FIRST ASIA INSTITUTE OF TECHNOLOGY AND HUMANITIES

FIDELIS SENIOR HIGH SCHOOL

Establishment of Foodpreneur Enterprise’s Cheebols (Kimchi Rice Balls)

Bitgue, Dessiree Anne M.

Vision

The Foodpreneur Enterprise envisions itself to be the leading producer of Cheebols

within the range of its target market and successful business provider of created products

for the benefit of the target market.

Mission

The Foodpreneur Enterprise aims to exceed customers’ satisfaction by providing

new and unique products giving the customers a different food experience by offering an

affordable food they can eat and enjoy on-the-go.

Objectives

 To be able to sell 200 pieces of Cheebols every time we sell.

 To build a strong bond between the potential customers and the proponents.

 To provide an ethical price that are attainable by the average level of population.
Product Description

Since Rice is the staple food of the Filipinos and there has been a growing interest

among Filipinos with the Korean food, the proponents formulate an idea of producing on-

the-go food at an affordable price that will cater the needs and wants of the customers.

Korean foods are known for its strong spicy flavor and distinct smell. One of these

is the most well-known Korean side dish, Kimchi. By that, the proponents came up with

the idea of not only making the kimchi as a side dish but to enhance it by adding more,

mixing it with ground pork, vegetables and rice with a cheesy twist.

The proponents want to improve the typical kimchi and also, use the staple food of

the Filipinos, rice. So, they came up with the idea of using it both and innovate it more,

combining it in a ball-shape form producing “Cheebols”.

Cheebols offers three levels of awesome. It contains an inner core of Kimchi

goodness, surrounded by a seasoned rice mix all encased in a crunchy outer layer. Whether

you’re a commuter in a rush and you failed to prepare your meal for the day, a hungry

moviegoer, a student who needs to finish a deadline, then this is the solution to those meal

time dilemmas.

Being a complete meal, the product is sold in the most suitable price for the

convenience and satisfaction of the customers. The supplies are available because its main

ingredient is the staple food of Filipinos.

Macro-market Analysis (STEEPLED)

Socio-cultural Factors

The lifestyle and choice of consumers are often influenced by friends, learning,

education, religion and ethnicity. These socio-cultural factors affect the way of consumers

in acquiring products. Consumers who does not eat anything spicy and dislikes the distinct

smell of Korean dishes like Kimchi will not be considered as consumers of Cheebols. It

will affect the sales of Cheebols since there will be a decrease in the number of potential

consumers of the product. However, because of the increasing demand of Korean culture

in the Philippines, the Cheebols can pave the way for satisfaction and convenience of

Filipinos on Korean Foods. This will help to increase the sales for Cheebols.

Technological Factors

The proponents considered the technological progress and new inventions as

strength in the production of Cheebols. The use of high quality equipment will be less time

consuming and is an advantage against the competitors. The use of electronic devices will

help in the promotion and product awareness of the product. This will help in increasing

the sales and production of Cheebols.

Economic Factors
 Since the economy is progressing and more products are being introduced, the fast-

changing economy is a threat to every business. Since the price of changes over time, this

may lead to changes in cost of material needed in the production of Cheebols. Therefore,

the price of the product will also increase. Another factor is the employment rate. When

unemployment is high, consumers tend to limit their expenses, this may decrease the sales

of Cheebols. However, if there is a high purchasing power of the consumers, this means

that there is a possibility that the sales of the product will increase.

Environmental Factors

The price of commonly consumed products increases when there are natural

disasters like storms or typhoons. Since rice is one of the ingredients of Cheebols, it would

affect the cost of raw materials. The cost of Cheebols will also be affected. Distribution of

products when there is a typhoon is another factor that will affects the sales of the product

since consumers tends to stay at home.

Political Factors

Political risks that the business may encounter will fall under the Legal issues of

the business. Laws and City Ordinances made or implemented may affect the business

venture in a positive or negative way. Flexibility among the business is needed when there

are new ordinances made by newly elected officials that may contribute in the changes to

be made by the business since it is the one needed to be followed.

Legal Factors

It is now a big deal for the consumers to take consider to their rights. There are

some laws presented for the consumers to check one product. Cheebols is a healthy product
 because it consists of ingredients that could benefits any consumers that would acquire the

product. The place where the product was made is clean and tidy which uses proper

utensils, so the Foodpreneurial Enterprises proves that the product was made properly and

when it comes to the convenience of the consumers on the product itself. The proponents

used patents considering the producing of products and trademarks for its company logo.

Ethical Factors

The proponents will make a list of guides for the business to follow all the ethical

actions to take consider when the business will run. When the proponents will make use of

flyers to spread out and advertise the product, a practice of being approachable and making

use of persuading actions will serve as the strategy to attract the consumers. The proponents

should pass through on a right way of getting the invention of others and proper way of

managing people to build a good relationship on its possible employees which serves as a

training ground for the proponents.

Demographic Factors

The proponents will have the students, staffs and teachers at First Asia Institute of

Technology and Humanities (FAITH) as the target market of Cheebols. Consumers are

suited for all ages and it is both for female and male. The estimated consumers are 3,000

excluding other consumers around the vicinity of Tanauan City that will patronize the

Cheebols especially the Korean food lovers and fanatics.

SWOT Analysis of the Company

Strengths
 Cheebols is located in First Asia Institute of Technology and Humanities (FAITH),

it is a unique kind of Rice Balls mixed with the Korean side dish which is Kimchi. In this

Korean Hallyu generation of Millenials, it is an advantage for the proponents to offer the

taste of Korean food to satisfy the cravings of in demand likes of the consumers. A lot of

students and even the school staffs and teachers are fanatic of Korean Hallyu. The

proponents believe that the product will be in-demand. Being an on-the-go food is one of

the advantage of the product to satisfy the convenience of the customers.

Weaknesses

Cheebols are costly because it contains a lot of ingredients. Some of the consumers

doesn’t like the taste and smell of Kimchi, it will decrease the potential consumers and the

sales of the product. Another thing is that the production of Cheebols is very time

consuming. It will take a lot of efforts to produce an “all in one” product.

Opportunities

The proponents take advantage of the increasing popularity of the Korean Hallyu.

Increasing use of social media due to advertising strategy is used. Expanding and adding

other Korean Products is also considered by the proponents for future business activities

that will surely beloved by its target market.

Threats

The proponents will have the Grade 12 sections of Fidelis Senior High School as

the competitors. Competitors with such products that are somewhat related to Cheebols

will serve as the main competitors wherein it will decrease the potential consumers and

sales of the product.

The Foodpreneurial Enterprises is located at First Asia Institute of Technology and

Humanities (FAITH) in Tanauan City, Batangas. The proponents generally chose the Korean

Fanatics of FAITH as their target market since Korean Hallyu is very evident in today’s generation.

The product is suited for all ages with an estimated number 3,000 as the consumers which includes

the students and staffs of FAITH, excluding the potential consumers located in the vicinity of

Tanauan City. The proponents believes that the product will surely loved by the consumers since

it can easily attract potential consumers through this generation of Korean Hallyu. Any consumer

that is acquiring a product takes consideration the product’s price. With this, the proponents set

their product in a lower price that suits the budget of any consumers. It is very affordable and has

a high purchasing power since it can easily attract their interests. Cheebols can pave the way on

Filipino-Korean taste that seeks to satisfy the needs and wants of consumers.

Supplies

The proponents trusted supplier would be K-Mart of Laguna. This would serve as the

trusted supplier of Kimchi and other Korean pastes & sauces needed for the production of

Cheebols. Other secondary ingredients will come from Tanauan Public Market. In case the two

trusted suppliers cannot meet the demand for these materials, the proponents will consider

Waltermart Tanauan as a secondary supplier.

Competitive Analysis

 Kim Bok Chi of The Sarang Corporation

The Sarang Corporation offers Buchi mixed with Korean Spicy Chicken that is

somewhat similar to Cheebols.

JJRPE Enterprises sells Sweet Potato Cake at a lower price than Cheebols. This

product is somewhat related to Cheebols, but sweet potato is their main ingredient.

 Meat Balls of ABM 12-C

The enterprise offers a bundle of Meatballs with Rice at a lower price.

Foodpreneurial Enterprises’ direct competitors are stalls that serve snacks that is somewhat

similar to Cheebols. Indirect Competitors are other food carts that serve street foods and food stalls

and lako vendors that serve Filipino Merianda that would probably satisfy the convenience of the

Filipinos.

DIRECT COMPETITORS
Store Name Product Price
Kim Bok Chi
The Sarang Corporation (Monggo, Chocolate, Spicy P 10.00
Chicken
JJRPE Enterprises Sweet Potato Cake P 5.00
Meatballs with Rice P 20.00
INDIRECT COMPETITORS
Proben, Fishball, Kikiam, P 0.50, P 1.00, P 2.50, P
Street Vendors
Squidballs, Kwek-kwek 10.00 (Prices may vary)

5 Porter’s Forces Model

Industry Competitors

Since the proponents are new in the business, there are existing business ventyres

that offers products that are related to Cheebols and even Korean Products. This will lead

to the consumers to buy products that already fits to their taste and preferences which
forbids them to try new products. This will create an intense competition between venture

which provides different effects in both businesses.

Suppliers (Producers)

Since the proponents needs a lot of ingredients and even korean paste and kimchi

as their main ingredients, the proponents needs to ensure the quality and stability of the

price of the materials needed to produce the product. However, the producers may have

control in influencing the selling price especially if buyers are less likely to the numbers of

suppliers which may create a competition between the both parties.

Buyers (Consumers)

Customers tends to check prices of products that interests them before acquiring it.

Whether the product is quality-made, it will always be a question of “how much”. This

leads for the product to be set in a lower price for it to be acquired. The Foodpreneurial

Enterprises’ Cheebols seeks to satisfy the needs and wants of the consumers by offering an

on-the-go food that is affordable to the consumers of all ages. The proponents believe that

there is a high bargaining powet of the buyers since it is not costly and will satisfy the

consumer’s taste and preferences.

Potential Entrants

In line with the increasing demand of Korean Hallyu in the Philippines, a lot of

Korean Products Business has been arising. The proponents of Cheebols are one of these.

Since the proponents are students from FAITH, the Foodpreneurial Enterprises’ potential

competitors are those proponents who offers Korean Products. There is an increase in the
 total number of competitor in the area which intensifies the level of competition for sales

and potential consumers.

Substitutes

The Foodpreneurial Enterprises’ offers a Korean Food Snack with a Filipino twist

which is the Cheebols. The threat of being substituted is cannot be controlled especially

that there are business ventures that offers somewhat related to the Cheebols. These

products are sweet potato cakes, kim bok chi and meatballs that intensifies the level of

competition in increasing product sales and potential consumers.

Marketing Mix (7P’s)

Product
A product must provide value and satisfaction to its customers and end users. Since

Rice is the staple food of the Filipinos and there has been a growing interest among

Filipinos with the Korean food, the proponents formulate an idea of producing on-the-go

food at an affordable price that will cater the needs and wants of the customers. Innovation

of famous Korean food, Kimchi and Filipino’s staple food, Rice is what the proponents’

desires. Combining it in a ball-shape form added with ground pork, vegetables and cheesy

twist producing “Cheebols”.

Place

In choosing the possible location for the business, lots of components were

considered by the proponents. Since the proponents are students from First Asia Institute

of Technology and Humanities (FAITH), their target market is composed primarily by the

students and staffs from FAITH. The proponents believe that their target market will
greatly contribute to the success of the business since the product they are offering is in

trend and would probably attract its consumers’ taste and preferences. Therefore, the

business is located inside the campus of FAITH to avoid any circumstances and to be

accessible on its target market. The proponents are also planning to offer its product around

the vicinity of Tanauan City, Batangas and even around municipalities where the

proponents are residing.

Price

In determining the price of the product, the proponents used the pricing strategy of

Cost Plus Pricing to identify the cost per piece and the desired percentage of mark up to

come up on its selling price. The cost of Cheebols per piece is P4. 96. The desired mark-

up of the proponents is 50%. Therefore, the price of Cheebols should be P7.44 or P7.00.

The proponents also take in consideration of the price of its competitors and the capability

of the consumers in buying the product.

Packaging

The proponents packaging is composed of plastic cups and toothpicks. The

proponents choose the packaging wherein it will cost less and affordable. They also

consider the convenience of the consumers in the best way for them to hold and eat the

product. Since it is a “all in one” product, it would probably achieve customers’ satisfaction

in taste and preferences in Korean Foods. The proponents are also planning to create

designs on the cup itself with Korean words & pictures that can attract the purchasing

power of the potential consumers.

People
 Foodpreneurial Enterprises is consists of 5 proponents who are responsible for

foing their assigned tasks. Keith Denissie Marco is responsible for Financial Aspects for

fixing the budget for the business. For the Product Aspect, Leidee Sanchez and Dessiree

Anne Bitgue are the one who are in-charged in the production of the Cheebols to satisfy

the needs of the consumers. Christine Donna Catimbang and Michael Mueco are the one

who are assigned for making the product known to the market through advertising

personally and even through the use of social medias. By doing it so, the enterprise will

achieve its common goal towards the success of the business enterprise.

Promotion

A newly proposed product must be easily identified by possible consumers.

Therefore, the proponents conducted promotion strategies for the business.

 Chebunds

The proponents will use the Bundling Price Strategy. It is combining two or more

products in one reduced price. Cheebols’ price is P7.00 each so the proponents decided

to use Bundling when the customers are willing to buy 3 Cheebols with a price of

P20.00. The proponents will prepare pictures of Korean Idols where the consumers will

get the chance to pick their preferred picture for free. The proponents believe that it

will help to atrract more potential customers since Korean Hallyu is very distinguished

in the chosen location.

 Online Promotion
 The proponents will make an official Facebook page to help increase product

awareness not just in its target market and desired location, but also in the whole

province of Batangas. An Instagram account will also help in advertising the product

by posting instragrammable pictures of Cheebols.

 Flyers and Posters

The proponents will have posters to be displayed near the establishment. Flyers

will also be distributed near Tanauan City. This will help the business for the product

to be easily recognized and be accessible by its potential consumers. The flyers and

posters will contain information about the product, the location of the business and

other contact details.

Process