The Feasibility of Exporting Chocnut Milk Cookies

A Research Presented to

Chiang Kai Shek College

Faculty of Business, Arts and Science

In Partial Fulfillment

of the Requirement for the Course

of International Business

Ang,Gage Melvern

Chan, Kirk Raymond

Ching, Patricia Anne

Sia, Patricia Nicole

Sha, Zena

2020
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CHAPTER 1: INTRODUCTION AND COMPANY PROFILE

I. INTRODUCTION

Choc-nut is a registered trademark that has also become the generic term for a ground
peanut-based chocolate confectionery that is part of almost every Filipino’s childhood.
Choc Nut was usually available in convenience (sari-sari) stores and could be bought
individually. However, some time after the brand was acquired by Annie’s Sweets, Choc
Nut began to dwindle in supply, being replaced in most grocery and convenience stores
by chocolate bars with similar taste and ingredients called. Today Choc Nut is
predominantly found in supermarkets where they can be purchased by the pack. The
brand is also imported to overseas retailers such as ‘Filipino stores’ popular in other
countries around the world, where they are sold alongside various local products.

II. COMPANY PROFILE

Figure 2: Logo of King Chocnut Milk Chocolate

King Chocnut Milk Chocolate (its official name) or simply Chocnut became a widely
popular snack in the 1970s, and could be bought for five centavos per piece.

King ChocNut is a Filipino milk-chocolate treat whose ingredients are roasted peanuts,
cane sugar, milk powder, cocoa powder, and vanilla.

Choc Nut was usually available in convenience (sari-sari) stores and could be bought
individually. However, some time after the brand was acquired by Annie’s Sweets, Choc
Nut began to dwindle in supply, being replaced in most grocery and convenience stores
by chocolate bars with similar taste and ingredients called. Today Choc Nut is
predominantly found in supermarkets where they can be purchased by the pack. The
brand is also imported to overseas retailers such as ‘Filipino stores’ popular in other
countries around the world, where they are sold alongside various local products.
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III. PROFILE OF THE COUNTRY OF THE DESTINATION

Figure 2: Flag of United Kingdom (Britain)

A. Geography
The United Kingdom of Great Britain and Northern Ireland, commonly known as
the United Kingdom (UK) is a sovereign country located in the north-western
coast of the European mainland. The United Kingdom includes the island of Great
Britain, part of the island of Ireland and many smaller nearby islands. The United
Kingdom has coastlines along the Atlantic Ocean, the North Sea, and the English
Channel. The United Kingdom is one of the world’s most developed nations and
as such it has a global influence.

The United Kingdom is located between the North Atlantic Ocean and the North
Sea. Its capital and largest city is London, other large cities are Glasgow,
Birmingham, Liverpool and Edinburgh. The United Kingdom has a total area of
94,058 square miles (243,610 sq km). Much of the topography of The United
Kingdom consists of rugged, undeveloped hills and low mountains but there are
flat and gently rolling plains in the eastern and southeastern areas of the country.
The highest point in the United Kingdom is Ben Nevis at 4.406 feet (1,343 m) and
it is located in the northern United Kingdom in Scotland.
 3

The climate of the United Kingdom is considered temperate despite its latitude.
Its climate is moderated by its maritime location and the Gulf Stream. However,
the United Kingdom is known for being very cloudy and rainy throughout the
year. The western parts of the country are wettest and also windy, while the
eastern portions are drier and less windy. London, located in England in the south
of the United Kingdom, has an average January low temperature of 36˚F (2.4˚C)
and a July average temperature of 73˚F (23˚C).

B. Economy, Finance, Politics

Economic
Sixth largest economy in the world, the British economy's growth has
slowed since the 2016 referendum on leaving the European Union (Brexit), and
even contracted in the second quarter of 2019. The UK's GDP has only increased
by 1.4% in 2019, compared to 1.3% in 2018 (IMF). According to the updated
IMF forecasts from 14th April 2020, due to the outbreak of the COVID-19, GDP
growth is expected to fall to -6.5% in 2020 and pick up to 4% in 2021, subject to
the post-pandemic global economic recovery, conclusion of a broad free trade
agreement (FTA) with the EU and a smooth post-Brexit transition period. The
country's economy is affected by the uncertainties surrounding the ongoing
negotiation process around Brexit and by the expected increase in future trade
costs. Potential growth also slowed due to the slow accumulation of capital, the
decline in net migration from the European Union (EU) and the persistently low
productivity. According to the IMF, reverting to WTO trade rules, even in an
ordered way, would cause long-term production losses for the UK of around 5%
to 8% of GDP compared to a scenario without Brexit.

Political
Current political leaders : Queen Elizabeth II (since February 1952)
Prime Minister : Boris Johnson (since July 24, 2019)
On October 17, 2019, the EU and the British government, led by new Prime
Minister Boris Johnson, reached a new agreement on a revised Brexit deal. Most
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of the changes to the withdrawal agreement negotiated by Boris Johnson concern

the status of the Irish border after Brexit, with the two parties wishing to avoid the
return of a "hard border" between Northern Ireland and the Republic of Ireland
after Brexit. The new Northern Ireland Protocol replaces the controversial old
Irish "safety net" plan included in the Theresa May agreement. On October 28,
2019, after accepting the UK's new extension request, the EU agreed to postpone
the Brexit date to January 31st, 2020. In January 2020, the Brexit Withdrawal
Agreement Bill was finally adopted by the House of Commons and the House of
Lords and received royal assent. The European Parliament also having given the
go-ahead, the UK officially left the EU on 31 January 2020, with a withdrawal
agreement, and thus entered a transition period, during which the UK and the EU
will negotiate a new free trade agreement. It is currently foreseen that the
transition period will expire on 31 December 2020 without an extension
authorisation, leaving open the possibility of a Brexit without a free trade
agreement.

C. Demography
Figure 3: line graph of UK population
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● The current population of the United Kingdom is 67,990,093 as of Friday,

October 16, 2020, based on Worldometer elaboration of the latest United Nations
data. The United Kingdom 2020 population is estimated at 67,886,011 people at
mid year according to UN data. The United Kingdom population is equivalent to
0.87% of the total world population. The U.K. ranks number 21 in the list of
countries (and dependencies) by population. The population density in the United
Kingdom is 281 per Km2 (727 people per mi2). The total land area is 241,930
Km2 (93,410 sq. miles) 83.2 % of the population is urban (56,495,180 people in
2020) The median age in the United Kingdom is 40.5 years.

D. Culture
a. Language
English is the main language spoken by approximately 98% of the
population in the United Kingdom with numerous dialects. Accents can
vary tremendously from south to north, even occasionally confusing Brits
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themselves. There are some regional language speakers including Scottish

Gaelic, Irish Gaelic and Welsh. The latter is one of the most widely spoken
regional languages.

As a multinational country, the United Kingdom has a number of other

languages spoken across the country. The second most spoken, non-native
language in the United Kingdom is Polish. The next commonly spoken
languages come from India and Pakistan: Punjabi, Bengali and Gujarati.
These are followed by Arabic, Chinese, Portuguese and French.

b. Religion and Beliefs

The official state-sanctioned religion in the United Kingdom is the Church
of England which is of the Christian Protestant faith. However, there has
been a huge decline in the role of the Church in Britain since the middle of
the last Century with less than half the population attending Church
services.

It is estimated that a third of the population have no religious connection.

Thirty percent of the United Kingdom population affiliates to the official
Church of England and ten percent identify with the Roman Catholic
religion. Those who affiliate to the Christian religion outside of
Protestantism and Catholicism accept other Protestant denominations:
Presbyterian, Baptist and Methodist. Christianity is the dominant religion
in the United Kingdom, minority religions include Islam, Hinduism,
Sikhism, Judaism and Buddhism.

c. Cuisine
British Cuisine is the heritage of cooking traditions and practices
associated with the United Kingdom. Britain has a rich indigenous
culinary tradition, its colonial history has profoundly enriched its native
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cooking traditions. It absorbed the cultural influences of its post-colonial

territories- in particular those of South Asia.

In ancient times Celtic agriculture and animal breeding produced a wide

variety of foodstuffs for the indigenous Celts and Britons. Anglo-Saxon
England developed meat and savoury herb stewing techniques before the
practice became common in Europe. The Norman conquest introduced
exotic spices into The British Empire facilitated a knowledge of Indian
cuisine with its “strong, penetrating spices and herbs.” Food rationing
policies put into place by the British government during the wartime
periods of the 20th century and widely considered today to be responsible
for British cuisine’s poor international reputation.

Well-known traditional British dishes include full breakfast, fish and

chips, the Christmas dinner, the Sunday roast, steak and kidney pie,
shepherd’s pie, and bangers and mash. People in Britain eat a wide variety
of foods based on the cuisines of Europe, India, and other parts of the
world. British cuisine has many regional varieties within the broader
categories of English, Scottish and Welsh cuisine and Northern Irish
cuisine.

IV. PRODUCTS SPECIFICATION AND DETAILS

A cookie is a baked food that is typically small, flat and sweet. The cookie was invented
by American chefs Ruth Graves Wakefield and Sue Brides in 1938. She invented the
recipe during the period when she owned the toll house Inn, in Whitman, Massachusetts.
In this era, the Toll House Inn was a popular restaurant that featured home cooking. From
the 1956 cookbook called Goode Huswife’s Jewel by Thomas Dawson. One of the
earliest cookery books for the growing middle classes in Elizabethan England.

Chocolate cookies are commonly made with white sugar, brown sugar, flour, a small
portion of salt, eggs, a leavening agent such as baking soda, a fat typically butter or
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shortening, vanilla extract, and chocolate pieces. Some recipes also include milk or nuts
(such as chopped walnuts) in the dough.

Chocnut includes coconut milk, crushed peanuts and cocoa powder, resulting in a distinct
nutty taste and crumbly texture.

V. PROBLEM STATEMENT

The idea should be able to acquire the following details of the product:

1. Who is the target market for the product?

2. What is the appropriate packaging for the product?
3. How much will the product cost?
4. What are the materials used to produce the product?
5. How will the product reach the target market?
6. Will the product be profitable?
7. How to penetrate the UK market successfully?
8. How will the product benefit both consumers and Phiilippine economy?

VI. OBJECTIVES OF THE COUNTRY STRATEGY PAPER

● To introduce proudly Filipino made products on the international stage
● To improve the Philippine economy
● To answer the demand of consumers
● To create quality product that is truly Filipino
● To add a new flavorful dessert that will remind consumers of Philippine local
sweets
● To support local brands and products for the betterment of the Philippine
economy

VII. DEFINITION OF TERMS

1. Christianity: Christianity, major religion stemming from the life, teachings, and
death of Jesus of Nazareth (the Christ, or the Anointed One of God) in the 1st
century CE. It has become the largest of the world’s religions and, geographically,
the most widely diffused of all faiths. (Britannica.com 2017)
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2. Cookies: a small flat or slightly raised cake.(Merriam Webster, n.d.)

3. Export - It is to carry or send (something, such as a commodity) to some other
place (such as another country). (Merriam Webster, n.d.)
VIII. SIGNIFICANCE OF THE STUDY
A. Students- This study could be a reference for the future and to be familiar with
the real world. To know more about the economy and business.
B. Entrepreneurs- This information could help entrepreneurs for their business for
the future.
C. Future Researchers-This study could help the future researchers by providing
data, information and ideas for their research.

IX. SCOPE AND LIMITATIONS

The research will focus on the acceptability of Britain (United kingdom) people regarding
the sweet Choc Nuts cookies. The researchers have chosen this country due to the fact
that British people are known as chocolate lovers. Having the Choc Nut cookies product
to be sold in their markets will allow the researchers to know if British people will
recognize one of the Filipino delicacies, Choc Nuts, as an option for chocolate cookies
with nuts.

Due to the researchers’ limited time, budget and knowledge about the said country, there
are only a couple of handfuls the researcher can do. Furthermore, all information
gathered will come from the internet, books and articles due to the lack of opportunity
such as being able to fly to the country, conduct surveys and respondents.

CHAPTER 2: SWOT AND PEST ANALYSIS

I. INTERNAL ENVIRONMENT ANALYSIS (STRENGTHS AND WEAKNESSES)

● Strengths
○ Chocnut has a unique taste that people will love.
○ Highly experienced management
○ Strong demand in confectionaries
○ Affordable price
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● Weaknesses
○ Chocnut has a weak brand awareness, so some consumers might hesitate to try the
cookies.
○ Limited product range
○ Product is fragile, it can break easily.
○ Limited start up budget
II. EXTERNAL ENVIRONMENT ANALYSIS (OPPORTUNITIES AND THREATS)
● Opportunities
○ Growing confectionary industry
○ Globalization
○ Innovation
○ E-commerce
● Threats
○ Many big players in the industry. The United Kingdom is known for cookies so
there’s a possibility that Chocnuts might be ignored by the British.
○ Competition is growing, and the market is getting saturated.
○ Changes in regulation that will affect the business
○ Consumers’ growing health consciousness

III. SWOT/ TOWS MATRIX

Strength Weaknesses

Opportunities SO - Strength and Opportunities WO - Weaknesses and

1. Develop and produce
multi-product line
2. Increase marketing
capabilities
3. Increase product distribution
not just on retail but also to
Opportunities
1. Partnership with other
entrepreneurs to increase
capital capability and
connection
2. Improve product and
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online packaging
4. Maintain good communication 3. Make use of the
and openness within the e-commerce as an
management to avoid conflicts intermediary to expand
4. Bring new products to get
better position

Threats ST - Strength and Threats WT - Weaknesses and Threats

1. In-house monitoring team to
update the environment and
regulation in the country
2. Marketing the existing product
to native consumers
1. Product Diversification -
Develop alternative
product that can suit the
taste for health conscious
people
2. Products should be
strategically located at
every retail store to
increase awareness.

IV. TEST/ PEST ANALYSIS

● SOCIAL FACTORS
We think a lot of it has to do with the connection to our past, whether it was a
grandmother, a mother, a place visited, a summer home or family time. It's also
usually the first cookie every child learned how to make, and so I think there's a
tremendous emotional attachment and remembrance with the chocolate chip
cookie," King said. "Lifestyles are changing, but that connection is still hanging
on."

Eating chocolate chip cookies can be associated with a range of emotions. "If I'm
celebrating, I can have a couple of cookies, but if I'm sad, I want 10 cookies," she
 12

said. "While the cookie is in your mouth, that moment is happiness -- and then it's
gone, and you're sad again, and you have another one."
The happiness that comes from sharing homemade chocolate chip cookies cannot
be underestimated. King, who started baking chocolate chip cookies and selling
them when she was 11 years old, said her biggest motivator for baking them was
the joy they brought other people. "That really made me happy and probably, a lot
of people that bake will say the same thing: Sharing [chocolate chip cookies]
makes people happy."

● TECHNOLOGICAL FACTORS
○ Technology nowadays has become automated, when someone posts
something on their social media accounts it will easily become recognized
by the people. Particularly, when we post about our cookies it will be
promoted through the social media platform. Technological factors like
these have a very big advantage with our product to target our ideal
buyers.
○
● ECONOMIC FACTORS
Figure 4: Economic Taxation in United Kingdom

○ Tax rate
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From 1 April 2015 there is a single Corporation Tax rate for non-ring
fence profits. For profits before 1 April 2015 use the Marginal Relief
calculator to work out how much Marginal Relief you can claim on your
Corporation Tax. At Summer Budget 2015, the government announced
legislation setting the Corporation Tax main rate (for all profits except ring
fence profits) at 19% for the years starting 1 April 2017, 2018 and 2019
and at 18% for the year starting 1 April 2020. A further reduction to 17%
for the year starting 1 April 2020 was announced at Budget 2016. At
Budget 2020, the government announced that the Corporation Tax main
rate (for all profits except ring fence profits) for the years starting 1 April
2020 and 2021 would remain at 19%.

Figure 5: Taxation in business on United Kingdom 2014 to 2020

There are different Corporation Tax rates for companies that make profits
from oil extraction or oil rights in the UK or UK continental shelf. These
are known as ‘ring fence’ companies. Ring fence companies can claim
Marginal Relief on profits between £300,000 and £1.5 million.

○ Interest rates
The United Kingdom has lowered its interest rates by 0.15 percentage
points, from 0.25% to an annual rate of 0.1%.The key rates a tool used by
Central Banks to implement monetary policy.A reduction in interest rates
counters a weakening of prices, or a possible deflationary situation. It also
revitalizes the economy and helps to increase exports.Here we show you
the progression of interest rates in the United Kingdom. You can see
 14

interest rates in other countries in interest rates and see all the economic
information about the United Kingdom in the United Kingdom economy.

Figure 6: Interest rates of United Kingdom

○ Exchange rates
The United Kingdom money is called British pound The current
exchange rate for British pound to Philippine peso is 63.032 Pesos. As it
shows in the chart the British pound grew its value to the Philippines peso
for the past 30 days.
Figure 7: Exchange rate in United Kingdom
 15

○ Recession
The Office for National Statistics (ONS) quotes UK growth of 8.7% in
June following 1.8% growth in May. Overall, the ONS expects the UK
economy to shrink by 9.5% this year, down from its previous estimate of
14%. The Bank of England states damage caused by the economic
downturn will not be as potent as originally feared but reinforced that
recovery would take longer.Some businesses can adapt to home working,
but sadly others cannot. Worst hit examples include the airline, foreign
holiday & hospitality industries. The services sector - powering 80% of
the UK economy - suffered the biggest quarterly decline on record. The
pandemic has impacted logistics firms and supply chains trading within
the UK, within Europe and beyond.
○ Inflation
The Inflation rate as measured by the consumer price index reflects the
annual percentage change in the cost to the average consumer of acquiring
a basket of goods and services that may be fixed or changed at specified
intervals, such as yearly. The Laspeyres formula is generally used. U.K.
inflation rate for 2019 was 1.74%, a 0.55% decline from 2018. U.K.
inflation rate for 2018 was 2.29%, a 0.27% decline from 2017. U.K.
inflation rate for 2017 was 2.56%, a 1.55% increase from 2016. U.K.
inflation rate for 2016 was 1.01%, a 0.64% increase from 2015.
 16

Figure 8: Inflation rate in United Kingdom

● POLITICAL FACTORS
○ Political stability
The UK's GDP has only increased by 1.4% in 2019, compared to 1.3% in
2018 (IMF). According to the updated IMF forecasts from 14th April
2020, due to the outbreak of the COVID-19, GDP growth is expected to
fall to -6.5% in 2020 and pick up to 4% in 2021, subject to the
post-pandemic global economic recovery, conclusion of a broad free trade
agreement (FTA) with the EU and a smooth post-Brexit transition period.
The country's economy is affected by the uncertainties surrounding the
ongoing negotiation process around Brexit and by the expected increase in
future trade costs. Potential growth also slowed due to the slow
accumulation of capital, the decline in net migration from the European
Union (EU) and the persistently low productivity. According to the IMF,
reverting to WTO trade rules, even in an ordered way, would cause
long-term production losses for the UK of around 5% to 8% of GDP
compared to a scenario without Brexit.

Figure 9: Political Stability on United kingdom since 2018 to 2022

 17

○ Industry safety legislation

The basis of British health and safety law is the Health and Safety at Work
etc Act 1974. The Act sets out the general duties which employers have
towards employees and members of the public, and employees have to
themselves and to each other. These duties are qualified in the Act by the
principle of ‘so far as is reasonably practicable’. In other words, an
employer does not have to take measures to avoid or reduce the risk if they
are technically impossible or if the time, trouble or cost of the measures
would be grossly disproportionate to the risk. The Management of Health
and Safety at Work Regulations 1999 (the Management Regulations)
generally make more explicit what employers are required to do to
manage health and safety under the Health and Safety at Work Act. Like
the Act, they apply to every work activity.

CHAPTER 3: FINANCIAL ANALYSIS

I. DEMAND AND SUPPLY ANALYSIS

Table 1: Quantity Demand

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QUANTITY DEMAND

2% Increase
4% Increase Every Year Every Year Cost

Selling Price
Selling Price in in Pound
Year PHP Sterling Units PHP Pound Sterling

2020 ₱150 £2.32 100,000 15,000,000 232,000

2021 ₱156 £2.42 102,000 15,912,000 246,840

2022 ₱162.24 £2.51 104,040 16,879,450 261,140

2023 ₱168.73 £2.61 106,121 17,905,796 276,976

2024 ₱175.48 £2.72 108,243 18,994,482 294,421

The selling price, both in peso and pound per quantity per year, as well as estimated units
sold during the said year and its total cost, are shown in table 1.

Based on the table above, the cost of the product is 150 pesos which is equivalent to 2.32
pounds per item, and it will have a four percent increase yearly. The group also estimated that a
total of 100,000 units will be sold during the year 2020 and will have a two percent increase per
year after 2020. With this, the group can gain a total of 15,000,000 pesos or 232,000 pounds of
revenue for the year 2020, and will also increase by two percent as the years go by.

Table 2:Quantity Supply

QUANTITY SUPPLY

4% Increase Every Year Decrease 2% Cost

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Every Year

Selling Price
Selling Price in Pound
Year in PHP Sterling Units PHP Pound Sterling
2020 ₱150 £2.32 100,000 ₱15,000,000 232,000

2021 ₱156 £2.42 98,000 ₱15,288,000 237,160

2022 ₱162.24 £2.51 96,040 ₱15,581,530 241,060

2023 ₱168.73 £2.61 94,119 ₱15,880,699 245,650

2024 ₱175.48 £2.72 92,237 ₱16,185,749 250,885

Table 3:Shipping Cost

Shipping Cost Total Shipping Pound sterling Total Shipping

Cost in Philippines Cost in United
Peso (PHP) Kingdom

P2,740 P274,000 £42.29 £4,229

Table 4: Tariffs and Taxes

Tariff and Taxes in No. of Units Import Tax (PHP) Import Tax (UK)
United kingdom

54% 100,000 0%- 20% 12%- 20%

II. PROJECTED INCOME STATEMENT (5 YEARS)

Projected Income Statement

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Projected
Income
Statement 2020 2021 2022 2023 2024

Sales ₱15,000,000 ₱15,288,000 ₱15,581,530 ₱15,880,699 ₱16,175,749

Cost of Goods
Sold ₱600,000 ₱396,055 ₱403,976 ₱412,056 ₱420,297

Gross Profit ₱10,600,000 ₱11,024,000 ₱11,464,960 ₱11,923,558 ₱12,400,500

Operating
Expenses ₱10,348,690 ₱10,452,177 ₱10,556,699 ₱10,662,266 ₱10,768,889

Net Income
Before Tax ₱251,310 ₱517,823 ₱908,261 ₱1,261,292 ₱1,631,611

Income Tax ₱75,393 ₱155,346.9 ₱272,478.3 ₱378,387.6 ₱489,483.3

Net Income
After Tax ₱175,917 ₱362,476.1 ₱635,782.7 ₱882,904.4 ₱1,142,127.7

Assumption

Gross profit: starting 10,600,000, increase 4% annually.

Operating expenses:starting 10,348,690 increase 1% annually.

Income tax: 30%

The table shows the 5 year projected income statement of the company. Starting at the top, the
sales of the company will increase 4% annually whereas the operating expense will increase 1%
annually. As the company increases their sales annually, net income before tax will also increase
2% annually. Fixed of 30% income tax will be applied for all the year. Therefore, net income
after tax will also increase 2% annually.
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CHAPTER 4: CONCLUSION AND RECOMMENDATION

I. Conclusion

Chocnut Cookies, also known as “Chocolate peanuts cookies”, is one of the

favorite snacks of Filipino. Since British people knew about chocolate cookies but they
didn't know about Chocnut milk candy that Filipino Create as snacks. British people
didn’t know Chocolate peanuts cookies (Chocnut cookies) especially the taste, and the
Chocolate peanuts. In addition, by studying the culture of British people who love
chocolate cookies, the researchers therefore conclude that exporting Chocnut cookies
(chocolate peanuts cookies) would be profitable in the United Kingdom; thus, making it a
great way to start the business.

II. Recommendation

The study shows information and analysis of how the United kingdom country
will be a good destination for Chocnut cookies and how it will be accepted by their
country. These are the recommendations of the researchers:

1) Study the background of the country to be exported.

2) Create a long-term relationship with British people to be able to gain trust and
demand from them.
3) Create promotional ads that focus on building and connecting the Filipino product
to British people.
4) Must know how to adapt to economic issues such as inflation rate which really
affects everybody here in the Philippines. Moreover, this will have a big impact
for businesses and especially the employees in this country.
 22

5) You need to know every single detail about the customs regulations of your
product. As a result, you might need an experienced customs company.
6) in order to establish an efficient way of business here, you need to know China’s
working procedures and culture as well as trading rules. Because sometimes it’s
not even enough to be able to speak their language to communicate.
 23

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