Our company logo is simple and straight to the point
Tartime is a company involved in the food and beverage industry where we sell tarts. We sell a variety of tarts that includes cheese tarts, chocolate tarts and Oreo cheese tarts which are of high quality. Our tarts also satisfy the customers' need for a treat. One small bite will leave you craving for more.
One of the ways used by our company to identify an opportunity is by solving a problem. By observing and listening, we found that our customers are always trying to find something bite-sized to eat as a treat. These kind of cravings happen at random. So, we decided to take this opportunity to sell tarts which fits their description of a treat. Once we were established and have created a reputation for ourselves, our customers started to approach us and request for new tart flavours. We listened to them and took this opportunity to introduce a new tart flavour.
As
a group leader, she delegated the tasks among the group members. She also
made decisions and carried out the planning with all the group members.
Xiu
Ling
As
a secretary, she created the blog as the report and assisted the group leader
to delegate the tasks to each group member.
Taranya
As
a treasurer, she oversaw the cash flow and collected money from the sales.
She was also responsible for the ordering of the tarts every week.
Kesavan
He
was in charge of collecting the tarts from the bakery and delivering them to
the university.
Teresa
As
she was in charge of sales and promotions, she created an Instagram account
to update more on our tarts and promotions that we offered in our business.
Khadijah
She
created the logo of our company with her creativity. She was responsible for
purchasing the packaging materials for our business.
Advantage and Disadvantage of Heterogeneous Team
Heterogeneous team is a team that is made up of different culture, gender and social background.
Advantage Having a mixture of cultures, abilities and life experiences can create a stronger dynamic within a group. When a group is heterogeneous where the members are from different fields, it brings an advantage of diverse thinking. Members from different fields often have different opinions that can contribute creative thinking towards the business. Disadvantage When the team members are from different fields or specializations, it will often lead to conflict when it comes to making an important decision.
The raw ingredients used to make our tarts are flour, eggs, butter, milk, vanilla essence, salt, sugar, chocolate, cheese, oreo, and strawberry jam.
chocolate tart yummmm
↓
In addition, we use plastic containers and rubber bands to package our tarts.
3 cheese tarts are placed in a plastic container for sale
Our operating hours are on Mondays and Fridays from 11am to 1pm on the first and third week of the month. While on the second and fourth week of the month, we operate on Wednesdays and Thursdays during class breaks, as well as during lunch time from 11am to 1pm.
Our operating location is at the International University of Malaya-Wales (IUMW) academic office, classrooms, and library area. We chose IUMW as our operating location because not only is it convenient for us to sell as we are there for 5 days a week, from Monday to Friday for classes but the opportunity presented itself to us when we noticed our peers craving for something to eat as a treat or dessert. Our target market is also not limited to just the students of IUMW, but also to the staff of IUMW therefore our business had potential of having many customers.
We faced many obstacles to run this project. One of the obstacles we faced is coming up with a fixed price for our tarts. Our group members gave many price options and it was quite difficult to compromise with everyone and come up with a fixed price. In the end, to resolve this problem, we chose the best strategic price that was customer-friendly, especially for our target market as a large portion consisted of university students who are on a budget. That eventually brought some profit to our business.
Furthermore, another challenge that we faced is delivering the tarts to customers outside of International University of Malaya-Wales (IUMW). Initially, we planned to sell our tarts to customers inside and outside of the university but due to transportation issues to deliver the tarts to the customers, we were unable to do so. We did not have a suitable delivery service system as it requires consistency and each of us had uncertain schedules so we did not want to keep the customers waiting or postpone the delivery date. Therefore, to overcome this obstacle, we decided to change our target market to customers located inside IUMW. Besides changing target market, our next issue is to maintain the quality of tarts because they are chilled cheese and chocolate so the chances of it going bad if not handled perfectly will increase. Our problem is to actually keep the tarts in a fridge but we don't have much time as time is precious so we brought it straight out of the fridge from home and sell it straight away during class to achieve maximum pleasure of taste and texture 😋😋 The tarts are best chilled but the morning chill is good enough to maintain the chillness of the tart 😎❄ What happen once was the bakery's fridge broke down so did our orders placed for the upcoming week.
As mentioned in our marketing strategy, we ordered our tarts from Orange Delight Cake house located in Selayang, Kuala Lumpur. One of our team members, Kesavan is in charge of picking up the tarts from the bakery house on the day that we plan to sell. Problems arose when he was sick and bedridden one day and he could not deliver the tarts to the campus. There was a power failure in the bakery shop on another day and the tarts could not be sold to us. On both occasions, we were left with no choice but to postpone our sales to the next day. To our surprise, these unforeseen circumstances actually brought out our tolerance and forgiveness towards each other. Every one of us were very understanding given the situation that we faced and this helped us to build stronger relationships with each other.
Moreover, another obstacle we faced was to find a suitable supplier for our products. We had difficulties finding the suitable supplier as some suppliers charged too high while some others were not operating around the KL area where we can collect the products. We also faced challenges when a few of our customers asked us for more variety of flavours but unfortunately, the supplier we chose only bakes two types of tarts which are cheese and chocolate tarts.
Finally, another obstacle that we faced to run our business is making the decision on packaging. During the planning of the project, we had no idea on what kind of packaging to use for the product. With the suggestion from Madam Syaida, we decided to check out Wakim Plastic Industry Sdn Bhd in Chow Kit. Although there was a wide variety to choose from, the choices we narrowed down to were very costly. The price that we would have to put to just make a slight profit was too expensive for a tart. Therefore, we continued looking and Khadijah managed to find plastic packaging that was cheap in Hero Supermarket. A packet which consisted of 10 regular-sized pieces was RM1.15, which meant that 1 piece was only RM0.12 (rounded off) whereas a packet of 10 large-sized pieces was RM1.60, 1 piece being only RM0.16.
🛒👀Our window shopping trip to Wakim Plastic Industry. Sdn Bhd and Mr DIY 😁
Consumer behaviour studies the way people purchase, use, evaluate and dispose of services and products. Understanding consumer behaviour helps one determine why consumers choose a particular product or service over others. Consumers seek and purchase products to attain maximum satisfaction the needs and won't exist if a customer is dissatisfied. Through the study of consumer behaviour, we are able to understand our consumers better, and thus be able to implement more effective marketing and sales strategies, targeting each consumer more effectively.
Project:
Our team comprises of group discussions, role plays, sharing, critique and review. It is designed to help participants understand consumer behaviour to be able to develop and implement more effective sales and marketing strategies. We conduct primary and secondary research to analyse our consumers more accurately. For example, we plan to sell tarts on our campus for our project. We understand the values affecting consumer choices that have a significant impact on the products and services consumers seek and purchase. For example, the flavours of the tarts. We aligned the brand message and identity with consumer’s values to increase the chances of a sale. We decided to change our price according to the current value of the tarts and develop the marketing strategies based on consumer’s demographic information through market segmentation. From the prediction of purchasing habits of consumers, we managed to price the items strategically. We also developed attractive high-value packages to excite clients to purchase impulsively. When we did sampling on the first day, the students' reactions were so surprised because the tarts look appetizing and attractive with the scent of chocolate and cheese flavours. It was designed well by the bakery and many students started to buy the tarts on the first day itself.
Market Segmentation
Definition:
Market segmentation is one of the steps that go into defining and targeting specific markets. It is the process of dividing a market into a distinct group of buyers that require different products. A key factor to success in today's marketplace is finding subtle differences to give a business the marketing edge.
Project:
The bases for segmenting consumer markets include demographic bases. For example, we choose the age and suitable occupation like students. Our target market is students. In our project, we decided to choose campus students because they always eat basic foods like rice and etc. So, we decided to bring up with this kind of dessert to attract the students. Mostly teenagers will like tarts because it’s sweet and easy to eat. Age of students, like 19 to 25, are willing to eat desserts after lunch, teatime or during class break time. The purpose we choose students because we want to gain knowledge and information on how to segment our markets such as in campus. We use secondary data resources and qualitative research. For example, we research the tarts. We watch the key competitors marketing efforts and get inspired by their strategy, the way they sell, and the way they promote in social media such as Instagram and Facebook. We also talk about key trade buyers about new flavours of tarts. We conduct needs analysis from qualitative research with individuals and groups of customers.
Marketing strategy is important for our business to operate smoothly. It helps to develop efficient ways to promote our product and to reach customers. A good marketing strategy combines the 4 P's of the marketing mix.
The four P's of Marketing are: Product, Price, Place and Promotion.
Product
We sell tarts.
The tarts come in three flavours:
Chocolate
Cheese
&
Oreo Cheese
We order the tarts from a bakery house, Orange Delight Cake House, which is located at Selayang, Kuala Lumpur.
Orange Delight Cake House is halal certified
We sell tarts because Malaysians love to eat tarts, regardless of ethnicity. Malays, Chinese, and Indians, who doesn't love some good, tasty and comforting tarts? On top of that, most people could not resist the temptation of a good pastry. Our tarts stand out as no other group of students are selling tarts in the IUMW campus. Even though Hokkaido Baked Cheese Tart and Tokyo Secret are selling tarts in many areas outside of the campus, there is no direct competition because our target market is the IUMW community.
*IUMW - International University of Malaya-Wales
Photos of our product:
Chocolate, Cheese and Oreo Cheese tarts are placed nicely in a plastic container.
A box of Oreo Cheese Tarts.
A box of Chocolate Tarts.
A box of Cheese Tarts.
Price
RM6 for 3 pieces; RM10 for 6 pieces
The original cost for each individual tart is RM 2.50. We managed to reduce the cost by purchasing in bulk, RM1.10 each for Chocolate tart; RM1.20 each for Cheese tart and Oreo cheese tart.
By selling a tart for RM2 on average, our profit margin would be 40%. Even though it is not very profitable, we are still able to sell the tarts in the campus as our selling price is very reasonable and affordable for the students and lecturers.
Strategy used: We sell 6 pieces of tarts for a price of RM10 to encourage customers to buy more as the tarts will be RM2 cheaper. (6 pieces of tarts originally cost RM12)
Place
International University of Malaya-Wales (IUMW)
IUMW community is our target market therefore International University of Malaya-Wales (IUMW) is the best place to sell our tarts. Academic classrooms are our usual selling spots, such as Seminar Hall 1 and Room 204/5.
Strategy used: We often sell our tarts during break time in Marketing class on Wednesdays, as the break time is usually 20 minutes. This allows us to have sufficient time to promote and sell our tarts.
Next, academic office a.k.a lecturers's room is also where we do our business. As Madam Syaida once told us, no one really comes in to the academic office to sell, then further encouraged us to sell our products to the lecturers. We listened, and we obeyed.
Strategy used: We usually sell to the lecturers on Fridays, as there is less students in the campus on most Fridays.
Library area is a suitable place too! Although there is a vending machine outside of the library, we are still able to sell our tarts to the students as it is a place where most students hang out. Furthermore, the cafeteria is quite far from the library. Students who study in the library can just conveniently purchase from us.
Promotion
Promote via Whatsapp;
Free food tasting;
Early bird price
During our business introductory period, we promote our business by sending out messages in Faculty of Business & Law group via Whatsapp. Through social media such as Whatsapp, we are able to raise awareness among the students about our business. We are also able to grab their attention and interest by writing a good copywriting.
On our first week of sale, we give out free food tasting. Customers are allowed to try the tarts before purchasing. We find this strategy very effective as many of our course mates bought the tarts immediately after they tasted the tarts. Without a doubt, they find our tarts delicious.
Next, we provide early bird price to customers for the first two weeks of our business. The early bird promotion is RM5 for 3 tarts. What a steal!
The pictures above show that we provide early bird price (3 tarts for RM5).
Second picture shows that we give out free samples / free food tasting for our chocolate tarts.
Customers (our course mates) trying out the food sample.
A crowd of people eager to try the tarts before making purchases
One of our first customers 😁💓
💓
Our Instagram Page
Our Instagram page has 42 followers.
A customer was interested to purchase our tarts.
We received an order from a customer on our Instagram page.
Conversation with our customer.
We received a good review from a customer.
Contribution to Community
#1
We are so blessed as we were able to give out a total of 25 tarts to the security guards of IUMW.
All thanks to Madam Syaida! (Madam Syaida paid for all 25 tarts)
#2
Click to play the video
On Friday, 30th November 2018, we contributed RM34 to charity by buying food and drinks for the less fortunate.
Statement of Cash Flows for the year ending 30
November 2018
RM RM
Net cash flow from operating activities (see Note 1) 189.75
Financing activities
Capital introduced 90.00
Increase in cash 279.75
Notes:
1 Reconciliation of net profit to net cash inflow:
Net profit 189.75
Net cash flow from operating
activities 189.75
2 Analysis of changes in cash during the year:
Net cash inflow 279.75
Balance at 30 November 2018 279.75
From the balance on 30 November 2018 which is RM279.75,
we contributed RM34 to charity by buying food and drinks for the less fortunate at the PWTC LRT station and also at the Masjid Jamek LRT station. The new balance is RM245.75 which is divided into six for each group member and
each person receives RM41.
For this project, each group member is required to invest RM15 into the business. Our group consists of six members therefore a total of RM90 was invested into the business as capital. We decided to run our business based on the capital given as well as the profits earned, so there is no additional external funding sources for this project. We managed to find a bakery, called Orange Delight Cake House, which sells great quality tarts at a price that was within our range. We also got to purchase plastic packaging from the Hero supermarket at a good price. Due to our strategic pricing of the tarts, we managed to make profit and this profit was used again to buy our inventory and packaging, making sure to put aside an amount so that we were not just breaking even but also making some profit for ourselves as well as for charity purposes.
👉The hidden magic behind giving back to society or charity👈
