Rationale of the Study
Across the globe today, more and more people are becoming drawn to living healthy lifestyles, and practicing healthy eating habits. With the proliferation of diseases previously unheard of and the progression of already identified ones into more life-threatening strains, the adage “prevention is better than cure” has become a mantra among individuals wishing to preserve the well-being of their bodies.
The natural products health industry is a very lucrative one. In 2008, it expanded by 8% to $270B despite the economic downturn that rocked many industries. The industry is still on the rise throughout the world. As seen in the table below, it is expected to experience continued growth of 6%, although it is forecasted to remain constant towards 2014.
Table 1 Forecast of Natural Health Industry Performance [pic]
Among the latest trends to emerge in the natural health industry is the use of coco water as an energy drink. Coconut water, locally known in the Philippines as buko juice, is the liquid found inside young, green coconuts. The coconut’s many benefits have long been acknowledged in the Philippines, since the country is abundant in such crop.
However, the idea to use it as an energy drink took root somewhere else. In the United States, the use of coconut water as an energy drink has become a hundred-million dollar industry.
With the many opportunistic entrepreneurs that operate within the country, it is only a matter of time before the Philippines catches on to this development. Coco water used as an energy drink garnered even more attention in the business sector when President Benigno Aquino III announced that two US companies – Pepsi Co. and Vita Coco – made investments to commit the Philippines’ coconut industry to meet international demand.
The researchers decided to choose this topic because they were interested in how coco water as an energy drink will be received in the country. It is important to note that the United States is not naturally abundant in coconut fruit, making it new and therefore, alluring to consumers there. However, here in the Philippines where the coconut fruit is a ubiquitous presence, the use of coco water as an energy drink might not be as appealing to the market. The researchers also wish to investigate the business opportunities that lie with coco water as an energy drink, since so far, no establishment in the Philippines manufactures such a product.
Statement of the Problem
The researchers sought to develop a coconut-water based energy drink that best caters to a growing market located in IT Park, Lahug, Cebu City.
1. The establishment of the IT Park companies’ employees as the product’s target market.
2. The establishment of coconut water as the alternative of highly-processed commercial energy drinks currently in the market.
3. The development of a product price that is below its competitors’ prices without sacrificing quality.
4. The promotion of the product through advertisements in different media like social networks and newspapers.
5. The recommendation of an affordable form of packaging technology that is most preferred by the targeted consumers.
Significance of the Study
Coconut is known to be a very nutritious fruit. Among its other various health benefits, coconut water helps keep the body cool and at the proper temperature, carries nutrients and oxygen to cells and naturally replenishes your body’s fluids after exercising. The target market is composed of respondents frequently exposed to work-related stress. Coconut water is rich in potassium and magnesium, and contains a considerable amount of vitamin B which aids in strengthening the muscles, delaying fatigue and maintaining normal heart function....