MILKTEA WAY: EUPHORIA IN A CUP: ESTABLISHING A MILKTEA STORE IN TIAONG, QUEZON: A BUSINESS PLAN

[Audio] MILKTEA WAY: EUPHORIA IN A CUP: ESTABLISHING A MILKTEA STORE IN TIAONG, QUEZON: A BUSINESS PLAN By CHRISTINE JOY A. RAMOS DECEMBER 2022.

CONTENTS. EXECUTIVE SUMMARY AND FACT SHEET 3 BODY OF THE PLAN The Company and Industry The Product/Service Offering Market Analysis The Marketing Plan The Development Plan The Production/Operation Plan The Management Team Implementation Schedule and Risks Associated with the Venture The Financial Plan 4.

[Audio] EXECUTIVE SUMMARY AND FACT SHEETS Filipinos usually are fond of refreshing drinks such as the all-time favorite buko juice and samalamig. But just recently, a new product called Milk Tea entered the picture and its popularity in the Philippines is totally undeniable. In just a snap, milk tea captured not only every Filipino's taste buds but also their hearts and becomes the most bought and loved drink nowadays. It has been a decade since milk tea was introduced in the country. In 2008, the first milk tea store opened in San Juan City, and since then, Filipinos were drawn towards this tasty drink. People started loving it more than ever, especially Filipino teens and young adults. Where ever you go, you would see stalls and café offering milk teas of varying flavors. Due to this, a milk tea shop has a big opportunity for a profitable business. The establishment of " Milktea Way: Euphoria in a Cup" aims to provide not just only quality and budget friendly products but also to offer facilities that will satisfy the customer's needs. As the first milk tea store to be established in the area, the competition is not intense. The business has some occasional competitors that provide services or products that differ slightly to the business or they are situated in a different location. If the business becomes successful in the area, competition may become tougher and possible entries of some famous fast-food restaurants may occur. Continuous improvement of product and services must be done for the business be on the top of competition..

[Audio] BODY OF THE PLAN The Company and Industry The name of the business is " Milktea Way: Euphoria in a Cup". The business was made to provide best quality, clean and delicious milk tea and other food products at affordable prices. The logo bears the name of the business Milktea Way: Euphoria in Cup. The word Milktea way comes from the word milky way which is the name of the galaxy. The business wants their customer to witness the unseen and feel the unexperienced; wanting to withdraw the customer's attention with the ambiance of the place. The Pentagon symbolizes a home. It means the customers can be comfortable as if it is their own place. In addition, the sides of the pentagon symbolize the five partners who formed the business. The Orange color symbolizes a cheerful color that is inviting and promotes optimism..

[Audio] Vision Our vision is to be a well-known milk tea store nationwide while enriching the lives of our customers, our employees and owners. Mission Our mission is to serve quality food products in a comfortable atmosphere with friendly and professional service to our customers. Treat them as they would want to be treated when they dine out. Core Values Customer Service Excellence Provide our customers with the best service through genuine personal care and attention. Teamwork We believe that our continued success depends on teamwork. We can provide the highest level of service to our customers by working together as a team. Communication Every employee should have a good sense of "what's going on" in the business which can be achieved through open communication with each other. Orderliness We will ensure that we will run our business in a professional and orderly manner by having good systems, and standardized procedures..

[Audio] The Product/Service Offering A product is anything that can be offered to a market that might satisfy a want or need. It can be a service or an item. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Milktea Way: Euphoria in a Cup offers the following products and services: Snacks and Drinks Dialogue Room / Photo Room WIFI-Zone Barkada Bundles & Loyalty Card Snacks and Drinks Milk tea refers to several forms of beverage found in many cultures, containing some combination of tea and milk. Beverage vary based on the amount of each key ingredients together with other ingredients such as sugar and honey. The business also offers foods such as rice meals, pastries and finger foods for the customers. Shown in Table 1 of the submitted manuscript is our menu with its prices. Dialogue Room / Photo Room It is a room set for customers who wants to privately talk about business transactions or group meetings. The Milktea Way: Euphoria in a Cup is open for call reservations and the business will set this room as the place for the said customers. WIFI-Zone A WIFI hotspot is simply an area with an accessible wireless network where people may obtain Internet access, typically using Wi-Fi technology, via a wireless local area network ( WLAN) using a router connected to an internet service provider. Milktea Way: Euphoria in a Cup is a Wi-Fi zone area for customers to relax and go to their social media accounts. Good ambiance will also make sure to be visible and felt by the customers. Barkada Bundles & Loyalty Card Barkada bundles are offered also for group of friends or family who wants to be part of the Milktea Way. And lastly, Loyalty Card will be offered for regular customers of the said business as exchange gift for their unstoppable recognition of Milktea Way. This Loyalty Card will give a free extra drink as it is presented to the cashier of the business. These products satisfy the need of the target market in the area. The business will offer reasonable and affordable foods and services that will meet the target market needs to ensure sales stability, consumers' satisfaction and creating the business position in the market..

[Audio] Market Analysis Target Market The business will be located at Don V. Robles St., Poblacion I, Tiaong, Quezon where the physical store will be permanently set up. In this area, Milktea Way is near on its target customers for schools are all around the said place and other establishment such as the municipal hall of the town. Based on the data of Philippine Statistics Authority, Tiaong, Quezon has 106,366 population and is still growing, which will be the primary target market of the business. It will also target locals of nearby towns around Tiaong and even traveling people who wants to relax and unwind after a full long drive. The business intends to serve: Students Employed or Working Professionals Other people Due to the fact that milk tea stores have started gaining wide acceptance in our country, the business will offer the customers quality tea as well as the choice of having different flavors and also to enjoy the additional features of the business. Moreover, its emerging demand of the people who wants to stay in a place to unwind and be free from worries after a period of work. Everyone expresses stress from time to time due to everyday responsibilities, like school, work and family. People experiencing it tend to find places or activities to release their stress. One of their go-to places to unwind are cafés and tea shops for refreshment..

[Audio] Market Segmentation A market segment is a group of potential customers who have something in common that can be used to optimize marketing. Segments are used to tailor products, promotions, pricing, locations and customer experience to customers. Milktea Way's primary product are milk tea, coffee and pastries and its additional features are the dialogue room, photo room and Wi-Fi zone using different bases for segmenting consumer markets. Demographic Segmentation High School Students Working Professionals Male and female Others who are knowledgeable on the business products and services Behavioral Segmentation Customers want good milk tea that is less expensive than that of a specialty milk tea shop and in a convenient location Products and services are in regular use because of their need to unwind in between of their busy life..

[Audio] The Marketing Plan Marketing Program and Strategies In the ever-changing world of milk tea, the business will build its own brand identity to maintain a competitive edge. Milktea Way's additional features will help the business to stand out from the competitors. The quality products and services with affordable pricing will also be effective in making the business stand out once implemented. Although the competitors have the same services and products offered to their customers with almost the same prices, they are too far from the target market. We think that the establishment of the milk tea store in the area will be our edge. Since the chosen area is located at the center of almost all of the schools in the town of Tiaong, this will provide a greater opportunity for the business to prosper since many students nowadays are milk tea lovers. Milktea Way can provide its customers with the convenience they need and it is an advantage to have their loyalty to the business. Milktea way has 3 main strategies as follows: The first strategy is making the place and the food the core of customer satisfaction. The incorporation of the usual Filipino taste with milk tea way's own signature dishes and snacks with a comforting ambiance with free wi-fi will help merit the business' name. The second strategy is to provide the potential customers an area for a picture worthy post. There's a room that is designed to attract customers to take Instagram worthy pictures that will also help promote the business. The third strategy is to offer customers a place for student or professional works. There's a dialogue room reserved for customers planning to do group projects, meetings, and other similar activities. Also, the assistance of approachable staffs will be an inexpensive way of providing quality services to potential customers and since word-of-mouth advertising can be an effective way to turn large groups of people into loyal customers. Loyalty programs is also a must. The business will be offer loyalty cards for regular customers of the said business as exchange gift for their unstoppable recognition for the business. This Loyalty Card will give a free extra drink as it is presented to the cashier of the business..

[Audio] PRINT AND PUBLICATION MEDIA This includes brochures and tarpaulins to be disseminated within the Municipality of Tiaong. This contains the name of the business, location, operating hours and days, and social media accounts. The tarpaulin will be posted in the places noticeable by the public. This may also be attached to some vehicles for additional exposures. SOCIAL NETWORKING ACCOUNT Milktea Way: Euphoria in a Cup would also have a page which is a very effective way of reaching people nowadays. This strategy would allow the intended market to send their requests and suggestions through this tool for the convenience on their part. Advertising helps change outdated or negative perceptions of your business, if needed. Advertising can also increase visibility within our industry, helping us to attract partners that can expand our business..

[Audio] THE DEVELOPMENT PLAN S.W.O.T Analysis S.W.O.T analysis is a strategic management use to identify and compares strengths & weaknesses of the business to the external opportunities and threats of its environment. It is important to conduct this analysis to make the best possible strengths, minimize organization's weaknesses, make use of the arising opportunities while not ignoring the potentials threats. Shown above are the S.W.O.T analysis of the business. The business will alter its strategies if the action taken did not achieved the desired result or depending on the situation. Whatever the outcome is, it may create a feedback loop which affects the internal and external environment..

[Audio] THE PRODUCTION/ OPERATION PLAN Business Process Milktea Way: Euphoria in a Cup will be open Tuesday to Sunday from 9:00 am in the morning to 7:00 pm in the evening. The personnel and assigned service crews for the opening must be one ( 1) hour before the store starts to prepare the ingredients to be used on that day. The cashier will attend to the orders of the customers. The customers will fall in line to the counter to give their orders. After the 7: 00 pm closing, the personnel and service crews will clean the restaurant for another one (1) hour. A total of 12 hours of duty for the personnel and service crews. Store Uniforms The uniforms will be worn during store hours. The uniform for employees' costs Php 500.00 each­­ and will be considered as an expense of the business..

[Audio] THE PRODUCTION/ OPERATION PLAN Business Process Milktea Way: Euphoria in a Cup will be open Tuesday to Sunday from 9:00 am in the morning to 7:00 pm in the evening. The personnel and assigned service crews for the opening must be one ( 1) hour before the store starts to prepare the ingredients to be used on that day. The cashier will attend to the orders of the customers. The customers will fall in line to the counter to give their orders. After the 7: 00 pm closing, the personnel and service crews will clean the restaurant for another one (1) hour. A total of 12 hours of duty for the personnel and service crews. Store Uniforms The uniforms will be worn during store hours. The uniform for employees' costs Php 500.00 each­­ and will be considered as an expense of the business..

[Audio] THE MANAGEMENT TEAM Management principles is one of the very important concern when it comes to all businesses, whether large or small. The seemly decisions made by management will have an impact on the success and continuing growth of the business. Effective and efficient management is a key to an organization's overall success. Organizations are changing everyday so management should be flexible enough to change over time as the situation demands. Management is all about achieving organizational goals through people and other available resources. In order to flourish in today's competitive business environment, organizations need competent, flexible and a very responsive workforce. Milktea Way's goal is to meet the demand for quality but budget friendly tea products for the customers. At the same time, it invests on its employees to enhance the quality of service and monitors customers' feedback to continuously innovate. The business is composed of five partners, one manager and bookkeeper (which is also a partner), two counter attendant or cashier, one head cook, two assistant cook, five service crews or barista, one dishwasher and one security officer..

[Audio] The Product/Service Offering A product is anything that can be offered to a market that might satisfy a want or need. It can be a service or an item. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Milktea Way: Euphoria in a Cup offers the following products and services: Snacks and Drinks Dialogue Room / Photo Room WIFI-Zone Barkada Bundles & Loyalty Card Snacks and Drinks Milk tea refers to several forms of beverage found in many cultures, containing some combination of tea and milk. Beverage vary based on the amount of each key ingredients together with other ingredients such as sugar and honey. The business also offers foods such as rice meals, pastries and finger foods for the customers. Shown in Table 1 of the submitted manuscript is our menu with its prices. Dialogue Room / Photo Room It is a room set for customers who wants to privately talk about business transactions or group meetings. The Milktea Way: Euphoria in a Cup is open for call reservations and the business will set this room as the place for the said customers. WIFI-Zone A WIFI hotspot is simply an area with an accessible wireless network where people may obtain Internet access, typically using Wi-Fi technology, via a wireless local area network ( WLAN) using a router connected to an internet service provider. Milktea Way: Euphoria in a Cup is a Wi-Fi zone area for customers to relax and go to their social media accounts. Good ambiance will also make sure to be visible and felt by the customers. Barkada Bundles & Loyalty Card Barkada bundles are offered also for group of friends or family who wants to be part of the Milktea Way. And lastly, Loyalty Card will be offered for regular customers of the said business as exchange gift for their unstoppable recognition of Milktea Way. This Loyalty Card will give a free extra drink as it is presented to the cashier of the business. These products satisfy the need of the target market in the area. The business will offer reasonable and affordable foods and services that will meet the target market needs to ensure sales stability, consumers' satisfaction and creating the business position in the market..

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