This feasibility study aims to rationalize information of a proposed business in order to provide a clear rationale of basic factors in marketing which includes the strength and weakness in a venture and the opportunity and threat that is presented by the environment.
Background of the Study
Food is the primary necessity in the world. It is usually of plant and animal in origin which is consist and contains essential nutrients ingested and assimilated by an organism to produce energy, stimulate growth, and maintain life such as carbohydrates, fats, proteins, vitamins, or minerals.
Historically, food is secured through hunting and agriculture like farming and animal raising. By that time, food is not yet a trend in the worlds industries.
Nowadays, food industry supplies the world populations consumed food energy. The industry is supported by intensive farming and industrial agriculture to continually supply the global demand for food. The emergence of food production industry has been a large break for companies and entrepreneurs to grab the opportunity of global need of food. Such businesses like restaurant and food production, manufacturing, and processing has arise. These businesses did establish a development in every product in order to give the consumers a better product. These matters now triggered the public to establish standards in buying and purchasing food products. Then quality in food now gives the challenge to the business to essentially sustain the stability of sales in the market. In the Philippines, the Department of Food and Drugs is the agency that monitors, examines and studies the quality and standards of food and drugs as a part of protecting the public’s health and safety in consuming food products. Because of the rapid growth in the field of food business, from single product, marketing experts has come up with the idea of food product variations in order for them to withstand the competition. Variations come into different approaches in catching the attention of the consumers. Flavor is one variation that happens to be so much effective. Included in the variations in flavor is the taste of the consumers, like in the Philippines where there are a lot of tourist visits the country, the need for different kinds of cuisines is in demand. Example of which are the traditional foods in different countries like European, American, and the famous Asian cuisines such as Chinese, Japanese, Korean and Malaysian. Another is the target age as a variation of products. The tough competition has given the marketing experts to look for other ways to reach and attract people. They come up with the idea of advertisement. They advertised their products through televisions, radios, flyers, billboards, and even in the internet and many more which uses icons like popular television personalities, famous sports individual or team, and even the owners themselves. This marketing strategy has affected the market effectively not only in the country but internationally. Because of the progress in the food industry which only the companies have acquired to offer, they have the majority control of the price of retail. This is why the government has established another agency except from the BFAR (Bureau of Food and Drugs). The DTI (Department of Trade and Industry) is the agency that monitors the prices of the products to maintain fairness in between the buyers and the manufacturers or dealers. They avoid products from being overpriced. The small scale businesses and entrepreneurs found an opportunity in the food industry through purchasing and producing their own food products. This has been rapidly grown, where there were so much of pioneers in a certain product concepts in order for their business to be uniquely different from the others. The opportunity and trend in the industry has given the idea to the proponents to serve...