1. THE
HEA
L
TH Y
P U R E T A S TE
OF
FIJI
TASTY FIJI Co.S I N C E 2 0 1 5
FA N TA S T I C S I X
2. 2
ACKNOWLEDGEMENT
I have taken efforts in this project. However, it would not have been possible with-
out the kind support and help of many individuals and organizations. I would like
to extend my sincere thanks to all of them.
I am highly indebted to Republic of Cappuccino, Maya Dhaba, Bad Dog Cafe, Hun-
gry Honchos, Karishma for their opinion and participation as well as for providing
necessary information regarding the project & also for their support in completing
the project.
I would like to express my gratitude towards my wife & her parents for their kind
co-operation and encouragement which help me in completion of this project.
I would like to express my special gratitude and thanks to my Trainer Seema Kumar
for guidance and support in completing this project.
My thanks and appreciations also go to my colleague who have willingly helped
me out with their abilities.
4. 4
Tasty Fiji Co. is a Food Manufacturing establishment located in the Central of Fiji.
TFC expects to catch the interest of a regular customer base with its variety of Tasty
Coconut Syrup products. The company plans to build a strong market position in
the town with this product from its overseas competitors
TFC aims to offer its products at a competitive price to meet the demand of the
middle-to higher-income local market area residents and tourists.
The Company
TFC is incorporated in the state of Fiji. It is fully locally owned and managed by its
owner Kakiaman. Tenunteweia.
Mr. Kakiaman. Tenunteweia has extensive experience in Marketing and Graphic
Design and has worked in various known Food line companies. Mr Tenunteweia’s
line of work brings experience in the area of Marketing and administration.
The company intends to hire 62 staffs for the manufacturing of the Tasty Coconut
Syrup and to provide employment for the local farmers communities of Fiji.
Products and Services
TFC offers a broad range of Tasty Coconut Syrup products, all from high quality
Fijian grown coconuts. TFC will aim to cater to all of its customers by providing each
customer 8 Tasty Coconut Syrup flavors made to suit the customers needs, down to
the smallest detail.
The Market
The retail for coffee industry in Fiji has recently experienced rapid growth. The
Tropical climate in Fiji stimulates consumption of hot and cold beverages throughout
the year. The same with bakery & restaurants in Fiji has increased in the years where
customers has developed a easy way of getting breakfast and other meals.
TFC wants to establish a large regular customer base, and will therefore concentrate
its business and marketing on local residents, which will be the dominant target
market. This will establish a healthy, consistent revenue base to ensure stability of
the business. In addition, tourist traffic is expected to comprise approximately have
an impact on our revenues. High visibility and competitive products and service are
critical to capture this segment of the market.
EXECUTIVE SUMMARY
5. 5
EXECUTIVE SUMMARY
Mission
TFC aims to offer high quality, healthy, organic and Tasty Coconut Syrup products at
a competitive price to meet the demand of the lower to higher income earners local
market area residents and tourists.
Keys to Success
Keys to success for TFC will include:
• Providing the highest quality product 100% Fijian
• Quality & Friendly customer service
• Providing variety of Tasty Coconut Syrup with flavors that will suit the customers
needs
• Competitive pricing
• Smooth Delivery
6. 6
MATERIAL AND METHODS
Laptop & Work PC
This was basically used to type up the project and research on information needed
to complete my research
Phone
My cellular phones were used to call friends and family to gather first hand data on
our findings
Observations
• Internet was used to research information on the internet and conducted online
surveys.
• Online Survey – we used this via the internet to ask questions to individuals who
have tasted and used the product
• Interviews and customer feedback
7. 7
INTRODUCTION
Tasty Fiji Co. is an emerging company trying to establish its name in its Tasty Coconut
Syrup production in the market. Targeting all Fijians who love syrup sweetners over
their breakfast, coffee, dessert and salad.
Operations and Location
TFC is planning to operate fully by January 2016. The company will operate from
the Kalabu Tax Free Zone so one could gather that the price will be competitive in
the local market.
The Company plans to produce diverse products of Coconut Syrup, so TFC will
implement results from the research done by the company to produce an excellent
healthy, Tasty Coconut Syrup.
Mission
• We are nature’s carriers, delivering only the purest coconut syrup from the trees
to your table.
• To provide opportunities for coconut farmers in another level
• To serve a healthy syrup to every Fijian home.
8. 8
TASTY COCONUT SYRUP EXTRACTION
Tasty Coconut Syrup is extracted from the sweet sap of our own local coconut tree
in Fiji.
Coconut Syrup has been used by the Pacific Islanders such as Tuvalu which they
call it Kaleve Faula, While the Gilbertese they call it Kamwaimwai. Its been used by
the Pacific Islanders for decades as a sweetner to their drinks and used in their
delicacies. Now we are at the 20th Century and TFC believe that this tradational food
in a Tuvaluan home such as the Coconut Syrup is used in a drink sweetner instead of
sugar, hot pancakes one of my favorites with coconut syrup spread over it , can be
commercialised now for everyone that loves syrups & honey in their drinks or meal.
As time goes by and we are moving to the imported foods the Mordern families are
having cereals, bread, cakes for breakfast, coconut syrup is an excellent compliment
of jam, honey and other spreads.
Coconut Sap extraction
Coconut Syrup is made from the coconut sap exctracted from the cut flower buds of
organically grown coconut trees as shown below
Coconut sap harvesters (tappers) literally go our on a limp and climb coconut tree
4x or more a day to harvest the coconut sap from cut flower buds of organically Fiji
grown coconuts.
Image gathered from google search
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TASTY COCONUT SYRUP EXTRACTION
Coconut Syrup
Coconut Syrup is made from the sap that was extracted from the coconut flower
buds. By means and methods of evaporation the Coconut syrup is archieved.
Tradational Evaporation
Modern Evaporation
Image gathered from google search
Image gathered from google search
10. 10
TASTY COCONUT NUTRITION FACT
Nutrition Information
Ingredients: 100% concentrated coconut sap
Serving Size: 10g
Av per 100g
Energy (kj): 1290
Protein (g): 0.4
Carbohydrate (g): 75
Sugars (g): 65
Fat Total (g): 0.2
Fat Saturated (g): 0
Sodium (mg): 32
Fibre (g): 0.2
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OBJECTIVE
Tasty Fiji Co. is aiming to:
• Find opportunities in the market for coconut syrup
• Launch its new products
• Observe customers buying behavior
• Find our USP
• Determine product positioning
• Determine our pricing strategies
• To find out our customers feedback with the product we are going to develop.
• To develop local & overseas fruit flavors with base product of our own syrup
• Establish itself in the market
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MARKET RESEARCH STRATEGIES
Qualitative Data
• Observing customers buying behavior
• Interviews
• Tasting of the syrup with drinks and food
• Observing the color & smell of the syrup
• Observing the placement of the product
Quantitative Data
• How much Syrup can we extract from 1Litre of Sap
• The correct boiling point for the Sap to obtain the tasty Syrup
• Tasting of the syrup with drinks and food
• Observing the color & smell of the syrup
• Observing the placement of the product
14. 14
TARGET MARKET
1. Coffee Shops
Due to the increase in coffee lovers in Fiji, TCS finds its opportunity to be served at
coffee outlets, introducing our own natural, organic, healthy syrup.
2. Mc Donalds
Pancake & Ice cream lovers
3. Restaurants
Chefs now can include our own local produced syrup, with a very reasonable price,
it is very irresistable not to buy our Tasty Coconut Syrup.
4. Tuckers Ice-cream and privately ice-cream outlets
Results from our survery we are able to observe that ice-cream is not only sold on
a cone only but also with flavorings, now wouldn’t it be nice to have our own Tasty
Coconut Syrup with your ice-cream.
5. Tourism Industry
Tourism has increased through the years and what we gathered that most of them
are very cautious with their meals, the upmost important thing they ensure is that
it is healthy. Tasty Coconut Syrup is 100% pure natural from our own local grown
coconut.
15. 15
IDENTIFYING CONSUMER PURCHASE NEEDS AND BEHAVIOR
How do consumers make their buying decisions?
• Based on quality
1. Tasty Coconut Syrup is exracted from our own locally grown coconuts and 100%
natural, from the tree to your tables.
2. Little to no additives, no sugar or other persevatives
• Based on price
TCS is locally owned, advantage with our location and use of natural resources we
are very affordable.
• Based on strong customer relationships
TFC family will ensure that its customers are satisfied with its products and services
to worth their time and money
• Based on design
TFC is greatly inspired to experiment with natural way of packing the coconut syrup
in dried coconut shells, but our designs strategies are focused to be convinient to
our consumers, depending on our customers nature of business wether it is a retailer,
coffee outlet, ice-cream sellers, restaurants or individuals.
18. 18
PRODUCT CONCEPT
Brand name
• We are Tasty Fiji Co and our product is Tasty Coconut Syrup. We will be instantly
recognizable with its Fijian Tapa design and Coconut background packaging.
Packaging
• The packaging in this case is the containers themselves. They will hold and protect
the TCS syrup well.
• The containers will be made of recycled plastic & Glass bottle and will have screw
caps. They will be sold individually and also in pack of 8. When this is the case,
only shrinkage would be used to bundle the 8 types of syrups together as they
already fit. This will also be economically beneficial.
• It will take up less shelf space thus impressing retailers. It will save transportation
costs too as they will be easier to fit in boxes.
Design
• Value will be added to the product because of its distinct curved style.
Labeling
• The labeling will carry the brand name, and the product’s name.
Augmented product
• We provide refunds upon our faulty goods: terms and conditions applies
Delivery and credit
• When bought from the web, it will be delivered to your house through EMS.
Buying from the store is explanatory. No credit will be given to the customers.
Though depending on any awards systems of the retailers we sell our product
too, the customers may get a price reduction or credit.
Product support:
• Our website will answer a lot of the questions one may have about the product.
Product Flavors
• We have 4 local & 4 Overseas flavors for our Tasty coconut syrup in our product
line.
1. Local flavors: Original, Guava, Mango and Pineapple.
2. Overseas Flavor: Caramel, Vanila, Hazelnut & Raspberry
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BRAND NAME & PACKAGING
Product branding and packaging decisions are very important decisions as in the
present age of globalisation, a large number of brands of various products are
available to the consumer to choose and select from. As all brands are not equally
liked by a consumer and the selects the brand after a careful analysis of a number of
factors associated not only with the product but also the manufacturer, the brand
name, the packaging, the price, the contents and also the various other factors. Thus
TFC packaging is able to derive their branding concerning the following factors:
1. Freshness
2. Health benefits by promoting our organic product
3. Recognisable labels that will help customers recognise and diffirentiate the
product
3. Local elements to depict our local market and promote Fiji
4. appealing colors and elements to draw consumers to taste and quality.
20. 20
DISTRIBUTION CHANNEL
A distribution channel is a set of independent organizations involved in the process
of making a product or service available for use or consumption by the consumer or
business user. We will be using the following strategies for our Distribution channel
to ensure that the cost and effeciency is not compromised.
Target Market Distribution:
TFC Consumer
Retailing Market Distribution:
TFC Retailer Consumer
21. 21
PRICING STRATEGY
Amongst major pricing strategies, we will use Valu Based Pricing. A bottle of Tasty
Coconut Syrup will cost $15.00. Pack of eight will cost $80
We’ll also use value added pricing. To achieve value to the syrup, our marketing
efforts will be directed at convincing the customers that our Tasty coconut syrup is
more pure and than the rest and 100% organic.
We will also educate the health beneficial compounds of pure coconut syrup. This
added with our attractive packaging will add value to our product, enabling us to
charge a slightly higher price than what is the usual for a bottle and a Pack of 8 in Fiji.
For new-product pricing, we’ll use market-skimming pricing. Tasty Coconut Syrup
will be advertized as a product that has alot of impact on Fijian lives and also the
health benefits it has on its consumers. Thus the newness will justify the high prices,
and the market will be skimmed.
For product mix pricing, we’ll use product bundle pricing. The eight flavors or grades
of syrup will be sold together as well as individually. When sold together, the prices
will be a little cheaper to convince the consumers to buy them. This will get the sales
going. A Pack of eight pack sized Tasty Coconut Syrup will be $80
Psychological pricing will also be used. Consumers regard higher priced products to
have higher quality, and this will certainly work towards our advantage.
Promotional pricing will be used in special holidays. In keeping up the spirit discounts
will be offered on those days. The product will be marketed as an excellent gift giving
option. Especially the Pack of Eight Tasty Coconut Syrup.
Though this is digressing on to the field of occasional segmentation. The prices will
be cheaper on Holidays. There will be discounts on every product on Tasty Coconut
Syrup Holiday (Christmas & New Year Holiday).
22. 22
PROMOTION CONCEPT
From the promotion mix we’ll be utilizing advertising and public relations.
Advertising
Advertise in our local and overseas magazines which features food recipe. Advertise
on social networking sites of facebook, twitter, Viber, Google+ etc. Advertise in
Cinemas, Television whereby there will be a family having breakfast scene where
they use our product in their meal.
We will use persuasive advertising. This will help TFC geared towards building brand
preference, encouraging consumers switching to our local, healthy and organic
product and changing customer’s perception of product value.
Our advertising budget will be set by the objectived. The objective is to make our
brand the premium Tasty Coconut Syrup brand in Fiji and potentially in the world.
Thus the promotion costs will be around the range of $101610.80
Public Relations
Under press relations or press agency TFC will ensure that a few articles are published
on the FijiTimes & FijiSun newspaper in the shoppers section and in featured sections
of their newspaper.
We will also set up interviews with our company staff, farmers, consumers talking
about our new and excisting products and have these interviews broadcasted in
business entrepreneur programs in Fiji One, FBC and also in YouTube channel.
Free Recipes Giveaways:
TFC will also giveaway Recipes that includes our TCS product.
Public affairs
Our bond with the local community will be encouraged through Health programs,
International Food Festivals, Carnivals and other community activities. These social
programs will enable us to gain the communities loyalty and trust.
23. 23
EXTERNAL & INTERNAL FACTORS
Factors that might and will affect business if not managed are as follows:
Internal
Accounting
Many of the decisions we make regarding the business depends on accurate financial
reports. Even if the accountant is accurate, if we have limited data, such as from an
annual budget, general ledger or bank statements, we won’t be able to set optimal
price.
This is maintained by managing our overhead and production costs and maintain
adequate cash flow, creating financial reporting system that includes profit-and-
loss statements, an up-to-day balance sheet, receivables and payables reports, cash
flow projections, debt tracking and budget variance analyses.
Technology
The more up-to-date our computers, software, phone systems, faxes and copy
machines, the more efficient and productive our staff will be. Solicit input from our
staff regarding what tools they feel will help them perform better. In addition to in
keeping our employees to the latest technology, they are trained in using what we
provide them. From time to time we will look at the equipment we use to make our
product and determine if new machinery can help us manufacture quicker, with
higher quality and at a low cost.
Capital
We will ensure that there is adequate capital to run the business daily expense and
if we find that we are running low we will have to cut back on marketing or take out
costly loans to make payroll. We will constantly work with our financial manager to
create internal controls that will help us maintain adequate working capital.
24. 24
External
Economy
The global economy is one of the biggest external factors that will, at some time,
affect our business. Market fluctuations based on politics & currency devaluation.
Weather
Fiji is a tropical Island with mostly affected by Natural disasters like Huricanne and
Cyclones. This is one of the factors that afffects TFC, as our local farmers will loose
farms and productivity surely will be affected.
Customer Base
Our target customer base may change suddenly or slowly over a period of time. The
changing makeup of our neighborhood that attracts more consumers can affect
our business. Thus we should be able to re-position to meet our consumers buying
behavior and other changes.
EXTERNAL & INTERNAL FACTORS
25. 25
SWOT ANALYSIS
Strengths
1. Pure and organic product.
2. Locally Farmed & produced
3. Location of Business
4. Creating employment for local farmers, increasing productivity and export market
for Fiji
Weaknesses
1. New company.
Opportunities
1. Growing market in Fiji for Coffee outlets, Ice-cream lovers & Food outlets
2. Booming syrup market/high demand.
3. Creating a whole new market/ taking advantage of our product’s exclusivity.
Threats
1. Competition from other bigger companies.
2. Natural disasters and climate change.
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CONCLUSION
In conclusion at this point the company does have strong future prospects in the
areas of profitability, liquidity or stability if it continues on its current path. The key
areas in which TFC need to concentrate on are the the quantity and quality of the
product, advertising the brand with effective medium.
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THE
HEA
L
TH Y
P U R E T A S TE
OF
FIJI
TASTY FIJI Co.S I N C E 2 0 1 5
K a k i a m a n . Te n u n t e w e i a
D i p l o m a i n M a r k e t i n g
