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Market Study for Fs

In: Business and Management

Submitted By jhayelhanie
Words 3735
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I. Industry Background

Peanut (Arachis hypogaea) is said to be a popular food because of its good taste, aroma and flavor. As a matter of fact, it is an excellent source of high protein and energy.

Peanuts have many uses. They can be eaten raw, used in recipes, made into solvents and oils, medicines, textile materials, and peanut butter, as well as many other uses. Popular confections made from peanuts include salted peanuts, peanut brittle, shelled nuts (plain/roasted), and peanut butter (sandwiches, peanut candy bars, peanut butter cookies, and cups).

Peanut butter is popular in North America, the Netherlands, the United Kingdom, Australia and parts of Asia, particularly the Philippines and Indonesia. It is mainly used as a sandwich spread, sometimes in combination with other spreads such as in the peanut butter and jelly sandwich. The United States and China are leading exporters of peanut butter. Peanut butter (and peanuts) provides protein, vitamins B3 and E, magnesium, folate, dietary fiber, arginine, and high levels of the antioxidant p-coumaric acid.

The European Union is the largest consuming region in the world that does not produce peanuts. All of its consumption is supplied by imports (http://en.wikipedia.org/wiki/Peanut). Consumption of peanuts in the EU is primarily as roasted-in-shell peanuts and as shelled peanuts used in confectionery and bakery products. European countries are strictly conscious in particular with the food they eat, they provide a worldwide system of alert for food and feed and which is popularly known as RASFF. The Rapid Alert System for Food and Feed (RASFF) allows national food and feed control authorities in the EEA to share information about measures taken in response to serious risks detected in relation to food or feed. This exchange of information helps Member States to act more rapidly and in a co-ordinated manner in response to health threats caused by food or feed.

The peanut plant is susceptible to the mold Aspergillus flavus which produces a carcinogenic substance called aflatoxin. Since it is impossible to completely remove every instance of aflatoxins, contamination of peanuts and peanut butter is monitored in many countries to ensure safe levels of this carcinogen
In 2010, it was notified that peanut butter from the Philippines was banned in some parts of Europe because of high content of aflatoxin. EU 178/2002 places legal obligations on food operators to ensure food safety, to review and control critical control points for mycotoxin contamination. In line with this, Regulation 165/2010 (amends Reg. 1881/2006) sets a maximum level of aflatoxin in food stuffs. In peanut butter, the level of Aflatoxin allowed is a total of 15μg/kg (B1=8μg/kg).
This study is intended to increase the market for local peanut butter by lessening its aflatoxin content.
Product Description Filipeanut is derived from the words “Filipino” and “peanut”. The company combined these words in order to promote from where the product is made and originated, also to promote Filipino pride and emphasize that the product is made from locally produced peanut.
Peanut butter is included as an ingredient in many recipes, especially cookies and candies. Its flavor combines well with other flavors, such as chocolate, oatmeal, cheese, cured meats, savory sauces, and various types of breads and crackers.In addition to jelly, in a peanut butter and jelly sandwich, peanut butter is said by some to combine well with pickles, mayonnaise, olives, onion, horseradish, chocolate chips, bacon, Marmite, or Vegemite in a sandwich.( http://en.wikipedia.org/wiki/Peanut_butter)
Spreads like peanut butter are usually found in supermarkets, groceries, wet markets and sari- sari store. Every company place their product in this distribution channel specifically those food that are for human consumption. It is the easiest distribution channel used by many company because in this place they were able to find all their needs in terms of foods

Demand Analysis To analyze the future demand of peanut butter in CALABARZON, the projected population should be derived. The percentage of CALABARZON population to Philippine population is 13.65 %. This percentage is multiplied to the total Philippine population to derive the annual population of CALABARZON. The growth rates used are 1.98% for the year 2013-2015 and 1.78% for the year 2016-2017.

Table 1 Projected Population of CALABARZON YEAR | POPULATION | 2013 | 13,367,720 | 2014 | 13,632,400 | 2015 | 13,902,321 | 2016 | 14,149,782 | 2017 | 14,401,648 |

* Source: National Statistics Office Table 1 shows the projected population of CALABARZON for the year 2013 to 2018. The population for 2013 is 13,367,720 and by 2017 it will increase to 14,401,648. These data will be used in the analysis of projected Demand.

The projected demand is derived by multiplying the per capita consumption to projected population. Here JMN Company assumed that the per capita consumption is 0.90 since the exact amount is not stated and according to FNRI n means less than 1 kilogram. Formula: Projected Demand= Projected Population x per capita consumption Table 2 Projected Annual Demand of Peanut Butter in CALABARZON YEAR | POPULATION | PER CAPITA CONSUMPTION (kg) | PROJECTED DEMAND (mt) | 2013 | 13,367,720 | 0.90 | 12,030.95 | 2014 | 13,632,400 | 0.90 | 12,269.16 | 2015 | 13,902,321 | 0.90 | 12,512.09 | 2016 | 14,149,782 | 0.90 | 12,734.80 | 2017 | 14,401,648 | 0.90 | 12,961.48 | Source: DOST Food and Nutrition Research Institute (per capita consumption) Table 2 shows the potential demand for Peanut Butter in CALABARZON area. The analysis shows that the demand for Peanut Butter will continue to increase by approximately 282.61 metric tons each year. The projected demand for 2013 is 12,030.95 metric tons and by 2017 it will increase to 12,961.48 metric tons

C. SUPPLY ANALYSIS The data for historical supply will be used in projecting the supply of peanut Butter in CALABARZON for the year 2013-2017. The past supply of imported peanuts is derived by getting the percentage of CALABARZON from the total population of the Philippines which is 13.65% and multiplying it with the total Philippine peanut imports.
( See appendices for Philippine Peanut Import.) Table 3 Historical Supply of Imported Peanuts in CALABARZON YEAR | HISTORICAL SUPPLY OF IMPORTED PEANUTS (mt) | 2003 | 6,095.96 | 2004 | 4,682.47 | 2005 | 4,804.41 | 2006 | 6,617.78 | 2007 | 2,499.90 | 2008 | 2,107.82 | 2009 | 9,321.39 | 2010 | 8,943.74 | 2011 | 7,892.69 | 2012 | 7,656.29 |

Source: Bureau of Agricultural Statistics

Table 3 shows the supply of imported peanuts in CALABARZON for the past 10 years (2003-2012). Since there is no available data for Historical Supply of Peanut Butter in CALABARZON, the assumption that all Peanut Imports goes to Peanut Butter Manufacturing is used.

To compute for projected supply, the historical supply of peanut is subjected to linear regression method. The Standard Deviation is 812.43.
Formula:
Ŷ= byx + ayx X

Table 4 Projected Supply of Peanut Butter in CALABARZON

YEAR | PROJECTED SUPPLY (mt) | 2013 | 7,996.76 | 2014 | 8,337.23 | 2015 | 8,677.70 | 2016 | 9,018.17 | 2017 | 9,358.64 |

Table 4 shows the analysis of future supply of Peanut Butter for 5 years from 2013-2017. It shows an annual increase of approximately 370.47 metric tons. From 7,996.76 metric tons in 2013, it will increase to 9,358.64 metric tons in 2017.

DEMAND-SUPPLY ANALYSIS

Using the projected demand and projected supply, the available market for the product will be estimated. The market gap is derived by subtracting the projected supply from the projected demand.

Table 5 Demand-Supply Analysis (2013-2018)

YEAR | DEMAND | SUPPLY | MARKET GAP | 2013 | 12,030.95 | 7,996.76 | 4,034.19 | 2014 | 12,269.16 | 8,337.23 | 3,931.93 | 2015 | 12,512.09 | 8,677.70 | 3,834.39 | 2016 | 12,734.80 | 9,018.17 | 3,716.63 | 2017 | 12,961.48 | 9,358.64 | 3,602.84 |

The table shows that in 2013 there will be approximately 4,034.19 metric tons of peanut butter demand that will be unsatisfied. And by 2017, it will decrease to 3,602.84 metric tons.

Logical framework of JMN PEANUT MANUFACTURING COMPANY | Performance Target | Means of Verification | Assumptions | Goal: | | | | * To be one of the leading manufacturers and Distributors of Peanut Butter in the Philippines | * Increase market share every year by 3%. By year 2013 is 5%, by 2014 is 8%, by 2015 is 11%, by 2016 is 14% and by year 2017 is 17%. * Comply with the standards in the Philippines | * Product assessment * Annual Sales Reports * Quality Control | * Strong competition | Purpose: | | | | * Market Penetration | * Expand the market by 2013 JMN PEANUT MANUFACTURING COMPANY targeted Laguna, by 2014 Quezon and Batangas, by 2015 Rizal and Cavite ,by 2016 Luzon area and by 2017 the whole market of Philippines. | * Distribution | * Increase Market Share | | Performance Target | Means of Verification | Assumptions | * Increase in Sales | * Increase the volume of product sold by 2013 201.71 mt, by 2014 314.55 mt, by 2015 421.78 mt, by 2016 520.33 mt and by 2017 612.48 mt. | * Annual sales report | * Increase profit | Output: | | | | * Effectiveness of Marketing Program | * Increase the product awareness | * Frequent reviewing and monitoring of Marketing Program | * Marketing program might be ineffective | * Consistency of production of product in the market | * Prevent shortage of the product | * Continuous monitoring of production * Proper communication on our supplier | * Natural phenomena * Customer complaints | * Expansion of distribution centers such as supermarkets, malls and retail stores | * Properly distribute the product in different place in CALABARZON by 2013 to 2015, then to area of Luzon by 2016.Lastly, in the whole markets in the Philippines by 2017. | * Securing the sales in a specific distribution centers. * Monitoring of the distribution center | * Competition | * Inputs: 1. Market Research 2. Project Cost 3. Legal Requirement 4. Land and Building 5. Manpower 6. Machineries and Equipment 7. Utilities 8. Furnitures and Fixtures 9. Raw materials and supplies 10. Product Processing 11. Logistics 12. Promotional Tool |

Competition Analysis

For a project to succeed, a company needs to evaluate its competitors first. The data for annual market share of these companies are not available so we used the data which are based on the survey we conducted in Laguna.

Table 6 Average Annual Market Shares of Competitors

YEAR | Market Share | | Lily’s | Homemade | Ludy’s | Ehje’s | Skippy | | Percent | Metric tons | Percent | Metric tons | Percent | Metric tons | Percent | Metric tons | Percent | Metric tons | 2013 | 54 | 2,178.46 | 26 | 1,048.89 | 9 | 363.08 | 7 | 282.39 | 4 | 161.37 | 2014 | 56 | 2,201.88 | 25 | 1,008.55 | 8 | 322.74 | 8 | 314.55 | 3 | 121.03 | 2015 | 58 | 2,223.95 | 24 | 943.66 | 7 | 275.24 | 9 | 345.10 | 2 | 78.64 | 2016 | 60 | 2,229.98 | 23 | 881.91 | 6 | 230.06 | 10 | 371.63 | 1 | 38.34 | 2017 | 62 | 2,223.76 | 22 | 817.66 | 5 | 185.83 | 11 | 396.31 | - | - |

Table 6 shows the market share of competitors. The table shows that Lily’s Peanut Butter has the biggest market share (54%) while Skippy’s Peanut Butter has the lowest (4%). We assumed that Lily’s peanut butter and Ehje;s will continue to increase by 2% and 1% respectively each year, and by 2017 they will have a market share of 62% and 11%. The other brands(homemade, Ludy’s, and Skippy) will continue to decrease by 1% each year..

Company Projection

Table 7 Targeted Market Share YEAR | Available Demand (mt) | Annual Demand (mt) | | | Lily’s | Homemade | Ludy’s | Ehje’s | Skippy | Filipeanut | | | % | mt | % | mt | % | mt | % | mt | % | mt | % | mt | 2013 | 4,034.19 | 53 | 2,138.12 | 25 | 1,008.55 | 8 | 322.74 | 6 | 242.05 | 3 | 121.03 | 5 | 201.71 | 2014 | 3,931.93 | 53 | 2,083.92 | 24 | 943.66 | 7 | 275.24 | 6 | 235.92 | 2 | 78.64 | 8 | 314.55 | 2015 | 3,834.39 | 53 | 2,032.23 | 23 | 881.91 | 6 | 230.06 | 6 | 230.06 | 1 | 38.34 | 11 | 421.78 | 2016 | 3,716.63 | 53 | 1,969.81 | 22 | 817.66 | 5 | 185.83 | 6 | 223.00 | - | - | 14 | 520.33 | 2017 | 3,602.84 | 53 | 1,909.51 | 21 | 756.60 | 4 | 144.11 | 5 | 180.14 | - | - | 17 | 612.48 |

The table shows the projected market share and annual demand of Filipeanut Butter and its competitors for the year 2013-2017. For its first year of operation, Filipeanut Butter will aim 5% share of the target market. It plans to increase by 3% for every succeeding year by attacking the competitors with smaller market share, and by 2017, it will have a market share of 17%. For its first year of operation, it will have a demand of 201.71 metric tons of peanut butter and will continue to increase each year and by 2017, it will have to produce 612.48 metric tons of peanut butter.

In deriving the daily production requirement of Filipeanut Butter, the assumption used is that in 1 year, there are only 340 working days instead of 365 days (the remaining 25 days is for special and regular holidays). YEAR | ANNUAL PRODUCTION (mt) | DAILY PRODUCTION(mt) | 250 grams bottle | 500 grams bottle | 1000 grams bottle | NO. OF BOXES | 2013 | 201.71 | 0.59 | 2,360 | - | - | 49 | 2014 | 314.55 | 0.93 | 1,860 | 930 | - | 58 | 2015 | 421.78 | 1.24 | 1,860 | 930 | 310 | 65 | 2016 | 520.33 | 1.53 | 2,300 | 1,150 | 380 | 80 | 2017 | 612.48 | 1.80 | 2,700 | 1,350 | 450 | 93 |
Table 8 Annual Production of Filipeanut Butter

Table 8 shows the projected annual and daily production requirement of Filipeanut Butter. Each year it plans to introduce different sizes 250g, 500g, 1000g respectively. For year 2013, it needs to produce 0.59 metric tons of peanut butter daily or approximately 49 boxes where each box contains 48 bottles of peanut butter. The production will continue to increase and by 2017, Filipeanut butter will need to produce 1.80 metric tons of peanut Butter daily or approximately 93 boxes.

Marketing Program
This is the five year-marketing program of JMN PEANUT MANUFACTURING COMPANY:
I. Product JMN PEANUT MANUFACTURING COMPANY primary points of differentiation are confidently passed from the European Union standard. The product enables the customers to experience the affordability and quality of FILIPEANUT PEANUT BUTTER. Prior to this, the company assures that the product is always visible to the market. FILIPEANUT PEANUT BUTTER is made here in the Philippines primarily because; it aims to promote the locally produced peanuts and to maintain the freshness of the raw materials and ensure that it is properly harvested.
Product Program Year | Product Sizes | 2013 | 250 grams bottle | 2014 | 250 grams bottle and 500 grams bottle | 2015 | 250 grams, 500 grams, and 1 kilogram bottles. | 2016 | 250 grams, 500 grams, and 1 kilogram bottles. | 2017 | 250 grams, 500 grams, and 1 kilogram bottles. |

The table shows the introduction of different product sizes during the years 2013-2017.

KEY PRODUCT FACTORS
Features
One of Filipeanut Peanut Butter’s main features is that all of its raw materials are locally produced. Prior to competition, Filipeanut Peanut Butter’s edge is its safety due to its very low aflatoxin content. Peanut Butter is also rich in nutrients. It contains protein and carbohydrates. It also contains other nutrients such as calcium, iron, vitamin a, thiamin, riboflavin, niacin and ascorbic acid.

Advantages One of the advantages of choosing local peanut producers is that it ensures the safety and quality of the raw materials. In this way the aflatoxin content will be lessen into minimal level that it will ensure consumer’s wellbeing versus carcinogenic threats. The nutritional contents of Filipeanut Peanut Butter are essential for consumers’ wellbeing that will keep the patrons healthy, fit and active.

Benefits The benefits of buying Filipeanut Peanut Butter will bring safety eating, nutritional benefits, and pleasure to consumers at the right price.

PACKAGING:

The packaging of FILIPEANUT BUTTER is made up of plastic jar in compliance to FDA standards for packaging. The logo of the company is placed at the upper part of the jar. At top cover of the jar shown the expiration and manufacturing date is clearly written. A seal is also placed after opening the bottle. In this way it will ensure the quxality and also double the protection of the peanut butter. The company used color green to attract people and to promote the “GO GREEN CAMPAIGN”. FILIPEANUT peanut butter carefully undergone a rigid quality control procedure perfected through time. It also includes here some recipes that are useful for our consumer’s cuisine. The company ensures that packaging is free from contamination and wouldn’t affect the quality of taste and texture of Peanut Butter. II. Price Product Pricing is based on offering high value or quality to customers compared to most price points in the market. Value is determined based on the preeminent quality, taste, texture, and safety. JMN PEANUT MANUFACTURING COMPANY will price the products competitive and reasonable than the other brands of Peanut Butter so that classes C and D income earners can also afford. JMN PEANUT MANUFACTURING COMPANY is not particular with setting high-prices or attempting their goals of offsetting low prices by selling high quantities of products. Cost per unit + mark-up = selling price Pricing for the year 2013-2017 Sizes | Cost per unit | Mark-up | Selling price | 250gms. | 17.49 | 100% | 34.98 | 500gms. | 33.76 | 100% | 67.52 | 1000gms. | 67.51 | 100% | 135.02 | III. Place
JMN PEANUT MANUFACTURING COMPANY’s plant is located at Quezon province since the available raw materials are there. The company will distribute along CALABARZON area, particularly in supermarkets, malls, groceries and wet markets in the first three years then, regardless of its expansion plans, JMN PEANUT MANUFACTURING COMPANY fully intends to monitor and maintain strong relationships with distribution channel members. Then, on the fourth year, the company will distribute across the Philippines and on the fifth year the company will export in the EU market.

THE MAP OF CALABARZON AREA

IV. Promotion
JMN PEANUT MANUFACTURING COMPANY communicates with consumers and retailers about its products in variety of ways. The company’s promotional efforts also seek to differentiate its products from those of its competitors. The product will be positioned in the market as a safe commodity proudly made in the Philippines. In this way, foreign markets will perceive the company and also Philippines as exporters of high quality and safe products. The company’s target market for Filipeanut Peanut Butter are consumers who are price sensitive but also seeks safety or security about the product their using. The company will use product testing wherein company provides free-taste of the products so that consumers. This strategy will increase the awareness of consumers about the products and to aid the awry thoughts of the customers about the Aflatoxin. FILIPEANUT BUTTER will conduct cooking competition so consumers can use different recipes showed in the competition and along with that are the Web blogs. The company will invite food bloggers as one of the judges after the competition they will write blogs about the product to increase the awareness of the consumers and to promote the unique benefits of our product. For additional attraction to consumers company will have discounts and distributes flyers and posters in the target area. JMN PEANUT MANUFACTURING COMPANY will also launch in malls, supermarkets and retail stores to make our product visible in the market. Eventually, company expands its promotion through website, company decided to have website so consumers could see the information about the company and products and also check for updates. For the continuous expansion of the business JMN PEANUT MANUFACTURING COMPANY will have corporate social responsibility for the community and to maintain the strong relationships with the Filipino farmers, dealers and consumers.

Promotion and Advertising | 2013 | 2014 | 2015 | 2016 | 2017 | Website | 200,000php | 10,000php | 10,000php | 30,000php | 30,000php | Distribution of print ads | Flyers- 120,000pcs45,000.001pc. = 0.375Posters-4,000pcs28,000.001pc. =7.00 | Flyers-150,000pcs56,250.001pc. = 0.375Posters- 5,000pcs35,000.001pc. =7.00 | Flyers-150,000pcs56,250.00 1pc. = 0.375Posters-6,000pcs42,000.001pc. =7.00 | Flyers- 500,000pcs187,500.001pc. = 0.375Posters- 18,000 pcs126,000.001pc. =7.00 | Flyers- 100,000pcs37,500.001pc. = 0.375Posters- 6,000pcs42,000.001pc. =7.00 | Launching of Products in malls, supermarket, and retail stores | 50,000.00 | 100,000.00 | 100,000.00 | 500,000.00 | 600,000.00 | Free Taste | 13,500.00300 bottles of 250gms. | 22,500.00500 bottles of 250gms | 22,500.00500 bottles of 250gms. | 105,000.003,000 bottles of 250gms. | 13,500.00300 bottles of 250gms. | Discounts | 4,130.005% of the product of 250gms. | 3,255.00- 250gms.3,162.00-500gmsTotal= 6,417.00 | 3,255.00- 250gms.3,162.00-500gms2092.50-1000gmsTotal=8,509.50 | 4,025.00-250gms.3910.00-500gms.2565.00-1000gms.Total=10,500.00 | 4,725.00-250gms.4,590.00-500gms3,037.50-1000gms.Total=12,352.50 | Cooking Contest | 40,000.00 | 45,000.00 | 80,000.00 | 500,000.00 | 500,000.00 | Web Blogs | 10,000.00 | 10,000.00 | 10,000.00 | 10,000.00 | 10,000.00 | CSR | - | - | - | - | - | Total | 390,630.00 | 285,167.00 | 329,259.50 | 1,439,000.00 | 1,205,352.50 |

DISTRIBUTION PLAN OF JMN PEANUT MANUFACTURING COMPANY: LOCATION | 2013 | 2014 | 2015 | 2016 | 2017 | QUEZON | -South Emerald Supermarket - One People Square - Georkimart - Ilaya Store - SM CITY Lucena | | | | | LAGUNA AND BATANGAS | | - SM CITY STA.ROSA - SM CITY CALAMBA - SM CITY SAN PABLO -Robinsons STA.ROSA Market - PUREGOLD - GROCERIES - WET MARKETS - Central Mall - SM CITY LIPA - SM CITY BATANGAS - Robinsons Place Lipa | | | | CAVITE AND RIZAL | | | - Robinsons Place Cainta - Robinsons PlaceImus - SM BACOOR - SM center MOLINO - SM city TAYTAY - puregolds - wet markets - groceries | | | PHILIPPINE MARKET | | | | - All Supermarkets, groceries, and wet markets in the Philippines | | EXPORTATION IN EU | | | | | -Full Function and Distribution to in the Philippines and exporting in EU |

The company will distribute the products through trucks and each truck has a capacity to transport a minimum of 40 boxes and maximum of 100 boxes, each boxes consist of 48 pieces FILIPEANUT Peanut BUTTER. Then, this product will be delivered to different distribution centers such as supermarkets, malls, groceries and wet markets in CALABARZON, Philippines and up to the market in EU countries.

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