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Intro to Business Final Project Report

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Intro to Business Final Project Report

  1. 1. 1 INTRODUCTION TO BUSINESS FINAL PROJECT REPORT Business Title: Fruit Twist Group Members: Angela Wee 0322097 Cha Yun Xian 0322048 Chan Koon Qi 0322000 Chia Keh Chian 0322062 Darryl Harvey Lawrence 0322112 Subject and Course: Intro to Business [BUS 30104] FNBE January 2015 Submission date: 14th December 2015
  2. 2. 2 TABLE TO CONTENT No. Title Page Number 1 Key Summary 3 2 Objectives 4 3 Target Market 5 4 Competitive Analysis 6-7 5 Productand Packaging 8-10 6 Pricing 11-12 7 Promotion 13-15 8 Sponsor 16-17 9 Distribution 18 10 Green Measures 19 11 Human ResourcePlanning 20-21 12 Evaluation of Results 22-23 13 Appendix 24-37
  3. 3. 3 KEY SUMMARY The final project for Introduction to Business is Charity Drive Event is held from 1st December till 4th December at Taylor's University Lakeside Campus in front of Student Life Centre. Our group consists of 5 members, including Angela Wee, Cha Yun Xian, Chan Koon Qi, Chia Keh Chian and Darryl Harvey Lawrence. The purpose of this assignment is to raise fund for our selected charity organization. Throughout the charity week, we managed to gain some experiences from running our own business and prove to be useful knowledge in the coming future. Our group decided to raise funds by selling our own homemade products. The product that we sell consists of jellies and fruit juices which is made by the group members, Angela Wee, Chan Koon Qi, Cha Yun Xian and Chia Keh Chian. The jellies were prepared the jellies from home two weeks before the charity event since our group is planning to sell it a few days before the charity drive event to maximize our profit. On the other hand, fruit juices are being sold during the charity event only so that we manage to keep the drinks fresh and tasty. The reason why we chose to sell fruits made products is because it is healthier and manageable. The budget of selling fruit juice and jelly is also lower compare to selling other products. A total amount of RM 1350 sponsorship is collected to help us start up our business. We would like to thank all the parties that sponsor us in this business charity drive, and our lecturer, Madam Tay for her guidance and support throughout this project.
  4. 4. 4 OBJECTIVES Address: Pilmoor Estate, Subang Airport Road, 47200 Subang, Selangor, Malaysia Contact: 03 7846 1087 Raise fund for our chosen charity organization. Create a public awareness towards animals. Obtain new skills from running a business like marketing techniques. Gain a minimum of RM 100 per day from selling our product. Our main objective is to raise fund for PAWS Animal Welfare Society to show our support to them. The reason why chose them is because they can provide homes to animals who doesn't have one. Without them, animals will be leaving in the streets exposed to the elements.
  5. 5. 5 TARGET MARKET a) Students & Staffs Since the charity event is being held in the campus, our main target customer will be the students and office staffs. They are expected to provide the highest percentage of our income. Most students who bought our product is to support the charity even though the price is above market price. From our understanding, we found that students in Taylor University have high spending power but are highly dependent on their parents’ income since most of the students didn't really do part time jobs. b) Family & Friends Our secondary target will be our family and friends who are willingly to help us for this assigment. They are the people who knows us personally as they tend to trust us more and support for the charity. We promote our products to them by sending them a message throught social media and cross-platform messaging app such as Facebook and Whatsapp because its easier to let them know on what are we selling. Their spending power is in normal rate.
  6. 6. 6 COMPETITIVE ANALYSIS As all the other business area, we also have a few competitors to deal with during this one week business charity drive event. Among the handful we will be facing, the more challenging ones are Vitamin Factory, a stall that sells fresh fruit juices in school operated by professional workers and Fruits Ice-Cream, a temporary stall ran by our course mates. Below is a full analysis of our two main competitors: Comparative Information Vitamin Factory Fruits Ice-Cream Conclusion to improve our business- Fruit Twist Products Fresh fruit juice, smoothies, vanilla ice cream floats. Fresh fruits, ice cream and floats. A variety of fruit products that is suitable for everyone: lychee jelly, passion fruit jelly and fruit juices – watermelon, carrot, orange or mix. Strengths - Products are trustworthy because it is operated by professional workers, not students. - Fresh fruits are used to make the products. - Famous brand, have lots of outlets all over in Malaysia - A wide range of food that is suitable to consume during hot weather. - Use fresh fruits to produce products. - Have mobile sales and delivery service. - Offer products at affordable and reasonable.
  7. 7. 7 Vulnerabilities Prices are slightly expensive. (Range: RM7 - RM10++) Lack of promotion and choices of fruit- only sell watermelon. - Offer products at cheaper price. -Have promotion on last two days. Attraction Happy hours (12pm-2pm) 20% discount Mobile sales and friendly services. - 1 for RM3, 4 for RM10 promotion for jellies - Mobile sales and delivery services to SLC and office.
  8. 8. 8 PRODUCT AND PACKAGING a) Products The products we are selling are all healthy and nutritious fruit products- fruit jellies and fruit juices. 1. Fruit Jelly (RM3/cup, RM10 for 4 cups) Home-made passion fruit jellies and lychee jellies (not in the picture) using the real, fresh fruit. No artificial colors flavors or preservatives are added. 2. Fruit Juice (RM3/cup, RM4/cup for mix fruit juice) Fresh fruit juice which is made on the spot upon customers’ orders. We offer best- selling orange juices, healthy carrot juices, cooling watermelon juices, refreshing lime juice and mix fruit juices which customers can choose any two types of fruits.
  9. 9. 9 b) Packaging As for the packaging of our products, we had decided to use typical plastic containers to contain our fruit jellies and put into ice box to ensure their freshness and coldness. What are special about our packaging are the animal stickers on it. We printed a lot of dogs and cats stickers, cut and stick one by one onto the container. The designs of the stickers were found on internet but Koon Qi added PAWS logo and green message: ‘please recycle after use’ on it. The main reason why we were using these stickers was because they are able to convey our messages clearly and quickly- that we are raising fund for PAWS, an animal shelter. Also, it improved the aesthetic value of our product, thus attracting customers especially dog and cat lovers. We knew this is an effective packaging when we heard our customers said ‘so cute, I want to buy and keep the container!’ then started to pick jelly with the picture they liked.
  10. 10. 10 For fruit juices, we only use normal paper cup as packaging as fruit juices are made on the spot and meant to be consumed at once to ensure its coldness and freshness. Paper cups are used as they are recyclable and saved cost. Video link: https://www.facebook.com/1514966078797718/videos/1515424972085162/
  11. 11. 11 PRICING a) Unit Selling Price of Products 1. Jelly - 1 for RM 3, 4 for RM10 2. Fruit Juice - RM 3 3. Mix fruits juice - RM4 4. Lime Juice - RM3 Each product’s price is set by estimation of the cost. For jelly, lime juice and fruit juice, we initially assumed the cost is RM 1 and below through some rough calculations. For mix fruit juice, we assumed the cost is around RM1.50 through some rough calculations. So, each selling price of the product is more than twice the cost price. b) Unit Cost Price of Products 1. Passion fruit jelly - RM0.50 per jelly 2. Lychee jelly - RM0.63 per jelly 3. Lime juice - RM0.67 per cup 4. Orange Juice - RM1.40 per cup 5. Carrot Juice - RM1.13 per cup 6. Watermelon Juice - RM0.585 per cup 7. Carrot Orange juice - RM1.43 per cup 8. Watermelon Carrot - RM1.235 per cup 9. Watermelon Orange - RM1.21 per cup
  12. 12. 12 All cost price calculated here is in approximation. This is due to some very small amount that is being round up or some form of inaccuracy is taken into account. c) Product Sales During the first week of sale, we only sell jelly products. At that time, there weren’t many competitions too. And also due to our packaging that are related to animals, it attracted many animal lovers. So, the sales of jelly during the first week were very well. As for second week, we had many competitions, so the sale of the jelly was not good. But the sale of the fruit juice is going well. This is due to the competitions not having any healthy drinks that are being sold. Our competitions only sold soft drinks, so customers that do not like soft drink would purchase our fruit juice. Especially orange juice, it has a high demand, lime juice had the least demand, which is why it was discontinued after two days of sale. d) Sales Strategies When we have difficulty in selling our products, we would have some promotion for our customers. For example, buy 2 free 1 for our jellied that was not selling well, or RM2 for a cup of carrot on the last few because carrot was the least popular fruit juice that had a slow sale. We did not expect that orange juice would be popular, so on the next day, we stocked more orange to prepare for the high demand of orange juice.
  13. 13. 13 PROMOTION a) Marketing Messages The marketing message for our business is simple and straight forward, “HELPS PAWS, and be the one who make a difference in these animals' life.” Our message appeals to everyone in the campus, especially animal lovers to purchase our products, and all profits earn will be donated to PAWS Animal Welfare Society. b) Promotional Strategiesand Tools 1. Social Media One of the main tools that we use to promote our products is through social medias like Facebook, Twitter and Instagram.The reason why we choose social media as our main channel to advertise our business is because the advertising fee is free and it is efficient as the popularity of our business can be increased within a short period of time without increasing human resources.
  14. 14. 14 2. Posters Posters are another main tool that we use to promote our products. We’ve designed our very own poster for our business which introduce the purpose of our business and the products that we are selling.
  15. 15. 15
  16. 16. 16 SPONSOR For this project, we were required to ask for some sponsorships and donation in order to reach our business target. After several discussions, all of had agreed to ask sponsorship from our parents and friends. Besides that, Angela was able to get some sponsorship from a few companies of her mother’s friends. Official letters were prepared for the sponsors so that they understand the purpose of this charity drive. In the end, we are lucky to get a good sum of sponsorship money to aid us in achieving our goal. Other than that, Chia and Cha had tried going around campus to collect donations for PAWS. To encourage the act of donating money to the animals, we had also used strategies such as design our donation box and carrying the poster around to make people clear of our purpose. By this way, we managed to collect an amount of money in form of cash from the public.
  17. 17. 17 Below is a list of parties that donated: Parties Amount 1. TEMIS(M) SDN.BHD 2. HLE TRADING SDN.BHD 3. KEJURUTERAAN SERTING SDN.BHD 4. MMC ENGINERRING& INDUSTRIAL SUPPLY 5. SKYT MINHO KLINING SDN.BHD 6. TYT BUILDERS SDN.BHD RM 500.00 RM 200.00 RM 200.00 RM 50.00 RM 100.00 RM 300.00 Donation RM 231.70 Total Amount RM 1581.70
  18. 18. 18 DISTRIBUTION As our products such as jellies are all homemade and beverage are made right after the customers order, we need to produce large quantities of jellies and bought all the fruits we needed right before the day to ensure the quality of the fruits as well as transport them to campus via car. The products are then stored in a huge refrigerator in one of our members, Koon Qi’s house. To distribute the products, we have to come early to help Koon Qi carried all the jellies and machine from her car which are packed nicely in few of the boxes. Jellies are premade and pre-package, and thus are readily available to the customer for instant consumption. However, fruit juices were required to make on spot using machine. The process of making fruit juice required up to 2 minutes. Fortunately, most of the customer loved our fruit juice and willing to wait for it. By splitting our group, we are able to simultaneously reach out to people all around the campus as well as in front of SLC. In addition, we will always have 2 people promoting our products by walking around in the campus. At the same times, the rest will help to take care of the stalk and in charge of the making of fruit juice. This allow us to cover a vast amount of space at the same time, further expanding the products as well as reaching out to a large amount of potential customers.
  19. 19. 19 GREEN MEASURES All of our products are edible, so it does not create much waste that is harmful to the environment, except for their packaging. Our products are mainly produce using fruits, those fruits waste, such as skins are biodegradable. For our jelly product, we have to use plastic containers due to it being able to sustain high temperature. Because during the process of making the jellies, it will be at boiling temperature, so our best choice is to use a plastic container. But we do encourage our customers to recycle, as it is state on the stickers we printed. The plastic containers as for fruit juice, we used paper cups because it is biodegradable. When we bring our products to school, we make sure that it is a one way trip. This can help us save time, fuel and also reduce carbon footprint created by us. During the sales, it is all done by foot, so low carbon footprints were produced. During the event we only used electricity for our fruit blender and it is only used on demand. It does not even take a minute to blend the fruits, so it barely uses a huge amount of electricity. For water, we used a bucket of water to constantly wash our blender and some equipment used. If the water starts to get too dirty only will we change the water, instead of using running water to constantly to keep our equipment clean which uses more water. After the products are being consumed, we encourage our customers to recycle the containers. On our packaging, it is printed saying, ‘Please recycle after used.’ as an encouragement for customers to recycle. We had considered asking customers to bring back the containers so that we can re-use it, but due to hygiene, we decided to not use this strategy.
  20. 20. 20 HUMAN RESOURCE PLANNING Most of the time, our team would work together to manage all aspects of our business. However, each of us will lead a particular aspects base on our expertise to make sure everything goes right according to plan. a) ProjectManager As a project manager, Koon Qi leads the team to the team’s goal which is to raise RM2,500 for PAWS. ProjectManager - ChanKoonQi Accountant - ChanKoonQi - ChiaKehChian Sales Lead by:AngelaWee Marketing& Packaging Lead by:Cha Yun Xian Documentation& Report Lead by:ChiaKeh Chian AssistantProject Manager - ChiaKehChian
  21. 21. 21 b) Assistant ProjectManager Keh Chian constantly assists Koon Qi when it comes to some decision making, especially in some impromptu situation. Both of them would consider the pros and cons for each decision made, also sometimes with the help of the other memebers. c) Accountant Both Keh Chian and Koon Qi often control the costs that were used by the teams. They also make sure to inform everyone how much they should make each day to reach the goal. They also handle the accounting after every day to calculate the profits. d) Sales This department is led by Angela Wee. She would make decision on what we should do during the sales to market our product. For example, on the last day she decides to have some discount on our product so that more customers would be attracted. Other group members assist her by walking around the campus and promoting the products. e) Marketing & Packaging Before distributing our products, Yun Xian decides how we should package our products for the market. She designed the stickers for our packaging, the poster and the menu. She makes sure the products look attractive enough during the sales. f) Documentationand Report As a team, we all work together write the report. But before that, Keh Chian distributed each part for us so that we can concentrate on each part ourselves. Discussion are made together sometimes to decide what we should write for the report.
  22. 22. 22 EVALUATION OF RESULTS For this charity drive, we have successfully reached our target and gained a net profit of RM2086 and RM232 as donation which sum up to RM2318 in total. As shown in the diagram above, the biggest seller of our business is fruit jellies as we managed to sell out average 100 cups per day, follow up by fruit juice, average 30 cups per day. However, we have a few loses in the products which at the last day we found out that some of the jellies have gone mouldy so we decided to stop selling fruit jellies. Self-reflection video link: https://www.youtube.com/watch?v=DgIYAE_uzNE&feature=youtu.be Fruit Twist Product Sales Fruit Jelly Fruit Juice Mix Fruit Juice
  23. 23. 23 a) Profit & Loss Report Income Statementfor Fruit Twistfor Business Charity Drive Event APPENDIX Revenue Sales Fruit Jelly RM 1,704.00 Fruit Juice RM 318.00 Mix Fruit Juice RM 64.00 RM 2,086.00 Less: Cost of Goods Sold Fruit Jelly RM 310.75 Fruit Juice RM 145.20 Mix Fruit Juice RM 16.80 RM 472.75 Gross Profit RM 1479.70 Add: Donation RM 231.70 Add: Sponsorship RM 1350.00 Adjusted Gross Profit RM 3061.40 Less: Operating expenses Typhoid Vaccine Injection RM 325.00 Printing RM 128.80 Packaging RM 130.25 Receipt books RM 21.70 Total Operating Expenses RM 605.55 Net Profit RM 2589.40
  24. 24. 24 * All costs of products and operating expenses are recorded approximately due to certain inaccuracies and round ups*
  25. 25. 25 APENDIX Group member’s typhoid injection medical certification
  26. 26. 26 13 receipt books used during charity drive event. Donation cheque for PAWS
  27. 27. 27
  28. 28. 28 Sponsorship letters
  29. 29. 29
  30. 30. 30
  31. 31. 31
  32. 32. 32
  33. 33. 33
  34. 34. 34 Emails to PAWS Animal Welfare Society
  35. 35. 35
  36. 36. 36 Visiting to PAWS, Subang
  37. 37. 37 Making process of the jellies
  38. 38. 38 Our booth during charity drive event

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