The food industry is one of the fastest growing business sector in the Philippines. Even if the economic is at a low point, food businesses continue to expand. For a business man the opportunities in the food industry remain a viable sector to invest their money or to start a business on it. Choosing what type of food business you want to enter is depend on your character. Franchising a food business like Jollibee, McDonald's, Chowking and Mang Inasal is a very good way to start. But if you don't have enough money to franchise, you can start on your own. Experimenting a food cart is a good way to start. "Anyone who wish start a food business must have a passion for food". You have to make your business flexible. Most of the Filipinos spent more on food and nearly twice as much as they spent on transportation, rent, clothing and other utilities.
The Philippines has a substantial growth in the food industry. The success rate of your food business is depend on your marketing strategy. In order to achieve the goal of your food business you must first deliver satisfaction to your customers. The satisfaction of the customer can be given through the help of marketing framework such as the 4 p's (Product, Place, Price, and Promotion). If any of those p's is problematic or not in the market factor of the business, then the company is in trouble. The demand of the customers will decrease.
In a food business, the product is the most important element, because it is the one that deliver satisfaction to the customer. The quality of the product is important for the customer. As long as the quality of the product is passed on their expectation the customer will buy and consume the product. The price is also important for the customer. Price is the only element that generate income. "People pay for their satisfaction, but if the price of the product is higher that their expectation, they probably won't buy it". The needs of the consumer can be converted into demand only if the consumer has the willingness and capacity to buy the product. The place must be convenient and suitable for the customers. The promotion creates awareness to the product. These elements include personal selling, advertising, sales promotion, direct marketing and publicity. Some external factor that may affect the business are economic, social, political, and technological. These factor influence the decision of a food business.
The food industry in the Philippines is one of the rapidly growing businesses for the past few years. No matter the economic situation, the food industry is as strong as ever.
