Goldilocks Bakeshop Essay Sample
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Goldilocks Bakeshop Essay Sample
Bakeshops traces its roots to the collaboration and complementary talents of the women who’s collective love for good fueled what has been transformed into enterprise today. For the most Filipinos, Bakeshops sell their products like pastries, breads and cakes. Bakeshop has become an integral part of the Filipino way of life and that is why the Bakeshops in the Philippines are sprouting everywhere. The Philippine bakeries market is expanding steadily mainly due to the Filipino eating habits and which Goldilocks Bakeshop has capitalized on. Their expansion and growth has primarily been from strong customer relationship, management and brand loyalty, experienced management, strong financial backing and a high demand for quality of humanity’s oldest food. Goldilocks Bakeshop is continuing to expand their establishments of location and diversities of cakes and pastries.
They strive at introducing a new product, keeping them in the loop of mature growth stage in the market. Goldilocks is a firm that primarily concentrates on the excellence of products and services that go beyond customer expectation worldwide. The personnel of Goldilocks believes that the customers deserve the best service, prompt and efficient service, courtesy, and customer satisfaction are just a few ways to show gratitude to them with their unique quality of cakes and pastries, this will differentiate from their direct and indirect competitors. Goldilocks uses the modern way of making cakes and pastries.
Considering their target market, their delicious products and affordable prices compared to other bakeshop. Goldilocks continues to strengthen its position as a genuine Filipino Icon. The store itself offers good ambiance to its customer making it comfortable place to chill and relax. The physical environment fits to the taste of its target market as well. The purpose of this study is to reach the researchers objective which is to inform the reader about the nature of the business, the population studied, the setting and includes the phenomena or variables of the business
CURRENT MARKETING SITUATION
This section presents the Marketing Description, Target Market, Marketing Mix variables and the Competitors Analysis of Goldilocks.
A. MARKETING DESCRIPTION
Goldilocks Bakeshop is a bakeshop chain based in the Philippines, which produces and distributes Philippine cakes and pastries. “Goldilocks” after the character of a fairy tale. The intention was to make it easier for children and their mothers to remember the bakeshop’s name, and also because it suggested luck and prosperity. Little did the founders know that this “Once Upon a Time” would flourish into a real-life “Happily Ever After”: though hard work, dedication, and an uncom-promising commitment to total customer satisfaction, Goldilocks is now the largest Filipino-owned bakeshop chain in the world. As a true global brand, it has expanded to more than 420 stores in the Philippines and overseas markets, and now employs a workforce of over 2,000 people. Likewise, the opening day total sales of P574 back in 1966 have multiplied thousands of times over.
Goldilocks is a franchising business. In Cebu, there are 21 branches of Goldilocks which are located at SM City, Ayala Center , Mandaue Flyover, Ayala Center (Kiosk), Lahug, Colonnade , E- Mall, Fiesta 24, Gaisano Cebu, Gaisano Country Mall, Gaisano Fiesta Mall, JY Square, La Paloma, Lapu-Lapu, Metro Pacific Mall in Mandaue, Minglanilla, Pier Cebu, Robinsons Cebu, South Bus Terminal, South Super Hi-way . Goldilocks offers specialty cakes, breads, sweet breads, natives cakes, native treats and candies and assorted snacks which would suit in any seasons. The company has now made Goldilocks as a global brand strategizing regional and acting local.
They have associated themselves well with the Filipinos and are now recognized as part of the culture of being Pinoy. The brand associates to Filipino values – thoughtfulness, care, and love for family. The company claims that it is the leading bakeshop in the country and strengthens this with the tag line ‘You’re the 1 Goldilocks!’ Compared to other competitors Goldilocks has the excellent customer service that is fast, courteous and cater more to the masses but also reaches the upper Class C.
B. TARGET MARKET
Goldilocks is very accessible to its target market because of the location which is in the SM City where a lot of people come and go. Likewise, it’s an advantage to them in order to easily reach their prospects. Goldilocks’ target market young, hip urbanites, traditional and non-traditional sweet foods lover. These target customers are one of their basis for making a delicious cakes and pastries and making them amaze the products designs that will suits customer expectations.
5 years old and above
Male and Female
High, Middle and Low Earners
Social A, B and C
In summary, Goldilocks bakeshop target ages from 5 years old and above that has the ability to buy their product. This is intended for both man and woman and all the earners who have the capacity to pay. In Psychographic anyone are invited to experience the great and fashionable cakes and pastries that will surely suits the customers taste buds and budget.
C. THE MARKETING MIX VARIABLES
A product is anything that can be offered to a market that might satisfy a want or need. Goldilocks bakeshop produce high-quality, high-value but affordable products. Goldilocks’ dedication to the Filipinos is beyond innovation. They set the standards for quality in baked products, and Goldilocks continually struggle to surpass them. Goldilocks highlights freshness, delivering baked goods to the stores “fresh from the oven” every day. They also constantly develop new products that meet the international standards and yet accommodate to the Filipino taste. The store categorized its delicious and moist fluffy cakes and pastry into six categories, namely: Cake Rolls, Greeting Cakes, Fruity Cakes, Snack Treats, Breads and Native Treats.
Pricing is one of the most important elements of the marketing mix. : Goldilocks products are affordable compared to other bakeshop. The prices vary depending on what flavored needed to each variety and the size of it. All branches have uniform prices of the products. If the price of one product from a particular branch has increased, it is expected that the other branches also increased in price of the same product. Overall, they priced their products just enough for their target customers. (See Appendix A for the Product Prices)
Goldilocks established many branches throughout the world. It has established stores in terminals and malls. Most of their branches are found in the Luzon. Here in Cebu, they have 21 branches that mostly occupies in the big malls. The location of the mall makes it the right choose to established its branch in Cebu since SM City, Cebu is one of the biggest mall and known for the busiest mall and accessible to many consumers. Aside from that, SM City is known as the convenience and easy to shop. The stores itself offers good ambiance to its customers, making it comfortable place to chill and relax while enjoying the food. The environment fits the taste of its target market as well. Goldilocks used Franchising to expand their business.
The Franchiser had the right to use a firm’s successful business model and brand. The franchise is an alternative to building “chain stores” to distribute goods that avoids the investments and liability of a chain. The franchisor’s success depends on the success of the franchisees. Essentially, and in terms of distribution, the franchisor is a supplier who allows an operator, or a franchisee, to use the supplier’s trademark and distribute the supplier’s goods. In return, the operator pays the supplier a fee.
Goldilocks has their own website which contains the basic information about the business, the contact number, the branches, the latest product they offer and other promotions. They also created Facebook page wherein people can interact with the management. They have Billboards which highlight the bestselling product and the latest promo they have. They also use Brochure where you can find the prices of the product they offer. They venture in Mass Media to let the people know or to advertise their products using some actress or actors. They have tarpaulin that hanging in the sidewalks.
D. COMPETITORS ANALYSIS
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. Goldilocks had many competitors that encourage them to work harder and to think improvements in their products.
The four cell of SWOT matrix on figure 2 provide the current marketing situation of Goldilocks as to strength and weaknesses as well as to their environment opportunities and threats.
Figure 2. : The Four- Cell SWOT MATRIX
Their company has been existence since 1966.
Attractive presentation of branches.
Good brand recall.
Customers associate with value of money.
Poor supervision of waste disposal management.
They have incomplete facilities for the wastes of their company.
The company has pending case filed by DENR.
Improve their waste management, including the facility.
Have the opportunity to win awards in the food industry.
Be more globally known
To expand their company not only in food industry.
The company can lose their investors and decrease its expediency.
Consumers can subscribe to another bakeshop.
The company can lose the trust of the publics.
Goldilocks can experience bankruptcy.
To convert company weaknesses into company strengths:
Poor supervision of waste disposal leads the customer to shift to other store. They may think that they are not safe of the products that a certain company may offer. Goldilocks should prioritize their cleanliness and dispose their garbage properly so that they can assure the health of their customers. Lacking of facilities for their wastes may dangerous not only their customers but also their employees and if this will happen their employees will not be productive anymore. Goldilocks should complete the requirements of Sanitation and Environment Management and educate well their employees the proper ways to dispose their waste. Pending a case from the DENR can affect their good reputation. Goldilocks may settle on what did the DENR filed to them.
To convert company environmental threats into environmental opportunities:
Having new taste of products with high perceived value and effective branding and positioning. Venture to new product line such as Bakery Equipment or Cakes and Pastries ingredients. Expand their company globally to increase their profit and to be accessible to their customers around the world. Achieve through efficient operations and excellent supply chain.
The Philippines bakeshop is expanding steadily mainly due to the Filipino eating habits which Goldilocks ventured on. Their growth has been primarily from the quality of the products they has , brand loyalty, experience management , strong financial backing and strong relationship management.
In order to continue their rapid growth an revenue generation, they will need to continue expanding in the market and should consider other competitors as well. Given that they are already known, they made to evaluate other strategies to continue their solid profits, such as more efficient supply chain to lower costs.
The proposed marketing plan aimed to enhance the promotional tools of Goldilocks in order to recommend a more outlets that center to the increasing customers.
Specially, the plan would address the following objectives:
To be able to cater more number of customers and provide them an expert and friendly service that help drive repeat a purchase of the product in order to sustain the 20 percent monthly sales.
To increase10 percent weekly sales by adding the number of outlets in the City of Cebu.
To make the store more popular and preferred by customers and the same time gaining at least 2 percent profit in daily service.
Objective I: To be able to cater more number of customers and provide them an expert and friendly service that help drive repeat a purchase of the product in order to sustain the 20 percent monthly sales.
Strategy I: Improved Quality Services
Tactics I: Staffs and Crew must learn and practice the Total Quality Management (TQM) Strategy II: