Chocolate Bibingka

#77 Ortega Street, Barangay III

San Fernando City, La Union, 2500

+639154056373

Chocolatebibingka@gmail.com
 Executive Summary

Introduction

As a citizen living in a tropical country, it is very usual for us to eat

delicacies with different natures such as ice creams, pastries, noodles, and

others, especially for people with Asian descent. Asians literally loves to eat

anything; that is why, the proponents of this group thought of a way to bring and

to integrate a well-known flavor to a classic Filipino Delicacy. Chocolate Bibingka

is the product that the proponents of this group thought of and designed in order

to produce an innovative twist to a known classic.

This product was created to quench the hunger of the masses and at the

same time, to give a lasting flavor and identity to the consumers. This product is

unique because it attempts to combine the natural Filipino delicacy with a flavor

that will surely be loved by the people because of the growing trend of Chocolate.

As this business enterprise will see its possible future, if ever the proponents of

this group decides to continue this as a real business, they will come up with

ways on how to implement the name of this brand to every Filipino household so

that it will be a sure hit.

Back then, Filipinos are contented with the way they eat their classic rice

cake, little do they know that it can undergo innovation and bring a sweeter and

salty combination of tastes. This enterprise is one of the brands that will offer

innovation to the classic and iconic Bibingka that we know and love. This

enterprise offers a different approach or variety to the Filipino Bibingka that we

know. Now, it comes with a sweet, dark, Chocolatey flavor which most Filipinos

love.

This enterprise aims to be one of the Philippines and possibly one of the

world’s leading rice cake brands that will be known for pioneering innovation and

quality, world-class service. This enterprise also wants to expand its reach and

range to other parts of the world by having store branches in a specific location.

This product does not only follow the teens of this generation, this delicacy can

be enjoyed by most of the Filipinos which will make it easier to be marketed and

sold all over the world.

This enterprise is up against established brands which won’t be

mentioned. But, the enterprise is confident that the innovation it offers will be

significant because it will allow the current market situation and the current

competitive nature of this aspect to be active. It will allow the competitors to come

up with different ideas that will make the concept of competition alive again for

this aspect. Knowing this, we will also be forced to answer with different varieties

and products in order to lessen the possibility that the enterprise will be left out in

the competition.

The management team that holds the enterprise together are workers that

are all capable and dedicated to their craft. They have experiences in producing

this kind of product, each part of the management team has a specific aspect in

the enterprise to look upon to, this will lessen the workload of the other members

of the management and it will enable them to organize their actions and create

synchronicity within the enterprise.

 The purpose of every business is to make money while rendering service

to the masses and the market, once the enterprise has reached a certain amount

of sales to cover another branch and to release a new variety of product, then the

business will be considered a success because from then on, it will make the

business attain more profit.

 Company Description

This section explains the basic elements of this business enterprise

including the name, mission, vision, and philosophy that this business lives by.

A. Company/Business Name

“Choco Bibingka” – this name came from the product itself. There

isn’t anything more iconic to us Filipinos’ than our very own Bibingka/Rice

cake.

B. Company mission statement

To deliver quality tasting Bibingka that is budget-friendly to our

customers, give world-class service and increase the reach of our

branches and the range of products that this enterprise can offer.

C. Company philosophy and vision

a. This country’s main philosophy is to produce innovation as

well as its world-class service in which the market and target

consumers will be greatly benefited.

b. To be one of the world’s leading rice cake food enterprise,

known for our quality and tasty products as well as the world class

service and budget friendly delicacies.

D. Company goals

The first long-term goal of this enterprise is to be known for our

world-class service. This will only be attainable if this enterprise provides

enough training to its staff. Once this enterprise have been known in this

aspect, it will be easy for it to continue other goals which will be mentioned

later on in this paper.

The second long-term goal of this enterprise is to expand its reach.

Reach meaning, to add more and more branches for this enterprise to

attain global prominence and be a hit in the market. This will be attainable

once the enterprise has reached enough cities in the Philippines to render

service to and possibly establish a name in the market.

Third is the addition of different variety of Philippine delicacies to

our slate of products. This is to lessen the customers’ satiety towards this

enterprise’s Choco Bibingka. Once this goal has been reached, it will open

new opportunities to the masses and to the enterprise itself.

E. Target market

The target customers of this enterprise are middle-aged to adult

Filipinos.

We are all knowledgeable that Bibingka is a delicacy that most Filipinos

enjoy, regardless of their age. The enterprise will not find it difficult to find

and to satisfy customers with the product because of the iconic impact of it

as well as the innovation and yummy taste that it offers.

F. Industry

This enterprise seeks to become a part of the Food Industry. The

food industry is one of the most innovative industries there is. Every once

in a while, this industry is showing new, appetizing, and pleasing products

to the masses.

The reason why this business has an edge to last in the food

industry is because it offers an innovation to an iconic food. It gives a

unique twist to a known classic which is the Bibingka. Lots of rice cake

stores that are out in the market are offering the same old flavor of the

Bibingka which we know and love.

During the startup of this business venture, it will allow its

competitors to release a variety of products. Thus, giving the masses a

wide range of flavors; increasing the level of competition against brands of

the same products, again, beneficial to the enterprise because it will allow

the enterprise to think or to come up with other varieties that will make it

stand out against the competitors.

G. Legal structure

a. As per the requirement in the Retail management subject,

the legal structure of this enterprise is Partnership. It is a business

arrangement in which two agrees to share all liabilities and

properties that are within the enterprise.

b. Because of the current setup, the ownership of this

enterprise will be divided into 2. Each of the 2 owners having a

specific aspect of the enterprise to own. If ever an investor wants to

invest on the enterprise he/she will get 20-25% percent of the

income which is the usual percentage that an investor gets based

on the article written by Robbins (2003).

 Product Description

This section expands on the basic information about the products and

services included in the Executive Summary and Company Description. Here are

some items to consider:

The company’s products and/or services:

This enterprise sells the Philippines’ very own Bibingka… but with a

twist, it gives the iconic Bibingka a more Chocolatey taste. With this variation,

the consumers and the market will enjoy the classic Bibingka a lot more due to

the yummy nature of Chocolate and other ingredients that will be mixed to the

rice cake.

Also, the enterprise promotes world-class service. This is due to the

fact that consumers and the market enjoy it when they are given enough

pampering by the service providers, in this case, the enterprise. This is why the

enterprise wants to incorporate this within the company.

Every product will be thoroughly sifted in order to produce the best

tasting Bibingka in the market. The enterprise also wants to uphold the essence

of quality to everything that this enterprise does and will do in the future.

In terms of selling strategies, the enterprise will come up with different packages

that will allow and enable the consumers to buy in bulks with fewer prices, if they

like buying.
Product/service features and benefits

This part contains the important benefits that the product is posing and

endorsing to the market which makes it innovative and such as well as the after

sales-services that the enterprise plans to offer to the consumer and the market.

One of the most important features of this product is that the enterprise

gave it a chocolatey taste which makes the taste of a typical Bibingka yummier.

The salted egg, cheese, and, chocolate combination gives a delightful

contrasting flavor to the product itself.

The most important benefits of this innovation to the Bibingka is that it

gives health benefits such as; it improves blood flow and lowers blood pressure,

it reduces the risk of having heart diseases, it protects the skin from the sun,

and, it is a very powerful source of antioxidants (Healthline, 2018).

The enterprise will offer a 3+1 package to the consumers, meaning if a

consumer buys 3 of our product, they will get another 1, but for free.

The enterprise will also be offering refunds but only if the product is under

the regulated quality control of the enterprise.

The problem the product or service solves:

The owners of the enterprise think that the product that the enterprise sells

will solve the satiety of the people when it comes to the classic Bibingka.

As Filipinos, we all know and we are all aware that there isn’t much variety

that the market offers to solve the satiety of people with the plain old flavor of the
specific product. That is why the enterprise came up with the Chocolate flavored

Bibingka. This will be greatly beneficial to the industry because of the following:

The industry will be open to create a much larger variety and different

tastes that it can imply to this product, hence, it will create a competition which

will make the competitive nature of the business sector active in this aspect of

the industry.

The enterprise thinks that this business proposition is a great idea that

most competitors ignore. This will open a lot of opportunities to the market, a lot

of improvement; this will give lots of varieties to different Filipino products.

How you will price your product or service:

The estimated price range of this product is from 15-25 pesos per product.

The enterprise wants to stick to the mid-range type of pricing in order to gain

more customers during the startup of this enterprise.

Although this product costs too much ingredients, there are lots of quality

raw materials that can be bought from the market, still ensuring the quality of

product that we will be serving to our customers and the market.

The projected profit margin of this enterprise ranges from 2-5 pesos per

product. This is only estimated, the enterprise believes that the market will be

willing to offer much more once this has been launched.

 Marketing Strategies

This contains the company's value proposition, key brand messaging, data
on target customer demographics, and other high-level elements.

The food industry is continuously growing over the past few years. There

are some products that provide great satisfaction to the customers/consumers as

well as the market. Since the introduction of exotic and unique products of known

brands, the industry largely adapted to it in order to cope with the tide. La Union

is a vast community consisting of people in different age ranges as well as

different preferences (usually happens). The preference of the customers mainly

relies on the introduction of new products, the exotic ones, and the yummy ones.

This is the main edge of this enterprise; introducing a new innovation to the

Filipinos’ classic bibingka will be very much enjoyed by people of different age

ranges inside the institution.from vendors who sell to your industry or from

government agencies.

Product strategy

We all know how people living in a tropical country (Asians) love to eat and

support different kinds or types of delicacies. It is then an undenial fact that a lot of

Filipinos like the taste of our country's (Philippines) native baked rice cake that is called

"bibingka". Bibingka is one of the most classic Filipino delicacies and it is also

considered a sub-type of rice cakes (kakanin) in the Philippine cuisine. Traditionally, this

product is made from freshly milled rice or milled glutinous rice (galapong), and coconut
milk or water with 7 to 16 layers in between. This classic delicacy then led or made us

come-up with a decision and an idea to start our own bibingka business with our own

twist to it. Since a lot of people want to eat this delicacy, especially during Christmas

Season and after Church Masses, we know that this type of business is surely going to be

appreciated and welcomed. The twist in our product is that our flavor is far from its

classic taste. It may only be chocolate but its product range consists of variety of

chocolate flavors in order to make it more appealing and appetizing. The flavors that we

are going to offer are: Cappucino, Hazelnut, Hersheys, Milk Chocolate, Nutella, and

Peanut Butter Chocolate. Thus, our aim here is to establish, make and promote a delicacy

or a native/traditonal product that is still consumed by a lot of people. However, we

would spice it up with a twist in its flavor since we want it to be unique when compared

to others. This product would then be suitable for everyone - kids, adolescents or

teenagers, and adults.

Positioning strategy

In order to cope with the nature of the business, the enterprise will

be positioned to sell in a classic filipino manner, the enterprise wants to be

 known as a classic filipino rice cake business which will adapt modern taste to

cope with the tide of innovation and trends.

Pricing

The enterprise set the price standards depending on the area and

who would by our product considering the other competitors. The enterprise’s

choco-bibingka is only 11 pesos per piece because the enterprise’s product is

not the typical size of ordinary bibingka sell in the market but a bite size. But

this product has a special combination of taste that the customers find this odd

and unique. Thus, the price is affordable for the customers and on handling the

enterprise’s customers by prioritizing their order and fair accommodation of

customers through the enterprise’s services compare to the other competitors.

Distribution strategy

This enterprise will use is Direct Selling. The enterprise will create

the product from different raw materials which will then be processed to create

the product per se, then will be sold in the enterprise’s branches and such.

The enterprise also plans to have sell franchise and attain

partnership to stores near and within the vicinity of churches and schools. This
will widen the reach of the enterprise that will result to higher sales and larger

market reach.

Promotion

This product will use a marketing strategy that can access a lot of

people where it can reach them more effectively. This product will have both

online and printed advertsing which will serve as the way to give inormations

and introduce our product to a larger range possible.

This product will have its official facebook page where all the

information and inquiries will be accomodated, it will also post updates including

the promo this product. Also, this product will use flyers with the informations

that will emphasize promo with this product.

 Analysis of the Competition

This section of our business plan is devoted to analyzing your competition--both

your current competition and potential competitors who might enter your market.

Key competitors

The Enterprise has a few contenders for their product. There are few

sweet products including Langkarolls and Pastiballs that is also a sweet

product. It is considered as a competitor to our product which is Choholate

Bibingka as this will add as a variance of sweet food and choices of the

consumer, this may affect the sales of the enterprise due to their cheaper

price.

Barriers to entry

This part contains the possible barriers that the enterprise may face

during the startup of the business as well as the ways on how the enterprise can

cope with it;

The production cost of this company will surely be one of the hindrances of

the enterprise during startup; it is because of the number of products that is

needed to produce a batch of our Chocolate Bibingka. The only way to lessen
this mishap is to look for efficient ways to improve production and look for quality

but affordable raw materials.

Another problem and barrier that this enterprise considers is the Brand

Recognition. Some of the industry’s main-players had already glorified their

name in this type of product. It will be hard for this enterprise to be recognized as

another Rice-cake selling enterprise because of the benchmark that other

industry players have already made. In order to cope with this barrier, the

enterprise will need to market the product largely, meaning, the enterprise will

need big endorsers as well as smart and efficient

Threats and opportunities

Once the enterprise reaches a certain level, it may face some mishaps

and threats as well as opportunities that may either benefit or affect the sales of

the enterprise in a negative way.

Some of the threats that the enterprise may face is the change in industry,

it may affect the image of the enterprise because at first, the enterprise wants to

maintain the image of a classic Filipino pastries and rice cake, but as time will

pass by, the enterprise will need to adapt new innovative products and tastes

that the consumers and the market will love.

But, it will also open new job opportunities because the enterprise will be

able to open up the business in a much larger manner and will reach different

heights.
 Operational Plan

This section explains the daily operation of this business enterprise,

including its location, equipment, personnel and processes.

A. Production

This part contains the necessities that are essential to formulate the

winning formula of this business enterprise as well as the operational plan and

start-up plan that this business enterprise will adapt for its pilot testing.

1. Raw Materials for Production

Chocolate powder Chocolate powder makes the

product taste like chocolate and

also sets the color to get the look of

the product.

Cheese The saltiness of the cheese makes

the contrasting taste of sweet and

salty.
Glutinous rice flour Glutinous flour makes the texture

thick and soft.

Baking powder Baking powder is use not only to

get the desired shape but also to

lighten the product.

Chocolate chips Chocolate chips are added in order

to make the chocolate flavor strong

and to match the saltiness of the

cheese.

Butter Butter makes the product tender

and adding extra texture to make it

soft, this is also used to prevent the

product from sticking to the

container or basin.

Coconut milk Coconut milk matches the

chocolate taste and saltiness taste

and keeping the taste of the product

balance also.
Sugar Sugar helps the product to get the

lacking sweet taste of the chocolate

powder.

2. Manufacturing Process

Flow Chart of manufacturing process

Preparing Steps in creating Chocolate Bibingka

1. Let’s begin by combining glutinous rice flour,

Milo, and baking powder in a mixing bowl. Set

aside, whisk melted butter and coconut milk

Baking until well mixed.

2. In a bowl, beat egg until light before adding

coconut milk. Combine all dry and liquid

ingredients together and put a pinch of salt.

Putting it in 3. Next, prepare the cupcake molds or cupcake
the packaging
llanera by brushing butter inside.
 4. Pour the mixture inside the cupcake llanera and

put inside the turbo broiler (Halogen oven) or in

an Oven.
Serving
5. Set the broiler with 200-250 degrees for 8-10

mins. When chocolate bibingka is half way set,

add the chocolate chips and quick melt cheese

on top.

6. Wait for it to cook, It is best when served hot.

Personnel

Our team plans to hire employees with experience in kitchen and

baking. We requires our employees to be 18 and above with resume, birth

certificate, barangay clearance, and diploma. Can be high school graduate and

official resident in their barangay. We needs employees that are qualified to take
over the cv counter. We also requires employees that will work inside the kitchen

with skills.

Before we require our employees they will undergo to Job-interview

and after they passed they will need to complete their 76 hours of being a trainee

with only allowance until they are ready to qualify as our employee. They need to

renew their contract after 6 months if they decide to continue working with our

business. Overall, they will work for 56 hours in every 7 days. We will pay our

employee that is not less than the minimum wage, but their total salary in a

month will be depending on their total of hours they complete per every 15 days.

We will also include their allowances a month for 2,000 pesos and that will be

added on their total of salaries

Financial Plan

This part of the business plan consists of the financial plan that will be

needed to start-up the business enterprise for it to be recognized as an actual

business. This chapter involves all the necessary payments or fees that this

business enterprise must attain in order for this business enterprise to undergo

pilot testing.

1. Start-Up Expenses
 The start-up expense and cost that this business enterprise should have is

at least 10,000. This amount is suitable to create 100+ yields of our product

during the pilot testing of this business enterprise. The 2000-peso start up

expense includes the packaging of our product as well as the electricity

consumption and other hidden fees that we need to operate on the pilot testing.

The stated amount also consist of the unexpected expenses whenever

the enterprise lacks ingredients for production, the proponents can use the extra

amount from the start up expense to buy the missing raw materials to continue

the production as well as to cover for the essential expenses. This also covers

the rent or the fee for the location in which the first branch of this business

enterprise will be stationed.

6-month profit & loss projection

This part contains the profit and loss projection as assumed by the

proponents of this business enterprise. Here you can see all the potential

expenses that the business enterprise have paid during the actual star-up which

includes the office supplies expense, the other fees stated has no cost because

6-month Sales Projection

Month Inventor Quantity of Goods Sales Percentage of

y Sold (PhP 11/unit) Sales

Februar 3, 280 3, 280 PhP 36, 080 100 %

March 3, 280 2, 145 PhP 23, 595 65.40 %

April 3, 280 2, 806 PhP 30, 866 85.54 %

May 3, 280 2, 624 PhP 28, 864 80 %

June 3, 280 3, 150 PhP 34, 650 96.04 %

July 3, 280 2, 128 PhP 23, 408 64.88 %

Total 19, 680 16, 133 177, 463

Figure _. 6-month Sales Projection

120
100 96.04
100
85.54
80
80
65.4 64.88
60
Sales
40

20

0
February March April May June July

As shown in the graph of sales projection, there are different changes on

the sales every month. During the first month it has 100 percent of sale due to the

demand of the consumer, February is still a Christmas season for the Filipinos

and they are still like to have this traditional meal. Also, February is the month of

Valentine’s Day that people want to try this because it’s a sweet product. On the

next month there is drop on the sales due to the less demand. In the month of

April the sale also decreases a bit but on the next month it the enterprise
recovers it sales because of the season yet on the 6th month the sales decrease

again.