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Transcript of CASESTUDY
restaurants in Glorietta 4. Hidalgo serves "fusion" food to well-heeled Filipinos and expatries. ENTREPRENEUR AS PERSON Tinong is born to a well-to-do family w/ a modest property holdings along Rizal Ave. Studied Economics at Ateneo de
Manila University. Selled dried fish to his mother's friends while
studying. Graduated to selling high-end
condominiums. Worked for four years at Metrobank. Quits to manage his family's property rental business. Wrote up his business plan for his 1st entrepreneurial venture. Motivations for becoming an entrepreneur: To afford a more affluent lifestyle. He value his autonomy, he knew that as an employee he would not own his time, nor would he have control over his "output" "Your success or your failure is your own. You're accountable only to yourself." Entrepreneurs are both & As visionaries, they come up with an IDEA of a product that they want to deliver to a target market. As artisans, they MAKE the business IDEA a REALITY. CREATING A NEW VENTURE Marcos regime had put in place monopolistic economic policies supporting "crony capitalism" 1st problem Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, or other forms of dirigisme NASUTRA bought and sold Philippine sugar at controlled prices, directly affecting Tinong's business. Sugar prices were higher in our country than in Taiwan and Thailand, 2 principal competitors in the dried fruit export industry. Tinong promoted the superior quality of his products while selling them at a premium price. Solution He printed information about the health benefits of dried papaya and pineapple products directly on the vacuum-wrapped plastic packaging. In a daring move, the company negotiated with two loans
amounting to SIX MILLION PESOS. WITH 3 YEARS OF ROBUST SALES AND FAVORABLE INDUSTRY GROWTH IN THE U.S AND EUROPE ENCOURAGED THE OWNERS TO EXPAND THE PLANT CAPACITY FOURFOLD. METROBANK TECHNOLOGY RESOURCE
CENTER FOUNDATION, INC. Political and economic condition begin to worsen in 1980. 2ND PROBLEM Philippines had a debt worth of $80 million. Economic conditions deteriorated when Aquino was assassinated. By 1984 the downward trajectory of the peso-dollar exchange rate and spiking interest rates had diminished the company's ability to service its loans. US customers switched to Tinong's Thai competitor, and the financial condition of the company appeared ominous. The company owners decided to renegotiate the loans. SOLUTION MetroBank agreed to restructure its loan while TRC, being government-owned, was unwilling to do the same. The company decided to give to TRC the plant as the payment for the loan.
Where they lost four million pesos. His parents owned a 25-room pension house where American and European accommodates during their stay in Manila. Then he decided to expand it. STARTING OVER He noticed that the guests in his pension house were going out just to eat breakfast somewhere near the vicinity or would gather in the lobby to chat over coffee in the evening after touring the city. Thinking of the convenience of the tourists, he came up with an idea of setting up a small coffee shop offering low-costs meals in the ground floor. After 3 years, Tinong felt that he had gained enough experience to go on another venture -- Setting up a French-themed bistro. "At that time, everyone had specialty restaurants -- Italian, Spanish, Filipino -- and if you were in the hotels. I asked myself, 'how can I create product different from what everyone else is offering?" -- Faustino "Tinong" Alfon WHY A FRENCH BISTRO? He asked the longtime cook of his parents to give him a variety of dishes, then made a menu for the French-bistro consisting of American, Continental and Filipino breakfast. He named his new bistro as "Corsica" where you can buy affordable french cuisine compared to those hotel that offer the same cuisine. Tinong made a major adjustment wherein he used local ingredients to adapt European flavors to the Filipino palate. Most of the Filipinos were not into French Cuisine, because it uses a lot of butter , wine and cheese which is very uncommon at the country. One of his innovation was adding rice to the famous french steak flambe with a special mushroom sauce. To educate the market, Tinong invited prominent food columnists to write about Corsica that created a buzz to the Filipino people as well as to the foreign visitors in the country. Other factors that contributed to the success
of the company: Ambiance