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Ten strategies for top management Essay

II. BUSINESS DESCRIPTION
A. Legal name and Form of Business
Every business must first undergo in due processes and register to the different sector of government agencies to ensure its legality. The AMANST Enterprise is registered and tested at Food and Drugs Administration (FDA) and other certificates of operations at Securities and Exchange Commission (SEC) that is required to its operation. It is a form of Partnership business, particularly the General partnership composed of five proponents in which everyone has an obligation in the business. Each partner shares in the admistration, profits and losses of the operation.

The AMANST Enterprise offers a product which is Prime Veggie Balls. The Enterprise derived its name because “Prime” means top, quality and first class and “Veggie Balls” came from vegetable balls. Prime Veggie Balls differs itself from the rest of its kind because it is natural product made of malunggay leaves, potato and squash and no artificial seasoning ingredients.

B. Mission Statement/Objective

Vision
AMANST Enterprise aims to be the top manufacturer of Veggie Balls in the industry through the totality of nutritious products.

Mission
To constantly communicate high quality and superior products to the best number of customer throughout a team single-minded with the spirit of good governance and dedicated to enriching the food, health and wellness industry.

C. Names of Top Management
The AMANST Enterprise has a centralized control of top management and these are the people standing as proponents of the study- Novelyn Agabon, Joecelyn Marfe, Wences Jhun Nuguit, Joy Marie Santiago and Lorenzo Tabios, Jr.

D. Location and Geographical Information
The AMANST Enterprise is located at Bagbaguin, Sta. Maria, Bulacan. Transportation of supplies will not be hindered since the area is covered by national roads connecting cities and provinces. Since Sta. Maria is considered as partly industrialized due to different business establishments operating within the locality, skilled persons are easy to find. AMANST will also be distributed to two different stalls located in Bulacan.

E. Development Stage
GANTT CHART
ACTIVITIES
MONTH

1
2
3
4
5
6
7
8
9
10
11
12
Registration of the business
Acquisition of utensils and equipments
Product research and development
Acquisition of Human Resource
Training and orientation
Acquisition of raw materials and other supplies
Start of the Business Operation

T

The table above shows the projected timetable status of AMANST Enterprise in its initial year of production. The first month of the business will be for its registration to the different government sectors. The second month is for the acquisition of the utensils and equipments as well as product research and development to the further increase knowledge. F. Trademarks, Copyrights and Other Legal Issues

This product shall protect by patent law section II: stated that…. an effective intellectual and industrial property system is vital to the development of domestic and creative activity; facilities transfer of technology, attracts foreign investments and ensures market access for our products. It shall protect and secure the exclusive rights of scientists, investors, artists and other gifted citizens to their intellectual property and creations, particularly when beneficial to the people, for such as provided in this act.

G. Product
The Prime Veggie Balls is a developed type of balls food that provide wide range of products in different advantages in terms of vegetables, veggie balls is combination of malunggay, potatoes, and squash. One distinction of Prime Veggie Balls is it has a product line of vegetable ingredients which is uncommon to balls products offered in the market. But aside from that, Prime Veggie Balls makes different from the rest is that it is made up of natural vegetables from different provinces and no preservatives added. The
common snack balls food is turned into healthier and more nutritious snacks for everyone.

H. Speciality Business Information
Prime Veggie Balls specializes in the nutritious snack for everyone. It is essentially made for everyone since it is safe to eat even by pregnant women. The Boiled potatoes are naturally rich in vitamins and minerals, particularly potassium, phosphorus, B-complex vitamins and vitamin C. It is also has a low calories and fat, and high fiber content helps feel full. The malunggay is also helps to strengthen the immune system, and restores skin condition, control blood pressure and also relieves headache and migraine. Almost one hundred studies have been conducted by health organization that the ingredients proved the safety and natural product of Prime Veggie Balls.

I. Financial Status
a. Mode Financing- the ultimate sources of funds for the project will be its Five Proponents (Novelyn O. Agabon, Joecelyn B. Marfe, Wences Jhun M. Nuguit, Joy Marie Ds. Santiago, Lorenzo B. Tabios, Jr) each is expected to invest Php 200,000 as initial working capital which in all is amounting to Php 1,000,000.

b. The initial working capital of Php1,000,000 is enough to make the project its first and succeeding years in the business world. The funds were allocated in the registration of the business, purchasing of the ingredients, other supplies utensils, equipment, utilities expense and payment of salaries.

IV. THE TARGET MARKET
As a small newly open business, The AMANST Enterprise goal is to provide customers with the products that fulfill their needs, wants and expectations based on the research gather regarding the particular target market. Through research, the company comes up with a list of segmentation in terms of demographic, geographic, purchasing pattern, buying sensitivities and size and trends of market.

A. Demographic and Geographic
DEMOGRAPHIC
Category
Primary Target Market
Secondary Target Market
Age Range
10-19, 20-39
50-65+
Gender
Male, Female
Male, Female
Family Size
1-2,3-4
5+
Family Life Cycle
Young, Single, Married w or w/out children
Young, Single, Married w or w/out children
Income Range
Under Php 3,000
Higher than 5,000
Occupation
Student, Teachers, Employee, Professionals
Students, Professionals, Managers, Proprietors; and Supervisors Education
Grade school or less; High school; College; Higher Degree
Grade school or less; High school; College; Higher Degree
Religion
Not Particular
Not Particular
Race
Filipino Citizens
Any
Nationality
Filipino
Other nationality

The Primary Target Market of Prime Veggie Balls all Filipino citizen, males and females, teenagers and adults alike with an age range of 10 years old and above, may they be single or married with or without children, coming from any level of the societal hierarchy, living in vicinity of Bulacan, who are willing to try and buy the product because of its innovative and healthy feature that the product can offer. GEOGRAPHIC

Category
Primary Target Market
Secondary Target Market
Area Served
Bulacan
Other provinces and cities at Central Luzon
Density
Urban
Suburban
Nature of Location
Schools,Malls,Centres,Town
Schools,Malls,Centres,town
Climate Condition
Tropical
Tropical

PSYCHOGRAPHIC
Category
Primary Target Market
Secondary Target Market
Social Class
Upper lowers; Working class; Middle class; Upper middles; Lower uppers; Upper uppers Lower lowers; Upper lowers; Working class; Middle class; Upper middles; Lower uppers; Upper uppers Personality and Lifestyle

Health conscious, Smart consumer, Socially responsible
Health conscious, Smart consumer, Family-oriented Socially responsible

Based on the evaluation, the psychographics of the target market characterize the way they percept, need and want the product.

C. Purchasing Patterns

PURCHASING PATTERN
Purchasing Habits
Consumers
Reason for the initial purchase
Trial, satisfy cravings,
Number of times they’ll purchase
1-3 times a week
Interval between purchases
Trice a week
How long to make decision to purchase
Easy for decision-making
Places where customers will purchase the product
Malls, Centres, Sari-sari stores,Grocery
Method of payment
Cash

SENSITIVITY TRAITS
LEVEL OF INTENSITY

High
Moderate
Low
Price

Quality

Brand Name

Product Features

Sales/ Special Offers

Advertising

Packaging

Convenience of Use

Convenience of Purchase

Location

Customer Service

Customers nowadays are very knowledgeable about the thing that they will purchase. They have a set of standard that the product should meet. The table shows that the most of the people would want the highest quality, best service and greatest convenience at the lowest possible price. Since the customers are very significant because the business success and failure are on their hands AMANST Enterprise must embody and consider all the essential aspects about the buying sensitivities of the customers that illustrated above.

E. Size and Trends of Market

The Philippines has a population growth rate of 2.04%, one of the highest in Asia. As declared in the latest poll the province of Bulacan has approximately 2,846,926 total population along with this is the increase of different demands including the one of the basic necessity which is food. This current market size is large size of potential target market that will purchase the business product to sustain its future.

V. THE COMPETITION
A. Competitive Position
AMANST Enterprise is aware of the competitors and identifies them as threats that could lead the company to its downfall. It faces an industry with a pool of competitors that are focusing to be the market leader thus controlling the price ranges of each product. Prime Veggie Balls identifies their edge towards their opponents to ensure their viability in the market. Refer to the Competitive profile Matrix in the next page.

Three main competitors are enlisted by the company namely: Prime Veggie Balls, King Fishball and Isaw Pinoy that also produced alike products that the company caters.

Critical Success Factors

Weight
Competitors

Prime Veggie Balls
King Fishball
Isaw Pinoy

Rating
Score
Rating
Score
Rating
Score

Quality Products
0.16
4
0.64
4
0.64
4
0.64
Affordable Price
0.12
3
0.36
4
0.48
4
0.48
Highly Skilled Working Employee
0.10
3
0.30
3
0.30
2
0.20
Continuous Improvements and Innovations
0.08
2
0.16
3
0.24
2
0.16
Brand Recognition
0.07
2
0.14
4
0.28
3
0.21
Location
0.10
3
0.30
4
0.40
3
0.30
Aggressive Marketing Strategy
0.09
3
0.27
3
0.27
3
0.27
Social Responsibility
0.06
2
0.12
2
0.12
3
0.18
Customer Service
0.14
4
0.56
4
0.56
3
0.42
Image
0.08
3
0.24
4
0.32
3
0.24
Total Weighted Score
1
3.09
3.61
3.10

The Competitive Profile Matrix shows that Prime Veggie Balls has the least competitive advantage amongst its competitors which gained a weighted score 3.09. This means that they have rooms for improvement and innovations to better satisfy and improve their service to the customers.

A. Market Share Distribution
As new business in the market, it is quite well known how tough of the competitions of the business that offers the same product. This one will determine the business assumptions of how large or small they share in the market. The graph below shows the market share distribution.

In the graph above, King Fishball is the market leader with 43% of the total market, because it is an established business since it a popular one that caters street food products. The Isaw Pinoy is the market challenger with 33% of the total market while the Prime Veggie Balls is a market follower that is aiming to be its market leader by focusing on the means of satisfying and meet the expectations of the customers.

The pie chart below shows the target market share distribution of Prime Veggie Balls:

Since the main target market of the Prime Veggie Balls is a student’s of Baliwag University they are the one who got a high percentage in terms of target market distribution.

C. Barriers to Entry
AMANST Enterprise as a new competitors are relatively hard to enter the business industry because of the following:

Barriers
Extent of Effectiveness Factors

High
Medium
Start Up Cost

Trademarks

Government Intervention

The table above shows the barriers to entry for the business to achieve its long term goals. The business considers high in start up cost given that the business is a start up business which originally form by scratch it prevent the AMANST Enterprise to easily entering an industry or area of business. Trademarks are high due to the diversification of products in the market because trademark of competitors are more familiar to the customer given that it is an innovative product the AMANST Enterprise must develop the customer loyalty that will result in repeat sales. Government intervention is also in high because of many requirements must to fulfill in entering in a business and AMANST must comply all of this legal aspect that the government state.

D. Future Competition
Competition is far away from impossible and since that Prime Veggie Balls is a food business, many future competitors are along its way towards success. Food is a basic necessity of Human Being, without it life would be impossible. Food business is the most common and simplest form of business that entrepreneurs are engage. So the business is aware of the large volume of potential business that would arise as competitors of Prime Veggie Balls.

VII. MARKETING PLAN AND SALES STRATEGY
A. Business Message
“Taste the Difference”
The Enterprise embodies the said tag line to disseminate the uniqueness of the product that can attract potential customers. The company aims to transpire the health benefits that the customers are able to acquire. It also aims to make the customers be curious for them to buy the product. B. Marketing Vehicles

AMANST aims to spread the benefits and uniqueness of the product which is Prime Veggie Balls. In line with that aims, the business take big considerations of the marketing tools that must be use to attract potential customers to generate the expected profitability of the product. Marketing Vehicles

Description
Word of Mouth

One of the cheapest yet very effective means of marketing strategy that every company can use is the word of mouth. Since, the nature of the product belongs to the food industry; the company can make use of its internal and external customer about the qualities and attributes provided of the product for the customers. This marketing campaign may result to a positive domino effect starting from the company employees up to the customers relaying how superior the product quality is. As a result, brand awareness increases as more customers are spreading the product to their friends, families, classmates and so forth.

Bazaar Fair

The company is also joining in different bazaar or trade fair where they can market the product. This is one way or another will be a great help to introduce the Prime Veggie Balls as one of the innovative product in the market industry. Distribution and Posting of Marketing Paraphernalia

Marketing basically is dynamic in nature as it is not only mere persuasion and display but rather a means of communicating to your target audiences. Traditionally, distribution and posting of brochures, flyers, coupons and
even tarpaulins will be a great help towards the marketability of the products Creating online markets

21st century has diverted into modern technological era where the influx of technology never stops. One of the best trends in today’s market place is through the use of internet to reach out your potential customers online. Many businesses provide an interactive and reliable site which can be accessed 24/7 worldwide. And since websites are very costly, social networking sites like Facebook and Twitter are very common to use and somehow can be a tool to induce product image and awareness. Selling your product online is cost-free yet very powerful because of a wider scope in advertising. C. Strategic Partnership

AMANST establish a strategic partnership in another business that aims to help the organization achieve more success. Since the raw material is vegetables, AMANST Company believed to have a harmonious business relationship with suppliers who deliver the vegetables. AMANST must work closely with these suppliers so that it will ensure the raw materials are fresh, delivering properly and on time. The owners must give assurance in terms of loyalty and reliability of the raw materials transport is in good quality that can lead to strengthen relationship and partnership between the company and the supplier AMANST consider this partnership can gain critical competitive advantage that could help the business to achieve the key goals. D. Sales force and Structure

The whole sales process comprises of the whole marketing tactics and strategies exercise by the sales personnel. The sales personnel must be familiar with the product and the target market to initiate and generate profits for the company to attain its long term goals and objectives. E. Sales Assumptions

Every year sales would be expected to increase in 5%. In succeeding month June to November sales would be stable with the increase of 2%. For the Month of December sales would increase in 3% because there is a large demand for food products during holidays. On the first quarter of the year’s sales would be decrease by 1% for the reason in the month of January people would tend to thrift their money after the holidays. In February people would buy flowers, chocolates or anything for their love ones and in march graduation would take risks lessening in their cost in consumption of other things that are not in need. During summer sales would be increase in 2%.


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