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Veggie Fritters
When it comes to what the consumers eat, they are influenced not just by their personal
tastes, but also by their friends, food and diet trends, and the media. Veggie Fritters
offers a new delicious way to make vegetables appealing to the kids and also for adults
who doesn’t usually eat healthy foods. Veggie Fritters are cooked in the combination of
various vegetables and fried in low heat with egg yolk mixture plus herbs and spices to
make them tastier. Veggie Fritters comes with fried rice, which also has a selection of
sauces to dip them into. The founders of Veggie Fritters wanted to be sure that the
buyers or consumers will enjoy them to the fullest extent so they made three different
versions of their product.
The available fritters are:
1. Potato & Carrot
2. Kangkong & Squash
3. Malunggay & Corn
The sauces available for the said fritters are:
1. Avocado Yogurt Dip - Made with non-fat yogurt, garlic clove and avocado
2. Sun-Dried Tomato with Roasted Garlic Dip - Made with tomatoes, olive oil and
roasted garlic.
3. Charred Onion Dip - It is grilled onions combined with light sour cream and non-
fat yogurt. With this product, people can eat on a budget because it is affordable
both for students and adults. Veggie fritters only costs 70php but the consumers
may pay additional 10php for a glass of iced tea or lemonade and additional
10php for extra dip or sauce.
OUTSIDE-IN FEASIBILITY PROCEDURE- (PEST)
1. Political –
Factors Opportunities Threats StrategyRepublic Act No. 10611—An act to strengthen the food regulatory system in the country to protect consumer health and facilitate market access of local foods and food products, and for other purposes.
Assurance of the safety of the local foods and food products in the Philippines.
Most businesses might not be aware of this republic act and might not go further.
Publicize the rule for better safety toward the Filipinos
Republic Act No. 10611 Sec. 2 declares that the state shall protect and promote
the right to health of the people and instill health consciousness among them.
2. Socio-Demographic –
Factors Opportunities Threats Strategy
Generation Z, being the present generation, was surveyed by Nielsen Global Health and Wellness Survey (wherein they surveyed over 30,000 consumers in more than 60 countries) that, “41 percent of Generation Z stated that they would be willing to pay more for healthier products”.
Growth and profit opportunities for vegetable and health businesses
People’s consciousness on fried products (finished products)
Use of olive oil
According to Kris Gunnars, a nutrition researcher, in his article in authority
nutrition mentioned that olive oil is extremely healthy. It is the best cooking oil to
use for those who are health conscious. It is the “default” healthy fat loaded with
beneficial fatty acids and powerful antioxidants. Olive oil has also been a dietary
staple for some of the world’s healthiest populations. Olive oil is an excellent
choice for cooking, even for high heat methods like frying. Olive oil contains
mostly monounsaturated fatty acids with one double bond. As it turns out, having
one double bond in the fatty acid molecule is not a bad thing. It’s only the
polyunsaturated fatty acids (like those in soybean and canola oils) that are
harmful. Olive oil contains vitamin E and many powerful antioxidants. These
substances protect the oil from damage during high heat cooking. Many studies
have exposed olive oil to high heat for long periods of time. Even under such
extreme conditions, the olive oil does not form significant amounts of harmful
compounds
3. Technological -
Factors Opportunities Threats StrategyPortable gadgets used for cooking.
Lessen time strain expensive cost of purchase, installation, replacement and insurance
Limitation of use
Social Media can make marketing
advertising easier.
Personal Connections and brand recognition
Leaked business data
Maintain good business
impression; work ethics
According to simplyzesty, a website that conducted observations in 7 different
business industries, which includes car manufacturing companies, modern
technology are also the ones transforming the kitchen & making us all like chefs.
According to hubspot, a website that conducted a study for social media in
modern business, social media can be used for advertising as a great tactic to
use to supplement your other inbound marketing efforts.
4. Economical-
Factors Opportunities Threats Strategy
Philippines having 6,299 establishments with a total employment of 20 and over engaged in accommodation and
Chances to enter and exit at the same time to the business industry.
Enormous range of competitors.
Develop and grow the ones needed for the product
food services.A total of 258, 102 workers were employed in Accommodation and Food Service Activities section.
High productivity in food service activities.
Low chance of employment
Build better background reputation of one’s self.
According to the census of Philippine Business and Industry, 6,299
establishments with a total employment of 20 and over engaged in
accommodation and food services.
258, 102 workers were employed in Accommodation and Food Service Activities
section.
PORTERS FIVE FORCES MODEL
Factors Opportunities Threats StrategiesThreat of new
entrants Low threat Capital
requirement is high
Product differentiation in the industry is high for new entrants can easily create a new and differentiated product appearance, presentation, taste, and even image
Difficult for the entrants to enter in coffee business because of large amount of capital to start the business
New entrants can easily create product differentiation strategy
Preemptive deterrence (creation of strong brand loyalty, strong market visibility, special benefits or promotions, )
Threat of substitute High threat Consider other
healthy foods and beverages
High threat of substitution including those healthy foods and beverages offered
Product development
Customer Value
such as fruitas, teas, salads etc. Filipinos can easily substitute their product in a more practical way
in a much more affordable price
Bargaining power of suppliers
Due to many available suppliers of vegetables, buyers can easily switch from one supply to another (or free to choose)
Profitability reduction
Maintaining supplier relations
Bargaining power of consumers
A growing affluent middle class and higher purchasing power has led to a change in consumer tastes towards more unique and high end-brand concepts.
Consumers has high bargaining
power and they can easily switch brands
Quality products and better customer
service
Competitive rivalry promotions
Target Market
DEMOGRAPHICS
The proprietors are targeting to establish their stall within the LRT2 Recto station
wherein the target markets are the adolescents which can be students and workers who
uses LRT for daily errands.
PYSCHOGRAPHIC
Adolescents and adults are now turning to be more vegetarian and, hence,
turning to have healthy lifestyles and wanting to eat healthy foods. Among all of the
generations, Generation Z (1995-2012) is the one who are most health-centric group of
consumers. In fact, according to Nielsen Global Health and Wellness Survey (wherein
they surveyed over 30,000 consumers in more than 60 countries) that, “41 percent of
Generation Z stated that they would be willing to pay more for healthier products” while
for Generation Y (1977-1994), 32%. With this, it would be the great time to introduce the
Veggie Fritters to the public for it is now becoming the new trend for the generation.
The Academy of Nutrition and Dietetics states that vegetarians and vegans enjoy
a lower risk of death from ischemic heart disease, lower blood cholesterol levels, lower
blood pressure, lower rates of hypertension and type 2 diabetes, and lower body mass
indexes, as well as lower overall cancer rates. The ADA concludes that vegetarian or
vegan diets “are healthful, nutritionally adequate, and may provide health benefits in the
prevention and treatment of certain diseases.
According to Kris Gunnars, a nutrition researcher, in his article in authority
nutrition mentioned that olive oil is extremely healthy. It is the best cooking oil to use for
those who are health conscious. It is the “default” healthy fat loaded with beneficial fatty
acids and powerful antioxidants. Olive oil has also been a dietary staple for some of the
world’s healthiest populations. Olive oil is an excellent choice for cooking, even for high
heat methods like frying. Olive oil contains mostly monounsaturated fatty acids with one
double bond. As it turns out, having one double bond in the fatty acid molecule is not a
bad thing. It’s only the polyunsaturated fatty acids (like those in soybean and canola
oils) that are harmful. Olive oil contains vitamin E and many powerful antioxidants.
These substances protect the oil from damage during high heat cooking. Many studies
have exposed olive oil to high heat for long periods of time. Even under such extreme
conditions, the olive oil does not form significant amounts of harmful compounds
NICHE MARKET
1. Vegetable lovers
2. Filipinos with healthy lifestyle
3. Parents who are convincing their child to eat healthy foods
4. Customers who don’t have enough budgets to eat in a more expensive
restaurant that offers vegetable fritters (example: Tokyo-tokyo)
Awareness Target Conversion Rate Projected
Advertising strategy
Free taste personal
connections leaflets and
posters
800 40% 320
Sales Strategy Get free
onion rings or potato twist for students just present Identification Card.
500 60% 300
Projected Sales: 300 x 80.00php = 24, 000php
COMPETITORS CHECK
Competitors Product Place Price Promotion
1. Edgy Veggie
Rice Meals Makati Rice Meals220-370 php
Advertising
Example:a. Mushroom
burger patties, topped with onion gravy and pumpkin spice vegetable rice.
b. Pan-seared tofu with applesauce mushroom bulgogi, spicy bibimbap style vegetable rice and kimchi.
Cold Drinks
Example:a. Calamansi Juiceb. Malunggay Juice
Cold Drinks100-125 php
- Through internet (blogs, facebook page and official website)
- Brochures and Leaflets.
- Newspaper Ads
2. Tokyo-Tokyo
Rice Meals
Example:a. Prawn & Veggie
Tempurab. Chicken &
Veggiec. Beef & Veggied. Pork & Veggie
SM Malls
University Belt
Ala Carte115-265php
Bento Upgrade (with drinks and California Maki)170-320php
Advertising
- TV Commercial
- Through internet (blogs, facebook page and official website)
- Newspaper Ads
- Brochures and Leaflets
MARKETING SURVEY
All of the 19 respondents surveyed were students having the age of 20
represented by 42.1%
Out of 19 respondents, 8 or 44.4% of them says that they eat
vegetables followed by neutral having 7 or 38.9%. Respondents also
answered the same on their willingness to buy vegetable food products
However, larger number of respondents answered that they find
vegetables delicious garnering 10 or 55.6%. More of the respondents
answered that they prefer to eat in food chains offering healthier
products having 12 or 70.6% on the scale.
The next questions are only to supplement our data in the outside-in
Analysis or PEST analysis. 9 out of 19 say that employees engaged in
food services have a better chance of entering and exiting the
business industry. On the other hand, 8 or 44% out of 19 respondents
says that advancement in technology really makes a difference in the
food industry.
As part of our 4 p’s analysis of promotion, a significant finding in here
is that consumers are really into the new products of a business. Based
on the survey, 50% or 9 out of the 19 respondents answered that they
always prefer if a company will inform them of new products and
promotions
Next is that customers are inclined with the special offers a food chain
would make available for them. 8 or 47.1% of our 19 respondents
answered that they eat in food chains because of its special offers
followed by ‘always’ garnering 5 or 29.4%.
The next answer of the respondents in terms of availing completing
loyalty cards is diversified. Neutral and always having the same results
(5 or 27.8% out of 19 respondents). This only means that not all
customers are inclined to loyalty cards.
The existence of social media sites is a very important means of
connections in businesses. 10 out of 19 respondents answered social
media sites in terms of knowing a new product having 55.6%
How often do you eat beside LRT Recto station?
As part of our 4 p’s analysis of place, 8 out of 19 respondents
answered that they always prefer to eat beside LRT Recto station
having 47.1% followed by ‘sometimes’ having 7 or 41.2%
Out of 19 respondents, 7 answered that they eat in food chains only
because they got inclined with its store design. This only means that
having a clean environment and store design is also a factor to have
customers attracted even if not for the food.
As part of our 4 p’s analysis of price, 7 out of 19 respondents answered
200-250 as their allowance followed by 300-500php having 33.1%
With the kind of allowance the respondents have, they are usually
willing to spend 100-150 for a food followed by 50-100php having
44.4%
It is significant to note that the respondents always eat in food chains
which offer food in affordable prices but on the other half, they are
willing to pay more for healthier products. This can be a great
supplement for this business plan and our Outside-in feasibility
because we offer our product at 80php per rice with veggie toppings.
All of the respondents are willing to try out a new product which is an
important data we need to know for our business plan. On the other
hand, the additional last two questions is to supplement our data in
making up website online in which customers may order online and
have it delivered to them; cash on delivery. 4 being the highest,
garnering 6 or 33% out of 19 respondents says that they buy food
online while 16 out of 19 respondents want convenience with the food
stating that they want their food be delivered to them, having 88.9%