THE HEA

L TH Y

P UR E T AS TE O

F FIJI

TASTY FIJI Co.S I N C E 2 0 1 5

F A N T A S T I C S I X

2

ACKNOWLEDGEMENT

I have taken efforts in this project. However, it would not have been possible with-out the kind support and help of many individuals and organizations. I would like to extend my sincere thanks to all of them.

I am highly indebted to Republic of Cappuccino, Maya Dhaba, Bad Dog Cafe, Hun-gry Honchos, Karishma for their opinion and participation as well as for providing necessary information regarding the project & also for their support in completing the project.

I would like to express my gratitude towards my wife & her parents for their kind co-operation and encouragement which help me in completion of this project.

I would like to express my special gratitude and thanks to my Trainer Seema Kumar for guidance and support in completing this project.

My thanks and appreciations also go to my colleague who have willingly helped me out with their abilities.

3

TABLE OF CONTENT

CONTENT PAGE

EXECUTIVE SUMMARY Page 4 - 5

MATERIAL AND METHODS Page 6

INTRODUCTION Page 7

TASTY COCONUT SYRUP EXTRACTION Page 8 - 9

TASTY COCONUT NUTRITION FACT Page 10

OBJECTIVE Page 11

COMPANY STRUCTURE Page 12

MARKET RESEARCH STRATEGIES Page 13

TARGET MARKET Page 14

IDENTIFYING CONSUMER PURCHASE NEEDS AND BEHAVIOR Page 15

COMPETITOR PROFILE Page 16

CONSUMER PROFILE Page 17

PRODUCT CONCEPT Page 18

BRAND NAME & PACKAGING Page 19

DISTRIBUTION CHANNEL Page 20

PRICING STRATEGY Page 21

PROMOTION CONCEPT Page 22

EXTERNAL & INTERNAL FACTORS Page 23 - 24

SWOT ANALYSIS Page 25

CONCLUSION Page 26

APPEENDIX & REFRENCE Page 27

4

Tasty Fiji Co. is a Food Manufacturing establishment located in the Central of Fiji. TFC expects to catch the interest of a regular customer base with its variety of Tasty Coconut Syrup products. The company plans to build a strong market position in the town with this product from its overseas competitors

TFC aims to offer its products at a competitive price to meet the demand of the middle-to higher-income local market area residents and tourists.

The Company

TFC is incorporated in the state of Fiji. It is fully locally owned and managed by its owner Kakiaman. Tenunteweia.

Mr. Kakiaman. Tenunteweia has extensive experience in Marketing and Graphic Design and has worked in various known Food line companies. Mr Tenunteweia’s line of work brings experience in the area of Marketing and administration.

The company intends to hire 62 staffs for the manufacturing of the Tasty Coconut Syrup and to provide employment for the local farmers communities of Fiji.

Products and Services

TFC offers a broad range of Tasty Coconut Syrup products, all from high quality Fijian grown coconuts. TFC will aim to cater to all of its customers by providing each customer 8 Tasty Coconut Syrup flavors made to suit the customers needs, down to the smallest detail.

The Market

The retail for coffee industry in Fiji has recently experienced rapid growth. The Tropical climate in Fiji stimulates consumption of hot and cold beverages throughout the year. The same with bakery & restaurants in Fiji has increased in the years where customers has developed a easy way of getting breakfast and other meals.

TFC wants to establish a large regular customer base, and will therefore concentrate its business and marketing on local residents, which will be the dominant target market. This will establish a healthy, consistent revenue base to ensure stability of the business. In addition, tourist traffic is expected to comprise approximately have an impact on our revenues. High visibility and competitive products and service are critical to capture this segment of the market.

EXECUTIVE SUMMARY

5

EXECUTIVE SUMMARY

Mission

TFC aims to offer high quality, healthy, organic and Tasty Coconut Syrup products at a competitive price to meet the demand of the lower to higher income earners local market area residents and tourists.

Keys to SuccessKeys to success for TFC will include:

• Providing the highest quality product 100% Fijian• Quality & Friendly customer service• Providing variety of Tasty Coconut Syrup with flavors that will suit the customers

needs• Competitive pricing• Smooth Delivery

6

MATERIAL AND METHODS

Laptop & Work PC

This was basically used to type up the project and research on information needed to complete my research

Phone

My cellular phones were used to call friends and family to gather first hand data on our findings

Observations

• Internet was used to research information on the internet and conducted online surveys.

• Online Survey – we used this via the internet to ask questions to individuals who have tasted and used the product

• Interviews and customer feedback

7

INTRODUCTION

Tasty Fiji Co. is an emerging company trying to establish its name in its Tasty Coconut Syrup production in the market. Targeting all Fijians who love syrup sweetners over their breakfast, coffee, dessert and salad.

Operations and Location

TFC is planning to operate fully by January 2016. The company will operate from the Kalabu Tax Free Zone so one could gather that the price will be competitive in the local market.

The Company plans to produce diverse products of Coconut Syrup, so TFC will implement results from the research done by the company to produce an excellent healthy, Tasty Coconut Syrup.

Mission • We are nature’s carriers, delivering only the purest coconut syrup from the trees

to your table.• To provide opportunities for coconut farmers in another level• To serve a healthy syrup to every Fijian home.

8

TASTY COCONUT SYRUP EXTRACTION

Tasty Coconut Syrup is extracted from the sweet sap of our own local coconut tree in Fiji.

Coconut Syrup has been used by the Pacific Islanders such as Tuvalu which they call it Kaleve Faula, While the Gilbertese they call it Kamwaimwai. Its been used by the Pacific Islanders for decades as a sweetner to their drinks and used in their delicacies. Now we are at the 20th Century and TFC believe that this tradational food in a Tuvaluan home such as the Coconut Syrup is used in a drink sweetner instead of sugar, hot pancakes one of my favorites with coconut syrup spread over it , can be commercialised now for everyone that loves syrups & honey in their drinks or meal.

As time goes by and we are moving to the imported foods the Mordern families are having cereals, bread, cakes for breakfast, coconut syrup is an excellent compliment of jam, honey and other spreads.

Coconut Sap extraction

Coconut Syrup is made from the coconut sap exctracted from the cut flower buds of organically grown coconut trees as shown below

Coconut sap harvesters (tappers) literally go our on a limp and climb coconut tree 4x or more a day to harvest the coconut sap from cut flower buds of organically Fiji grown coconuts.

Imagegatheredfromgooglesearch

9

TASTY COCONUT SYRUP EXTRACTION

Coconut Syrup

Coconut Syrup is made from the sap that was extracted from the coconut flower buds. By means and methods of evaporation the Coconut syrup is archieved.

Tradational Evaporation

Modern EvaporationImagegatheredfromgooglesearch

Imagegatheredfromgooglesearch

10

TASTY COCONUT NUTRITION FACT

Nutrition Information

Ingredients: 100% concentrated coconut sapServing Size: 10g

Av per 100gEnergy (kj): 1290Protein (g): 0.4Carbohydrate (g): 75Sugars (g): 65Fat Total (g): 0.2Fat Saturated (g): 0Sodium (mg): 32Fibre (g): 0.2

11

OBJECTIVE

Tasty Fiji Co. is aiming to:

• Find opportunities in the market for coconut syrup

• Launch its new products

• Observe customers buying behavior

• Find our USP

• Determine product positioning

• Determine our pricing strategies

• To find out our customers feedback with the product we are going to develop.

• To develop local & overseas fruit flavors with base product of our own syrup

• Establish itself in the market

12

COMPANY STRUCTURE

Director

Finance Officer

4 bottling & packers

2 sales & Marketing personal

Distribution & Forklift

ProductionManager

2 Boilders & storeman

13

MARKET RESEARCH STRATEGIES

Qualitative Data

• Observing customers buying behavior

• Interviews

• Tasting of the syrup with drinks and food

• Observing the color & smell of the syrup

• Observing the placement of the product

Quantitative Data

• How much Syrup can we extract from 1Litre of Sap

• The correct boiling point for the Sap to obtain the tasty Syrup

• Tasting of the syrup with drinks and food

• Observing the color & smell of the syrup

• Observing the placement of the product

14

TARGET MARKET

1. Coffee ShopsDue to the increase in coffee lovers in Fiji, TCS finds its opportunity to be served at coffee outlets, introducing our own natural, organic, healthy syrup.

2. Mc DonaldsPancake & Ice cream lovers

3. RestaurantsChefs now can include our own local produced syrup, with a very reasonable price, it is very irresistable not to buy our Tasty Coconut Syrup.

4. Tuckers Ice-cream and privately ice-cream outletsResults from our survery we are able to observe that ice-cream is not only sold on a cone only but also with flavorings, now wouldn’t it be nice to have our own Tasty Coconut Syrup with your ice-cream.

5. Tourism IndustryTourism has increased through the years and what we gathered that most of them are very cautious with their meals, the upmost important thing they ensure is that it is healthy. Tasty Coconut Syrup is 100% pure natural from our own local grown coconut.

15

IDENTIFYING CONSUMER PURCHASE NEEDS AND BEHAVIOR

How do consumers make their buying decisions?

• Based on quality1. Tasty Coconut Syrup is exracted from our own locally grown coconuts and 100%

natural, from the tree to your tables.2. Little to no additives, no sugar or other persevatives

• Based on priceTCS is locally owned, advantage with our location and use of natural resources we are very affordable.

• Based on strong customer relationshipsTFC family will ensure that its customers are satisfied with its products and services to worth their time and money

• Based on designTFC is greatly inspired to experiment with natural way of packing the coconut syrup in dried coconut shells, but our designs strategies are focused to be convinient to our consumers, depending on our customers nature of business wether it is a retailer, coffee outlet, ice-cream sellers, restaurants or individuals.

16

COMPETITOR PROFILE CONSUMER PROFILE

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17

CONSUMER PROFILEQ

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to b

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en

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Yes

Yes

Yes

Yes

Yes

18

PRODUCT CONCEPT

Brand name

• We are Tasty Fiji Co and our product is Tasty Coconut Syrup. We will be instantly recognizable with its Fijian Tapa design and Coconut background packaging.

Packaging• The packaging in this case is the containers themselves. They will hold and protect

the TCS syrup well.• The containers will be made of recycled plastic & Glass bottle and will have screw

caps. They will be sold individually and also in pack of 8. When this is the case, only shrinkage would be used to bundle the 8 types of syrups together as they already fit. This will also be economically beneficial.

• It will take up less shelf space thus impressing retailers. It will save transportation costs too as they will be easier to fit in boxes.

Design• Value will be added to the product because of its distinct curved style.

Labeling• The labeling will carry the brand name, and the product’s name.

Augmented product• We provide refunds upon our faulty goods: terms and conditions applies

Delivery and credit • When bought from the web, it will be delivered to your house through EMS.

Buying from the store is explanatory. No credit will be given to the customers. Though depending on any awards systems of the retailers we sell our product too, the customers may get a price reduction or credit.

Product support:• Our website will answer a lot of the questions one may have about the product.

Product Flavors• We have 4 local & 4 Overseas flavors for our Tasty coconut syrup in our product

line. 1. Local flavors: Original, Guava, Mango and Pineapple.2. Overseas Flavor: Caramel, Vanila, Hazelnut & Raspberry

19

BRAND NAME & PACKAGING

Product branding and packaging decisions are very important decisions as in the present age of globalisation, a large number of brands of various products are available to the consumer to choose and select from. As all brands are not equally liked by a consumer and the selects the brand after a careful analysis of a number of factors associated not only with the product but also the manufacturer, the brand name, the packaging, the price, the contents and also the various other factors. Thus TFC packaging is able to derive their branding concerning the following factors:

1. Freshness2. Health benefits by promoting our organic product3. Recognisable labels that will help customers recognise and diffirentiate the product3. Local elements to depict our local market and promote Fiji4. appealing colors and elements to draw consumers to taste and quality.

20

DISTRIBUTION CHANNEL

A distribution channel is a set of independent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user. We will be using the following strategies for our Distribution channel to ensure that the cost and effeciency is not compromised.

Target Market Distribution:

TFC Consumer

Retailing Market Distribution:

TFC Retailer Consumer

21

PRICING STRATEGY

Amongst major pricing strategies, we will use Valu Based Pricing. A bottle of Tasty Coconut Syrup will cost $15.00. Pack of eight will cost $80

We’ll also use value added pricing. To achieve value to the syrup, our marketing efforts will be directed at convincing the customers that our Tasty coconut syrup is more pure and than the rest and 100% organic.

We will also educate the health beneficial compounds of pure coconut syrup. This added with our attractive packaging will add value to our product, enabling us to charge a slightly higher price than what is the usual for a bottle and a Pack of 8 in Fiji.

For new-product pricing, we’ll use market-skimming pricing. Tasty Coconut Syrup will be advertized as a product that has alot of impact on Fijian lives and also the health benefits it has on its consumers. Thus the newness will justify the high prices, and the market will be skimmed.

For product mix pricing, we’ll use product bundle pricing. The eight flavors or grades of syrup will be sold together as well as individually. When sold together, the prices will be a little cheaper to convince the consumers to buy them. This will get the sales going. A Pack of eight pack sized Tasty Coconut Syrup will be $80

Psychological pricing will also be used. Consumers regard higher priced products to have higher quality, and this will certainly work towards our advantage.

Promotional pricing will be used in special holidays. In keeping up the spirit discounts will be offered on those days. The product will be marketed as an excellent gift giving option. Especially the Pack of Eight Tasty Coconut Syrup.

Though this is digressing on to the field of occasional segmentation. The prices will be cheaper on Holidays. There will be discounts on every product on Tasty Coconut Syrup Holiday (Christmas & New Year Holiday).

22

PROMOTION CONCEPT

From the promotion mix we’ll be utilizing advertising and public relations.

AdvertisingAdvertise in our local and overseas magazines which features food recipe. Advertise on social networking sites of facebook, twitter, Viber, Google+ etc. Advertise in Cinemas, Television whereby there will be a family having breakfast scene where they use our product in their meal.

We will use persuasive advertising. This will help TFC geared towards building brand preference, encouraging consumers switching to our local, healthy and organic product and changing customer’s perception of product value.

Our advertising budget will be set by the objectived. The objective is to make our brand the premium Tasty Coconut Syrup brand in Fiji and potentially in the world. Thus the promotion costs will be around the range of $101610.80

Public RelationsUnder press relations or press agency TFC will ensure that a few articles are published on the FijiTimes & FijiSun newspaper in the shoppers section and in featured sections of their newspaper.

We will also set up interviews with our company staff, farmers, consumers talking about our new and excisting products and have these interviews broadcasted in business entrepreneur programs in Fiji One, FBC and also in YouTube channel.

Free Recipes Giveaways:TFC will also giveaway Recipes that includes our TCS product.

Public affairsOur bond with the local community will be encouraged through Health programs, International Food Festivals, Carnivals and other community activities. These social programs will enable us to gain the communities loyalty and trust.

23

EXTERNAL & INTERNAL FACTORS

Factors that might and will affect business if not managed are as follows:

Internal

AccountingMany of the decisions we make regarding the business depends on accurate financial reports. Even if the accountant is accurate, if we have limited data, such as from an annual budget, general ledger or bank statements, we won’t be able to set optimal price.

This is maintained by managing our overhead and production costs and maintain adequate cash flow, creating financial reporting system that includes profit-and-loss statements, an up-to-day balance sheet, receivables and payables reports, cash flow projections, debt tracking and budget variance analyses.

TechnologyThe more up-to-date our computers, software, phone systems, faxes and copy machines, the more efficient and productive our staff will be. Solicit input from our staff regarding what tools they feel will help them perform better. In addition to in keeping our employees to the latest technology, they are trained in using what we provide them. From time to time we will look at the equipment we use to make our product and determine if new machinery can help us manufacture quicker, with higher quality and at a low cost.

CapitalWe will ensure that there is adequate capital to run the business daily expense and if we find that we are running low we will have to cut back on marketing or take out costly loans to make payroll. We will constantly work with our financial manager to create internal controls that will help us maintain adequate working capital.

24

External

EconomyThe global economy is one of the biggest external factors that will, at some time, affect our business. Market fluctuations based on politics & currency devaluation.

WeatherFiji is a tropical Island with mostly affected by Natural disasters like Huricanne and Cyclones. This is one of the factors that afffects TFC, as our local farmers will loose farms and productivity surely will be affected.

Customer BaseOur target customer base may change suddenly or slowly over a period of time. The changing makeup of our neighborhood that attracts more consumers can affect our business. Thus we should be able to re-position to meet our consumers buying behavior and other changes.

EXTERNAL & INTERNAL FACTORS

25

SWOT ANALYSIS

Strengths1. Pure and organic product.2. Locally Farmed & produced3. Location of Business4. Creating employment for local farmers, increasing productivity and export market for Fiji

Weaknesses1. New company.

Opportunities1. Growing market in Fiji for Coffee outlets, Ice-cream lovers & Food outlets 2. Booming syrup market/high demand.3. Creating a whole new market/ taking advantage of our product’s exclusivity.

Threats1. Competition from other bigger companies.2. Natural disasters and climate change.

26

CONCLUSION

In conclusion at this point the company does have strong future prospects in the areas of profitability, liquidity or stability if it continues on its current path. The key areas in which TFC need to concentrate on are the the quantity and quality of the product, advertising the brand with effective medium.

27

APPEENDIX & REFRENCE

http://www.goodness.com.au/Organic-Coconut-Syrup-1L.html#full-desc

http://authoritynutrition.com/coconut-sugar/

http://www.coconutsyrupphilippines.com/makingofCoconutSyrup.html

http://www.torani.com/products/coconut-syrup

https://www.facebook.com/pages/Bad-Dog-Cafe-Fiji/262986849523

https://www.facebook.com/pages/The-Republic-of-Cappuccino/443436629029641

http://www.mayadhabafiji.com/assets/Menu

28

THE HEA

L TH Y

P UR E T AS TE O

F FIJI

TASTY FIJI Co.S I N C E 2 0 1 5

K a k i a m a n . T e n u n t e w e i aD i p l o m a i n M a r k e t i n g