Part I alltogether.docx
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Part I alltogether.docx
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PartIalltogether
I.BusinessDescription
TurontasticBitesisengagedinafoodprocessingbusinessthattransformsbananaasitsmainingredientintoasweetandcrunchybananaspringrollsaccompaniedbyacreamypeanuttoffeesauce.TurontasticBitesisaninnovationoftheFilipinodelicacyturonwhereinthenormalturonisproducedinaone-bitesizethatcomesindifferentflavors.Theflavorsinclude:
cheese,ube,ham,caramelizedcoconutandlangka.Thebusinessisnotlimitedinofferingturonbitesbutwillalsoprovidevariousbeveragesthatwillsurelyquenchthethirstofthecustomers.
TurontasticBitesisinspiredbytheideathatmostturoncustomersarehesitantinbuyingthecommoditybecauseofitssizeandtheinconvenienceofeatingit;butnow,withtheinnovationthatisofferedbythebusiness,thecustomerswouldhaveintheirhandsthechoiceinwhatquantitytheyprefertopurchaseandbenottroubledbyeatingtheproduct.Aswell,thebusinessaimsforthepreservationoftheFilipinodessertbyintroducinganewerandbetterversionofturonwithoutremovingtherealessenceofthefood.Inaddition,thebusinessisaswellaimsthatitstargetberemindedoftheFilipinodessertorlateafternoonsnack.
Themainproductisasweetbananaspringroll,wherethecooking-typebananawiththedifferentaccompanyingflavorsarerolledonaneggrollwrapperandfriedcrispywithsugarglaze.Thecookingprocessisdonebyfirst
(1)separatingthespringrollwrappersarrangeyourplatesinsequence:
slicedbanana,sugarandaccompanyingaddedflavor.
(2)Laythewrapper,dipthebananainsugarandputononeendofthewrapper,layasliceofjackfruitontop.(3)Foldstartingattheendofthewrapperwiththefilling,foldthe2sidesin,andthenrolluptotheend.Sealtheendwithwater.(4)Heatuptheoilinmediumheatandfrytheturonwiththesealedendsidedownfirst(tokeepitsealed).Cookuntilslightlybrownedandflip.(5)Frytheotherside,andonceslightlybrowned,sprinklesugar(1tablespoonperroll)ontotheoiltocaramelizeandglazethefriedroll.(6)Cookuntilgoldenbrown.
Thebusinesswillbeopentothemarketviafoodstalls.Sincethebusinessisstartingfromthebottom,thebusinesswouldinitiallyofferitsproductsthroughthemostconvenientwaythroughestablishingafoodstallmakingitaswellclosertothemarket.Aswell,thebusinessexpectsavarietyofcustomersandtosuccessfullyreachthesevariouscustomers,foodstallsthatareabletomovefromoneplacetoanotherisnecessarytosuccessfullywintheheartsofthecustomersinawidermarketsegment.Itshouldalsobenotedthatthebusinessishome-basedmeaning,theproductsaremadebeforehandandthefinalprocessistheonlythingdoneinthefoodstallitself.
Thelogoofthebusinessprovidesananimatedimageofabananawearingcapesasifitwereahero.ThereasonforsuchistostaytruewithoneofthemissionsofthebusinessandthatistosavetheFilipinodessertorlateafternoonsnackfrombeingforgottenspeciallythattherearealotofrisingforeignproductsthattendtoburyourlocaldelicaciesinthefoodprocessingbusiness.
Theproductwillbeinitiallyofferedtothemarketwithapriceragingfromthreepesostofourpesosconsideringthecostsdirectlyrelatedtotheproductionoftheproductaswellasthefixedcoststhatwillbeincurredthroughouttheproductionprocess.ThebusinesssiteislocatedintheUniversityofBaguio,FBuildingalongsidewiththeotherstallsinthefoodcourtfoundinthebuilding.
II.BusinessIndustry
Foodstallsaresmall,mobilefoodserviceproviderscharacterizedbyaverylimitedproductofferingandbylowprices.Includesstreethawkersandlargerbrandedcomplexes,forexampleinAsia-Pacific.Alsoincludeskiosksandcartslocatedexternallyorinternallylikethoseinshoppingmalls.
KioskshavebeenaroundinthePhilippinesforquitesometime.Fromyourfriendlyneighborhoodfishballcartstotheendlessstallsyouseeinmallsandtrainstations,thesequicksnackpeddlershavefilledmanyhungrytummiesonthego.Theysatisfyyourcravingforthelatestmilkteadrinkortheclassic bibingka (aspongycakemadewithriceflour)atacheapprice,withoutthesalmonellarisk.Thefoodcartsbeganasamoneymakingfranchise,abusinessfadofsorts.We’veseen,however,thatthey’reheretostay.Andwhilemostofthemstillofferrunofthemillfood,anewgenerationofcartsisnowontherise.Thesemealsonwheelsarenowcomingfullcircle,offeringsomethingforeveryone.Theycontinuetosatisfytheirregularswiththefamiliar,whilepiquingeveryoneelse(Goco,2013).TheindustrydealingwithkioskshadbeenlongpresentintheFilipinofoodbusinessventures.Fromthenon,variousdevelopmentshadhappenedthatincludesofferingfranchisesandaswelldevelopingfoodcartswhoseideawasmodeledtothatoffoodstalls.
IndustryestimatesthatmorethanP1billioninsalesisturnedovereveryyearfromthefoodcartbusinesses.Withthisamount,nodoubtthatFoodCartisthehotbusinessinthemarket(FCL,2012).Smallcapital,easyset-upandagoodchanceofsuccessarejustsomeofthereasonwhyFoodCartBusinessisthrivinginthePhilippines.Ifyouwilllookatthemarkettrendtoday,Foodcartbusinessisthechoiceofmostaspiringentrepreneurs.
AmobilefoodcartisabusinesswhereyoucanstartonlowcapitalrangingfromP30,000toamaximumofP300,000.Butitcouldbealittlelowerthough,dependingonhowyouwillputitup—byfranchiseoronyourown.SomecompaniesofferfoodcartfranchiseforaslowasP10,000perpackagethatincludes,thecart,product,uniformforthecrewandtraining.
Overthelastfewyears,foodservicecartshavesproutedalloverthemetro—fromMRTandLRTstation,malls,sidewalks,church,schools,marketsetc.-nameitandforsure,you’llfindafoodcartthere.Today,thereareabout800differentfoodcartformatsavailableinthemarket–pizza,waffle,fishball,siomai,ricetoppings,andbakedgoodies,riceinabox,hotdogandalotmore.
A.Trends
Streetstalls/kiosksremainedrelativelypopularandrecordedmoderatevaluegrowthin2012.Salesinthischannelroseby4%whiletheentirecategoryreachedPs82.3billion.Streetstalls/kiosks’affordablefooditemsgainthepatronageofon-the-gobudget-consciouscustomers.Thenewvarietyofsnackitemsandmealsofferedbyoperatorskeepscustomersexcited,providesmorealternativesandstimulatesdemand.Thevibranteconomicperformanceinthecountrycontinuedtoboostpurchasingpoweramongmiddle-incomeconsumers,whichhelpedinsustainingdemandforstreetstalls/kiosksproducts.
B.CompetitiveLandscape
Withmostchainedbrandsownedbysmallerfranchisees,variousfranchiseesheld5%oftotalvaluesalesinstreetstalls/kiosksin2012.RamcarInc,theoperatorofMisterDonutinthePhilippines,isthelargestchainedplayerinstreetstalls/kiosks.During2012,thebusinessorganisation’ssalesfromitsMisterDonutstallsreachedPs4.2billion,andthecompanyhad5%oftotalvaluesales.OtherimportantbrandsincludeBurgerMachine,Smokey’s,TenderJuicyHotdogandZagu.
C.Prospects
AfterrecordingnegativeconstantvaluesalesCAGRoverthereviewperiod,streetstalls/kiosksfacebrighterprospects.ItsconstantvaluesalesCAGRovertheforecastperiodisexpectedtohit2%.Theoperationofstreetstalls/kioskswillbesupportedbythelargenumberoflower-andmiddle-incomeconsumerswhogravitatetowardsmoreaffordableandhighlyaccessiblealternatives.Theemergenceofnewconceptsandnewproductsamongchainedplayersisexpectedtostirinterestandencouragepurchasesfrommorecustomers.
III.SWOTAnalysis
A.Strengths
∙Thelocationofthebusinessisaccessibleenoughtomeetourtargetmarket.
∙Thekioskhasitsuniquecharacteristicsintermsoffoodsbeingofferedandotherfeaturesbeingpresented
∙TurontasticBiteswillprovidealternativefoodsforthosewhowanttobeaspendthrift
∙Itprovidesmoderncommunicationtoolsincludingprintadsandwebsitethatwillenabletobuildaconnectionbetweenthebusinessandthecustomers
∙TransferablebusinessmodelasaresultofsimilaritiesintrendsandtheUScultureofstreetstylefoodvending.Abilitytocapitalizeonbrandandconceptwithexpansionthroughfranchiseandothermarketsegments
B.Weaknesses
∙Maintenanceofspecialfeaturesofthestoreisquitecostly.
∙Defendabilityofconceptasthefoodproductscannotbepatented;thisneedstobeaddressedbybuildingstrongbrandawarenessandestablishingcopyrightontotalqualitysystem.Focusalsoonrapidgrowthandsecuringprimesitesintargetmarkets.
C.Opportunity
∙Thepriceinthemarketofthemainingredientusedintheproductisstableandisusuallynotaffectedbyanyeconomicdisturbances.
∙Lowrestrictiontomovingkiosksoperatinghourswhichmeanstherecanbediversityofvenuesandaccesstoaverydiversetargetcustomergroup
D.Threats
∙Well-knownkioskswithinthesamevicinitywillbethegreatcompetitorsofthebusiness.
∙Thebusinesswillbenewinthemarket,itmayeasilyhavegoodmarketstandingbutitmayencounterdifficultyintermsofsustainingdemandofthecustomersthatmayleadtoitssaturationpointordecliningstage.
∙Theperceptionofsomethatstreetfoodsareunhealthyandunsafe
∙Localgovernmentregulationsinrelationtostreetvendorsmeanspermitssecuredhaveminimumlifeperiod,howeverchangeinthisareaisslow
∙VulnerabilitytoimitationproductsfromcompetitorswillbereducedthroughrapiddevelopmentofTurontasticBitesproductsandbrand.
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