FEASIBILITY STUDY OF THE KOR-PHIL FOOD HUB AT NASUGBU EAST SENIOR HIGH SCHOOL

ABSTRACT

Business is an industry that is always filled with many risks and different variables. Many businesses like  Food  stalls typically end in failure and shutting down. It was said that more than 50% of all businesses fail within the first 3 years. The study focused on the finding out the different variable that may endanger the business if  the Kor-Phil Food Hub was to be set up in Nasugbu East Senior High School. The aim of the study is to viability of the Kor-Phil Food Hub in Nasugbu East Senior High School. . Descriptive research method was used in conducting this action research. Questionnaire was designed to gather data from the 297 respondents that were selected using a census. The responses were tabulated using the frequency distribution table and analyzed using percentages and weighted means. The result showed relatively high success with  the respondents giving a mean of 3.43 meaning that the respondents strongly agree on the affordability of the products offered.     

Keywords: Feasibility, Food Stall, Korean, Filipino, Business

INTRODUCTION 

The Philippines and South Korea boast a longstanding diplomatic history that traces its roots back to the 1960s. Over the years, their relationship has grown significantly, fostered by cultural exchanges, a flourishing tourism industry, and robust economic collaboration. South Korea has consistently ranked as among the Philippines’ top trading partners and a prominent source of foreign direct investment (Interesse, 2023). 

In addition, a study by Interesse (2023), Over the years, the relationship between the Philippines and South Korea has grown significantly, fostered by cultural exchanges, a flourishing tourism industry, and robust economic collaboration. South Korea has consistently ranked as among the Philippines’ top trading partners and a prominent source of foreign direct investment Within the scope of the Free Trade Agreement,(FTA) both countries have committed to making substantial tariff concessions. South Korea will remove tariffs on approximately 94.8 percent of Philippine products, while the Philippines will reciprocate by abolishing tariffs on about 96.5 percent of South Korean products. The FTA encompasses a comprehensive array of provisions, covering areas such as the trade in goods, trade remedies, rules of origin, customs procedures, trade facilitation, economic and technical cooperation, competition, and legal and institutional matters. 

Korean food has gained immense popularity in recent years, not just in its home country but also in various parts of the world. The Philippines is no exception to this trend, as the influence of Korean cuisine can be seen in the growing number of Korean restaurants and the Filipino people’s increasing interest in Korean dishes. In this article, we will delve into the influence of Korean food in the Philippines, exploring its rise in popularity, the impact on Filipino taste preferences, and the cultural exchange that comes with it (Social Star, 2023). 

All around Metro Manila, Korean restaurants and Korean grocery stores have been popping up one after another. And judging by the long lines outside them — formed not so much by Korean residents as Filipino nationals, it would be safe to say Korean food has drawn Filipinos as much as K-drama, K-pop, and K-beauty  (Tupas and Lee, 2020) 

Street food stalls are an example of using public space while substantially contributing to the local economy. Moreover, analysis of the economic impact proves that street food stalls play a significant role for customers. The management of street stalls, however, has a lot of issues to be settled, in terms of hygiene or traffic. The stalls contribute to the local economy and play a significant role for customers, but require sustainable management, including re-examining ground rents and addressing hygiene and traffic issues. (Yahiro, Toi, and Nagashima, 2013)

Materials and Methods

This study will focus on the establishment of Kor-Fil hub in Nasugbu East Senior High School Community. This will cover the marketing, strategic, technical and financial aspects of providing essential goods to the residential sector within the area. The proponent utilized 1308 learners as respondents of the study with a sample size of 297 learners. Raosoft calculator was used in determining the number of samples and stratified random sampling to spread an equal distribution of samples per strata. 

The study utilized the descriptive method of research. Since the study is intended to determine the feasibility of "Kor-Phil Food Hub" in Nasugbu East Senior High School. The proponent constructed questionnaire is the main instrument used to gather information from the students. The questionnaire was designed to determine the demand for the product through knowing the willingness and potential of the target market to avail the service. 

The survey questionnaires were given to the respondents to analyze the feasibility of the business and to collect the appropriate data for the report. The questionnaire design includes the demographic profile of the respondents and their willingness to avail the products the proponent will offer. The fields used in the questionnaire will serve as the tool for the estimated costs of the business. 

The questionnaire used by the proponent is disclosed in this study. 

The proponent has done the following procedures in data gathering: 

1. The proposed business entitled "Kor-Phil Food Hub" was presented to the business Research Project Professor. 

2. After the approval of the title, the proponent had an extensive research and used the modern way to research further and resent information related to the study through online searching. 

3. Then, the proponent formulated a survey questionnaire and conducted a survey using stratified random sampling. The questionnaire was then printed and distributed to the respondents by the researchers. 

4. After retrieving the answered questionnaire, the proponent had tallied, analyzed and interpreted the data. 

5. The proponent interviewed the students of Nasugbu East Senior High School to support the results gathered using the approved questionnaires.

RESULTS AND DISCUSSIONS

A. Demographic Profile 

Table 1 Frequency Distribution of Learners per Strata 

The majority of students in Nasugbu East Senior High School belong to the strand of HUMSS. This was evident by 143 or 48% of the respondents, and with 65 or 22% of the respondents represented the strand of TVL while 48 or 16% of the respondents represented STEM. The last segment of students that responded to this study belongs to the  ABM strand that gives 41  or 14% of the total respondents.   

b. Customer Analysis 

Understanding the customers and potential customers is a key aspect of being able to effectively market to them and build relationships with them. Careful customer analysis will provide the business tools to convert more customers and keep them from churning for longer periods of time. Customer analysis is a combination of qualitative and quantitative research collected from customers with the purpose of better understanding them to draw meaningful conclusions that will aid the marketing and outreach efforts. It will determine the needs of the customers, the types of messaging they respond well to, and why they are or aren’t purchasing the product. Armed with this information, necessary changes may be applied to increase growth.

According to Table 3.2.1, a total of 179 respondents from Nasugbu East Senior High School expressed their willingness to avail the products of Kor-Phil Food Hub. This number represents 60.27% of the total student population.

Table 3 

Willingness to Purchase per Item

The survey data reveals the level of interest and willingness among respondents to purchase different product lines. Sweet&Spicy Flavor Tteokkiam, this product line has the highest level of popularity, with 22.62% of respondents expressing their willingness to purchase. This indicates a strong demand for this flavor. Cheese Flavor Tteokkiam, the willingness to purchase for this product line is relatively lower at 14.19%. While still showing some interest, it is not as popular as the Sweet&Spicy Flavor Tteokkiam. Chocolate Shake flavor (16 oz), among the shake flavors, the 16 oz size of the Chocolate Shake flavor has the highest willingness to purchase at 14.06%. This suggests that customers are more inclined towards this size and flavor combination. Chocolate Shake flavor (22 oz), the larger size of the Chocolate Shake flavor has a lower willingness to purchase at 9.5%. This indicates that customers may prefer the smaller size or have less interest in this specific flavor. Cookies and Cream Shake flavor (16 oz): The 16 oz size of the Cookies and Cream Shake flavor has a relatively high willingness to purchase at 13.92%, this indicates a favorable response from customers towards this flavor and size combination. Cookies and Cream Shake flavor (22 oz): The larger size of the Cookies and Cream Shake flavor has a lower willingness to purchase at 8.3%. This suggests that customers may prefer the smaller size or have less interest in this specific flavor. Taro Shake flavor (16 oz), the 16 oz size of the Taro Shake flavor has a moderate willingness to purchase at 10.17%. This indicates a decent level of interest from customers towards this flavor and size combination. Taro Shake flavor (22 oz), the larger size of the Taro Shake flavor has the lowest willingness to purchase at 7.23%. This suggests that customers may have less interest in this specific flavor and size combination.

Table 4 

Breakdown of Students` Weekly Snack Allowance

Based on the data gathered from the survey questionnaire, in the breakdown of students' weekly allowance, the highest quantity of students is 96 with a percentage of 53.63% having an allowance ranging from below Php 116.00. In the allowance range of Php 117.00 to Php 212.00, there are 48 quantity of students with a percentage of 26.81%. The allowance range of Php 213.00 to Php 308.00 has a 23 quantity of students and a percentage of 12.85%. The allowance range is Php 309.00 to Php 404.00 with a 6 quantity of students and a percentage of 3.35%. The last allowance range is Php 405.00 to Php 500.00 has a 6 quantity of students and a percentage of 3.35% which makes it the lowest above all the selection. Overall, most of the students have an allowance range of Php 20.00 to Php 116.00

Table 5 

Breakdown of Students` Purchasing Potential

Based on the data collected from the survey questionnaire, in the breakdown of students' purchasing potential, most of the students have a potential range of Php 20 to  Php 114.00 budget for snacks that has a quantity of 109 students with a percentage of 60.89%. The second potential range which is Php 115.00 to Php 208.00 has the student quantity of 38 and with a percentage of 21.23%. The third potential range is Php 209.00 to Php 302.00 that has a quantity of 23 students with a percentage of 12.85%. The fourth potential range is Php 303.00 to Php 396.00 has a quantity of 4 students and with a percentage of 2.24%. The last potential is Php 397.00 to Php 490.00 has a quantity of 5 students with a percentage of 2.79% which makes the lowest quantity of students out of all respondents. To sum it all, most of the students have a below Php 20 to Php 114.00 allowance for snacks. 

Table 6 

Breakdown of Students` Purchasing Potential in Peso

Total Average Spending Potential ( Total / Total Population) = 128. Weekly Average Spending Potential based on Canteen Data = 69.00

Based on the study’s finding, the proponents identified that the entirety of the population would have a total purchasing potential of PHP 166, 673.00 per week. This results in an approximate Total Average Spending potential of Php 128.00 which has a Php 59.00 difference when compared to the Weekly Average Spending Potential of Php 69.00 gathered from the Canteen Data.  

Table 7 Students` Perception on Affordability of the Product/Service

Likert Scale:     

 1.00 – 1.74 Strongly Disagree     1.75 – 2.49 Disagree                         2.50 – 3.24 Agree                         3.25 – 4.00 Strongly Agree

Based on the data collected from the survey questionnaire, the first product which is Sweet&Spicy Tteokkiam has a mean of 3.31 and is strongly agreed in verbal interpretation which means that they can afford the first product. The second product which is Cheese Tteokiam has a mean of 3.26 and is strongly agreed in verbal interpretation which means that they can afford the second flavor. The third and fourth products is Chocolate shake with a mean of 3.53 for small sizes (16 Oz) and a mean of 3.43 for medium sizes (22 Oz) and both strongly agree in verbal interpretation which means that they can afford the third product in both sizes. The fifth and sixth products is the cookies and cream shake with a mean of  3.54 for small sizes (16 Oz), and a mean of 3.51 for medium sizes (22 Oz) and both strongly agree in verbal interpretation which means that they can afford the fourth product in both sizes. The seventh and eighth products is Taro shake with a mean of  3.41 for small sizes (16 Oz), and a mean of 3.41 for medium sizes (22 Oz) and is strongly agreed in verbal interpretation which means the students say they can afford the fifth product in both sizes. 

Table 8 Students` Perception on Effective Promotional Strategy

Based on the data gathered from the survey questionnaire, in the student's perception on effective promotional strategy, the highest preferred promotional strategy which has the quantity of 84 with a percentage of 46.93% is social media poster. The other promotional strategy which is flyer has 83 quantities of students with a percentage of 45.25%. The other promotional strategy which is jingle has 14 quantities of students with a percentage of 7.82% which is the lowest than the other options. Overall, most of the students much preferred the social media poster as a promotional strategy.

Conclusion   

The descriptive statistical analysis on the questionnaire from learners in Nasugbu East Senior High School in the municipality of Nasugbu on the  feasibility of the Kor-Phil Food Hub indicated that proponents might encounter a challenge in their opening the stall but respondents have also strongly agreed on the affordability of the products. During a trial run the business was warmly received by the learners although one must note the importance of location and weather as that will drastically affect sales. In addition, it has been indicated that the purchasing potential of the learners is higher than that of the average spending potential of the students based on the canteen records.

Recommendation

Action plan to lessen these problems in setting up the business serve as the output of this study. Food stalls are very convenient means to get food as such many people from different backgrounds often purchase from them. However as many customers there are, there is just as meny competitors wanting to get a piece of the profit. Therefor one must always be looking for ways to rise above the competition. Here are the following thisng the proponents propose to do. Make something new and novel. Find a good location both for yourself and the customers. Make sure to invest in good marketing, get the word out and utilize the free social media. Target a people who have a higher spending potential. It is reccomended to further research the feasibility of the business if you wish to open it.