A331 Group1 IMP The Singing Cooks and Waiters Atbp

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Exploring a Potential Expansion into South Korea

HOLY ANGEL UNIVERSITY
Holy Angel University
School of Business and Accountancy
Angeles City
INTERNATIONAL MARKETING PLAN FOR THE SINGING COOKS AND
WAITERS ATBP: Exploring a Potential Expansion into South Korea
Group 1 – A331
Leader:
Andrade, Kyla
Members:
Arceo, Mylene S.
Ariola, Maria Sophia Beatrice M.
David, Jill Patrixia P.
Laxamana, Anna Therese C.
Legaspi, Ma. Jesusa C.
December 01, 2020

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TABLE OF CONTENTS
Content Page
Executive Summary 4
Situation Analysis
A. Company Background 6
B. Product Background 8
C. Market Analysis
I. PESTEL Analysis 14
II. Customer Analysis 26
III. Competitive Analysis 31
SWOT Analysis 35o
Objectives
A. Marketing Objectives 36
B. Financial Objectives 36
Target Market 44
Marketing Strategies
A. Product Strategies 46
B. Pricing Strategies 47
C. Distribution Strategies 51
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Content Page
D. Promotional Strategies 54
Implementation Plan 60
Financials
A. Incremental Budget for Proposed Strategies 63
B. Projected Income Statement for Three Years 64
Evaluation Metrics and Controls 67
Reference List 78
Appendices
A. Menu item 83
B. Income Statement 2019 95
C. Competitors’ Menu List 98

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EXECUTIVE SUMMARY
To introduce the classic taste of Filipino cuisines whilst providing a musical
dining experience is what The Singing Cooks and Waiters Atbp. envisions. It is a
musical-themed restaurant founded by Mr. Rodolfo Ongpauco after his encounter with
a waiter singing at a dining station.
Among its strengths are its highly trained staffs in singing and dancing while
offering good food. With this unique style of serving customers, the restaurant has
successfully established a clear brand like no other. However, dependence on staffs
may pose a burden to the restaurant and may limit its capacity to serve the customers.
Further, despite having a defined identity, it still has not expanded its reputation.
The first strategy that the restaurant considers is extending its operations to
South Korea. The country's food dependence in the global market, economic stability
amidst global pandemic, increasing population and internet access bring forth
opportunities for the restaurant to go beyond its borders.
However, there are certain threats that go along with this strategy. Stricter
regulations and mandatory compliance with food standards, exchange rate
fluctuation, changes in safety measures, lower employment and production rates, and
declining household expenditures in restaurants and hotels comprise the external
factors that affect the restaurant and its operations.

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The profitability in international markets is still the greatest opportunity for every
business endeavor to go borderless. Hence, with this strategy, The Singing Cooks
and Waiters Atbp. formulated objectives to define its directions. The restaurant's
marketing goal is to become one of the top five casual dining restaurants, in terms of
market share, offering foreign dishes in Itaewon, Seoul in a span of two years and to
be able to retain 70% of customers that enter the store within the first six months of
operations. Financially, it aims to increase company sales by 30% at the end of 2021
and boost annual return on investment to 20% within the first year of operations
To achieve these objectives, the restaurant implements certain marketing
strategies. For product, product standardization will be utilized to preserve and
promote classic Filipino dishes. It also plans to use competitive pricing to highlight the
uniqueness of the restaurant by letting customers receive and experience superior
offerings for the same amount of spending.
With the rising profitability in e-commerce, the company plans to utilize digital
platforms to establish brand awareness, distribute and promote its value. Naver, the
most popular portal platform in Korea will likewise be used to publicize the restaurant.
The benefits of print media will also be exercised by giving away flyers. Moreover, a
loyalty program will be created to encourage and develop relationships with recurring
customers.
SITUATION ANALYSIS
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A. Company Background
The Singing Cooks and Waiters Atbp. is a musical-themed restaurant founded
by Mr. Rodolfo Ongpauco, the man who invented Crispy Pata (Lo, 2017). Ongpauco’s
encounter with a waiter who was singing at the dining station was the inspiration
behind the theme of the restaurant (NBT World, 2017). From such experience, the
owner came up with the idea of combining Filipinos’ love for food and music by offering
a one-of-a-kind musical dining experience.
The restaurant offers a unique blend of services, where customers can enjoy
multicultural performances while digging into delicious and authentic Filipino cuisine.
This specific combination is currently not being offered by any competitor in the
market, which will help to make the company easily distinguishable to its customers.
The Singing Cooks and Waiters Atbp. has a total of three branches (The
Singing Cooks and Waiters Atbp, n.d.). Its main branch is located at Ongpauco
Building, Roxas Boulevard near corner Senator Gil Puyat Avenue, Manila. The two
other branches are located at Gerona, Tarlac and Isdaan Restaurant Park in Laguna.
To date, the company has an estimate of 51-200 employees ("Working at
BAKAHAN at MANUKAN/Singing cooks & waiters group of restaurant company profile
and information," 2020) comprising of chefs, waiters and waitresses, security guards,
and managers. One thing that makes The Singing Cooks and Waiters Atbp. stand out
from different restaurants is that it is composed of employees who are talented in

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singing and dancing. The company also has a choreographer and a musical director
who are responsible for the employees’ trainings and ensure that the musical
performances would turn out great. Regularly, the company adapts a certain theme
for their performances such as cultural, ballroom, and interpretative. Moreover,
several well-known artists have also performed with the restaurant’s crew to offer a
concert-like dining experience to the customers (The Singing Cooks and Waiters Atbp.
online magazine, n.d.). Among those which performed with the restaurant’s crew were
Freddie Agular and Fernando Poe Jr.
On top of adapting various themes for their performances, the crew also
performs using foreign languages like Korean, Japanese, and Chinese to entertain
their foreign customers. For a more festive performance, they encourage the
audiences to sing or dance along, although this is not mandatory. This act provides a
great opportunity for the management to leave a strong impression and build customer
connection while satisfying the latter’s cravings for authentic Filipino dishes.
Mission
To serve the customers with the ultimate musical dining experience.
Vision
To introduce the classic taste of Filipino cuisines whilst providing a musical
dining experience like no other.

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The Singing Cooks and Waiters already has experience in delivering this kind
of service here in the Philippines. Not to mention, Mr. Ongpauco has invaluable
experience not only in managing this kind of business, but also in penetrating the food
industry in other countries. Thus, the management team will have great insight and
guidance in penetrating the South Korean market.
B. Product Background
The Singing Cooks and Waiters Atbp. takes pride in its authentic Filipino
cuisines which names were adapted from musical terminologies. The restaurant’s
menu is divided into 14 categories and listed below are few of the complete menu list
of the restaurant which are to be marketed in South Korea.
a. Prelude – given its definition of being an introductory piece of music, it
comprises of the restaurant’s appetizers. Some of the menu items are
given below.
i. Eggplant ensalada
ii. Crispy Chicken Skin
iii. Chicharong Bulaklak
iv. Sizzling Sisig (Pork and Bangus)
v. Cheese Sticks
vi. Crispy Pakpak
b. Top Hits – represents the restaurant’s best-selling dishes

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i. Barbecue Special
ii. Crispy Pata
iii. Crispy Pork Claws
iv. Seafood sa Gata (Luto sa Buho)
c. Soup Melodies – comprises of classic Filipino soup dishes
i. Bulalo
ii. Chicken Tinola
iii. Sinigang sa Sampalok
iv. Ginisang Munggo
d. Beef, Pork, and Chicken Medleys – refers to the group of dishes that
are well-loved by Filipinos
i. Adobo
ii. Beef Kaldereta
iii. Beef Kare-Kare
iv. Bakang maanghang
e. Spotlight on Pork – Filipino dishes using pork as the main ingredient
i. Lechon kawali
ii. Pork Binagoongan
iii. Bicol express
iv. Tortang Kawali

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v. Porl Liempo Tinuping
f. Chicken Classics – comprises of chicken dishes cooked ala Pinoy style
i. Ginataang Manok
ii. Chicken Tinupig
iii. Sizzling Chicken on fire
iv. Crispy Chicken
g. Seafood Serenades – includes different Filipino seafood dishes
i. Seafood sa bawang
ii. Seafood kare-kare
iii. Adobong pusit
iv. Shrimp / Prawns Musicale (Ginataan, Tostado sa Gata, Shrimp
Tempura)
h. Crab Songs – this menu item uses crab as the main ingredient to which
the customers may request how they wanted the crabs to be cooked:
steamed, fried and crispy, gata, garlic butter, sautéed in garlic, or spicy
i. Fish Falsettos – Filipino dishes which uses fish as the main ingredients
i. Daing
ii. Bistek Bangus Belly
iii. Crispy Bangus Belly
iv. Adobong Hito

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j. Vegetable Tunes – refers to vegetable dishes that are often served in
Filipino homes
i. Pinakbet
ii. Laing sa Gata
iii. Fresh Vegetable Lumpia
iv. Bicol Express na Kangkong
v. Adobong Kangkong at Lechon Kawali
k. Noodle Dance – classic noodle dishes that are often served by Filipinos
during festivities
i. Pancit Musiko (Original dish)
ii. Pancit Guisado
iii. Seafood Pancit Canton o Bihon
l. Rhythm and Rice – a menu set of rice cooked using different spices
and ingredients
i. Seafood rice
ii. Shanghai rice
iii. Java Rice
iv. Black rice (Squid ink rice)
v. Plain Rice
m. Encore – comprises of dessert items

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i. Buko Pandan
ii. Suman sa Latik at Mangga
iii. Special Bibingka
iv. Lenche Flan
v. Leche Flan A La Mode
vi. Fresh Fruit Salad
vii. Frozen Fruit Salad
n. Sip, Shake, Swing & Slurp – composed of drinks available to quench
the thirst of the customers
i. Gulaman at Sago
ii. Beer
iii. Mocktails
iv. Fresh Fruit Juice and Shakes
Since the experience involves enjoying a meal with a performance, the
restaurant can only serve so many people unlike fast-food chains that can easily roll
out dishes at a fast pace. Thus, the number of groups that the restaurant can
accommodate per day will be limited to the service and performance time as well as
the size of the place.
The set of menus were chosen based on the following criteria: Filipino origin,
self-made recipe of the owner, and the best-selling dishes of the restaurant. As the
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restaurant aims to introduce the Filipino dishes in Itaewon, South Korea, authentic
Filipino cuisines is top of priority in deciding the menu list. In addition, self-made recipe
cannot be removed from the product list as it will provide a unique identity to The
Singing Cooks and Waiters Atbp.
According to Zaba-Nieroda (2010), having a strong brand will allow for internal
harmony within a company with regard to its vision. Furthermore, the author stated
that, “a strong brand supports the main business strategy and increases efficiency of
a company’s operations.” Thus, The Singing Cooks and Waiters can consider its clear
branding and defined company identity to be an asset or a strength. This will guide
the company in venturing into other locations without sacrificing or losing sight of the
organization’s goals and identity. Knowing one’s brand will aid in making marketing
and merger decisions, and will strengthen its presence in the market.
C. MARKET ANALYSIS
I. PESTEL ANALYSIS
a. Political/Legal/Institutional/Regulatory Environment
The Singing Cooks and Waiters Atbp. as belonging in the food industry is
bound by different rules, treaties, laws, and political considerations. In the Philippines,
the food industry is regulated by the Food and Drug Administration (FDA), the Center
for Food Regulation and Research, and the Bureau of Quarantine all of which are
supervised by the Department of Health. In addition, the Department of Agriculture

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together with its subunits is also tasked by the government to ensure the
implementations of food safety (Republic Act No. 10611, 2015). Aside from national
regulations, the food industry is also governed by international treaties participated by
various countries. For the case of The Singing Cooks and Waiters Atbp., it must be
wary of the treaty below to which both the Philippines and South Korea are signatories.
a.1. Codex Alimentarius International Food Standard
The Codex Alimentarius (food code) is primarily concerned with food
quality and safety for those moving within the international trade (Food and
Agriculture Organization [FAO] of the United Nations, n.d.). The Codex Alimentarius
is a collection of food standards, guidelines and other recommendations which was
prepared by the intergovernmental Codex Alimentarius Commission to address
certain food issues. Among those that the code addresses are issues concerning the
use of pesticide, environmental contaminants, food/nutrition labelling, use of
additives, standard for composition and identity of major food commodities. To be
precise, the content of the food code is divided into the following:
• Food hygiene and microbiological contaminations
• Food additives
• Environmental contaminants
• Residues of pesticides and veterinary chemicals
• Food labelling, and nutrition and health claims

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• Inspection and certification system including methods and analysis of
sampling
• Commodity standards
Aside from international treaties or regulations, The Singing Cooks and
Waiters Atbp. must take into consideration the political background and laws of its
target location – South Korea.
a.2. South Korea’s food dependency in the global market influenced the
food consumption of South Koreans allowing them to be open to international
cuisines
As transnational companies called the Chaebols demanded from the
government the promotion of free trade policies and consequently gain access to the
global market, the South Korean government decided to conform with the global
rules of free market (Kim, 2008). As such, globalization has taken place which
influenced the food consumption pattern of South Koreans. Since the onset of
globalization, South Koreans has consumed more foods imported from other
countries which gives off the idea that the country welcomes international food
companies. Fast food restaurants have also formed part of the dine out practices of
the country. Currently, these changes brought about by globalization in South
Korea's food politics are still present.
a.3. The Food Sanitation Act

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South Korea’s Food Sanitation Act is concerned with issues on food safety.
As such, this act is the legal basis for the food safety-related work conducted by the
Ministry of Food and Drug Safety. The purpose of the Food Sanitation Act is to
promote and improve the public health by preventing sanitary risk caused by foods.
In addition, it advocates for an improvement in the quality of food nutrition and in
providing accurate information (Food Sanitation Act, 2014).
a.4. Covid-19 pushed the South Korean government to impose stricter
restrictions for the continuous operation of food businesses.
Given the growing concern in containing the coronavirus, many governments
have imposed restrictions to combat the disease and these also caused changes in
the way businesses shall operate, especially those in the food industry (SGS, 2020).
As businesses start operations, several measures must be taken to ensure the
safety of the employees and customers alike. Among those which must be
considered includes introduction of distancing measures, use of personal protective
equipment, regular sanitation of surfaces and equipment, and limiting the number of
customers in the restaurant (SGS, 2020). In the perspective of a business leader,
these new protocols would be costly and might limit the ability of the company to
generate profit.
Economic Analysis
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As the world is currently facing an epidemic, certain issues emerge not just in
the health sector, but also in the economy. As such, it is important to study the
trends of the world’s economy to ascertain the ability to grow of the company.
b.1. South Korea’s economic decline is less than 5% amid pandemic
According to Hassel (2020), studies show that effective Covid-19 responses
not only protect the people’s health but also the country’s economy. In fact, the
statistics for the second quarter of 2020 shows that countries who have been
efficient in protecting the health of its population has generally experienced a small
percentage of economic decline compared to others. Among the 38 countries
surveyed, Taiwan, South Korea, and Lithuania are the ones which thrived despite
the pandemic. World data shows that Taiwan experienced a less than 1% economic
decline in 2020 compared to 2019, while South Korea’s and Lithuania’s economic
decline is less than 5% (Hassel, 2020).
Contrary to the abovementioned, the economic downturn in countries who
failed to protect their health sector was extremely severe. Peru, for example had a
30.2% decline in its Gross Domestic Production (GDP) in the second quarter of 2020
compared to the same period in 2019. On the other hand, Spain experienced a
22.1% economic decline, and 21.7% decline for United Kingdom.

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Figure 1: Economic Decline in 2020’s Second Quarter
(Source: Our World in Data)
b.2. South Korea’s unemployment rate jumps from 3.9% in September to
4.2% in October 2020
In an economic survey conducted in South Korea during 2020, data shows
that the Covid-19 has resulted to recession which drives down the country’s
employment rate (Organization for Economic Co-operation and Development
[OECD], 2020). In October 2020, unemployment rates jumped to 4.2% from 3.9% in
September which resulted to a total increase of 81 000 unemployed individuals

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(Trading Economics, 2020). As of October 2020, the total population of unemployed
individuals has skyrocketed to 1, 170, 000. Thus, to combat the growing
unemployment rate, the government must invest in labor intensive industries.
However, prior to this, the country’s business sector might experience a decline in
production. Shown below is the projected impact of Covid-19 to South Korea’s GDP,
which was also affected by the growing unemployment rate.
Figure 2: Unemployment rate in South Korea by October 2020
(Source: Trading Economics)

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b.3. Changes in exchange rate between Korean Won and Philippine
Peso may result to an incremental or decremental sales value when
converted to Philippine Peso
As the company plans to operate in South Korea, the changing exchange
rate between Korean Won and Philippine Peso may be an advantage or
disadvantage for The Singing Cooks and Waiters Atbp. The updated statistics
showing the rate trends between the two currency reflected that the exchange
rate has been changing every day (XE Currency Charts, 2020). Data shows that
the exchange rate from Korean Won to Philippine Peso has increased to 0.04355
on November 29, 2020 from 0.04329 last November 22, 2020.
An increased in exchange rate from Won to Peso will be an advantage for
the company for incurring gains on foreign exchange rate. However, a
decreasing exchange rate may result to a loss on foreign exchange rate for the
company. Thus, exchange rate affects the overall income of the company when
converted to local currency.
The graphs below show the movement of exchange rates from Korean
Won to Philippine Peso for a period of one year from November 30, 2019 to
November 29, 2020.

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Figure 3: Exchange rates from Korean Won to Philippine Peso
(Source: XE Currency Charts)
c. Societal Analysis
c.1. South Korea’s population continuously increases as years pass
by, percentage distribution of age group declines
As of 2020, the estimated total population of South Korea jumped to 51, 780,
579 from 51, 709, 098 in 2019 (Korean Statistical Information Service [KOSIS],
2020). South Korea’s population is divided into three (3) age bracket 0-14 years old,
15-64 years old, and 65 years old and above. Accordingly, as population increases
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the percentage distribution of age groups 0-14 years old and 15-64 years old
declined as years passes by. The percentage population of those aged 0-14 years
old declined from 12.4% in 2019 to 12.2% in 2020, while the population of those
aged 15-64 years old decreased from 72.7% to 71.7%. In contrary, the percentage
distribution of those 65 years old and above increased from 14.9% in 2019 to 15.7%
in 2020.
Below is the population structure of South Korea from 2017 to 2020.
By the structure of population 2017 2018 2019 2020

Total population(person) 51,361,911 51,606,633 51,709,098 51,780,579
Male(person) 25,736,793 25,863,502 25,913,295 25,945,737
Female(person) 25,625,118 25,743,131 25,795,803 25,834,842
Sex ratio(per 100 females) 100.4 100.5 100.5 100.4
Population increase rate 0.28 0.48 0.20 0.14
0-14 years old(person) 6,724,283 6,589,388 6,434,627 6,296,838
15-64 years old(person) 37,571,568 37,645,085 37,589,552 37,358,309
65 years old and over(person) 7,066,060 7,372,160 7,684,919 8,125,432
Percent distributio(%)n: 0-14 years old 13.1 12.8 12.4 12.2
Percent distribution(%): 15-64 years old 73.2 72.9 72.7 72.1
Percent distribution(%): 65 years old and over 13.8 14.3 14.9 15.7
Figure 4: South Korea’s population structure
(Source: Korean Statistical Information Service)

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c.2. South Korean household expenditure for restaurants and hotels
has declined by 5%
According to Statistics Korea (2020), the average household income of
South Koreans amounted to 5, 272, 000 million won during the second quarter of
2020. It rose by 4.8% from the same period of 2019. Out of the average monthly
income, almost half of it is spent on consumption expenditure. Statistics shows that
2, 912, 000 won is spent on consumption expenditure which includes food,
beverages, furnishing and household equipment, clothing and footwear, education,
and restaurants and hotels.
Expenditures for food and non-alcoholic beverages rose by 20.1% from
the previous year, 21.4% increase for furnishing, household equipment, and other
household maintenance, while transport expenditure rose by 24.6%. Contrary to
these increases, household spending for restaurants and hotel declined by 5%,
5.8% decline for clothing and footwear, 29.4% for education.
d. Technological
South Korea’s technological environment is an important aspect which needs
to be considered as The Singing Cooks & Waiters Atbp. penetrates the new market.
The country’s technological environment may pose opportunities or threats to the

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business as it plans to commence its operation. With this, The Singing Cooks &
Waiters Atbp. takes the following information into account:
d.1. 99.2% of the household in South Korea has access to internet and
91.2% of the population has smartphones which makes online advertising a
great opportunity for brand awareness
E-commerce has contributed a huge part on the overall consumer market of
Korea. Statistics revealed that in 2019, 99.2% of the household in South Korea has
access to internet, while 91.2% of the population in the same year has smartphones
(International Trade Administration, 2020). With this, it is undisputable that e-
commerce will play a key role in the country’s consumer market, with the high
penetration of smartphones and internet access being the main drivers in the market
growth.
Given the growing use of smartphones, statistics suggest that mobile
advertisements seemed to be more effective with its advertisements as evident by its
growth from 60% in 2017 to 65.3% in 2019. In 2020, Korea’s digital advertising grew
by 21% from the previous year, reaching $5.6 billion. Mobile advertisements also
continued its growth during the year, increasing its share in digital marketing to 67%.
With the statistics at hand, The Singing Cooks and Waiters Atbp. may find
opportunity in creating brand awareness through online platforms. As such, the use of
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available digital platforms for advertising will form part of the company’s marketing
strategy.
II. CUSTOMER ANALYSIS
The customer profile of the target market can be analyzed by looking at
some key characteristics, such as consumer demographics, preferences, and
needs. This will allow the company to identify its primary customers, determine how
to best reach them, and ensure that the services being offered meet the needs of the
market. Detailed below are key considerations in analyzing the market for The
Singing Cooks and Waiters in South Korea:
Customer Profile
a. Wider range of target market in terms of demographics
The existing customers of The Singing Cooks and Waiters Atbp. here in
the Philippines mostly serve middle- to upper-middle class families. Majority of
customers that choose to dine in the restaurants are working adults and the elderly,
bringing along their families and friends to share the experience.
The target market in Itaewon would be the same. However, young adults
would be included in the target customers of the foreign branch. This is because
young adults there have more curiosity when it comes to Filipino food and would
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have a great tendency to explore the foreign cuisine with their friends. The same
cannot be said here in the Philippines due to Filipino cuisine being the regular food
enjoyed at home.
As of the second quarter of 2020, the total population of Seoul was at
9,985,652 according to Seoul Solution (2020). Out of this figure, 1,534,957 (15.37%)
belong in the senior population aged 65 and above, while 1,518,300 (15.20%) are
adolescents aged between 9 to 24. This means that majority of the city’s population
is made up of working adults aged 25 to 64. Thus, the target market of the company
in terms of demographics is large in the chosen location.
The figures discussed above are depicted visually in the chart below,
except for the number of children aged 8 and below.

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Seoul's Population in Age Groups
1,534,957
1,518,300
6,932,395
Senior Adolescent Working
Figure 5: Seoul’s Population in Age Groups
b. Filipinos and Koreans have similar food preferences
Filipinos and Koreans both love rice. The dishes enjoyed by both Filipino
and Korean markets are also very similar, often revolving around hearty home-made
dishes that are best paired with a bowl of rice such as marinated meat, seasoned
vegetables, and rich broths or soups. In fact, many Koreans love Filipino cuisine, just
as Filipinos are now greatly enjoying Korean food. These commonalities make the
food offerings of The Singing Cooks and Waiters Atbp. very familiar and appealing to
customers in South Korea.
According to Saafir (2018), “Music and dance always have been an
important part of South Korean culture and both serve many purposes,
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entertainment included.” The Koreans’ love for music and performances would be
vital in the success of the Itaewon operations of The Singing Cooks and Waiters
Atbp. Being able to offer good food and one-of-a-kind entertainment at the same
time could be a great selling point in Korea.
c. Koreans might prefer a more diverse cuisine when dining out
In the Philippines, people usually crave for different cuisines when dining
out. Thus, Filipinos will often choose American, Korean, or even Japanese food
establishments when deciding on what to eat. This reason could play a similar role in
the decision-making process of the target market in Itaewon. Since Filipino and
Korean food are generally similar, locals might opt for other cuisines that feel and
taste more different compared to their usual meals.
d. South Korean market can be reached through social media,
television, and eating shows
Marketing in the Philippines these days greatly involve a strong social
media presence. Newly-established restaurants could attract a huge number of
customers just by creating buzz on social media platforms such as Facebook and
Instagram.
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Promoting the restaurant to the target market in Korea would require the
same. However, the senior population also watch a lot of television. Thus, it would
benefit the company to invest in advertising the restaurant in commercials or Korean
TV shows.
On the other hand, young adults in Korea are also largely following the
mukbang trend, which is essentially an eating show. Hu (2015) stated that, “At
dinnertime hours, 45,000 Korean viewers watch mukbang at the same time, a
threefold growth since this emerged in 2013.” The popularity of this trend has only
grown since then. Thus, the company could also reach a large portion of its market
through famous mukbang personalities.
Unlike the Filipino fast-food chain Jollibee, which generally has an easier
time penetrating international markets because of its popularity and familiarity, The
Singing Cooks and Waiters Atbp. does not have the same level of reputation. Even
in the Philippines, majority of people do not know about this restaurant. Thus, it
would be introducing itself to a foreign market as a completely new and upcoming
restaurant. This could make it difficult to attract many customers at first. Thus, it
would have to double its marketing efforts and appeal to the curiosity of the market,
especially locals who are not yet familiar with Filipino cuisine.
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e. Introducing Filipino cuisine can satisfy the Koreans’ need to
explore foreign culture
With the increasing number of establishments entering the food industry,
customers now have more options than ever before. This power to choose has
created a market that knows what it wants and is constantly looking for alternatives
and the next best thing.
This is true for both Filipinos and Koreans alike, who are now much more
adventurous when it comes to foreign cuisines. Additionally, most establishments do
not offer food and entertainment at the same time. This combination is usually seen
in Karaoke television (KTV) places or restobars. However, the combination of home-
cooked Filipino cuisine with live musical performances is something completely new
that will appeal to the curiosity of the market.
III. COMPETITIVE ANALYSIS
The competitors of The Singing Cooks and Waiters Atbp. in its entry to
South Korea can be analyzed by categorizing them into current and potential
competitors, and determining their strengths, weaknesses, and opportunities.

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A. Current Competitors
To further dissect the existing establishments that would compete with the
company, the current competitors of The Singing Cooks and Waiters Atbp. are
discussed in two divisions: direct and indirect competitors.
a. Direct Competitors
The direct competitors of the restaurant are those that offer the same
combination of services: food and entertainment. This would pertain to restobars and
KTV places around the area. These establishments would not require as much staff
training because the entertainment they offer are either live bands that receive a
commission or music tracks that are played through stereos.
However, the advantage of The Singing Cooks and Waiters Atbp. over
these establishments is its selection of quality Filipino cuisine that will attract curious
locals and overseas Filipino workers alike. Additionally, restobars and KTV places
generally do not put most of their focus on developing unique and quality dishes for
their menu. Often, they focus more on the entertainment aspect of the
establishment. Thus, the food offerings of The Singing Cooks and Waiters Atbp.
stand out among its direct competitors.

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b. Indirect Competitors
The indirect competitors of the company mainly comprise of fast food
joints and regular restaurants like McDonald’s or KFC. These establishments offer
familiar and easy food choices that the market will often gravitate towards.
Additionally, these competitors are able to serve more people at a much faster pace
because they do not have to hold performances to entertain the customers, and are
not limited by the size of the restaurant because of the higher customer turnover
rate. Another advantage of these competitors is that they do not have to spend as
much time training their employees and will have a much easier time finding
replacements should their staff choose to resign.
However, the competitive advantage that The Singing Cooks and Waiters
Atbp. has over these is that it offers both food and entertainment to its customers.
This unique combination of live musical performances and authentic Filipino cuisine
will make the restaurant stand out among its competitors and will gain traction in the
market faster.
Another indirect competitor of the company in South Korea would be other
restaurants offering Filipino cuisine. However, these are not considered to be direct
competitors because they do not offer the exact same combination of services.
33
Thus, The Singing Cooks and Waiters Atbp. will have the element of live
entertainment as its edge and competitive advantage against these establishments.
B. Potential Competition
As with any business venture, success could mean replication from
competitors. Specifically, as The Singing Cooks and Waiters Atbp. gains more
popularity in South Korea, others will find incentive in entering the industry and
copying the service style of the restaurant. Thus, The Singing Cooks and Waiters
Atbp. must continuously keep an eye on new competition, as well as trends that
could help set it apart from others.

34
SWOT ANALYSIS
The research team developed this analysis to determine the strengths,
weaknesses, opportunities, and threats (SWOT) of this venture. Specifically, this
SWOT analysis is limited to analyzing the penetration of The Singing Cooks and
Waiters Atbp. into South Korea only. The strengths and weaknesses were identified
through an analysis of the company, while its opportunities and threats were
determined through the PESTEL analysis prepared by the team.
STRENGTHS WEAKNESSES
⚫ Clear branding ⚫ Highly dependent on staff

⚫ Unique style of service performance
⚫ Highly trained staff ⚫ Lack of reputation
⚫ Good food offerings ⚫ Limited capacity for
⚫ Experienced management customers
team
⚫ Quality customer
experience
OPPORTUNITIES THREATS
⚫ South Korea’s food ⚫ Codex Alimentarius

dependency in the global International Food
market Standard
⚫ Economic decline of less ⚫ The Food Sanitation Act
than 5% in South Korea ⚫ Stricter regulations for
amid pandemic food establishments
⚫ 99.2% of the households in ⚫ South Korea’s spike in
South Korea have internet unemployment rate
access ⚫ Declining household
⚫ South Korea’s continuous expenditure for restaurants
population increase and hotels
⚫ Exchange rate fluctuation
35
OBJECTIVES
Marketing Objectives
• To become one of the top five casual dining restaurants, in terms of market
share, offering foreign dishes in Itaewon, Seoul in a span of two years.
• To be able to retain 70% of customers that enter our store within the first six
months of operations.
Since it is the first time for The Singing Cooks and Waiters Atbp. to expand its
reach overseas, one of the main concerns of the company is to be able to establish
itself in the industry. This can be done not only by offering high quality food at
affordable prices, but also by showing the consumers that the service provided is like
no other. The company offers something new which is not offered by existing firms in
the restaurant industry — giving entertainment through a live performance while
serving authentic Filipino cuisine. After being able to establish this, another objective
that is quite as important is to be able to develop brand loyalty. It is not enough that
customers will try to dine in the restaurant; they must return repeatedly because that
is the manifestation that they found the service satisfactory.
Financial Objectives
• To increase company sales by 30% at the end of 2021.
• To boost annual return on investment to 20% within the first year of operations.
36
The computation on the projected capacity of the restaurant is as follows:
Tables 8
Seats per tables 6
Meals at capacity per servings 48
Servings
Lunch 1
Dinner 2
Side dishes at capacity
Lunch 1
Dinner 2
Beverages at capacity
Lunch 1
Dinner 2
The sales forecast per month is based on the restaurant’s capacity every day.
The restaurant has a total of eight tables with six chairs each, so the restaurant can
accommodate 48 people at once on a normal basis. The entity operates during lunch
from 11 am to 3 pm and during dinner from 6 pm to 11 pm. During dinner, the
restaurant expects more customers because the students and office workers go out,
so its capacity is twice as much as compared to lunch time.

37
Units PERCENTAGE ESTIMATED DAYS TOTAL
CAPACITY UNITS PER PER UNITS
DAY MONTH SOLD
Lunch
Meals 4 60% 29 30 864
Side 4 60% 29 30 864
Dishes 8
Beverages 4 60% 29 30 864
Dinner
Meals 9 60% 58 30 1,728
Side 9 60% 58 30 1,728
Dishes 6
Beverages 9 60% 58 30 1,728
TOTAL UNITS SOLD 7,776
For the first month of operations, the management expects that the restaurant
would not be able to reach its full capacity as the restaurant is still new. Thus, the
38
entity expects that the restaurant would be only 60% full during the operations and
expects that the restaurant would perform better during the successive months.
Operating in this estimate would generate a total of 7, 776 units sold during the first
month of operations.
Sales forecast per month:
UNIT SALES JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
Lunch 864 950 994 968 1,037 1,123
meals
Lunch 864 950 994 968 1,037 1,123
side
dishes
Lunch 864 950 994 968 1,037 1,123
beverages
Dinner 1,728 1,901 1,987 1,935 2,074 2,246
meals
Dinner 1,728 1,901 1,987 1,935 2,074 2,246
side
dishes
Dinner 1,728 1,901 1,987 1,935 2,074 2,246
beverages
39
TOTAL 7,776 8,554 8,942 8,709 9,331 10,109

UNIT
SALES
UNIT JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
PRICES
Lunch ₩ ₩ ₩ ₩ ₩ ₩
meals 14,375.00 14,375.00 14,375.00 14,375.00 14,375.00 14,375.00
Lunch
side 7,300.00 7,300.00 7,300.00 7,300.00 7,300.00 7,300.00
dishes
Lunch
beverages 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00
Dinner
meals 14,375.00 14,375.00 14,375.00 14,375.00 14,375.00 14,375.00
Dinner
side 7,300.00 7,300.00 7,300.00 7,300.00 7,300.00 7,300.00
dishes
Dinner
beverages 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00
TOTAL
UNIT 58,350.00 58,350.00 58,350.00 58,350.00 58,350.00 58,350.00
SALES
SALES JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

40
Lunc ₩ ₩ ₩ ₩ ₩ ₩
h 12,420,000 13,662,000 14,283,000 13,910,400 14,904,000 16,146,000.

meals .00 .00 .00 .00 .00 00
Lunch 6,307,200 6,937,920 7,253,280 7,064,064 7,568,640 8,199,36
side .00 .00 .00 .00 .00 0.00

dishes
Lunch 6,480,000 7,128,000 7,452,000 7,257,600 7,776,000 8,424,00
beverag .00 .00 .00 .00 .00 0.00

es
Dinner 24,840,00 27,324,00 28,566,00 27,820,80 29,808,00 32,292,0
meals 0.00 0.00 0.00 0.00 0.00 00.00
Dinner 12,614,40 13,875,84 14,506,56 14,128,12 15,137,28 16,398,7
side 0.00 0.00 0.00 8.00 0.00 20.00

dishes
Dinner 12,960,00 14,256,00 14,904,00 14,515,20 15,552,00 16,848,0
beverag 0.00 0.00 0.00 0.00 0.00 00.00

es
TOTAL 75,621,60 83,183,76 86,964,84 84,696,19 90,745,92 98,308,0
UNIT 0.00 0.00 0.00 2.00 0.00 80.00

SALES
41
INCREA 0 10% 15% 12% 20% 30%
SE IN
SALES
Employing competitive pricing, the management has decided to price the menu
based on the competitor’s prices. For the meals, the price ranges from ₩8,500.00 to
₩20,250.00, with an average price of ₩14,375.00. The side dishes range from
₩5,300.00 to ₩9,300.00, averaging at ₩7,300.00. Meanwhile, the beverages have
an average price of ₩7,500.00, with the price ranging from ₩3,500.00 to ₩11,500.00.
This way, the restaurant would be famous for budget-friendly especially among
students and ordinary office workers. On the first month of operations which is
projected to be in July 2021, the company expects a moderate amount of sales with
a total of 7,776 meals, side dishes, and beverages sold, thereby generating a total
monthly revenue of ₩75,621,600.00. The primary goal is to increase that amount to
130% at the end of the year, which equates to ₩98,308,080.00.

42
SALES FORECAST FOR 2021

120,000,000.00
98,308,080.00
100,000,000.00 90,745,920.00
86,964,840.00 84,696,192.00
83,183,760.00
75,621,600.00
80,000,000.00
60,000,000.00
40,000,000.00
20,000,000.00
-
July August September October November December
Figure 6: Sales Forecast for 2021
The entity expects to reach this amount by gradually increasing the sales for
the months following the first month of operations. In August, which is the second
month, the management forecasts a 10.00% increase in revenue while 15.00% is
expected in September, using the sales in July as the base. It is inevitable, however,
that there will be minor fluctuations in the sales given that the company is just starting.
It is for this reason that the company expects that sales will only increase for 12.00%
in October, which is 3.00% lower from the preceding month. It is expected then that
the company will bounce back smoothly by having a 20.00% increase in November
and finally reaching the goal of 30.00% by December.

43
TARGET MARKET
44
The Singing Cooks and Waiters choose the Overseas Filipino Workers (OFWs) in
45
South Korea, as well as the natives and foreigners who love Filipino food as their
target market. The company specifically focuses on young-adults and the middle-aged
adults between the ages of 20 to 49 years old, for they are the ones who usually dine
out with their friends or relatives. These age groups are also known to eat out four or
five times a week (Park & Ahn, 2001).
The common characteristics and features of these consumers is that they all love
music, entertainment, and quality food. It is in this sense that the company does not
seek to target Filipinos alone; for Koreans and foreigners also have that characteristic.
The company eyes students and office workers who are residing, studying, or working
near Itaewon, where the establishment will be located because they are the most
accessible people who are most likely to stumble upon a newly opened restaurant.
The lifestyle of these people is mostly eating out and having fun with their friends.
They can be easily reached out through various social media platforms, as well as
flyers and leaflets.

46
MARKETING STRATEGIES
A. Product Strategies
The Singing Cooks and Waiters Atbp. offers a variety of classic Filipino dishes
categorized into seafood dishes, beef and pork, chicken, and some tasty desserts.
These authentic dishes include Kare-Kare, Seafood sa Gata, Ginataang Manok, Pork
Sinigang, Crispy Pork Binagoongan, Seafood, Pancit Canton o Bihon, Sisig Boat,
Lechon Kawali, Beef Kaldereta, Chicken Inasal, AdobongPusit, and many more
dishes that bring forth a magnificent experience of Filipino Cuisine.
The Overseas Filipino Workers (OFWs), Koreans, and other foreign nationals
are the target market of the company. In line with this, it plans to use the product
standardization strategy. The company would like the OFWs to feel at home
whenever they eat the Filipino food served to them. Additionally, some Koreans also
love the taste of Filipino food. This is evident from the experience of a Korean
married couple who craved for Filipino dishes that it made them order Palabok,
Lechon Kawali, Pork Menudo, Pork Barbecue, and Lumpiang Shanghai in a Filipino
carinderia in South Korea (Korea with Love, n.d.). These dishes are just some of the
food that the company will offer that will surely give original Filipino experience to the
consumers. This will also give an opportunity for other Koreans and foreigners to
have a taste of the Filipino foods. Furthermore, this will lead to the achievement of
47
the company’s mission which is to bring the Filipino culture in South Korea through
its authentic and classic Filipino dishes.
B. Pricing Strategies
Daehangno Philippine Market and Little Manila are located near Hyehwa
Catholic Church in South Korea. These are markets that sell products, snacks, or
groceries from the Philippines. There are also small carinderias that offers Filipino
cuisine. These are just some of the competitors of The Singing Cooks and Waiters
Atbp. With the increasing competition in the market, the company plans to use the
competitive pricing strategy. In this strategy, the purchasing behavior of customers is
a significant criterion.
In competitive pricing strategy, there are three options that a certain business
can choose from. These are pricing your product lower, higher, or similar to the
prices of the competitors. With these choices, The Singing Cooks and Waiters Atbp.
will use the third option and that is setting the price of the products similar with its
competitors’ prices specifically the restaurants located in South Korea such as Jovy’
Grill, Mabuhay Restaurant, Kim’s Lechon Barbecue House, Teresa’s Filipino
Restaurant. The price ranges of the meals and beverages of these four restaurants
will be the basis of the company in determining its price for the products. This is the
best option for the company because this will make the consumers think of the
differences of The Singing Cooks and Waiters Atbp. and its competitors. This will
48
lead to the different kind of service that the company offers. This is a great
advantage for the company because there are still no Philippine markets or
restaurants in South Korea that has waiters and waitresses who serve authentic
Filipino cuisine while dancing and singing and a chef who could reach a high note
while chopping the ingredients and playing with fire.
Entertainment, classic Filipino dishes, and an excellent service are some of
the competitive advantages of the restaurant. These factors can attract customers
especially Koreans because they really love music just as much as Filipinos does.
They can also choose if they want authentic Filipino dish or modified products which
refers to the dishes that used alternative ingredients other than Monosodium
Glutamate. These are the reasons of the company in choosing the competitive
pricing strategy that is equivalent to the prices of its competitors. In applying this,
profitability will remain as a priority. In case of having high production costs, the
company will adjust its advertising, distribution, and packaging prices to conform to
the equivalent pricing of the competitors. The Singing Cooks and Waiters Atbp.
ensures that the quality of its products will not be sacrificed in using this pricing
strategy.
49
PRODUCT
COMPETITOR’S
AND/OR
PRICE
SERVICE
COMPETITIVE MARKET
PRICING
STRATEGY
PRODUCT
COMPANY’S
AND/OR
SERVICE
PRICE
Figure 7: Pricing Strategy
To apply the competitive pricing strategy, the company should identify first its
top three competitors, their pricing strategy, the features, and difference of their
products to the company. The next step will be identifying the cost of ownership
such as explicit and implicit costs of the restaurant. Explicit costs pertain to the set-
up costs, advertisement, wages, taxes, or service fees. Implicit cost refers to the
number of hours that the business owner works for the promotion or development of
the products or rent of the building. The last step will be comparing the competitor’s
prices to the company’s prices. If the prices of the competitors are not close to the
company’s final price after considering total cost of ownership, then the company
50
would reduce the explicit costs to have an equivalent price offered by the
competitors.
RESTAURANT MEALS SIDE DISH BEVERAGES
MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM

PRICE PRICE PRICE PRICE PRICE PRICE
Jovy’s Grill 12,000 19,000 4,000 15,000 3,000 17,000
won won won won won won
Mabuhay 8,000 20,000 - - 4,000 6,000
Restaurant won won won won
Kim’s Lechon 8,000 30,000 7,000 8,000 - -
Barbeque won won won won
House
Teresa’s 6,000 12,000 5,000 5,000 - -
Filipino won won won won
Restaurant
AVERAGE 8,500 20,250 5,300 9,300 3,500 11,500
PRICE won won won won won won
In the table, there are four given restaurants which are also located in South
Korea that might be a possible competitor of The Singing Cooks and Waiters. There
51
are estimated prices given for their meals and drinks. These are based on the
collected menu in every restaurant. In case there are different prices in the products
offered by the competitors, the price ranges of their meals and beverages will be the
basis in calculating the average price to still conform to the strategy of competitive
pricing. The computed average price will be the products’ price that will be offered to
the consumers.
C. Distribution Strategies
To reach the target customers, Itaewon which is known as the Seoul’s most
diverse and foreigner-friendly district will be the target location of The Singing Cooks
and Waiters Atbp. In entering this market, the company needs to have suppliers for
fresh ingredients needed for every recipe or dish. The restaurant serves mostly pork,
seafood, chicken, and beef dishes that are readily available in the market. In this
case, finding a food supplier for all the product components and other supplies will
not be a problem. After having the contract suppliers, the food will be placed in the
warehouse storage where the chefs and crews can easily get them for preparation of
the dishes.
The consumers can avail the products and service of the company by
physically visiting the restaurant located in Itaewon. They will not just be able to
taste classic Filipino dishes but also, they can experience the unique service that the
52
crews will offer. However, if they are comfortable eating at home or they don’t have
time to go outside because of their busy schedule, they can still avail the products.
They can enter their orders online by using website that the company will create.
The products together with their prices will be shown in here. The customers will just
have to choose among the variety of dishes and simply click it. There are also other
restaurant applications like MangoPlate, Dining Code, and Siksin that they can use
in placing their orders. They can also visit the official page of The Singing Cooks and
Waiters Atbp. Contact details, location, products, and other important information are
presented here. They can call through their telephone or cell phone using the
contact numbers that will be posted. The restaurant will just confirm the order and
ask for the address of the customer. The restaurant offers home delivery service so
all of these will be possible.

53
Chicken Seafood
Pork Supplier Supplier
Supplier
Beef Supplier
Warehouse Storage
Preparation and Packaging
Distribution to Customers
Figure 8: Distribution Flow

54
A. Promotional Strategies
The Singing Cooks and Waiters Atbp. plans to use the Product/Service and
Promotion among the given marketing mix. Entertainment and good quality products
are the primary keys of the company in attracting its customers. Given that it is a
musical-themed restaurant, this simply means that it offers both product and service
to the customers. It will be used as one of the promotional strategies because the
company has a unique way of serving its customers. This pertains to the chefs, waiters
and waitresses, and other staff who are singing and dancing while serving the food.
The consumers will not get bored while waiting for their food to be prepared because
they will be able to watch live performances. This is also great because the crews can
perform in foreign languages like Korean, Japanese, and Chinese that will make the
foreigners feel welcomed and valued.
The restaurant also has different themes of performances like ballroom,
cultural, and interpretative. The customers can also join the performers if they want
to. This will establish a good relationship and build a strong connection and impression
to the customers. Additionally, the menu will satisfy the cravings of OFWs, Koreans,
and other foreigners. It offers a variety of authentic Filipino cuisine which will bring the
culture of the Philippines.

55
In promoting the products and service offered by the restaurant, the company
decided to choose Naver as one of its platforms in advertising the product. It is the
most popular portal platform in Korea so it will be a great opportunity to use this.
According to Punch Digital Marketing (2020), Korean people always use this
platform whenever they want to search something online. In line with these
platforms, the company will create an official page or website that will show the
contact details, location, products, prices and many more. This will make them
aware and informed about the food and service that The Singing Cooks and Waiters
Atbp. offers. The customers will also be able to give feedbacks or comments in
every page about their dining experience. This will serve as a review to the other
customers who want to try the products. This will also help the company in improving
or enhancing its products and service. To avoid the problem of language differences,
it will use the universal language which is English.
It will also use the three restaurant applications most popularly used in South
Korea where customers will just have to click the food that they want to order. It will
be easy as online shopping. These applications include MangoPlate, Dining Code,
and Siksin (KoreaTechDesk, 2020). MangoPlate also refers to the term ‘Yelp’ of
South Korea. This app helps people discover the fine experience of dining at some
of the best Korean restaurants. Dining Code is a technology-based company
developing a database for users to enjoy better restaurant services. The app
56
provides authentic reviews of restaurants using big data analysis system. Siksin is
also a growing online-to-offline-based food tech specialty company. Siksin allows
users to leave honest feedback on restaurants and recommend places to eat. What
makes it different from others is that the app has interesting features like “Easy
Booking” where users can make reservations. These applications can be
downloaded for free. Aside from these, the company is also considering the creation
of Instagram page as the population of Koreans who are using it has increased to
13.4 million (Statista, 2020).
To persuade, inform and advertise its products, the company also plans to
create brochures or flyers that will be distributed along the Itaewon place.
Furthermore, The Singing Cooks and Waiters Atbp. plans to offer loyalty program
that will attract and retain customers. In availing this loyalty card, the customers will
earn points by purchasing products or eating at the restaurant. The prize that they
will get will depend on the number of points that they are able to collect. This can be
equivalent to a one meal or freebies from the Philippines. Discounts will also be
offered during holidays or special occasions.

57
58
Figure 9: Sample Flyer (Front Portion)

59
Figure 10: Sample Flyer (Back Portion)

60
IMPLEMENTATION PLAN
DATE ACTIVITIES DEPARTMENT IN BUDGET
(2021) CHARGE (₩Million)
January Site visit and location scouting in International Marketing
4 Itaewon Department 5.00
January Appointment of a Korean Human Resource
5-19 representative Department
Notice of branch establishment to Legal Department
the head of the Korean Foreign
Exchange Bank and submission
of required documents
Report to the Ministry of
Economy and Finance
Court and business registration Korean Representative
January Place (Delivering Value) International
20 - May Purchase of commercial land Marketing, Finance, 138.00
31 Signing of contract for the and Legal Department
restaurant establishment
Start of construction (exterior and
interior)
61
June 1- Product (Creating Value)
June 30 Employee benefits processing Accounting 2.00
Department
Application for appropriate Visa Legal Department
of Filipino crews and manager
(E-7- general work visa)
Deployment of Filipino crews and
manager
Importation of ingredients and
materials 10% VAT
Hiring of Korean crews Human Resource
Staff training Department
Product features adaptation and International Marketing
finalization Department and
Design and modification of Research and
packaging and container Development
Price (Exchanging Values)
Price analysis of direct Marketing and Finance 0.50
competitors department
62
Establishment/modification of
price list
Promotion (Communicating International Marketing
Value) Department 3.00
Website modification
Creation of social media pages
and posting advertisements
Development of loyalty program
Designing and printing of
brochures and flyers
July 1 Branch opening
0.23
Septemb Quarterly Report and evaluation Accounting
er 30 Department 1.00
Decemb Overall assessment of foreign Operations
er 31 branch activities and standing Department,
International Marketing
Department
63
FINANCIALS
A. Incremental Budget for 2021 (in Thousands)
Expenses Estimated Amount Increase in Budget for
Amount 2019 Budget for 2021 (for 2021
(Consolidated) South Korea)
₱ ₩ ₱ ₱
Food and beverages 21,910.00 227,694.00 9,917.00 31,827.00
Salaries, wages, and 11,647.00 80,636.00 3,512.00 15,159.00
employee benefits
Overhead 4,356.00 159,434.00 6,944.00 11,300.00
Taxes and licenses 1,003.00 3,903.00 170.00 1,173.00
Transportation and 0.00 230.00 10.00 10.00
travel
Depreciation 351.00 1,446.00 63.00 414.00
Supplies used 173.00 115.00 5.00 178.00
Light and water 143.00 1,378.00 60.00 203.00
Research and 95.00 1,148.00 50.00 145.00
development
64
Repairs and 86.00 230.00 10.00 96.00
maintenance
Insurance 31.00 574.00 25.00 56.00
Sales and Marketing 2,209.00 2,296.00 100.00 2,309.00
Expenses
B. Projected Income For 2021, 2022, and 2023
Revenues come from the only profit-generating activity of The Singing Cooks
& Waiters Atbp. in South Korea, restaurant sales which is adjusted annually based on
the forecasted Food and Beverage Industry growth of 12.70% in South Korea
(Statista, 2020). The Cost of Sales estimated as 85% of sales includes direct materials
(63%), direct labor, and overhead. The General and Administrative Expenses contain
the transportation and travel cost, which in subsequent years was reduced, of setting
up the branch in Itaewon, as well as other administrative and legal fees paid therein.
The Sales and Marketing Expenses is composed of expenses incurred mainly for
publicizing the restaurant and other associated costs.
The corporate tax rate in South Korea charges 10% for the first ₩ 200 million
and 20% for any excess up to ₩ 20 billion. The exchange rate used is ₱1 = ₩22.96.
This resulted in the payment of no corporate income tax in the year 2021, 2022, and
65
2023 (all taxable income are less than ₩ 200 million). Taxes associated with VAT (flat
rate of 10%) are included in General and Administrative Expenses.
The Singing Cooks & Waiters Atbp.
Projected Statements of Income
For the year ended December 31, 2021-2023
(Amounts in ₩ Millions)
International Operations (South Korea)
2021 2022 2023
Revenues 520.00 1,172.00 1,321.00
Cost of Sales and Services 442.00 996.00 1,123.00
Gross Profit 78.00 176.00 198.00
Expenses:
General and Administrative Expenses 36.00 63.00 64.00
Sales and Marketing
Expenses 2.00 3.00 3.00
Income Before Income Tax 40.00 110.0 131.00
Income Tax - - -
Net Income 40.00 110.00 131.00

66
Revenue, Expenses, and Net Income

Projections
Revenue Expenses Net Income
3,000.00
2,500.00 131.00
110.00
2,000.00 1,190.00
1,062.00
1,500.00
1,000.00 40.00
480.00 1,321.00
500.00 1,172.00
520.00
-
2021 2022 2023
Figure11. Revenue, Expenses, and Net Income Projections
The graph represents the movement of three divisions of the income statement
from 2021-2023. The first year of operation commenced on July 1, covering only six
months until year-end. Thus, it is apparent that the year 2021 is an outlier and will be
ignored for comparison purposes. The growth rate of revenues from 2022 to 2023 is
12.70% which is projected based on the revenue growth of the food and service
industry in South Korea for the year 2020-2025 (Statista, 2020). Total expenses and
net income are projected to grow by 12.05% and 19.09% respectively. With this data,
67
it can be conceived that net income will grow at a faster pace, followed by revenue
and expenses.
EVALUATION METRICS AND CONTROL
The Singing Cooks and Waiters Atbp. primarily aims to achieve four
objectives as it commences its operation. Marketing objectives include establishing
the company in the industry, by aiming to be one of the top five casual dining
restaurants offering foreign dishes in Itaewon, Seoul in two years. It also aims to
develop brand loyalty, measured by the company’s ability to retain 70% of its
customer within the first six months of operation. As in the financial aspect, The
Singing Cooks and Waiters Atbp. aims to increase company sales by the end of
2021. It also aims to boost annual return on investment to 20% within the first year of
operations.
The first step in accomplishing these objectives entails that The Singing
Cooks and Waiters Atbp. establish itself in the food service industry in its target
market in Itaewon, Seoul. This requires that the company first ascertain that the
customers are aware of the brand. In promoting its products and services, the
company plans on using the platform, Naver, and restaurant applications — Mango
Plate, Dining Code, and Siksin. With this, brand awareness can be measured
through the following series of key performance indicators:

68
1. Follower Count
Follower count allows the company to know whether it reaches enough
number of people as its target. Though, this may seem simple, it shows a
fair estimate on the number of leads the restaurant application promotions
reaches. Follower count is measured based on number of reviews in
restaurant applications.
2. Impressions
Impressions measures how many times users have seen the
company’s promotions in the platforms and restaurant applications, which
may indicate how many people could connect with the brand. This can be
measured through surveys asking application users whether they have
seen the advertisement or not. This may then help the company to know
the effectiveness of its promotion strategy or whether it needs to do some
revisions or improvements.
3. Web Traffic
Web traffic measures the traffic to the company’s official website as a
result of the platform and restaurant application promotions. This shows
how effective is the promotion strategy in converting its followers to leads
and eventually customers, as it indicates whether the people are
interested on the brand or not. Having weak web traffic despite high
69
follower count and impressions may mean need for more improvements in
engaging the customers.
4. Share of voice
Share of voice then suggests the awareness customers have on the
brand, on whether it generates conversations among people, allowing it to
be more competitive in the market. This also indicates the company’s
potential to generate greater market share in its target market. Share of
voice is measured by calculating the percentage of the number of the
company’s social mentions over number of mentions of all competitors
including the company.
The following table summarizes the evaluation criteria for the key
performance indicators for brand awareness of The Singing Cooks and Waiters
Atbp.:
KEY OBJECTIVES TARGET
PERFORMANCE MEASURED First Second Third Fourth
INDICATOR Quarter Quarter Quarter Quarter
Follower Count To be able to 1,000 3,000 5,000 7,000
Impressions retain 70% of Once 1-2 times 3 times 5 times

70
Web Traffic customers that 20% of 30% of 50% of 60% of
enter our store follower follower follower follower
within the first count count count count
six months of
operation
(developing
brand loyalty)
Share of voice To become one 5% of 10% 20% of 25% of
of the top five online online social social
casual dining mentions social media media
restaurants, in on social mentions mentions mentions
terms of market media
share, offering
foreign dishes in
Itaewon, Seoul
in a span of two
years
(establishing the
company)
71
Target for the first four quarters are shown as a way of measuring whether
brand awareness is established in the first year of operations. If the indicated targets
above are not met, the company evaluates its promotional strategy to further increase
its brand awareness. It may consider increasing its budget for promotions, evaluate if
products and services caters to the needs and wants of its customers, if prices should
be adjusted, or if it is targeting the right customers. Revisions and improvements are
then to be made based on the company’s assessment. Brand awareness is a critical
stage for The Singing Cooks and Waiters Atbp. to accomplish its objectives, as this
gives the company an overview of whether it reaches enough people to establish its
brand, to develop brand loyalty and therefore, increase sales.
After establishing brand awareness, it is crucial that the company measure its
market share as operation continues. The Singing Cooks and Waiters Atbp. aims to
attain the following market share in the specified timeframes:

72
KEY OBJECTIVE TARGET
PERFORMANCE MEASURED First Year Second Year
INDICATOR First Second First Second
Half Half Half Half
Market Share To become one of the 5% - 15% - 20% 30%
top five casual dining 10% 20%
restaurants, in terms of
market share, offering
foreign dishes in
Itaewon, Seoul in a
span of two years
(establishing the
company)
As The Singing Cooks and Waiters Atbp. aims to be one of the top five casual
dining restaurants offering foreign dishes in Itaewon, the company should gradually
increase its market share, from pursuing a low market share of 5% to 10% in the first
half of the year as the business establishes its name, to establishing a market share
of 30% by the end of the second year. The target market shares as shown above
serves as criteria for the business to know whether the company is succeeding in its
promotions and offerings, allowing evaluation and assessment for further

73
improvements. Market share is calculated by dividing company’s total revenue by the
total revenue of the industry.
With this aim of increasing in its market share, it is also important for the
company to develop brand loyalty. As brand awareness is established as discussed
in the previous part, it would be easier to develop brand loyalty by undertaking several
other steps necessary. Brand loyalty is evidenced by the following key performance
indicators:
1. Lead Generation
Lead generation indicates the company’s capability of inducing people’s
interest in the company’s offerings, thus, a potential to develop brand loyalty
of the customers. Lead generation is measured in relation the brand
awareness key performance indicators discussed above.
2. New Customer Acquisition
New Customer acquisition refers to the company’s ability to gain new
customers from its leads. The following are the goals of the company with
respect to this:
KEY OBJECTIVES FIRST SECOND
PERFORMANCE MEASURED QUARTER QUARTER
INDICATORS
74
Increase in new To be able to retain 10% 30%
customers 70% of customers that increase per increase per
enter our store within month month
Lead-to- the first six months of 2% 5%
customer ratio operation
(developing brand
loyalty)
3. Customer Lifetime Value
Customer Lifetime Value refers to how much money a customer is willing
to spend on the company during its lifetime. Having a high customer value
is an indication of customer’s brand loyalty. Thus, the company should aim
for an increasing customer lifetime value as it develops customer loyalty.
Customer lifetime value is calculated through cohort analysis, using
Average Revenue per User (ARPU) formula: Total Revenue for a chosen
period/Number of customers for a chosen period. Below is the expected
growth in ARPU if the company is to retain 70% of its customers’ brand
loyalty:
75
COHORT CUSTOMER LIFETIME VALUE
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6
Customers - 5% 10% 20% 25% 30%
from First
Quarter
Customers 20% 20% 25% 30% 35% 45%
from
Second
Quarter
The Singing Cooks and Waiters Atbp., however, does not only expect its
market to come from platform and restaurant application promotions. Being situated
in Itaewon, the restaurant also expects customers from other residents or tourists who
may have seen the restaurant. With this, some of the evaluation criteria presented
above are inclusive of customers other than from restaurant applications.
The Singing Cooks and Waiters Atbp., as to its financial objective, aims to
increase company sales by 30% at the end of 2021. This increase in sales can also
be measured by the key performance indicator: Average Revenue per User, or ARPU,
as stated above. Ensuring that customers are willing to spend more on the company’s
offerings is a great way of increasing sales. Increasing customer acquisition and

76
customer lifetime value also directs the company into earning more. The following
table summarizes the target sales of the company for the first 6 months:
Month Target Total Sales Increase in Percentage
July 2021 ₩75,621,600.00 -
August 2021 ₩83,183,760.00 10.00%
September 2021 ₩86,964,840.00 15.00%
October 2021 ₩84,696,192.00 12.00%
November 2021 ₩90,745,920.00 20.00%
December 2021 ₩93,308,080.00 30.00%
Growth rate of return on investment (ROI) is also measured in relation to the
second financial objective of boosting annual return on investment within the first
year of operations. Growth rate of ROI is calculated by dividing the difference
between the attributable revenue and campaign investment cost by the campaign
investment cost. Below is the target ROI growth in each quarter of the first year:
KEY OBJECTIVE TARGET
PERFORMANCE MEASURED First Second Third Fourth
INDICATOR Quarter Quarter Quarter Quarter

77
Growth Rate in To become one of the 6% 10% 15% 20%
Return on top five casual dining
Investment restaurants, in terms
of market share,
offering foreign
dishes in Itaewon,
Seoul in a span of two
years (establishing
the company)
78
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82
APPENDICES
83
Appendix A: The Singing Cooks and Waiters Atbp. Menu List

84
85
86
87
88
89
90
91
92
93
94
95
Appendix B: The Singing Cooks and Waiters Atbp. Estimated Income
Statement (2019)
The Singing Cooks and Waiters Atbp.
Consolidated Income Statement
For the year ended December 31, 2019
(Estimated from Max's Group, Inc.)
(Amounts in ₱Thousands)
Sales 47,807.00
Cost of Sales and Services
Food and beverages 21,910.00
Salaries, wages, and employee
benefits 8,269.00
Overhead 4,356.00 34,535.00
Gross
Profit 13,272.00
96
General and Administrative Expenses
Salaries, wages, and employee
benefits 3,378.00
Taxes and licenses 1,003.00
Depreciation 351.00
Supplies used 173.00
Light and water 143.00
Research and development 95.00
Repairs and maintenance 86.00
Representation and entertainment 72.00
Insurance 31.00 5,332.00

97
Sales and Marketing Expenses 2,209.00
Income Before Income Tax 5,731.00
Income
Tax 1,103.00
Net
Income 4,628.00
98
Appendix C: Sample Menus of Other Filipino Restaurants in South
Korea
Jovy’s Grill
99
Mabuhay Restaurant
100
Teresa’s Filipino Restaurant

101
Kim’s Lechon Barbeque House

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1

Exploring a Potential Expansion into South Korea

Holy Angel University

School of Business and Accountancy

INTERNATIONAL MARKETING PLAN FOR THE SINGING COOKS AND

WAITERS ATBP: Exploring a Potential Expansion into South Korea

Ariola, Maria Sophia Beatrice M.

David, Jill Patrixia P.

Laxamana, Anna Therese C.

Legaspi, Ma. Jesusa C.

December 01, 2020

II. Customer Analysis 26

III. Competitive Analysis 31

SWOT Analysis 35o

A. Incremental Budget for Proposed Strategies 63

B. Projected Income Statement for Three Years 64

Evaluation Metrics and Controls 67

B. Income Statement 2019 95

C. Competitors’ Menu List 98

a waiter singing at a dining station.

successfully established a clear brand like no other. However, dependence on staffs

opportunities for the restaurant to go beyond its borders.

regulations and mandatory compliance with food standards, exchange rate

declining household expenditures in restaurants and hotels comprise the external

factors that affect the restaurant and its operations.

To achieve these objectives, the restaurant implements certain marketing

strategies. For product, product standardization will be utilized to preserve and

uniqueness of the restaurant by letting customers receive and experience superior

offerings for the same amount of spending.

The Singing Cooks and Waiters Atbp. is a musical-themed restaurant founded

a one-of-a-kind musical dining experience.

To date, the company has an estimate of 51-200 employees ("Working at

BAKAHAN at MANUKAN/Singing cooks & waiters group of restaurant company profile

from different restaurants is that it is composed of employees who are talented in

for their performances such as cultural, ballroom, and interpretative. Moreover,

Freddie Agular and Fernando Poe Jr.

To serve the customers with the ultimate musical dining experience.

To introduce the classic taste of Filipino cuisines whilst providing a musical

dining experience like no other.

guidance in penetrating the South Korean market.

of the restaurant which are to be marketed in South Korea.

a. Prelude – given its definition of being an introductory piece of music, it

comprises of the restaurant’s appetizers. Some of the menu items are

ii. Crispy Chicken Skin

iii. Chicharong Bulaklak

iv. Sizzling Sisig (Pork and Bangus)

vi. Crispy Pakpak

b. Top Hits – represents the restaurant’s best-selling dishes

ii. Crispy Pata

iii. Crispy Pork Claws

iv. Seafood sa Gata (Luto sa Buho)

c. Soup Melodies – comprises of classic Filipino soup dishes

ii. Chicken Tinola

iii. Sinigang sa Sampalok

iv. Ginisang Munggo

are well-loved by Filipinos

ii. Beef Kaldereta

iii. Beef Kare-Kare

iv. Bakang maanghang

e. Spotlight on Pork – Filipino dishes using pork as the main ingredient

ii. Pork Binagoongan

iii. Bicol express