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IFSM 300 FINAL ASSESSMENT EXAM / IFSM300 FINAL ASSESSMENT EXAM.: GRADED A | 100% CORRECT |UNIVERSITY OF MARYLAND , UNIVERSITY COLLEGE$22.99
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IFSM 300 FINAL ASSESSMENT EXAM / IFSM300 FINAL ASSESSMENT EXAM.: GRADED A | 100% CORRECT |UNIVERSITY OF MARYLAND , UNIVERSITY COLLEGE
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IFSM 300 (IFSM300)
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UNIVERSITY OF MARYLAND , UNIVERSITY COLLEGE
IFSM 300 FINAL ASSESSMENT EXAM / IFSM300 FINAL ASSESSMENT EXAM.: GRADED A | 100% CORRECT |UNIVERSITY OF MARYLAND , UNIVERSITY COLLEGEFSM 300 Final Assessment Exam
NOTE: As for all work in this class, the final exam must be original work developed by the student solely for use in this class and ...
fsm 300 final assessment exam note as for all work in this class
the final exam must be original work developed by the student solely for use in this class
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UNIVERSITY OF MARYLAND , UNIVERSITY COLLEGE
IFSM 300 (IFSM300)
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IFSM 300 Final Assessment Exam
NOTE: As for all work in this class, the final exam must be original work developed by the
student 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 long
enough to answer each question fully and completely and typed below the individual question in this
document. Follow the instructions in the questions to determine the appropriate length of your
responses.
Your answers should demonstrate an understanding of the concept(s), should apply
critical 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 the
information 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 and
whether you have appropriately tied your responses to the Case Study. Responses that
do not mention the Case Study will receive very few points, if any. Each question is
worth 10 points.
Virginia’s Finest Meat Distributors
Victor Constantine is owner of one of the few remaining privately owned meat distributors in the
Washington DC Metropolitan region. Independent butcher shops have decreased in number over the
last decade, since meat sales have fallen overall and restaurants have increasingly moved to large
wholesale distributors. However, this has created an opportunity for specialty butcher shops in markets
which provide only basic options through these larger retailers. Victor's market niche is providing
customized meat cuts for each client – clients are individual restaurants, chains, caterers and specialty
places such as country clubs.
Virginia’s Finest Meat Distributors (VFMD) operates a 40,000 square foot processing plant in
Winchester, Virginia. The company is doing very well with revenues steadily increasing over the last
several years and reaching $19 million in gross revenue last year, netting a modest but satisfactory net
profit. As would be expected, the largest expense is the cost of the meat itself, followed by labor costs
currently hovering around $2.5 million per year. Current debt includes approximately $4 million on its
current building.
pg. 1
,Retail butchers have been replaced with grocery chains and big box stores. In addition, people are
eating more meals away from home. With an increasing percentage of food dollars spent in restaurants,
there is a growing need for sales of specialty meats to the niche market that can afford and desire them.
Caterers, especially those serving high-end corporate and private events, and upscale restaurants seek
high-quality specialty meats at Market Prices. VFMD sells to catering businesses and restaurants,
meeting their special timing needs and highly variable special demands, which puts VFMD in high
demand and provides them with an above average margin of profit.
VFMD treats its employees well and the labor costs include matching funds on employees 401K plans, a
very good medical plan, and bonuses for all employees. At this time, there are approximately 50
employees. The business began with Victor's father who originally sold meat to local families and
restaurants from a wagon and ran the business out of his home. Today’s business is quite different. In
addition to Victor, who has long-term relationships with the best suppliers of meat as well as an
understanding of the craft of butchering, the leadership team includes Victor’s son and daughter. His
son, who performed every job including receiving, shipping and cutting the beef, is currently the Vice
President and is expected to take the reins when his father retires; his formal education includes food
service management, state food hygiene laws, business to business sales, and finance. Victor's daughter
handles marketing 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 VFMD. These trucks
deliver on average 65,000 pounds of meat and poultry to their roughly 375 customers in the Washington
area each week. Deliveries consist of standing orders of specific cuts of meat, special orders to be
delivered on specific days, and expedited deliveries to meet unexpected demand.
At the operational level, orders are taken by the office clerk over the phone or Internet. The clerk works
with Victor and the customers to ensure their individual needs are met. For example, when a restaurant
client couldn’t get its nine-pound racks of lamb to cook equally from end to end, Victor reduced the size
of the cut he sold them to precisely 7.5 pounds; the problem was solved and a valuable customer was
pleased. Orders for immediate delivery of specific cuts are written down and carried from the clerk to
the butchers on duty who will prepare the cuts. They will be packaged, priced, and prepared for
delivery. While products can be replenished within a few days, there is the possibility of certain items
running out because of unexpected high demand, and VFMD may run out of stock on certain products
until new shipments arrive. In such cases, the sales staff will offer suggestions of substitutions or special
offers in order to make sure all customers are satisfied.
The majority (about 85%) of VFMD’s product is boxed beef from the Midwest which arrives every other
day. Additionally pork, beef, lamb, and poultry are sourced from local farms. Victor insists on
purchasing from well-managed and supervised farms where no drugs or medicated feed are used. The
majority of beef is wet-aged – a common process where the meat is aged by sealing it in a bag with its
own juices. However, the real profit is in dry-aged beef that high-end restaurants require, and then sell,
at a substantial premium. Costs are considerably higher as a large percentage of weight (close to 50%) is
lost in the dry-aging process and the time to age is considerably longer. This process results in a more
tender and flavorful meat. The profit margin is higher than wet-aged beef as high-end restaurants are
pg. 2
, willing to pay for this – which in turn their customers expect. VFMD operates a very busy dry-aging
facility where the dry-aging process takes from 15-28 days and the stock rotates continuously. Vincent
refers to his dry-aging facility as the “Money Room.”
While VCMD is doing well in today’s market, Victor is aware of the increased trends in healthy eating
and vegan lifestyles. In addition, he’s seen the number of producers shrinking as small, high quality
livestock farms and ranches struggle to stay competitive with large-scale commercial producers. He’s
also observed the impact to high-end restaurants when the economy dips. He has read the American
Meat Institute's analysis on why meat prices rise and fall:
"The meat industry is unique because it relies on live animals as its raw materials. Within livestock
production, there is a classic, livestock price cycle. Prices rise and fall as producers raise more
animals in response to high prices or low supply, and then cease producing when livestock
inventories become high and prices fall." (North American Meat Institute, p.1)
(North American Meat Institute, Jan 2015, Fact Sheet, retrieved on April 14, 2016 from
https://www.meatinstitute.org/index.php?ht=a/GetDocumentAction/i/89479)
VFMD's primary competitor in this market is Maine Avenue Butchers, which was established fifteen
years ago and sells only high-quality beef products, both wet and dry-aged. Maine Avenue Butchers
charges high prices for its quality beef, and sells primarily to caterers and specialty restaurants. There
are a number of very large big box stores in the area who are competing for business from caterers by
offering one-stop shopping for all their catering needs. Neither Maine Avenue Butchers nor the large
box stores provide the level of service and expedited delivery as VFMD
Victor and his leadership team have identified the following Keys to Success as part of their business
plan:
1. Maintain high quality standards for its suppliers and continuously monitor this quality.
2. Provide unequaled customer service and delivery.
3. Preserve meats in optimal conditions to maintain freshness and minimize waste while in the
facility.
4. Maintain excellence in the skill of butchering meats through hiring, training, and supervision of
staff.
5. Listen carefully to customer needs and respond with custom-cut products, whether in person,
over the phone, or through Internet orders.
6. To the extent possible, make a profit on each item that passes through the facility.
7. Increase productivity, management of the business and profit margin through the use of
information technology.
Victor is seeking your help to analyze his business and identify areas where information systems could
help him better manage and grow his business. Review the Instructions above and respond to the
questions that follow. Each is worth 10 points.
pg. 3
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