Feasibility study Essay

Sometimes a full-scale study cannot be justified because there are too many unknowns, or because a critical piece of information is lacking. In such circumstances a feasibility study may be warranted. A feasibility study is undertaken before the real work to determine whether to proceed with a project and decide the best approach to adopt. Feasibility studies can be extremely important in reducing uncertainties for planning the definitive study, and often provide reassurance to funding bodies that the work has been thoroughly thought through.s Our business Queen Pitahaya Fruit Shake (Dragon Fruit) bears the vision of providing fun, deliciously appetizing, uniquely enchanting food and beverage products while maintaining our commitment to uncompromised quality at economical rates with a heartening purpose to cater to society’s needs, taste and preferences: rather than simply convincing our customers to try and like whatever products we develop. Dragon fruit contains much health benefit and uses, that is why we develop something that will really help customers satisfied their needs and wants. Queen Pitahaya Fruit Shake keeps our body healthy, inside and out. Developing a new product for the public is never an easy undertaking. The number of new products that actually make it is insignificant to the total numbers that are actually produced. We as a student believe we have found one of those products that will make an impact and ultimately be successful is a shake. The healthy shake will provide our customers with an almost endless amount of healthy alternatives to the other drinks. This information will provide sales, costs, profits, market, competitors, distribution, and the macro environment balance. The healthy fruit shake will promise you customers to provide the quality, reasonably priced product in industry. We aim for continuously generate awareness, interest and desire for our product, resulting in frequent purchases by the customers. II. INTRODUCTION A. Background of the Study Dragon Fruit Shake has a delightful and pretty mild taste, not too sweet but just perfect to appeal with the consumers taste buds. It is made from fresh dragon fruits, non fat milk, and green stevia. Our product will offer numerous health benefits that are good for the body and will cater the ever increasing demand for a healthy food and beverage choice, diets and losing weight. Dragon fruit are among the many wonder fruits that are said to provide multiple health benefits and include a whole array of nutrients, vitamins, fiber and anti-oxidants. It is best for all diets because it has low calories and is rich in fiber that can help avoid constipation, improve your digestive health and help you reduce weight naturally without health risk. Others call this as a super food due to its powerful healing properties. Non-fat milk which is also one of the ingredients of the product offers the goodness of milk but minus the fat, which makes it an easy addition to one’s balanced diet. It gives nutrition to those who put importance to managing to control their weight and staying fit. We use green stevia as a sweetener. It is an all-natural food supplement that is said to be 300 times sweeter than ordinary sugar. Proven by experts, green stevia has zero calories, zero fats, zero sodium and zero cholesterol. B. Name of the Enterprise The name of the enterprise is one of the most important things that are needed in the business. QUEEN PITAHAYA FRUIT SHAKE is the primary name of the business. PITAHAYA originated from the word Hylocereus undatus commonly known as dragon fruit is among the most nutritious and wonderful exotic fruits. Hylocereus undatus is one of the most popular and cultivated cacti species of the genus Hylocereus, especially for the fruit industry while we choose the name QUEEN because the 4 partners in the business are all girls. We create this kind of name in our business because it’s easy to memorize or to familiarize by the customers, its unique name and it’s our way to attract them and it could be a trademark for quality products. C. Statement of the Problem These days, consumers are considered as the king of the market. Their needs and demand varies from time to time because of the changes in technology, fashion, tastes, behavior and lifestyle. Consumers of today are becoming more conscious about their health so as to manage health related concerns, thus consumers demand for a healthy food choice, diets and losing weight. D. Objectives of the Study Stated below are the lists of objectives that this study is contemplating on pursuing. 1. To offer a healthy beverage that satisfies the fast changing consumer preferences for a shake drink. 2. To be able to earn profit 3. To gain market share III. MARKETING PLAN A. Analysis of the Customer Environment There are groups of customers for our Dragon Fruit Shake and the needs are different from segment to segment. It is primarily focused on segments including Kids, Adults, Health Conscious, and the Youth market. The table shows the segments for Dragon Fruit Shake. Not a child yet not an adult Possibly wanting to drink what adults drink but without the adult taste Intense competition with both direct and indirect competitors Unbounded changing of customers demand and preferences E. Marketing Mix Product Dragon Fruit Shake is made from pure, fresh and naturally grown dragon fruits. We do not use artificial sweetener but rather an all- natural sugar substitute. It has a delicious, creamy, delightful taste. Each cup of our shake offers a lot of health benefits for our customers at an affordable price thus, making their money worth spending on. Place Dragon fruit shake will be having its first store at food court of SM Dasmarià ±as. We will not place our store at roadside locations as we promote healthy beverage and we don’t want our product to be exposed on different toxins and smoke coming from the vehicles. We will operate on a safe and clean environment. Price The business will use the Cost-plus pricing strategy to calculate for the price of dragon fruit shake. The price will be set based on the production cost, including both direct and indirect cost at our projected sales volume, and our standard mark-up. Our product is competitively priced and is very affordable for consumers to buy. Taking into account the extreme health benefits our product can offer, we are very sure that their money will be worth spending on consuming our product and making it as a staple on their healthy diet. Projected market price for Dragon fruit shake will start at: P 26 for small; Sales Promotion In- store Sampling – will be conducting sampling program at SM Dasmarinas supermarket and at the same time, giving away fliers and encouraging them to visit and try to buy the product at the store located at the foodcourt. Exposition/ Trade fair – join trade fairs to increase awareness of the existence of our business. This would also give us the chance to showcase the goodness of our product. We will have free taste of our product and we will also sell our product if people would love to buy. We will also have the chance to be seen and known by a lot of bloggers. Public Relation Social Media – integration to social media can create dynamic, measurable ways to engage the community and drive bottom-line results. We will create fan pages on websites, such as Facebook, to start marketing our product online. Often post interesting information about our product, entertaining stories, comments to continually draw interest from consumers. Place ads on Facebook to attract even more consumers to our fan page. We could also have fun games, surveys, contests and customer testimonials. Direct Marketing (For future Direct Marketing efforts) Television, newspapers and magazines will be use to advertise our product. Our existence as well as the health benefits of the product will be the main focus of the advertisement. Television Shows – catering sponsorship on Television Health Shows like Salamat Dok Newspaper – advertisement on newspapers like Philippine Daily Inquirer and Manila Bulletin will increase people’s awareness especially the professionals Magazine – advertisement on magazines like Women’s health and Men’s health is directly targeted towards the health conscious market. We will also have advertisement on Candy Magazine. This will be directly targeted towards the Youth market. All this direct marketing efforts can generate awareness and induce them to try and purchase or product. Feedback from Customers The Dragon Fruit Shake will be operated by 4 persons as partners. Dragon Fruit Shake was a partnership business accounted as limited firm and owned by the following persons: Ma. Fe Victoria N. Alano, Dyann Bucaling, Sharmaine Lyka P. Vecino, and Melody M. Ramos. The business started with a capital amounted to 100,000.00 having equal contributions from the owners. E. Organizational Structure The figure has shown the organizational structure of Dragon Fruit Shake which composes an Operational Manager, Bookkeeper Personnel, Marketing Personnel, and Financial Analyst which all of them contributed to the company. Operational Manager – is an area of management concerned with overseeing, designing, and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed, and effective in terms of meeting customer requirements. It is concerned with managing the process that converts inputs (in the forms of materials, labor, and energy) into outputs (in the form of goods and/or services). Bookkeeper – in the context of a business is simply the recording of financial transactions. Transactions include purchases, sales, receipts and payments by an individual or organization. Many individuals mistakenly consider bookkeeping and accounting to be the same thing. This confusion is understandable because the accounting process includes the bookkeeping function, but is just one part of the accounting process. Cashier – the officer of a bank or business concern in charge of paying and receiving money and handles cash transactions with customers. Sales Personnel – refers to those who work as part of the sales team either in a retail store, call center or individually from home. Sales personnel are employed to sell to other businesses or to individual consumers. Working in sales can be demanding or stressful, as much of the role involves working toward sales targets. Sources of Literature www.pinoybusiness.com/food-business/starting-a-fruit-juice-and-shake-business/ www.quennsland.qld.gov.au/industry/food/food-innovation/innovative-food-beverage-products/healthy-foods-biodegradable-packaging www.tutor2u.net/business/marketing/pricing_cost-plus.asp bizfinance.about.com/od/pricingyourproduct/a/Pricing-your-product-using-mark-up.htm kimberlysnyder.net/blog/2013/01/08/superfruit casaveneracion.com/dragon-fruit-shake/ prezi.com/k9oj8jyers1/feasibility-study/ www.greenstevia.com.ph thenutritionguruandthechef.wordpress.com/2012/05/13 www.cookinglight.com www.fruitasgroup.com www.cavite.go.ph/home/index.php/investment/cost-of-doing-business/minimum-wage Belch (2003). Advertising and Promotions. The McGraw-Hill Companies Kotler et.al (1999). Principles of Marketing. New Jersey, USA. Prentice hall