FAR EASTERN UNIVERSITY-MANILA

Institute of Accounts, Business, and Finance

Department of Accountancy and Internal Auditing

MODULE 1
Project Summary
Learning Outcomes
After studying Module 1, you must be able to:
1. Formulate your business name and tagline.
2. Create your business logo.
3. Discuss your proposed or potential product/service combined product and service
4. Identify your existing competitors of your product or service.
This module will help the learner realized that the success of the feasibility study will depend on
the familiarity of the students on the product or service that they will choose as their project.
This module is designed to help the students to choose the right product or service which have
a potential place in the market. To know whether there is a demand for the product or service,
who else is producing similar product or service, and also, what is needed to make the said
product or service? This module will assist learner to know what is the cost of producing the
product or service and most importantly, what is likely the profit?

The following should be presented:

a. Background of the study

1. Describe the facts and statistics collected together for reference and analysis.
2. Discuss what made you decide to choose such product or service as your project.

Example:
The market Philippines’ food service industry is booming and is considered the fastest growing industry in the global market. In
fact, from 2016 to 2018, the overall sales in the sector rose at a Compound Growth Rate (CGR) of 4.8% and it is expected to reach 5.3% in
2021 (Mordor Intelligence, 2019). In 2016, the industry recorded Php 539.9 billion with 84,503 food outlets operating in the country
(Masigan, 2019). Masigan (2019) further added that in 2019, the food service industry was seen to reach Php 616 billion with 3,126 more
food establishments operating in the country compared to 2016. In 2018, a big chunk of the revenues from the sector came from full-service
restaurants, which accounted 30%. Other providers of food service are self-service restaurants, quick-service restaurants, street stalls and
kiosks, cafés and bars, and 100% home delivery restaurants. With the increasing number of establishments offering new ideas to customers,
the competition is expected to tighten in the food service industry and will boost its growing market in the country.
The industry is expected to experience a stable growth through the years. First, with the 109 million population in the Philippines
and the presence of Filipinos in different parts of the globe, players continue to expand to other markets offering different kinds of dishes
especially Filipino foods. Second, the demands and needs of consumers in the Philippine market are changing. Filipino consumers are
becoming more sophisticated in the food they eat (Euromonitor International, 2019), looking for new restaurants that will give them variety
of foods and quality experience, and desire convenience. Lastly, the purchasing power of consumers is influenced by factors such as the
urbanization, changing lifestyle and increasing salaries. Players in the food service industry are constantly improving their products and
developing new ones in able to adapt and cater the needs of the consumers.
Recent developments have risen in the food service industry. The booming market of the sector and the changing demands of the
consumers opened an opportunity for eat-all-you-can or buffet restaurants. The influx of buffet restaurants in the country enabled the
customers to eat a wide variety of foods and drinks for a flat-rate price. Moreover, players in the industry have come up with new and
exciting ideas to attract the consumers: restaurants in a plane and cafés where customers can play board games to mention a few. More
than the food, consumers nowadays desire more for utility and unique experience when dining in a restaurant. Combining these factors, the
proponents of this study have come up with Taco Lab.
Taco Lab offers the customers a fusion of Mexican and Filipino cuisine. The highlight of this proposed business is the experience
the customers will get in discovering the perfect chemistry of taco and a wide variety of scrumptious combinations that will satisfy their
tastes. Benchmarked with the business scheme of Subway, customers may choose the type of taco and the meat, vegetables, and other
inclusions they want to have on it. The twist is that the meat and/or fillings will be Filipino staple dishes. With the busy school and work
environment suppressed by the heavy traffic conditions and the increasing number of food establishments in the country, the business aims
to cater students and employees who seek for a new and exciting experience, a place where they can eat foods that are of quality and
delighting to their palettes, and which will give them their money’s worth.

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 FAR EASTERN UNIVERSITY-MANILA
Institute of Accounts, Business, and Finance
Department of Accountancy and Internal Auditing

b. Business name, slogan or brand tagline, and brand name (if any)
1. The business name must give identity to your business
2. The business name or brand name that will make people easily identify the
product/service that is being offered by your business.
3. The business name that will give your customer vibes to remember a unique and
amazing product.

Example:
The business name, Taco Lab, was inspired by the experimental and exploratory nature of people at the present, especially those who
belong in Millennial and Generation Z demographic cohorts. Nowadays, where not only products are patronized by the people but also the
significant value of the services they offer, Taco Lab emphasizes the utility it can provide to the customers. Herein, the customers’ greatly
diverse preferences are taken into consideration by giving them the freedom to choose their desired combination of ingredients for their
tacos – just like creating mixtures in a laboratory

c. Business Logo
1. Make a business logo that can grab attention.
2. Make a business logo that can make a strong first impression.
3. Make sure that your business logo can be served as a foundation of your brand
identity.
Example:

Figure 1
Business Logo
The business logo holistically depicts the product that the business offers while the context of the flask particularly gives an intriguing yet
instinctive insight about the scheme of the business. The flask signifies the laboratory-like experience Taco Lab wants its customers to delight
in. Notably, the flask contains something – a milk tea, which is chosen by the proponents of this study to be the complement of the taco dish.
Moreover, the logo accentuates the words “Experimenting since 2021”, as Taco Lab embark on the concept of “Finding-the perfect-
chemistry” of ingredients for one’s taco.

Slogan vs. Tagline

Although both "slogan" and "tagline" tend to be used interchangeably, they actually serve two different purposes.  A slogan
identifies a product or company. So does a tagline, for that matter. Where these terms differ is in how they  position a
company  in its industry.
o A slogan encompasses a company's mission, what it stands for, and even how it's helping customers in
the individual campaigns the company might run. Slogans can therefore be longer than taglines, as you'll see in the list
below.
o A tagline  is a catchy quip that evokes an image of your brand in the minds of your customers. Taglines
enable people to make lighthearted associations with your business: "When I see [tagline], I think [company]."
Taglines are more often next to the company's logo on official advertisements, and are dedicated more specifically to brand
awareness than slogans. Slogans carry a brand's values and promises as the company grows and evolves, and can be
promoted under an overarching company tagline. Your organization doesn't have to develop both a slogan and a tagline -- it
Catchy tagline.
might succeed with just a solid, recognizable Business Slogans
But as you and
develop new Taglines
products and identify new types of customers,

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 FAR EASTERN UNIVERSITY-MANILA
Institute of Accounts, Business, and Finance
Department of Accountancy and Internal Auditing

you might find your brand launching a campaign that is primed for its own slogan. (
https://blog.hubspot.com/marketing/brand-slogans-and-taglines, 2020)

 Nike: "There Is No Finish Line"

 Nike: "Just Do It."

 Apple: "Think Different."

 Maybelline: "Maybe she's born with it. Maybe it's Maybelline."

 Jollibee: ‘’ Bida ang Sarap”, “Langhap Sarap”

 Chowking: “ Tikman ang Tagumpay”

 Bank of Philippine Island: “Ready Today , Ready Tomorrow” “We’ll Take You Farther”

 Banco de Oro: “ We find ways”

 Metro Bank: “ You’re in Good Hands”

 Kentucky Fried Chicken: “ Finger Lickin’ Good”

 ABS-CBN Network: “ In the Service of the Filipino”, “Kapamilya”

 LBC: “ Hari ng Padala”

 Max Restaurant: “ Sarap to the Bones”

 Red Horse Beer: “ Ito ang Tama”

 Mercury Drugstore: “ Nakakasiguro gamot ay Laging Bago”

 SM Malls: “ We’ve got it all for you”

*Make a brief description of the product/service

Example:
Taco Lab offers a fusion of Mexican and Filipino food. It highlights that the typical Filipino viands do not only match with rice to
which we are accustomed of, but also to the zesty food of Mexicans – the taco. Customers are able to choose from a variety of ingredients
close to every Filipino’s sense of taste, to complement their tacos with, such as adobo flakes, humba, bistek and hamonado. The product
brings the taste of Mexican dishes to our Filipino viands while at the same time upgrades our staple dishes. In today’s fast-paced nature of
life and seemingly monotonous school environment, students yearn for something new and seek for a place where they can take the things
slow. Taco Lab provides superior service to customers by featuring a laboratory-like experience while providing quality meals, and Taco Lab
offers it unlimitedly.

d. Mission/Vision
1. Mission statement – defines what an organization is currently doing.
2. Vision statement – is basically the ultimate goal of what they’d like to accomplish.

Example:
Mission statement of American Express:
“We work hard every day to make American Express the world’s most respected service brand”.

Vision statement of Microsoft:

“A computer on every desk and in every home”.

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 FAR EASTERN UNIVERSITY-MANILA
Institute of Accounts, Business, and Finance
Department of Accountancy and Internal Auditing

e. Form of business organization

1. Single or sole proprietorship – is business owned and managed by only one person.
2. Partnership – is a business organization owned and managed by two or more people
who agree to contribute money, property or industry to a common fund for the
purpose of earning profit.
3. Corporation – is a form of business organization managed by an elected board of
directors. The investors are called stockholders and the unit of ownership is called
share of stock.
* Choose one form of business organization you will use in your project.
Example:
The project will adopt a sole proprietorship form of business organization. Sole proprietorship is a business structure
wherein a sole owner has the total responsibility and authority over the business. The proponents opted to form the business under sole
proprietorship as they deemed it most suitable with the nature and capital requirements of the project. Moreover, fewer requirements are
needed to form the business and fewer standards and regulations are applicable for this business structure.

f. Business location (Picture of Façade and Vicinity Map)

1. Make sure that your business is located strategically.
2. The business location must have adequate access to customers, workers,
transportation, materials and so on.
3. Location often plays a significant role in a company’s profit and overall success.

Example:
Vicinity map Facade

Taco Lab is a restaurant with a floor area of 58 square meters, which will be situated at Legarda Corner, Rafael Street, Quiapo, Manila.
Having nearby universities and other establishments (such as Centro Escolar University, San Beda University, La Consolacion College, San
Sebastian Recoletos - Manila, etc.) made the business location accessible enough by its target market.
Objectives of the Study or Statement of the Problem
A statement of the problem is used in research work as a claim that outlines the
problem addressed by a study. The statement of the problem briefly addresses the
question: What is the problem that the study will address?

1. Marketing Aspect
a. To determine the target market
b. To know where the target market is centered
c. To identify the strengths, weaknesses, opportunities, and threats of the proposed
business in the market

2. Management Aspect

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 FAR EASTERN UNIVERSITY-MANILA
Institute of Accounts, Business, and Finance
Department of Accountancy and Internal Auditing

a. To know the policies and procedures to be implemented regarding the human

resource
b. To determine the policies and procedures to be implemented on the day to day
operation of the business
c. To find out the suitable internal and external control measures needed to monitor
the organization

3. Technical/Production Aspect
a. To determine the raw materials, machines and equipment needed in production
b. To identify the processes that convert the raw materials into a finished product
c. To ascertain the location of the business

4. Financial Aspect
a. To establish the total cost that will be disbursed for the project
b. To develop projected financial statements that will cover a period of five years
c. To establish the general financial assumptions integrated in the projected
financial statements

5. Socio-Economic Aspect
a. To ascertain the impact and implications of the business to the employment
b. To determine the impact of different taxes and other legal regulations to the
business
c. To identify the positivity and negativity of the business to the consumers’ health.

g. Investment cost (How much and who will contribute?)

This will cover the amount of money spent on investment or investment
expenditure required in forming the business. Who are the investors?

Example:
One O’Cup Café will have an initial investment of P2,100,000.00. All partners will contribute in equal amounts to cover the expenses
to be incurred in launching and sustaining the business.

h. Mode of Financing (Contribution by owner/s, loan, etc.

This will cover the source of financing.

Example:

General partners shall pool funds forming the capital of the partnership, to have sufficient resources for the start-up of the
business. Each partner shall contribute at least ₱430,000 to obtain a total of ₱3,010,000 which shall be enough to sustain not only the initial
investment costs of the business during the first year of operations but also the potential start-up losses of the business.
GOOD LUCK!

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REQUIREMENTS

First week output:

You are now ready to submit a project title of your feasibility study. Each group will
submit the following:

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 FAR EASTERN UNIVERSITY-MANILA
Institute of Accounts, Business, and Finance
Department of Accountancy and Internal Auditing

1. Your business name

2. Your business logo
3. Tagline
4. Brief description of the product or service ( Please take note that your product
or service must be distinct, unique and different compared to the existing
products or services.)
5. Mission/Vision of the business

Second week output:

You are now ready to submit the draft of the Project Summary. Each group will submit
the following:
1. Business location (Picture of Façade and Vicinity Map)
2. Investment Cost (How much and who will contribute)
3. Mode of Financing (Contribution by owner/s, etc.)
4. Objectives of the Study or Statement of the Problem
a. Marketing Aspect
b. Management Aspect
c. Technical Aspect
d. Financial Aspect
e. Socio-economic Aspect

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 FAR EASTERN UNIVERSITY-MANILA
Institute of Accounts, Business, and Finance
Department of Accountancy and Internal Auditing

ASSESSMENT
Activity 1. First Week Required Output

Section /Group #
Business Name
Business Logo
Tagline
Vision of the Business

Mission of the Business

Market Trends and Needs
(what is needed in your industry
or market)
Your Products or Services
Describe the benefits of your products and /or services will provide customers. Do not list the
features of your products/services but benefits instead. How your products/services will enhance
your customers lives or business during these trying times?

Direct Competitors.
(Have you identified your
direct competitors? List them
here.)
Sample (Who are you going
to ask?)

Method (How are you going

to ask them?)

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 FAR EASTERN UNIVERSITY-MANILA
Institute of Accounts, Business, and Finance
Department of Accountancy and Internal Auditing

Rubrics
Assessment Criteria 1 Point 2 Points 3 Points 4 Points
Unsatisfactory Emerging Good Excellent
Submits the Submits the Submit the Submits the
output more output two output the output on time.
Punctuality/promptnes
1 than two weeks weeks after following
s in submission
after the the deadline. week after the
deadline. deadline.
Incomplete in Incomplete in Complete in Complete in all
all aspects and most aspects most aspects aspects and
Completeness in
2 includes few and includes and includes includes all
contents
requirements few most requirements
requirements requirements
Presents Presents an Presents an Presents an
incomplete insightful and insightful and insightful and
analysis of analysis of analysis of in-depth
Analysis and utilization
data; and failed some data; most of the analysis of all
3 of project development
to use project and uses few data; uses data; uses
concepts
development project some project many project
concepts development development development
concepts concepts concepts.
Lacks quality of Lacks quality Exhibits Exhibits quality
4 Quality of Contents all contents of most quality of of all contents
contents most contents
Presentation is Presentation Presentation Presentation is
generally dull; is not so is moderately generally
5 Overall presentation hurriedly done. appealing; not appealing; appealing;
seriously seriously artistically and
done done neatly done
Total maximum points