Food Rich Case Essay

2063 words - 9 pages


Foodrich Philippines Inc. (FPI)*

Atty. Lemuel Esmero, Chairman then President, sat down with his management team, which includes Mr. Lorenzo Nayve, new President, to review the current situation and map out their strategies. Esmero felt that he is already too old to manage and worried about of the company the remaining years to realize the vision of FPI; hence, he personally recruited Nayve to lead the Foodrich Philippines Inc. because of his hands-on experience about the needs and wants of the market. Nayve was the Chief Operations Officer of Fidisco Biscuits and turned the company from near bankruptcy into one of the most ...view middle of the document...

Net profit margin for 2006 stood at 5.5 percent, a little higher than the previous year’s level of 5.2 percent. However, Nayve felt that there are still more works to be done and he wondered how to deal with Esmero’s desire to realize value so soon. The FPI was organized in 1997 and is the umbrella organization of seafood supplier and restaurant. It intends to branch out to pig raising business. Its vision is to be the principal food provider in Asia in the next 30 years.

Seafood Supplier Searich Fishing Corp (SFC) is one of the companies owned by FPI that provides readyto-cook Tuna, Blue Marlin, Crabs, Lobsters, Shrimps and other seafood. The company is successfully supplying seafoods in most restaurants in Metro Manila. As such, international expansion began in 2005, realizing the greater demand in Japan, Thailand and South Korea for the seafoods. Reeling off from the seafood glut in 2001, it seemed like the company and the rest of the industry was on its way out of the doldrums. Measures initiated in the last quarter of 2000 to mitigate the effects of the glut on higher ingredients cost were taken by the company, which included cutbacks in production, downsizing of personnel, and sale of non-performing assets.
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During the first six months of 2001, with supply and demand almost in equilibrium, seafood prices began to improve. Profitability was further boosted by lower direct costs and restored efficiency in operations. By the end of the 1st semester of 2007, SFC was able to realize a net profit of P500 million, from the year-ago deficit of P100 million. Restaurant Business The first Tita Maris Seafood (TMS) restaurant opened in September 2002 along Roxas Boulevard in Malate, Manila. Its tag line: “Fresh from the Sea.” The company’s mottos are: 1) Treat our guests the way we want to be treated, and 2) Guests are the most important persons in our business. The company enjoys a favorable market position because of its reliance on old established customers. Some customers are being contacted thru phone and pick-up their orders with their own transport. Hence, less sales force is necessary and TMS is afforded a cost advantage. More outlets were opened in the 2004 at various strategic places such as Dampa in Macapagal Hi-way and Sucat, Paranaque; and Tiendesitas in Ortigas, Mandaluyong. In 2005, the restaurant’s sales reached P950 million. Louie Rigayen, VP-Marketing of said restaurant reasoned out that they were able to capitalize on the opportunities created by population growth coupled with increased mobility. TMS now holds the top 10 spot in the seafood restaurant industry. However, the TMS’s 2006 performance reports show a marked variance between the forecasted sales and the actual sales of the month. Poor sales forecasting can lead to lost sales due to being out of stock, overly large inventories and costly price markdowns. Stock outs of the most saleable items result in permanent loss of sales. Poor inventory control and...

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