hand, $1 decrease in sale price increases break-
even volume to 450 units per day.
By decreasing retailers or distributors mark up by 5% (from 35% to 30%), it will decrease break even
sales unit by 15. On the other hand, increasing 5% will increase the break even number by 20 units.
Distribution and Grocer acceptance
Even with creative marketing strategies, venture is unlikely to achieve necessary volumes if
acceptance in traditional grocery channel cannot be quickly obtained.
Finance
Assuming founders can finance $100,000, the venture will not last more than three years
without achieving the break even sales volume. Sales must grow above break even number
within three years or the venture needs to be re-financed.
45
Venture Analysis Risks
Competitors
If existing well established bakery such as Rudis entered the market, consumers may prefer
Rudis because of brand familiarity. The venture needs time to create its good brand image
before facing competition.
Economy
Bread is a commodity product, thus less economic impact on total consumption of bread.
However...
Consumers may shift to low priced bread in sluggish market.
High quality, high priced bread is price sensitive.
The venture cannot reduce price and stay profitable.
46
Venture Analysis Financial Projections
Operating Income Yr 1 Yr 2 Yr 3 Assumptions
unit of sale per day 50 150 300 Retail price $4.00
Price per unit $2.28 $2.28 $2.28 Retail's mark up 35%
Distributor's mark up 30%
Revenue $34,188 $102,564 $205,128 Whole sale price/loaf $2.28
COGS $15,000 $45,000 $90,000 Days per year 300
Gross Profit $19,188 $57,564 $115,128 COGS/Loaf $1.00
% gross profit 56.1% 56.1% 56.1%
Sales & expenses (per month)
Operating expenses Promotions $400
Sales & Marketing $13,800 $13,800 $13,800 Transport/communication $600
General Administration $81,000 $81,000 $81,000 Other expenses $150
Depreciation $1,600 $1,600 $1,600
TTL Operating Expenses $96,400 $96,400 $96,400 TTL Sales and Marketing $1,150 flat for 3 years
Operating Income -$77,212 -$38,836 $18,728 General Administration (per month) sq feet price
fixed cost Lease/month $750 750 $1.00
TTL Fixed cost $96,400 $96,400 $96,400 fixed cost HR $6,000 3 $2,000
TTL Variable cost $15,000 $45,000 $90,000 TTL General Admin $6,750
Break-even Revenue $171,759 $171,759 $171,759
Investment
Dough mixer 60qrts $6,000
Freezer 8X10' Walk-in $10,000
Sink counter and other equipment $2,000
TTL Capex $18,000 0 0
Working Capital $2,342 $7,025 $14,050 25 days
Other non-recurring investment $1,000 0 0
TTL Investment $21,342 $7,025 $14,050
See Appendix 1 for Financial Projection Assumptions
47
Venture Analysis - Conclusion
Compelling needs
Physical need for food
Physiological need for better ingredients
Emotional need for increased convenience, connection to loved ones
Social need for special occasions
Proof of the target markets interest
Survey suggests that (potential) consumers are interested.
Benefits
Frozen bread dough has unique benefit of easy baking at home environment.
Sustainable advantages
Almost no barrier to entry
How to create barrier is the key question.
Opportunity to expand.
Profitability and Investment
Relatively low investment required
High gross margin
Final profitability depends on the sales volume
Break even sales volume is about 250 loaves per day, can we achieve it?
48
Venture Analysis - Recommendations
Recommended further research
Possible barrier to entry that can be created
Distribution channel
Retail channel
Recipe
Regulation
FDA Organic requirement
International Organic requirement
Opportunity of sales
Possible sales volume
Opportunity for expansion
Export market research
Other (similar) products such as cookies, cakes, pet treats, religious needs (Jewish people bake
religious bread every week)
Sale to business customers such as restaurant, cafe, or even local bakery
Prepare prototype
Prepare a unforgettably delicious organic bread dough.
Investigate freezing/thaw procedures that are more convenient.
Prepare business plan
Prepare a business plan
Take MBAX 6170
49
1
Bread, Cake, and Related Products, Encyclopedia of American Industries. On line Edition, Thomson Gale, 2006.
2
Market Trends: Fresh Bread and Related Products, August 2004, p7.
3
Market Trends: Food Flavors and Ingredients Outlook, February 2006, p102.
4
See Call Report- Adam Schneider
5
See Call Report- Adam Schneider

6
Market Trend, Fresh Bread and related products, August 2004, p67.
7
See Call Report - Jason Vincent
8
Global Bread and Rolls, Datamonitor industry market research, October 31, 2005.
9
See Call Report - Jason Vincent

10
See Call Report- Adam Schneider
11
The U.S. Market for Whole Grain and High Fiber Foods, April 2005, p66.
12
ibid, p68.
13
Market Trends: Convenience Home Baking Products, February 2004, p58.
14
Baby Boomers and the U.S. Food and Beverage Industry, December 2005, p89.
15
See customer survey results
16
Market Trends: Food Flavors and Ingredients Outlook, February 2006, p72.
17
See customer survey results
18
Panera Bread Corporate web site, www.panerabread.com
19
National Average of Baking Industry, www.BizStats.com
20
Great Harvest Corporate web site, www.greatharvest.com



Endnotes
50
Appendix 1: Financial Projection Assumptions.. 29
Appendix 2: Customer Survey.. 33
Appendix 3: Competition Matrix.36
Appendix 4: Call Reports37
Appendix 5: Feasibility Plan Parts I & II70
Appendix Contents
51
Appendix 1 Financial Projection Assumptions
Revenue
Number of units sold per day (based on what the venture needs to sell)
Year 1 = 50 units per day
Year 2 = 150 units per day
Year 3 = 300 units per day
Price
$4.00/unit (1 lb loaf) at retail
Other baked premium organic bread = about $4.00/lb
Retailers mark up = 35% (see Call Report : Scott Creevy)
Distributor's mark up = 30% (see Call Report : Scott Roy)
Assumed wholesale price = $2.28/unit (1 lb loaf)
COGS - Ingredient costs for basic 1 lb. loaf of organic white or wheat bread:
9 oz. Organic flour @ $0.63 to $0.80/lb = $0.47 - $0.60/loaf (probably cheaper at whole sale)
Bobs Red Mill (www.bobsredmill.com) 25lb at $15.75
Shop Natural (Guistos Flour) 50lb at $40.00
6 oz. Water @ almost nothing = $0.01
0.25 oz. Sea Salt @ $44/lb < $0.01
0.1 oz. Yeast @ $2.60/lb = $0.02
Total material cost = $0.51 to $0.64/loaf
Total cost (labor included) $1.00/loaf (1 lb)
52
Appendix 1 Financial Projection Assumptions
Operating expenses
Sales and Marketing
Sales promotion $400/month (10 free samples per day + $100 printed promotions per month)
Transportation $300/month (1800 miles per month / 15 miles per gallon / $2.5/gallon fuel cost)
Communications $300/month (2 land lines X $50 + 2 mobile phones X $50 + Internet/web $100)
Other expenses $150/month
Total $1,150/month (fixed cost at constant for all three years)
General & Administration
Bakery space $750/month ( 750 F kitchen space at $1 Rent / F / month)
Pay check $6000/month ( 3 workers including 2 founders X $2000/month)
Total $6750/month (fixed cost at constant for all three years)
Depreciation
$16,000 equipment / 10 years life = $1,600 per year
Investment Required
Capital Expenditures (only required at year 1)
Dough mixer $6000 (used, capacity 60qtrs)
Freezer $10,000 (new, 8 x 10 walk in)
Other equipment $2000 (used sink = $1000, Used counter and other = $1000)
Working Capital
Payment to suppliers = cash on delivery ( +0 days)
Payment from retailers = cash by next month day 20
th
( -1 day to -50 days )
Average negative 25 days of sales amount
Other major expenses
Installment of equipments and other $1000
53
Appendix 1 - Financial Projection Assumptions
Comparables Financial information
Most small bakeries are privately owned. No financial information except larger public
companies.
Panera Bread (only company owned bakery and cafe section)
18

COGS = about 30% of sales amount
Labor = about 30% of sales amount
National average of baking industry
19

Out of 5,354 companies
Average COGS = 56% of sales amount
Panera Bread Income statement in $millions
2006 2005 2004 2006 2005 2004
Sales (Bakery and Cafe) 666 499 362 100.0% 100.0% 100.0%
COGS 197 143 101 29.6% 28.7% 27.9%
Labor 205 151 110 30.8% 30.3% 30.4%
Occupancy 48 35 25 7.2% 7.0% 6.9%
Other operating expenses 92 70 51 13.8% 14.0% 14.1%
Operating profit 124 100 75 18.6% 20.0% 20.7%
source: Panera Bread
Baking Products National Average
Number of corporations 5354
Average COGS 56%
Average Gross Profit 44%
Average Net Income 3.80% source: BizStats.com
percentage of sale
54
Appendix 1 - Cost of starting a franchise
Great Harvest (Franchise Retail Bakery)
20

Initial fee
Average Initial Franchise Fee $30,000
Travel & Training Expenses $381-$12,000 average $4,488
Real Estate & Improvements$8,348-$172,022 average $70,586
Equipment $44,341-$140,727 average $78,325
Opening Inventory
Ingredients & Supplies $2,750-$27,000 average $8,346
Signs $615-$23,793 average $5,953
Grand Opening Advertising $400-$8,689 average $3,495
Prepaid Expenses
City, County, State, Landlord $400-$21,232 average $6,420
Organizational Costs
Legal, Utilities $425-$42,475 average $10,063
Working Capital (Cash Reserves) $5,000-$70,000 average $12,285
3 Months Rent $4,455-$18,600 average $10,383
TOTAL ACTUAL INVESTMENT $107,608-$352,322 average $225,682
55
Survey of Monday night MBAX 6100 class
Response to Idea:
Yes: 17 Maybe: 2 No: 9
Seems just like laying out meat
I pay people to bake for me
Already have a breadmaker. Hobbyist breadmaking
need already filled
Offer companion product like dip
Is frozen less healthy?
Like frozen Jewish breads, would like more options
Concerns
Worried that making bread is tough. Is there room for
baking error?
Time involved maybe a weekend activity, want
instant
Having to remember to thaw ahead of time/ planning
Will it taste as good as bakery products?
Over/under baking
High Altitude baking
Varieties Rank
The overwhelming choice: Whole Wheat
Next: Multigrain & Sourdough
Some interest: Rye & Bagels
Limited Interest: White & Pita
Special Interest: Cinnamon Raisin

Appendix 2 Customer Survey
Price
Standard Loaf: $2-6(10)
Small Loaf: $1-3(5)
Whats Important
Superior flavor is very important
Natural/Organic, Whole grain, &
Freshness are fairly important
Price & Shelf life are only somewhat
important
Whats missing: good baguettes
Demographics
Male: 25 Female: 3
Household Size:6(1) 10(2) 2(3) (4+)4
Age Group: 3 (18-25) 10 (26-30) 8
(31-37) 1 (38-50)
Primary Shopper? Yes: 13 No: 7
How much do you buy per week:
2(0) 6(1) 6(2) 6(3+)
Where do you buy: (No/Maybe/Yes)
Supermarket bread aisle: 8 / 2 / 8
Supermarket bakery: 2 / 1 / 6
Supermarket frozen section: 1 / 0 / 3
Bake at home from scratch: 1 / 0 / 1
Bake at home using mixes: 1 / 0 / 1

56
Survey of Professors/Administrative Staff
Thought product seemed like a good idea
Concerns
Thawing long enough/sufficient rise
Under/overcooking
Freezer burn/Freshness
High altitude baking
Will it taste like homemade?
Expected price
Comparable to fresh-baked prices
$1.50 to $3 for large loaf
$0.80 to $2 for small loaf
Multi-grain & Whole Wheat top variety choices
4 Females/1 Male
1 (31-37) 1 (38-50) 3 (50+)
Appendix 2 Customer Survey
57
Survey of classmates given prototype samples of product to try
4 Women & 1 Male
3 Loaves of Rye, 2 loaves of sourdough
Liked At least 1 was ready to make purchases!
the convenience of pan
The appearance of the baked loaf
The flavor: tasted great, having hot bread
One respondent felt more likely to purchase after trying
Generally thought that a bigger loaf was probably better given thaw/proof time.
Concerns
Bread took a long time to thaw and rise, takes a lot of planning ahead
ecological impact of disposable pan
Use
would purchase the bread for special occasions, like dinner parties
Good for people who dont know how to bake
Suggestions
consider making bread rings of sectioned bread to speed up the proofing
Really soft doughs proof much more quickly than dense wheat and rye doughs
to attract attention, I might put seeds on and in some of your breads
Conclusions
Need to investigate methods that might allow much quicker thaw/proof times perhaps partial proofing
One surveyor left the bread in backpack overnight, refroze, and then tried again. Flavor was still good.
This suggests that a partial rise might be an option.
Really great directions and website are needed to meet different customers needs. Some want
detailed directions, some go by feel, etc.


Appendix 2 Customer Survey
It tasted like the
best store-bought
bread or bakery
bread that I have
ever had. My
husband would like
to put in an order
already!

58
Appendix 3 Competition Matrix
Manufacturer Product Description Quality Taste Visual Appeal Convenience Shelf Life Price Strengths Weaknesses
Rhodes Bake-N-Serv
Frozen white or wheat
bread dough Traditional Low
Medium - simple
but good
Medium - thaw and
bake Long $3.29 for 3 1lb. Loaves
Well known frozen dough
brand
"Tastes like
Wonder Bread"
American Flatbread Frozen pizza dough Natural
Medium - thaw and
bake Long $9.99 for 1lb
Pillsbury
Prebaked frozen mini-
loaves Traditional Very Low
Poor - squished
in transit
High - bake 20
minutes Long $4.19 for two loaves Household brand
Poor appearance
and taste
Alexia Prebaked frozen rolls Artisan-Natural Medium-High
High - bake in 8
minutes Long $3.69 for 10.5 oz. Trusted name Roll size only
Nature's Path Baked, frozen, sliced Organic Vegetarian
Medium - sliced
bread
Medium - must
thaw Short $3.79 per 14 oz. loaf
Good for consumers with
allergies
Not mainstream
appeal
Food For Life Baked, frozen, sliced Organic Specialty
Medium - sliced
bread
Medium - must
thaw Short $4.79 per loaf
Good for consumers with
allergies, vegetarians
Not mainstream
appeal
Rudi's
Shelf entry sandwich
bread Organic High
Medium - sliced
bread High - ready to eat Short $3.99 to $4.29 Quality Not fresh baked
Whole Foods Fresh baked, bakery Artisan High High - artisan High - ready to eat Very Short $2.99 to $3.99 per loaf Convenience & Taste Short shelf life
Breadworks
Local bakery
produced artisan
bread Artisan High High - artisan High - ready to eat Very Short $3.00 to $5.40 per loaf Very Fresh Short shelf life
59
Appendix 4 Call Reports
Index of Reports:

1. Beth Swanson, Rudis Organic Bakery
2. Kyla Duffy, former owner Nutballz
3. Scott Roy, President, Boulder Ice Cream
4. Adam Schneider, Owner, United Sales & Service
5. Jason Vincent, Category Manager, Frozen Foods, Wild Oats Corporate
6. Linda Iggi, Owner, Amazing Grains
7. Scott Creevey, Owner, Great Harvest Bread
8. Soichiro Sato, Manager, Clear freight
9. Tom, Store Supervisor, Vitamin Cottage
10. Name Unknown, Bread Sales Supervisor, Whole Foods