BELSOYA SAUCE TABLE OF CONTENTS Executive Summary Vision Mission Historical Background Business Strategy -Competitive Strategy -SWOT Analysis Competition Market Research Target Market Marketing Plan Manufacturing/Production Plan Location Management Vision: To become the leading Producer of a healthy organically flavorful Soya Sauce made in Belize enhancing its product to fit customer dietary needs therefore becoming more efficient and service oriented within this competitive market. Mission Statement: BELSOYA aim is to provide a unique and nutritious Soya Sauce committed to the health and well-being of customers in Belize.
Produced in Belize using organically grown ingredients and high quality equipment, this sauce revitalizes the meals served by every restaurant and household, supporting our commitment to enhancing the quality of life. Objectives of the business: BELSOYA Sauce aims at acquiring a professional and effective staff. The staff members will possess the required knowledge and expertise in designing and implementing a unique and healthy organic product suitable for every meal. BELSOYA aims to become the leading Soy Sauce in Belize, changing the market to make the Asian community more interested.
With this in mind, BELSOYA developed several strategic and financial objectives which it intends to meet so as to enable the company to grow profitably. These objectives includes:- Strategic Objectives * Developing a Soya Sauce business that will cater to the needs of chefs, restaurants, nutritionist and household mothers. * Hiring and training individuals in order to have the best possible human resources needed on the job. * Taking control in the market so as to implement healthy eating in Belize by developing a strong clientele base and offering top-quality service. Seeking possible opportunities for future development. * Adding a twist to culturally made sauce, therefore offering diverse flavors Financial Objectives * Acquiring the necessary funding needed to develop all facets of the business. * To achieve market shares by 5% in one year * Establishing accurate records of incomes and losses to be able to understand where the company needs to go * To achieve annual growth in earnings and returns into the business and capitalize on sales of the product coming out of the company. HISTORICAL BACKGROUND ON THE COMPANY
BELSOYA Sauce is a new element that will offer quality and an organic taste to meals across Belize. The concept of customizing this product is to fit the needs of all kitchens such as restaurants (micro and small) is the driving force behind the business as these personnel’s will be the primary users who will appreciate such a revitalized product. Its main beneficiaries will include not only the customers and BELSOYA itself but also the various farmers such as Cardi, local retailers of water and market personnel’s who will provide BELSOYA with the ingredients needed to produce the Soya Sauce it wants to introduce.
BELSOYA is scheduled to start operations on January 1, 2012, as the owners seek to sell 2012 as the year to add a healthier product with great taste and quality to ones cooking skills. BELSOYA Sauce will be operated as a partnership business, with investment coming from the four shareholders; Ms. Dana Ayuso, Ms. Lisette Ordonez, Ms. Fiona Usher and Ms. Dylana Moses. Since this is a start-up business, all the partners have agreed to invest $10,000. 0 from shares plus an additional loan from the partnership account to go into the business for any required materials, utilities and other operational necessities which will be laid out in the financial plans; as stated in the partnership agreement. One major benefit which each partner brings to the business is that they all have some form of managerial background as they all hold degrees in management from the University of Belize. Both Ms. Ayuso and Ms. Ordonez had been managers at very prestigious institutions for over five plus years and so they hold the necessary expertise in developing the business wholly. On the other hand, Ms.
Usher brings her skills of financial management to the business, which allows BELSOYA Sauce to see a long and prosperous future. Ms. Moses comes equipped for the position as she has years of knowledge in the field of Human and Public Relations Management which will allow the company to reflect what the partner’s aim to achieve. The Public Relations Manager is in charge of the wellness of staff and the comments and suggestions of our most valuable customers. BELSOYA Sauce as mentioned before will target nutritionist, established micro and small supermarkets and established micro and small restaurants within Belize City for the initial stage.
The owners at BELSOYA Sauce feel that this segment of the market will be the main ones who will utilize the product more often; hence, BELSOYA Sauce will attempt to capitalize on this segment. Since BELSOYA knows that competitors are also aiming to please this group, it intends to create a competitive edge over them by providing a healthier product available in three (3) customized sizes. The partners intend to make customers its main priority by making access to the product easy through its distribution channel and pick-up availability which will aid in the inflow of revenue and profits into the business.
BELSOYA Soya Sauce business will be located at the lower flat of 11 Raccoon Street Belize City, Belize. Operations hours will be Monday to Friday between the hours of 8:00 am to 6:00 pm and on Saturday from 8:00 am to 2:00 pm. The partners have decided to rent this establishment from the owners, Mr. and Mrs. Robert Ordonez at an agreed price of $800. 00 monthly. It was decided that this would be a suitable location for the business, as it is a central and accessible location for perspective customers.
The building will be able to house everything the business needs including counters, a restroom, an office space, shelves and a storage room which will aid the business greatly in carrying out its major functions. The location will be of major asset to the business as it has parking for customers who wishes to pick up their own orders or buy directly from BELSOYA Sauce manufacturing station. Support from customers along with the business capital will sustain the business in its early phases of operation and will be a gateway for future developments in the business.
Initially, the business will offer services such as low rate delivery fee, discount for the customers purchasing over $200. 00, and credit availability based on agreements which will be arranged through an application process. Plans for expansion will be enacted depending on how successful the first few years of operation are. Through market research, the partners at BELSOYA Sauce realize that many restaurants and stores can become potential customers of a product made in Belize; but seems unsure of how well the product will be sold especially within the initial stage.
Therefore, BELSOYA Sauce will seek to specialize in its services which will cater to the needs of various restaurants, supermarkets and nutritionist. BUSINESS STRATEGY BELSOYA intends on capitalizing in this industry by offering a product which is uniquely made from organically grown ingredients made in Belize and additionally adding a twist to what many people know today as Soy Sauce. BELSOYA primary goal is to differentiate from its competitors such as La Choy, Hong Kong Maiden, the famous Pearl Ocean made in China which preferred by our target market the Asian community besides many others.
The partners have decided that by utilizing the original ingredients along with other new elements such as ginger and molasses just to name a few alternatives which the partners feel will add the twist incorporating not only flavor but also making it more nutritious. BELSOYA partner intends to purchase these products from local market vendors and wholesaler by entering into an agreement with these personnel’s allowing them to purchase goods needed at high quality and allowing effectiveness.
By allowing this twist to make its way into the market, the partners at BELSOYA believe that the sauce being nutritious will be able to be used for many more meal creations than the other sauces. BELSOYA will also ensure that quality is the result of every barrel produced here in Belize. It aims to achieve the standard quality under HACCP. By standardizing the type of quality which we expect from each batch, it will allow BELSOYA to avoid hazards and safety issues and moreover be able to give our customers what is being promised to them.
To be able to upkeep this standard to company’s goal is to precisely label and monitor the aging process, closely examine raw material coming into the company and the processed bottled products leaving the company. Among these it intends to allow each bottled Soy Sauce to be produced at a standard many customers will grow to appreciate from the first time they try the product. Moreover, BELSOYA unlike any other company intends to incorporate flexibility into its portfolio which it believes will foster the growth of revenue into the business.
By flexibility, BELSOYA identified its mode of distribution which it believes will also add to the company’s affinity with its customers. The managers has discovered that by offering various avenues for both suppliers and customers, they will feel a sense of worth knowing that BELSOYA wants them to be satisfied at the end of the day. Some of these many avenues which the company wishes to embrace are firstly to establish a pick-up and delivery schedule which it intends to lay out in formal contracts made out through the signatures printed on elaborated forms.
These forms will specify what each customer or supplier expects out of the committed relationship in addition to what the company guarantees to its customers and suppliers. Another strategy which BELSOYA intends to challenge is the competitive market by offering prices comparable or below what its direct competitors are offering. Through this medium, BELSOYA will give its target market along with other potential customers to embrace the product because now instead of only wanting to try something new people will look at it for the price, quality, flavor and its numerous dimensions.
Weakness * People may not want to embrace a substitute product * Inexperience of operating a Soy Sauce business * Possess a limited beginning budget * Competitors image already established and accepted * Limited number of staff * Possibility for expansion will be limited due to permit * Cost of keeping the business sustainable * Shortage of skilled employees * Retained quality workforce * The production process being carried out manually * Pricing Strengths * Continuous in house training of potential staff members * Conduct continuous promotions using marketing tools Provide a healthy and safe environment for both its customers and employees * Better product life and durability * Strategically located for customer convenience * Create a quality distribution channel * Offer a locally made product * Cater to a healthy diet * Involvement of highly skilled staff * Customer service oriented * Flexibility * Partners passion and desire to make the business a success * Infused organic ingredients catering to a standard customers want SWOT ANALYSIS FOR BELSOYA’S SOYA SAUCE Threats Environmental effects such as weather changes could disrupt productions for the company * Competition intensive * Numerous competition within city limits * Government regulation * Continued cash flow * Stability of the economy and industry * Effects of the infrastructure * Ability to keep the machinery in working conditions * Changes in the marketplace * Customer Loyalty * Market demand very seasonal Opportunities * Provide additional services that are not provided by competitors. * Joining up with a popular distributor such as Grace located within the same market area * Continued growth trend in the production sector Development in technology and innovations * Establish the business globally * Development of new products * Profit margins will be good * End-users respond to new ideas * New specialist applications * Support core business economies * Could seek better supplier deals * Work with Government Organization which will promote capacity building concessions COUNTER ATTACK STATEGIES BELSOYA understands that in any business venture there will be internal strengths and weaknesses in addition to external opportunities and threats.
After conceptualizing this matter BELSOYA partners developed several counter attack strategies which it believes will allow the company to embrace the competitive market. Below list some of these strategies: * Through establishing and internalizing these various situations it knows that through training its employees for one will allow them to have qualified skilled workers who will enjoy and produce at the level which the company expects. * Additionally, it understands that by providing a safe and healthy environment for its employees and customers it will be able to retain them allowing the company to establish a firm client base. Moreover it understands that by capitalizing on things such as product life and durability or a Soy Sauce being made from organic ingredients, it will be able to remove stigma from the Asians mentality that only Chinese or Japanese made Soy Sauce are the best. * Externally, BELSOYA looks at the fact that by identifying potential opportunities such as joint ventures with local agents or distributors like Grace it could decrease the competitiveness in the market because Grace is acknowledged by many people. * Furthermore, it understands that eventually as the industry grows there ill be the need for advance technology such as large machines which will be able to store and ferment the soy beans and pass it unto being boiled and bottled which will allow for continuous inflow of cash into the business. * Lastly it recognizes that by working along with government organizations who will promote capacity building concessions the business will be able to be sustained no matter how the market changes. Through pinpointing these many strategies, BELSOYA will be the leading producer of Soy Sauce in Belize establishing why its main objective is to differentiate from its competitors among other things.
MARKETING RESEARCH BELSOYA being a start-up business will continuously keep progressing as it goes through its various stages of operation like any other production company. Although it is evident that there are many small businesses in existence just like BELSOYA offering a product utilized by many people; these companies still do not compare to what BELSOYA is prepared to offer. The Soy Sauce Industry dates all the way back to 2,800 years when the primary makers (Japan) capitalized on this amazing product.
Soya Sauce or as many may know it (Soy Sauce) was the end result of combining soy beans and other key components which became fermented, flavored and turned into what many people Asian and non-Asian enjoy in their meals today. Over the years the Soy Sauce business has blossomed from just Japan and China to even more place now including Belize. Primarily, Soy Sauce although a favored commodity within all cultures here in Belize, it was not until now that the idea of becoming a Soy Sauce producer has evolved. BELSOYA is not sure how well this substitute will work; but until the risk is taken it is only then that a conclusion can be made.
Soya Sauce has been imported into Belize for many years some taking shield under brand name companies such as Grace Products, La Choy and others. Through our research the partners at BELSOYA have found out that in Belize City alone Soy Sauce is being consumed by many different ethnic groups ranging from Creole to the Oriental ethnicities. Below displaces a chart showing the various ethnicities along with an estimation of consumption by each group. A part from this result BELSOYA was also ale to gather information from one of its newest competition in the market, namely Grace Kennedy Soy Sauce hich shows a monthly breakdown of Soy Sauce being sold from one month to the next. This information shows that throughout the month in 2010 Grace Kennedy sales were able to say on a normal fluctuating level which also shows that the company’s product is in demand. From gathering data like this, it enables BELSOYA to understand the system and hence formulate ways in which it can better off it sales level. Below displaces a chart of Grace Kennedy’s sales for 2010. BELSOYA feels that with firm goals, it does have the potential to create a product that will entice all cultures just like the perfected authentic Soy Sauce made in Japan or China.
Soya Sauce blends ancient Oriental traditions with modern-day technology to create a soy sauce that is naturally aged and consistently brewed to perfection. With all natural products produced in Belize, with the expectation of becoming one of the country’s leading brands of naturally brewed Soy Sauce; its rich aroma and flavor is the foundation for a delectable family meals found on grocer’s shelves, from small outlets to major chains. It is obvious that an ever-growing consumer preference for home-cooked and restaurants oriental cuisine creates high demand for Soya Sauce on retail shelves.
This oriental sauce contains no added chemicals which allow it to meet the needs of health-conscious consumers. Offering a variety of Soya sauce that enables customers to satisfy their evolving taste and desire for menu alternatives; our products provide opportunities to cross-sell related products in store and restaurants and are available in many convenient sizes and with re-sealable containers for extended shelf life. BELSOYA is committed in providing top quality and consistency in production line.
Through consultation and first hand viewing, BELSOYA partners were able to identify two Soy Sauce which sells in Belize along with their prices. These are La Choy for 5oz-$2. 22, 10oz-$3. 82, 15oz-$4. 52, 1 Gallon-$28. 18 and Kikkoman for 10oz-$6. 99, 15oz-$9. 40 at various supermarkets. It is evident that BELSOYA Sauce Company isn’t ready to go international as our many researches have made aware to us; this is because of the abundant production of this product all over the world. However, BELSOYA stands firm in realizing the potential market it has right here in Belize of which it intends to utilize fully.
This is obvious because as mentioned before BELSOYA is catering to what today’s society is looking for- a healthier yet flavorful product unlike any other. Currently, we are at our introductory stage which gives BELSOYA a good chance to introduce something new and fresh to the chefs of Belize. As was noted, the new Soya Sauce Industry which BELSOYA intends on opening will face potential problem here in Belize simply because many people especially the Asian community who are the main users might defer from trying the new product.
Nevertheless, BELSOYA expects to grow nationally, thereby being able to cater its product to everyone which we believe will help the business to obtain a stable place in the market. One of BELSOYA main objective is to conduct market research on the product giving BELSOYA an opportunity to forecast and stabilize the production of their unique Soya Sauce. Moreover through conducting the market research BELSOYA will be able to identify how profitable its product can become over the first and potential stages.
It is a very important part of our business plan as it will aid the owners to understand what the wants and needs of our potential customers are and who our potential customers may be. First, all partners came together in a focus group seminar to discuss the strategy to be used in the execution of conducting the elements of our market research. To begin, the owners decided that in order to collect relevant information two (2) methods had to be taken into consideration; the primary and secondary methods.
Using secondary sources, each partner had to research the types of Soy Sauce being made, the various makers and how the product is being made. All these information assisted the partners to be able to know specifically where they want to go with their introduction of Soya Sauce. After gathering this information, the partners were then able to decide on two primary methods which were a questionnaire and conducting face to face interviews. This information allowed the partners to reevaluate their target market and to construct something which will eventually gather more potential customers.
Additionally we were able to conduct hands on price checking so as to determine whether our prices were below or above our competitors. These prices of other soy sauce products and the supply and demand situations in Belize granted BELSOYA the opportunity to establish where the partners wanted the business to be in the next three years. Survey Results from James Brodies located on # 16 Regent Street, shows soy sauce is purchased 2 times a year every 6 months on a 10 case level. Sales at the store are very slow usually sold by single bottles only.
Brodies have one main agent for the importing of the soy sauce which is Associated Grocery of Florida a wholesale distributor located in Miami. Brodies would usually purchase this product for a fee of $18. 00 per case. Grace Kennedy Belize sells Soya Sauce for their mother company located in Jamaica the production of the product is done in Jamaica and import to Grace in Belize and sold by the company at the Wholesale and retail level; there is at least 3 shipments of 10 cases made per year. The company perceives the sale of this product as excellent.
At publics supermarket soy sauce is usually purchased on a monthly basis in the small and large ounces which would be 5 to 10 cases for a month. These cases purchased would consist of the bottles only. Publics would purchase soy sauce from our local distributors such as Simon Quan, RC Imports, Nando and Santiago Castillo. They believe that the sales of soy sauce are on a satisfactory level. Through this process, the partners were able to target a specific market segments and subsequently its potential target market.
It was established that the most suitable target market would be Belizean owned restaurants and homes yet still considering the potential of few Asians. From the research the partners were able to conclude that there were many products which are similar to our product which enabled BELSOYA to know exactly how to differentiate its product from the others. Lastly, we discussed several market trends and whether or not these trends will continue to last for years to come.
According to our market analysis, we were able to identify females when it came to nutrition and eating healthy; this market trend is known as a secular trend because healthy eating among Belizean females seem to be long term due to various media influences that many female strives to achieve in their physical aspect. Analysis of the Situation To be able to gather effective information BELSOYA partners focus on questioning not only our target market but also other persons who matched this line of business so as to look at what all the business entailed.
Being able to research and ask questions about the Industry the partners were better equipped to operate and carry out the duties involved in making the business successful. This will help BELSOYA partners to be able to analyze potential problems it may encounter, the needs and desires of our target market, what competitors are doing, the marketing mix and the external environment so as to prevent any costly mistakes along the way. COMPETITION Entering into the Soy Sauce business, the partners at BELSOYA were fully aware of the numerous competitions which would pose as possible traits to them; since these competitors already had supporters.
Through research, the partners at BELSOYA were able to identify many competitors who could pose as direct competition affecting the sales of its products. Some of these direct competitors are imported Soy Sauces made all over the world. These includes soy sauce such as the popular La Choy Soy Sauce distributed by La Choy foods in Irvine, California, Kikkoman which has six corporate companies with their locality in North and Latin American of which Belize is situated in the middle and lastly Grace Soy Sauce package for Grace Kennedy & Co. , Limited in Kingston, Jamaica that are found on shelves of supermarkets and restaurants.
These sauces are BELSOYA’s main competitors as they are the authentic Chinese sauces which many people have come to know and love. Moreover these very same products have been around for many years and as a result they commanded the loyalty of their customers as people are already accustom to their taste, brand and perhaps quality. We will differentiate our product by our design on our bottled manufactured goods, advertisement of our product whether it be by media, flyers, word of mouth or any other form of commercial and technological innovativeness; when the business commences.
When it comes to indirect traits, BELSOYA see wholesalers who sell these predominant products to chain stores and other potential customers. They do not compete directly for business at the specialty area but they do compete indirectly for the end Soy Sauce products to these food consumers. Market research has shown that only Mexico Soya Sauce has approached 2nd quality levels which include Kikkoman from Wisconsin, USA. This research has also shown that at least ninety percent (90%) of all soy sauce are imported from mainland china and others in that region.
Our competitors business continues to grow as they possess many assets which enable a business to develop. For instance, they have been in operations for many years, they have experience in the business, they have a target market, and lastly they import and export their products. The weakness of our competitors when it comes to Grace Kennedy and the other international products is that because they import these products their mark-up may be higher for the sale of their product.
Hence, BELSOYA Production Company has the opportunity to have an advantage over such competitors like Grace Kennedy and others in lower costing as all our ingredients will be locally produced extracts. The strengths of BELSOYA sauce are that our sauce is locally produced by natural products. These products will meet the high quality standards of HACCP by offering healthy and pure fermented soybean and this gives us the advantage over our competitors. Being the low cost provider of soy sauce will be a quick path to gaining more business or market share than our competitors.
Operational expenses will be lower for us as all products used in the making can be found right here in Belize without using much additives. For this, our soy sauce will be healthier. Moreover, unlike any other production company, BELSOYA intends on offering its products in small 1. 5 fl oz. which will give potential customers and others the opportunity to test the product and eventually return and purchase the larger ones which are the 5 fl oz. and 10 fl oz.
In comparison to our competitors we do not have a huge startup capital to mass produce and we have our own distribution channel which will be accessible by all customers. Moreover, unlike our competitors BELSOYA is a small production plant that will offer a product that will make it customers feel a sense of calmness and rejuvenated. TARGET MARKET To be able to identify our target market for the initial stage, BELSOYA’s partners first pinpointed restaurants, hotels, resorts, supermarkets and grocery store in Belize City who would be interested in purchasing locally made organic Soy Sauce.
However, in order to emphasize on a major group (market niche) the partners then broke down the list to reflect its major target market to be comprised of micro and small restaurants and supermarkets predominantly owned by the Asian community. The Trade Licensing department at the Belize City Council informed us that there are 87 licensed restaurants in Belize, 12 licensed hotels and 220 licensed shops and stores in the Belize City area. The result showed that over 319 establishments would be our target area out of 2200 established companies in
Belize. Of the intended market that uses Soy Sauce we plan to target 50% of these users which translates to 158 establishments. We plan to expand our target market to 60% within the next year because our product is of supreme quality compared to our competitors. The target market is growing steadily as the population continues to grow as stated in the Statistical Institute of Belize releases of its Mid? Year Population by Age? Group and Sex, 2009 that 333,200 is our population estimate.
As the population increases so does the workforce and the number of visitors to our country which gives us more disposable income to purchase food which contains Soy Sauce. A lot of people are eating out because both partners are working and may not have time to cook at home. And some families may not need to cook as income may not be a factor for them, especially when there are no children involved. There is more disposable income between spouses, hence they have the money to eat out which creates a market for our product.
The market growth potential is great due to an increase in tourism, which is a huge market for the Belizean population. More tourists are coming into Belize and this is good for promotion and production. More people in the country allows for more restaurants, stores, hotels and resorts being open and operating, which is good for our business as we will have a market to sell our soy sauce to. There is the continuous expanding limit of businesses and homes within the city limits as a result people cannot go home to eat due to the distance and traffic congestion to communicate daily as a result has to buy food.
Also there are more middle class workers eating out at restaurants as they make a handsome salary. A higher market demand for food makes good business for us as restaurants will be demanding more products and of course soy sauce will be one of those. As the market grows our shares will increase eventually because we will be targeting restaurants and supermarkets throughout the city and ultimately market our product country wide. Foreign direct investors who come to Belize to invest can invest in our company and market our product on the international level.
To be able to understand the market BELSOYA partners had to conduct necessary research through face to face conversations, questionaries’ and other methods. Some of the questions asked in the questionnaire are laid out below. The various establishments including restaurants, shops, grocery stores and others were questioned on how often Soy Sauce is used by them; in the diverse kitchens. The result shows that majority of these individuals used Soy Sauce daily which is at 35%, whether it be in a restaurant, within a home or other, and a mere 3% was unfounded on their answer.
Graph number 2 shows numbers of the community who uses soy sauce. As shown above majority of individuals who completed the survey stated that they use Soy Sauce. The minor of 8% says that they do not use soy Sauce. Graph number 3 shows Individuals who would be interested in purchasing Soy Sauce made in Belize: This graph dictates the number of individuals from the survey distributed based on a “yes” or “no” who would be interested in purchasing a Soy Sauce locally made in Belize. As shown 63 individuals 85% said yes and 11 persons which is 15% who said no that they are not interested.
Graph number 4, questioned on the preferred size of soy sauce that individuals would like to use. As the graph shows that 30% of our sample size prefer 16 ounce bottle, 26% prefer 6 ounce, 23% prefers 8 ounce, 17% perfers 10 ounce, and 4% was not sure on what size they would like to purchase. 5. Graph number 5 displays the number of individuals from our survey who use the product Soy sauce. Our survey shows that creoles are the majority of 31 users of soy sauce, followed by Asians with 27 users, then the Hispanic and Indian culture. -Graph number 6 is based to the survey question on where soy sauce is urchased based on the survey size. It is apparent that majority of soy sauce purchasing is done at the supermarkets and shops. Graph number 7 is based on the price individuals would be willing to pay for a locally made bottle of soy sauce. As it is clearley shown a immense number of 20 individuals was unsure on how much they would be willing to pay for a locally made soy sauce. Individuals price range ran from $4. 00 to $100. 00. Graph number 8 shows what size of locally made soy sauce individuals would be willing to purchase. Majority of our survey individuals would prefer a 16 ounce soy sauce.
This graph dictates where the public would like to purchase a locally produced soy sauce. Majority of persons chose supermarket as the number one place to obtain locally made soy sauce. MARKETING PLAN PRODUCT BELSOYA Sauce as mentioned before is made mostly from organically grown ingredients produced by farmer’s right here in Belize. BELSOYA partners see the potentials which it can bring to the “Soy Sauce” Industry because unlike other products, it adds a unique flavoring to many meals while at the same time it can be used for other things.
The product is a created by formulating pure natural ingredients infused with flavors which allows it to be so useful. The process begins by separating good and bad soy beans of which the best ones are used after which these are then washed, rinsed and blanched (pure hot boiling water over the soy beans so as to allow them to become moist and soft). During this process the persons must wear a mask. When this is completed and cooled, the cooked mixture of 5-10% wheat flour mixed with aspgillus (bacteria) into the moist beans.
This process is called the Inoculation stage which is carried out for 30 – 45 days. The second stage is known as the fermentation process which takes from 6 months to 12 months. Here the mixture is put in large barrels with 100 liters or purified water for every 25 lbs. of soy bean. After the months have passed, the mixture is then harvested by blending which turns into a concentrate and strained. When this is completed, the additional ingredients such as the caramel for coloring and the other flavorings are added to the strained product.
By utilizing this product customers will realize the potential this new healthy organically infused sauce bring to the table literally because as BELSOYA reiterates throughout its mission, it aims to revitalize meals and is committed to the health and well-being for its customers in Belize. BELSOYA partners stands firm behind this new product as we guarantee that no matter what innovations customers want to create in their kitchens, they will be satisfied knowing how healthy and flavorful their creation will be.
BELSOYA Sauce is a guaranteed must have sauce in one’s kitchen and for this the partners are confident that it has great potential in this competitive market. As the company continues to grow BELSOYA partners intends to expand its market by offering its sauce to the entire country of Belize and widening its target market to involved people such as the Indian community as BELSOYA see them as another major user of this product. Additionally, it intends to expand its market by partnering with government organizations as well as private organizations within the industry to produce a strange connection to clients.
Through this BELSOYA will ensure that measures are passed which inform wholesalers and retailers that they a must sell Belizean made products ensuring that the product meets a standard of which BELSOYA Sauce will be sure to achieve. PROMOTION Prior to the inception of BELSOYA on January 1st, 2012, the partners have decided to look at several promotional areas which it intend to utilize; these areas includes Television and radio advertisements, handing out fliers and through our friends and relatives.
BELSOYA partners knows that in order to attract and retain its customer and reliable suppliers, it must develop positive and well-grounded promotions which will serve as the incentive for being apart of the business. BY saying this, the partners at BELSOYA intends to first of all promote a safe system which will allow it customer to know that BELSOYA cares for their health and longevity in life. Additionally it intends to conduct sound promotion through its marketing personnel who will draft up plans and execute these plans in an effective and efficient manner.
With that said, BELSOYA choose several avenues on how to ensure that promotions are conducted safely, professionally and according to the policies of the Government of Belize. Some of these avenues includes, advertising the three (3) dimensions in which people can get this product. Promoting offers such as discounts for purchases over $200. 00 and guarantees on return policies in addition to other promotions. By focusing on the three dimensions firstly, it will allow people to see that BELSOYA is reassuring them in providing them with not only a healthy and flavorful product but also affordable.
Many would ask how could promoting something like the various sizes which a product comes in, be an asset; well, unlike other competitors BELSOYA will offer products from 1. 5 ml, 5ml and the largest being 10ml. 10oz = $3. 35, 5oz= $2. 66, 1. 5oz = $1. 87 Through offering a small pocket size or tester as many would like to refer to it may offer the poor as well as our target market to test the product which intern will drive them to want to invest in the 5ml and eventually the 10ml.
Secondly, through promoting offers such as discounts for purchasing an amount over $200. 00 this will further serve as an incentive for potential customers to form a strong relationship with the company. Moreover and most importantly BELSOYA intend to strengthen its backbone by offering guarantees on product quality, safety and health to its customers while ensuring the providers (farmers) of its continuous support throughout their progression stages.
Another major promotion which BELSOYA will focus on is its guarantee to its customers and farmers on policies based on company standards which it intends to stand firm by. PRICE Through the various researches that BELSOYA partners conducted; it was established that in order for the company to enter into such competitive market it had to focus on several optimal values which customers. These optimal values ranged from being competent, offering quality while being affordable along side many others.
Of these it realized that of the potential customers would prefer affordability next to quality as was made apparent through its researches because although many people looked at purchasing various sizes, they did this based on the price and the usage of the product. For this BELSOYA partners looked for suppliers whom they would be able to purchase affordable yet productive and efficient ingredients and equipments. Contributing factors to BELSOYA prices resulted from finding unit costing for each expected sizes which will be produced by BELSOYA. The concluding results are 1. 5oz bottles costing $1. 7, 5oz bottles costing $2. 66 and finally 10oz bottles costing $3. 35. By offering these three (3) sizes it allows not only the target market to be interested in the product but instead it also allow the poor or rich, oriental and non oriental personnel’s to experience a product that will revitalize their meals while being healthy. BELSOYA price ranges for it various size Soya Sauce can be looked at from two views. Firstly, when comparing the 5oz cost with La Choy one of its direct competitors it would show that BELSOYA definitely will have competition because La Choy soy sauce 5oz only cost $2. 2 whiles ours cost $2. 66 so it does pose a trait in that area. However, when looking at the other two unit prices, BELSOYA is below its competition because for one, it offers a 1. 5oz which is only $1. 87 or a 10oz which is only $3. 35. In this productive Industry, BELSOYA will be the only providers of a 1. 5 oz Soya Sauce which will definitely benefit them in the longer run. 1. 5 oz | costing| 5oz| costing| 10oz| costing| Salt| 0. 06| Salt| 0. 10| Salt| 0. 25| Soybeans| 0. 09| Soybeans| 0. 14| Soybeans| 0. 35| Bacteria| 0. 00| Bacteria| 0. 01| Bacteria| 0. 06|
Caramel| 0. 25| Caramel| 0. 38| Caramel| 0. 38| Ginger| 0. 03| Ginger| 0. 50| Ginger| 0. 50| Water| 0. 06| Water| 0. 09| Water| 0. 18| Molasses| 0. 08| Molasses| 0. 11| Molasses| 0. 29| | | | | | | Sub Total| 0. 58| | 1. 33| | 2. 01| Labor| 0. 78| | 0. 53| | 0. 27| Mark-up| 0. 27| | 0. 38| | 0. 46| 12. 5% GST| 0. 20| | 0. 28| | 0. 34| Over head expenses| | | | | | Loan | 0. 03| | 0. 13| | 0. 25| Utilities| 0. 01| | 0. 01| | 0. 01| Rent| 0. 002| | 0. 002| | 0. 005| Unit Price Total | $ 1. 87 | | $ 2. 66 | | $ 3. 35 | PLACE
As mentioned before, the distribution channel is something that BELSOYA see as a great potential for the inflow of cash revenue into the company and for this, its goal it to capitalize on its prime position in this competitive market. BELSOYA is located on one of Belize’s main streets surrounded by many supermarkets, restaurants and about 100 yards away from the main Police Station. For BELSOYA, the distribution channel is key to a successful business among other factors. As was stated before, making soy sauce is an intense process which takes up to 8 or 12 months depending on how dense the production personnel’s wants it.
After this product is cooked, strained and bottled off the product will be boxed off in twelve’s (12) to be sold to customers. For the consumption of this product, the partners at BELSOYA have come up with two main distribution channels. These two distribution channels comprises of allowing customers to be able to access the product by either come to the business location or they can ask for delivery to be made to their location. Firstly, by allowing customer to come and experience a first hand welcoming feeling by come to place their orders or conduct up front purchasing it will enable the business to form a bond with customers.
When this occurs, customers will be able to come into the office speak face to face with the front desk personnel who will upon request offer the customer the amount of products being requested. In this case if the order placed is by units the front desk personnel will record the information in a register and remove the request unit from the show glass in her area. However, if the walk-in customer requests a case or more the receptionist will take the order and call for the amount to be ready at the finish station for the person to pick it up.
The production area will record and issue the cases along with an invoice and copy to be signed by the customer. One of the invoices will be given to the customer and the other will be kept for the company’s records. This will allow for easy flow of information from front desk to company heads especially the financial personnel. Secondly, were customers call for a requested amount of soy sauce the front desk will take down the information, make the call to the production area, the production area will log the amount to be released and the production personnel will load the truck for it to be delivered.
When this process is completed the drive will retrieve an invoice along with a copy to be signed by him and the customer and the delivery will be made. The process in regards to the invoice for walk-ins is the same for deliveries. By offering these two channels, it will allow for the customers to feel comfortable in knowing that BELSOYA has their interest at heart. Moreover it will afford them the knowledge that unlike certain products, BELSOYA Company offers convenience and an open door for any questions or queries which they might have about the product or request suggestions.
Manufacturing/Production Plans Facility BELSOYA Sauce will be operating from the lower flat of 11 Raccoon Street. The building is a 30 x 40 structure that is suitable to accommodate all the necessities needed to make the business productive. The building consists of a main entrance which is safeguarded by shutters to protect the glass doors, several burglar bars and double windows for cool ventilation. Also, it is fully tiled and spacious to accommodate two storerooms: one used for raw materials and the other for processed boxed soy sauce with slide up shutters for the loading and unloading of the products.
There is also a main office, a bathroom that is already in place, washbasins and counters among other facilities. There will be no need for renovations since the building was recently built, however because it is an open area; there will be the need for partitions and purchasing of the equipments needed. Production In producing the soy sauce, BELSOYA Sauce will go through two (2) processes. The first process is call inoculation. To begin this process, the workers must first select the good soybeans from the bad ones.
After that is completed, the beans are then washed, rinse and blanched (steam beans in water until moist and soft). Cool down the soybeans. While the beans are cooling, cook wheat flour and add the micro-organism aspergillus (bacteria) to it. The final step in this process is to add the flour and bacteria combination to the soybeans. The second process is called the fermentation stage. To begin this process, the soybeans mixture is added a mixture of purified water and salt. After that is finished, it is then placed into barrels and sealed. This is where the fermentation will take place for nine 9) months. In the first week of the nine months, the barrels must be turned everyday so as to make sure that everything is mixed properly. In the second week the barrels are turned three (3) times. In the third week the barrels must be turned two (2) times. In the fourth week and more, the barrels are then turned one (1) time. After the fermentation is completed, the soybeans and solution are blended together. After, it is then filtrated and become a concentrate where it is then diluted. After it is diluted, it is then bottled off and place in boxes and store in the storeroom.
In carrying out the process to produce the soy sauce, BELSOYA Sauce needs the following equipment. These are aluminum round base pots. The pots must be aluminum and round base so that the product does not burn when it is being cooked. These pots cost a total of $160. 00 each. The other equipment is the stove. These stoves will be table top stove and they cost a total of $160. 00 ea. The other equipment is stainless spoons which cost a total of $18. 00 ea. The last equipment is the barrels with seals that are used to ferment the product. These barrels cost a total of $85. 0 each. Other equipments required are three (3) computers, printer, fax machine, telephones. Staffing BELSOYA Sauce consists of four well educated partners. Ms. Dana Ayuso and Ms. Lisette Ordonez hold the manager’s position. They come equipped with the knowledge and qualifications because they have been managers for very prestigious institutions for over five plus years. On the other hand, Ms. Fiona Usher comes equipped with her skills of financial management which will allow the business to see a prosperous future and to grow into a well productive business.
Ms. Dylana Moses is the Human and Public Relations Manager. Ms. Moses comes equipped with the knowledge and qualification for the position which will allow the business to communicate with their customers and achieve their stated goals. In addition to the four partners, they have come in agreement to hire an individual to take up the role as the receptionist. This person will deal with customers who come into the business to purchase the product. Inventory BELSOYA Sauce will be using inventory management software.
This software will help the business monitor their stock very effectively because it will lower the spoilage rate as well as the ability to track popular items. The raw materials that would be in the inventory are the soybeans, coloring, salt, bacteria, barrels with seals, and bottles. With these items in our inventory, we will know when to reorder and how much to reorder because the system will notify us when we have approach the reorder time. When we approach the reorder point we will purchase to raw materials from our suppliers.
The soybeans and barrels will be purchase from Spanish Lookout because they produce a good quality of the soybeans and can provide the total quantity that the business needs. Also the barrels are of good quality because it can last for the time need for the soybeans to ferment. Delivery BELSOYA Sauce will be using two distribution channels. The first channel will be a delivery truck. The delivery truck will be used to deliver the product to customers who buy in bulk and to those who are out of city limits. Also, the delivery truck will be used for other customers who may not have the time to pick up their product.
The goods will be delivered within a specified time period which is one to two working days depending on the location. The second distribution channel will be Grace. BELSOYA will use Grace Kennedy as a channel so that potential customers may purchase the soya sauce at a retailed price. Grace will market the soya sauce and distribute it to the local supermarket so that customers can be aware of the new organic soya sauce. Quality Management BELSOYA Sauce has environmental plans in place which meets all the country’s requirements.
We also plan to implement a quality system for all aspects of the business. The implementation of this system will begin after the business open its doors to the public which will take approximately six months to one year. A quality system also has been implemented with the member producers. They have established a system that tracks how each raw material is produce. In addition, the farmers and other suppliers will be able to monitor members’ records to assure the standards of natural product are maintained. Environmental Concerns There are no environmental concerns to be dealt with at this time.
All local permit requirements have been met. The waste is discharge to the local sewer which is monitored by the city and meets all the necessary requirements. LOCATION Coming January 1st, 2012, BELSOYA will begin business from the lower flat of 11 Raccoon Street. The business will be housed in a 30 x 40 building suitable to fit in all the necessities needed to carry out the business productively. The flat consist of numerous burglars bar, double windows fit for cool ventilation and a main entrance safeguarded by shutters guarding the glass doors.
Additionally the entire building is fully tiled and spacious to house two storerooms one used to store raw materials and the other for processed boxed Soy Sauce fixed with slide up shutters for the unloading and loading of the products. There is also a main office, a bathroom which is already in the building, counters and washbasins among other amenities. The site does not need any renovations as it was recently built however since it is an open area; there is the need for partitions and the purchasing of the needed equipment.
For the construction of partitions and other installation of counters etc. the total costing will be totaled to $5540. 00 inclusive of labor. Unlike other prospective sites, this location gives BELSOYA the opportunity to create an environment suitable to their taste and the customers’ desires. The location is idle as it is situated in the heart of several Asian shops both micro and small, vendors and restaurants such as 88 shopping center, #1 shopping center, Lucky supermarket 88 restaurant just to name a few.
As mentioned before, BELSOYA partners have contracted a legal agreement with the Ordonez’s to rent the establishment for $800. 00 monthly on several terms and conditions. Some of these terms includes; BELSOYA being in charge of putting up the partitions if needed, being able to provide a care taker to upkeep the building among other things. This location is essential to BELSOYA in being productive because it doesn’t only cater to the needs of the business but instead it also caters to the needs and desires of its potential customers. Unlike other manufacturing companies or businesses that are usually situated far rom it customers, BELSOYA thought that by centralizing its location it will give customers a fulfilling feeling because they will be able to have accessibility of the product and get hands on information from the producers instead of through representatives or over the phone. MANAGEMENT PLAN As mentioned before, BELSOYA Sauce is a partnership owned by three individuals who have equal shares in the business. The owners Dana Ayuso, Lisette Ordonez, Fiona Usher and Delana Moses have equal power to make decisions concerning the Soya Sauce business.
However, for any concrete decisions to be made there needs to be establish a sound consensus as stated in the agreements drafted up by all the partners. BELSOYA intends on executing its daily operational running by utilizing both an Internal Management Team and an External Management Team which they believe will allow productivity to be constant. Internal Management team: The internal management plays an essential role in the business as it is the most important aspect that will keep the business successful. In BELSOYA Sauce they are seven positions that are occupied by the owners of this prosperous business.
Dana Ayuso is the General Manager of the company with her assistance manager Ms. Lisette Ordonez. They are the individuals who will keep the business a successful one. The financial manager of the business is Ms. Fiona Usher who will make decisions on how the business will grow in the right path. Ms. Lisette Ordonez also hold the position of Marketing and Production Manager; the person that will ensure that the people of Belize knows about this new product. She will be the one that will market the business through all media sources using advertisements, giving out coupons and offering promotions when necessary.
Another position in the business is the Human Resource and Public Relations Manager which deals with the business relations with both employees and customers. This position is of key asset to the company for which Ms. Delana Moses, another partner in the company will hold. She comes suited for the position as she has years of experience in the comprehension of Human and Public management which will allow the company to reflect what the partner’s aims to achieve. The Public Relations Manager is in charge of the wellness of staff and the comments and suggestions of our most valuable customers.
Where requested, Ms. Usher will be the one in charge of consulting the nutritionist on catering to these dietary plans for each customer of the business as BELSOYA aims to please its customers. The other positions which will make our business complete are three (3) Assistant line Personnel, a front desk personnel and a caretaker. The business will appoint employees to take over these positions as the business starts its operations. For the initiation of the business, the partners have decided to ensure that two of the assistant line personnel are males.
The reason for this is that it intends to utilize these two male as a driver and helper when stokes are needed to be delivered. The Caretaker is in charge of getting resource for the center making the working environment a relaxed and safe place for both employees and customers. In the production of these sauces, the partners have decided that everyone will play a role as we the initial partners will create the product ourselves and subsequently the bottling and packaging will be done by the assistant line personnel’s.
Eventually the assistant line personnel’s will learn through inside training how to make the product to BELSOYA’s standards. External Management team: It is always good to have an External Management Resource because it can make the difference between management’s success and failure. This major resource is considered to be the external management team needed for back-up support of any business venture. They can bring innovative ideas where needed and credibility in cases such as dealing with competitors in such a competitive market and the upholding of various agreements within and outside of the business.
BELSOYA Sauce will utilize professional services when it pertains to external management team member. These services will include a consultant (lawyer) and a nutritionist who will be our support when it is needed. The lawyer will be of great assistance when dealing with the legal aspect including economic matters, internal matters based on the article of association and agreements drafted up between the three partners among other matters.
In respect to the nutritionist, this person will also be a key player in not only the development of this product but also he/she will assist the business when dealing with delicate cases such as documenting dietary plans for an individual who wishes to include this healthy product in their diet. BELSOYA’S ORGANIZATIONAL STRUCTURE General Manager Assistant General Manager ……………………………………………………………………………………………………………………………………………………. Human Resource & Public Relations Manager Financial Manager Marketing & Production Manager Front desk Personnel 3 Assistant line Personnel Caretaker