POSSIBLE 1 KAMUSTA KA AKING MAHAL PDF

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POSSIBLE 1 KAMUSTA KA AKING MAHALPOSSIBLE 1 KAMUSTA KA AKING MAHALPOSSIBLE 1 KAMUSTA KA AKING MAHALPOSSIBLE 1 KAMUSTA KA AKING MAHAL...

Description

1. What business are you in?

KIMCHIHAMNIDA is a small business that is classified as a foodservice industry, it is an online home-based business specializing in the production and distribution of kimchi. With the industry's rapid growth, KIMCHIHAMNIDA will make a positive impact on consumers. The business works on the social media platforms Facebook and Instagram. On weekdays, the business accepts pre-orders and delivers on Saturdays. Additionally, wholesale pricing is negotiable. Due to the fact that this business has ten proponents, its ownership structure is a partnership. Three teams will be formed by the proponents: an operational team, a marketing team, and a finance team.

2. What does your business need to get off the ground? Starting a business requires a lot of enthusiasm and hard work, and often plenty of cold cash. One of the biggest blunders new business make is not thinking ahead about how much money they’ll need to get up and running. When the money runs out before the doors open, the best business idea in the world isn’t going to spell success. A good business plan must take into account everything that is required to start — and how much it’s likely to cost. Building a little cushion into those estimates is always wise. What is the operating budget? The financial section of your business plan also must address how much it will cost you to run your business, month by month, and how much you need to earn to meet your expenses and make a profit.

KIMCHIHAMNIDA is a business entity that aims to provide high quality products. The business invests on ingredients and packaging that is not only reusable but also locally produced. TOTAL

Php 630.00 X 12 months Php 7,560.00

Who are your customers? The Korean food sector is attracting global interest, particularly in the Philippines. Since the quarantine, the number of individuals watching KDrama has increased, indicating an increase in the market's potential consumers. Having a Kimchi business in the Philippines would attract a lot of individuals who were curious about Korean cuisine. Since a result, people are eager to taste the kimchi, as there are only a few kimchi businesses in the area. This business caters to individuals who are influenced by, inquisitive about, and interested in Korean cuisine. KIMCHIHAMNIDA’s target customers are Korean food lovers and health enthusiasts’ ages 15-50 years old. Kimchi is a staple in Korean cuisine and aside from that, it brings great benefits to one’s health. People who like KDrama or K-Pop are also part of the target market. Why a business should have a discount? Offering discounts on purchases is a way to quickly draw people into your store. Anytime you tell a customer that he can save money, you’re likely to get his attention. Discounts don’t only help your shoppers; they also help your business. From increased sales to improved reputation, discounts may be that one ingredient that can bring business success. As holding a business, we should still be wise, not all the time you will give discounts Benefits:

 It attract customers

new

and

repeat

 Boost Your Reputation  Meet sales goals

 persuade indecisive customers to buy  reach sales targets during a slow sales period

Types of discounting strategies Depending on your business and customer base, you might choose to offer a:     

special offer or price (10% off) package or bundle quantity discount (but 1 get free) value added offer seasonal or periodic discount. (6.6)

How will you reach your customer? Social media has created brand new ways to engage in two-way exchanges with your customers. Digital communications have greatly improved customer service for many businesses. Since the government has requested everyone to stay home at all times, the business will be the one delivering the product house to house or through meetups. To place an order, the customers will have to send a text or message through business’ Facebook or Instagram page and the confirmation will be given afterwards.

Pricing Strat The price in itself is very affordable and worth it for the quality and taste we serve. The business also offers a discount of 10% to customers the next time they decide to purchase another order.

Distribution Strat

Because the business is new to the market, the proponents will use direct sales distribution; there are currently no supporting businesses that will offer another distribution channel. However, the business owners want to sell the product in the future if the company's income continues to grow during the following three years.

What sets you apart from the competition? -

We are still new to the business so it is expected that our name is not yet known in this industry.

What are the strengths and weaknesses in the businesses? The strengths of Kimchihanida are the following: - Offers quality products in very affordable prices Committed proponents in their work Provides with good customer service While the weaknesses of Kimchihamnida are the following: -A new business with little market presence or reputation -Small workforce -Vulnerable staff; not all proponents could not partake in the operational process

What are the biggest challenges you face in the business? -We have limited resources to do marketing because of this pandemic.

How will you measure success? -

We can only tell that we’re already successful if we we’re able to establish a name. And build the trust of the customers.

What have you learned in planning a business? - I’ve learned that taking a risk is an important if you want your business to succeed. Taking risks, however, does not mean going into business blindly and then expecting great results. Taking risks in entrepreneurship involves careful planning and hard work.

How important is business planning to you as an entrepreneur? - As entrepreneurs, business planning is important because it allows us to focus on the specific steps required to make our business ideas a success. It can also help us achieve both short-term and long-term goals.

What is the importance of the business plan? - A well-thought-out business plan allows us to take a step back and think objectively about the key elements of our business, as well as informs our future decision-making....