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IFSM 300 Final Assessment ExamNOTE:As for all work in this class, the final exam must be original workdeveloped by thestudent solely for use in this class and must conform to UMUC’s academic integrity policies.Instructions:Use the Case Study presented here to answer the questions below.Your answers should be longenough to answer each question fully and completely and typed below the individual question in thisdocument.Follow the instructions in the questions to determine the appropriate length of yourresponses.Your answers should demonstrate an understanding of the concept(s), should applycritical thinking, and should provide analysis of the Case Study in light of the concepts(s).You should not just re-iterate what has been presented in class, but integrate theinformation and relate it to the Case Study.Proper APA style must be used for any citations and references that you use.Your exam will be graded on the completeness and accuracy of your responses andwhether you have appropriately tied your responses to the Case Study.Responses thatdo not mention the Case Study will receive very few points, if any.Each question isworth 10 points.Virginia’s Finest Meat DistributorsVictor ConstanTne is owner of one of the few remaining privately owned meat distributors in theWashington DC Metropolitan region.Independent butcher shops have decreased in number over thelast decade, since meat sales have fallen overall and restaurants have increasingly moved to largewholesale distributors.However, this has created an opportunity for specialty butcher shops in marketswhich provide only basic opTons through these larger retailers.Victor’s market niche is providingcustomized meat cuts for each client – clients are individual restaurants, chains, caterers and specialtyplaces such as country clubs.Virginia’s Finest Meat Distributors (VFMD) operates a 40,000 square foot processing plant in Winchester,Virginia.±he company is doing very well with revenues steadily increasing over the last several years andreaching $19 million in gross revenue last year, ne²ng a modest but saTsfactory net pro³t.As would beexpected, the largest expense is the cost of the meat itself, followed by labor costs currently hoveringaround $2.5 million per year. Current debt includes approximately $4 million on its current building.Retail butchers have been replaced with grocery chains and big box stores.In addiTon, people are eaTngmore meals away from home.With an increasing percentage of food dollars spent in restaurants, therepg. 1
is a growing need for sales of specialty meats to the niche market that can aFord and desire them.Caterers, especially those serving high-end corporate and private events, and upscale restaurants seekhigh-quality specialty meats at Market Prices. V±MD sells to catering businesses and restaurants,meeTng their special Tming needs and highly variable special demands, which puts V±MD in highdemand and provides them with an above average margin of pro²t.V±MD treats its employees well and the labor costs include matching funds on employees 401K plans, avery good medical plan, and bonuses for all employees.At this Tme, there are approximately 50employees. ³he business began with Victor’s father who originally sold meat to local families andrestaurants from a wagon and ran the business out of his home.³oday’s business is quite diFerent.InaddiTon to Victor, who has long-term relaTonships with the best suppliers of meat as well as anunderstanding of the cra´ of butchering, the leadership team includes Victor’s son and daughter. Hisson, who performed every job including receiving, shipping and cuµng the beef, is currently the VicePresident and is expected to take the reins when his father reTres; his formal educaTon includes foodservice management, state food hygiene laws, business to business sales, and ²nance.Victor’s daughterhandles markeTng and social media.A typical day starts very early in the morning when employees receive carcasses, cut and grind the meat,weigh, package and label it (if needed), and load the 8 refrigerated trucks owned by V±MD.³hese trucksdeliver on average 65,000 pounds of meat and poultry to their roughly 375 customers in the Washingtonarea each week.Deliveries consist of standing orders of speci²c cuts of meat, special orders to bedelivered on speci²c days, and expedited deliveries to meet unexpected demand.At the operaTonal level, orders are taken by the o¶ce clerk over the phone or Internet. ³he clerk workswith Victor and the customers to ensure their individual needs are met.±or example, when a restaurantclient couldn’t get its nine-pound racks of lamb to cook equally from end to end, Victor reduced the sizeof the cut he sold them to precisely 7.5 pounds; the problem was solved and a valuable customer waspleased. Orders for immediate delivery of speci²c cuts are wri·en down and carried from the clerk tothe butchers on duty who will prepare the cuts. ³hey will be packaged, priced, and prepared fordelivery.While products can be replenished within a few days, there is the possibility of certain itemsrunning out because of unexpected high demand, and V±MD may run out of stock on certain productsunTl new shipments arrive.In such cases, the sales staF will oFer suggesTons of subsTtuTons or specialoFers in order to make sure all customers are saTs²ed.³he majority (about 85%) of V±MD’s product is boxed beef from the Midwest which arrives every otherday.AddiTonally pork, beef, lamb, and poultry are sourced from local farms.Victor insists on purchasingfrom well-managed and supervised farms where no drugs or medicated feed are used. ³he majority ofbeef is wet-aged – a common process where the meat is aged by sealing it in a bag with its own juices.However, the real pro²t is in dry-aged beef that high-end restaurants require, and then sell, at asubstanTal premium.Costs are considerably higher as a large percentage of weight (close to 50%) is lostin the dry-aging process and the Tme to age is considerably longer.³his process results in a moretender and ¸avorful meat. ³he pro²t margin is higher than wet-aged beef as high-end restaurants arewilling to pay for this – which in turn their customers expect.V±MD operates a very busy dry-agingpg. 2
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