Discuss About The Comprehensive Reviews Science Food Safety.
The report is prepared to discuss about a new business plan for the healthy organic ice-cream by Cocofrio in Australia. It is a well known and trusted ice cream manufacturing and Production Company that delivers the best quality ice-cream products made from natural fruit extracts and is dairy and gluten free. The company is also known to be Fodmap certified and provides sustainable product items that have fulfilled the needs and preferences of people all over Australia. The company manages an innovation idea or concept to deliver the freshest, all natural, dairy free and gluten free ice cream that can keep the customers healthy and safe due to the absence of artificial components used and fulfill their taste buds too. It will not only create a positive mindset among the customers, but can also allow them to make healthier choices to stay healthy (cocofrio.com.au, 2018). The business plan will be the main focus of the report, which can help us to assess the market conditions, create a marketing plan, assess the financial implications and budget along with the evaluation of success of healthy organic ice-cream products delivered to the customers.
The main motive behind the development of business plan is to promote innovation through the delivery of healthy organic ice cream and keep the customers health, safe and satisfied with their demands and expectations met by the company Cocofrio, Australia. The company offers dairy and gluten free ice cream products that can meet the taste buds of customers and ensure that they make healthy choices to keep their health okay (Nambisan & Baron, 2013). The innovative business idea will improve the health of customers and at the same time, facilitate the production value and make the company achieve higher level of profit and competitive advantage in business. Cocofrio is Fodmap certified and it creates guilt free ice cream indulgence with a naturally and healthy difference. The products are available in different flavors that have been tested by food experts and health enthusiasts and are much better in terms of healthy components present in the ice cream than the regular dairy ice cream products. Few of the features of the product include dairy free, gluten free, guilt free, sugar free and is thus considered as an Australian Certified Organic ice cream company in Australia (Chatterji, Glaeser & Kerr, 2014).
The company has made a mark within the dessert industry with a new beginning in healthy living. There are products that are coconut milk based and sweetened with organic brown rice malt syrup that creates better taste and thus is considered as an Epicurean delight and healthy choice for the customers. The healthy organic ice cream is fructose friendly and has been Australian owned and made, which has created a stir among people all over and made them choose the right and healthy choices to meet their eating habits and behaviors. The customers are the health conscious people, women who like different flavored ice cream, individuals who suffer from diabetes or obesity and young children (Galindo & Méndez, 2014). The satisfaction of customers is the main focus of the organization and it revolves around the concept of keeping them healthy and safe, which is essential for sustainable business management. The innovative business idea of providing safe and healthy organic ice cream can assist in enhancing their likeness and health consciousness about the products delivered by Cocofrio, furthermore improve the level of satisfaction and enhance the brand image and reputation too (Letaifa & Rabeau, 2013).
There is huge competition in the market and so it has become important for Cocofrio to implement an innovative business idea and differentiate itself from the other companies within the industry. The major competitors in business are Peters Ice Cream, Daintree, Gourmet ice cream, etc. While the other companies focused on delivering ice creams consisting of artificial sweeteners and other components, Cocofrio delivered natural and healthy ice creams that contained organic components, which could be vital for maintaining proper health and wellbeing of people. The dairy and gluten free ice cream products have easily made a mark on sustaining business and allowed the company to gain competitive advantage in business too (Drucker, 2014). While the other companies deliver products consisting of artificial ingredients and are saturated with commercial ice-cream brands, Cocofrio managed to provide healthy alternatives that are both tasty and healthy for consumption by people.
PESTLE analysis
The PESTLE analysis is done to assess the different factors including the political, economic, social, technological, legal and environmental factors affecting the business for Cocofrio in Australia.
Political
Australia, being a democratic country and free from political issues, has created ease for the businesses to sustain. There has been focus on maintaining the health and safety standards and thus the ice-cream industry has been monitored and regulated based on the Government rules and regulations. It has been convenient for Cocofrio to manage business while the healthy organic ice-cream products delivered have increased health awareness and maintained the health and safety standards too (Sahut & Peris-Ortiz, 2014). The company has leveraged the brand name and developed its brand name and image with equal trust and loyalty.
Economic
The demands for the ice-cream products have increased considerably in Australia and people have become more health conscious too. The purchasing power is good along with the value of currency, which has enabled the company to gain consistent annual growth at a rate of 4 %. The string market conditions have further assisted Cocofrio to penetrate new market segments and enhance its brand value due to the economies of scale (?ledzik, 2013).
Social
The importance of health awareness has brought changes in the consumer buying behavior and Cociofrio has successful managed their needs by providing gluten and sugar free products. The consumers consume ice-cream and at the same time fear of getting obese and other health issues. The opportunity has been grabbed by Cocofrio to target the social patterns and delivered gluten, sugar and dairy free ice-creams that can reduce the chances of health related issues.
Technological
With the technological advancements, the company has managed the packaging procedures and improved the internal process control activities. The marketing activities have improved, which has created more scopes for brand exposure and making people more about the healthy organic ice-cream products available in the market (McDaniel, 2014).
Legal
The company needs to design the strategies by inclining with the legislations and laws regarding health and safety at Australia to maintain the health standards and improve the quality of lives of people. It will not only create lesser health issues, but can also help in setting the right prices. The changes in tax and interest rates and economic policies should be monitored as well for keeping up pace with the changing needs of people in the marketplace (Karaman et al., 2014).
Environmental
The social initiatives undertaken by Cocofrio for managing environmental sustainability include keeping the carbon emissions lower and reducing chances of pollution, which can harm the ecological balance in nature. The coconut trees are managed properly so that the coconut milk can be extracted to prepare the ice-cream products that are both healthier and tastier. The dairy milk produced from animals are fed with organic grass to ensure that the best quality milk is produced for the ice-cream production (Soukoulis, Fisk & Bohn, 2014).
Target market
The major target market segments include the people from all over Australia and those who come as tourists in the place as well. The target markets are segmented as demographic and psychographic. The demographic segments include people from all ages, because the healthy organic ice-cream can be consumed by all. The tourists who visit Australia can relish the organic ice-creams while the psychographic segments include the customers who are health conscious. They can purchase the ice-cream, satisfy their taste buds and remain healthy.
The competition is faced by the company due to the presence of Daitree, Gourmet, tec. The estimated market share is around 20 percent, which contributes largely to the growth in economy of Australia (Sütterlin & Siegrist, 2015).
The marketing mix strategy is implemented for evaluating the various marketing mix components including the product, price, place and promotions done for the healthy organic ice-creams produced by Cocofrio, Australia. The components of the marketing mix staretgy are assessed for determining the right marketing strategies to facilitate the sales and distribution, prices set for the products along with the advertising and promotional activities done to enhance the brand image and reputation among the customers (Ellison et al., 2016).
Product
The vegan friendly and gluten free ice cream products are for the health conscious customers and it makes sense that a huge number of people will be inclined towards the company products because of their changing consumption habits. The sugar and gluten free products represent astonishing healthy food features that can not only keep them safe and healthy, but will also make them become more cautious about their health and eating habits. The main purpose of carrying out the marketing activities and implementing the marketing strategies is to make the healthy organic ice-cream products available in the market for fulfilling the changing needs and requirements of the customers. Few of the wide range of products of the company include hazelnut ice cream, vegan friendly ice cream, fructose friendly and all these products are free from any gluten and dairy, which make these healthier options available for the customers. This shall increase the sales revenue and generate higher revenue in business as well. The products of the company are Australian Certified and Organic, which make fulfill the health and safety standards too. All the ice-cream products are Australian owned and made and are sugar free and also considered as natural food products. The ingredients in the products are sugar free and gluten free, which makes it known as the first fodmap certified ice cream Company in Australia (van Rompay, Deterink & Fenko, 2016). Each and every product are of great quality and there are availability of ice candies, chocobars, family pack tubs, cones that are sugar free and have prolife probiotic ice-creams that are healthy for the health conscious customers. The organic coconut milk is used to prepare the ice cream, which is healthy and gives a great taste, thereby adding a delicious, new and flavorsome frozen treat easy.
Price
The company though specialized in quality based products that are gluten and sugar free, has implemented the low pricing strategy to penetrate new market segments and established a good place in the market for coping up with the immense competition in the market. The company has a vision to provide the products and services to the customers at the best affordable prices for keeping them satisfied as well as influence their purchasing behaviors largely (Prada, Garrido & Rodrigues, 2017). There are few products that are made available at premium prices because of the high quality natural ingredients used to enrich the taste and at the same time, be appealing to the masses to increase the sales and profit level. The price of regular ice creams ranges around $10 while the prices change depending upon the flavor chosen at Cocofrio. The company aims to sell ice cream units worth of nearly 500 million every year. The numbers of units sold are nearly 350 million every year and it increases consistently, thereby contributing to largely to the growth of the industry.
Place
The place refers to the way the products are positioned in different market segments for easy accessibility by the customers. The products are distributed through different channels including retail outlets, ice cream parlors and at the pop stores, from where the customers can easily access those. The ice creams are sold in cars that are mobile and thus the selling nature is quite flexible in nature. The products are promoted online to raise the level of awareness among the customers as well as make people aware of the new products and services available in the markets that are healthy and tasty (Yan et al., 2015). The ice cream stores are accessible for the customers in Melbourne, Perth, Sydney and due to its great product distribution it will be easy for the customers to make purchases and improve the sales revenue for the company.
The products are promoted via social media platforms to create an online presence and attract more customers while emailing the product related information to them has helped in making them know about the product features, furthermore gather the responses and feedbacks of the customers make necessary changes to keep them satisfied as a whole. The mobile advertising activities could allow the product manufacturer and service providers to access the location through the phone and find out the locations where the products are available. This would enhance the brand exposure, improve the brand image and reputation, furthermore attract new customers and retain the existing ones to increase the sales revenue (Huang & Sarigöllü, 2014). The advertisements on televisions featured people who had the ice cream and gained health benefits while there were evidences and interviews with people who provided positive statements about the features of the product along with the health benefits that could be obtained. All these promotional activities easily influenced the consumer behaviors and made them buy the products from Cocofrio frequently.
The business operations managed by Cocofrio include the business activities from the time of manufacturing and production to its delivery to the customers. The location is in Melbourne, Australia and it has been a treat for the ice-cream lovers to relish the authentic natural taste of the ice cream that contain healthy and organic ingredients. The consumers in Australia have become health conscious and for them, the gluten and sugar free natural ice cream products are a treat. All these products are vegan, fructose and lactose friendly, which make the people feel less bloated. The coconut milk has more vitamins and useful minerals that act as useful components for the improvement of health of individuals (Mintz & Currim, 2013).
The advantages are that because of the populated location, the products are sold in large numbers and have created a sustainable place in the market. The change in tax rates has not affected the pricing of products much, which has also created ease for the suppliers to deliver the best quality supplies and raw materials needed for the production of good quality ice cream. There are extensive transportation facilities that make it easy for delivering the products in the right location, furthermore manage easy accessibility by the customers too (Hanssens et al., 2014).
The key personnel are managers, employees and the other stakeholders in business including the shareholders, suppliers, Government and community too. The company follows a legal structure, which has helped in fulfilling the stock and employment agreements along with the management of ownership to ensure successful business functioning. The Board of Directors, advisors and consultants are associated with the roles of engaging the clients and making sure that the staffs or human resources are managed well so that the business processes improve and the quality of products delivered by the company is enhanced to meet the demands and expectations of the customers (Brooks & Mukherjee¸ 2013).
|
ASSETS |
||
|
Cash Equipment – Food Equipment (ice cream blenders, machines and equipments) – Packaging materials – Equipments within the store (cash register, phone, seating arrangements, tables, chairs, etc.) – Others Inventories Coconut milk, flavors, fruit extracts Prepaid rent Prepaid (license Prepaid Marketing Promotion (Online and offline) Prepaid Insurance Prepaid Salary Total Assets |
$40,000 $20,000 $10,000 $5,000 $10,000 $1000 $5,000 $12,000 $2,000 $10,000 $115,000 |
|
|
LIABILITIES |
||
|
Bank Loan Treasury stock Additional paid-in capital Retained earnings Total liabilities |
$80,000 $10,000 $15,000 $10,000 $115,000 |
|
|
EQUITY |
||
|
Total Equity |
$40,500 |
|
Revenue Gross Sales Cost of goods sold Net Sales |
450,000 -$50,000 $400,000 |
|
Ice cream and other food items expenses Staff Expenses Cost of equipments Rent Expenses Insurance Expenses Licensing Cost Expenses incurred during marketing Total Expenses |
-$20,000 -$25,000 -$19,200 -$50,000 -$3,000 -$2,000 -$6,000 -$125,200 |
|
Profit Before Tax |
$274,800 |
|
Tax |
-$40,500 |
|
Profit for the year |
$234,300 |
The return on investments is calculated to determine the financial success of the company and whether the company has generated the expected revenue or not.
Return on Investment = (Net income – total asset)/Total asset ×100
ROI= $234,300- $115,000/ $115,000*100= 104 % (approx.)
Thus, it is proved that the company has generated good profit in business
Three years financial statement
|
Strengths · Wide range of products available in different flavors and made of different organic ingredients · The healthy organic ice cream products can keep people safe and healthy · Strong brand image and reputation · The gluten and sugar free ice cream and probiotic ice cream maintain the health and safety standards of people |
Weaknesses · High level of competition in the marketplace · Lesser global exposure · Lack of online marketing activities |
|
Opportunities · The healthy organic ice-cream products are a treat for the customers · Availability of the products in different places all over Australia · Mobile cars for flexibility of product accessibility |
Threats · Threats of competitors · Local ice creams and beverage items · Health conscious customers often refrain from the sweet delicacies in spite of the organic and natural ingredients present |
Conclusion
The report was prepared to discuss about the entrepreneurship and innovation at Cocofrio in Australia. The company was known for its innovation aspect of delivering healthy organic ice cream to cater the needs of people all over. The marketing plan was developed to assess the market conditions with the sue of PESTLE analysis and through the implementation of marketing mix strategy to set the right prices for the products and manage the promotional activities too. The financial planning helped in assessing the balance sheet and income statement, which proved that the returns of investments are higher than the investments made. Thus the company had been financially successful, generated higher revenue in business and gained competitive advantage in business too.
References
Brooks, R., & Mukherjee, A. K. (2013). Financial management: core concepts. Pearson.
Chatterji, A., Glaeser, E., & Kerr, W. (2014). Clusters of entrepreneurship and innovation. Innovation Policy and the Economy, 14(1), 129-166.
cocofrio.com.au. (2018). Retrieved from https://cocofrio.com.au
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Ellison, B., Duff, B. R., Wang, Z., & White, T. B. (2016). Putting the organic label in context: Examining the interactions between the organic label, product type, and retail outlet. Food Quality and Preference, 49, 140-150.
Galindo, M. Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and innovation: Are feedback effects at work?. Journal of Business Research, 67(5), 825-829.
Hanssens, D. M., Pauwels, K. H., Srinivasan, S., Vanhuele, M., & Yildirim, G. (2014). Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4), 534-550.
Huang, R., & Sarigöllü, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer, New York, NY.
Karaman, S., Toker, Ö. S., Yüksel, F., Çam, M., Kayacier, A., & Dogan, M. (2014). Physicochemical, bioactive, and sensory properties of persimmon-based ice cream: Technique for order preference by similarity to ideal solution to determine optimum concentration. Journal of dairy Science, 97(1), 97-110.
Letaifa, S. B., & Rabeau, Y. (2013). Too close to collaborate? How geographic proximity could impede entrepreneurship and innovation. Journal of Business Research, 66(10), 2071-2078.
McDaniel, B. A. (2014). Entrepreneurship and Innovation: An Economic Approach: An Economic Approach. Routledge.
Mintz, O., & Currim, I. S. (2013). What drives managerial use of marketing and financial metrics and does metric use affect performance of marketing-mix activities?. Journal of Marketing, 77(2), 17-40.
Nambisan, S., & Baron, R. A. (2013). Entrepreneurship in innovation ecosystems: Entrepreneurs’ self–regulatory processes and their implications for new venture success. Entrepreneurship Theory and Practice, 37(5), 1071-1097.
Prada, M., Garrido, M. V., & Rodrigues, D. (2017). Lost in processing? Perceived healthfulness, taste and caloric content of whole and processed organic food. Appetite, 114, 175-186.
Sahut, J. M., & Peris-Ortiz, M. (2014). Small business, innovation, and entrepreneurship. Small Business Economics, 42(4), 663-668.
?ledzik, K. (2013). Schumpeter’s view on innovation and entrepreneurship.
Soukoulis, C., Fisk, I. D., & Bohn, T. (2014). Ice cream as a vehicle for incorporating health?promoting ingredients: Conceptualization and overview of quality and storage stability. Comprehensive Reviews in Food Science and Food Safety, 13(4), 627-655.
Sütterlin, B., & Siegrist, M. (2015). Simply adding the word “fruit” makes sugar healthier: The misleading effect of symbolic information on the perceived healthiness of food. Appetite, 95, 252-261.
van Rompay, T. J., Deterink, F., & Fenko, A. (2016). Healthy package, healthy product? Effects of packaging design as a function of purchase setting. Food quality and preference, 53, 84-89.
Yan, M., Brown, D., Parsons, A., Whalley, G., Hamid, N., Kantono, K., … & Rush, E. (2015). Branding, ingredients and nutrition information: consumer liking of a healthier snack.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download