Essay, Pages 2 (407 words)
Goldilocks Bakeshop is one example of an entrepreneurial success story. 2 sis, Mrs. Yee and Mrs. Go, who shared enthusiasm for cooking and baking. In 1966 they open their first one-door apartment or condo store that had just 2 showcase and four tables and some chairs along Makati. They began its catering business serving big companies like Air Manila, Filipinas Orient, Philippine Airlines, and Monte de Piedad in 1969. In 1994 its sales reached 1 billion from 22 retail outlets and it ends up being 2 billion from over 60 outlets in 1997.
The creators of Goldilocks had an easy vision of producing high-quality products at a cost effective price.
Thus, product advancement ha d become an essential feature of goldilocks’ history. Amongst the leading bakeshops in the Philippines, Goldilocks owned about 70 percent market share. The largest sector of the business-cakes-attained an all-time high of 74 percent market share. Red Ribbon was Goldilocks’ closest rival with a 14 percent market share. Red Ribbon likewise had a bakeshop and a foodshop line parallel to Goldilocks.
Red Ribbon has a 15 percent cost premium over Goldilocks cakes. In 1995, Goldilocks sought its consumers and asked them about images and memories of Goldilocks in concentrated group discussions (FGDs).
According to research study, a crucial Filipino value that epitomizes Goldilocks’ consumers, that of being maalalahanin (thoughtful). Maalalahanin goes beyond the actual translation of being thoughtful. It might be comprehended as: to keep in mind, to head out of one’s method, to be close and intimate, to be a friend. Goldilocks comprehended that it was inadequate to use excellent tasting items to end up being an effective bakeshop.
There was a need to establish relationships between buyers of Goldilocks’ item and the meant declaration, “How thoughtful. How Goldilocks.” This has become associated with the Goldilocks name and logo design.
The breakthrough advertising campaign on television was called “Bitbit” to celebrate the Filipino value of thoughtfulness. In 1997, the TV campaign focused on another dimension of thoughtfulness – that of sharing and made such a big impact. Most of the television campaigns were supported by radio spots and print advertisements in leading newspapers. According to Goldilocks their traditional customers were mature mostly mothers, older sisters and brothers, or relatives. In 1996, during its 30th anniversary, it shared a portion of its profits with thirty charitable institutions and in October 1998, Goldilocks launched its webpage targeting the highly educated, young, and trendy consumers.