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Chapter Ii

The document discusses conducting a market feasibility study for a proposed funeral home business called "Pacificus Funeral Homes" located in Tagudin, Ilocos Sur. It describes the product and service offerings, identifies target customers as the residents of Tagudin based on population data, and performs a SWOT and demand analysis to evaluate the viability of the business. Market opportunities and threats are considered, and the success of the business will depend on identifying customer needs and demand for funeral services in the local area.

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Chrizsha Rhaine
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31 views4 pages

Chapter Ii

The document discusses conducting a market feasibility study for a proposed funeral home business called "Pacificus Funeral Homes" located in Tagudin, Ilocos Sur. It describes the product and service offerings, identifies target customers as the residents of Tagudin based on population data, and performs a SWOT and demand analysis to evaluate the viability of the business. Market opportunities and threats are considered, and the success of the business will depend on identifying customer needs and demand for funeral services in the local area.

Uploaded by

Chrizsha Rhaine
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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CHAPTER II

MARKET FEASIBILITY

The success of the business is greatly dependent on marketing, which is undoubtedly the

most crucial area of running a company. This area focuses on identifying market opportunities,

the prospective or target market, demand and supply analysis, sales volume forecasts, market

share calculations, and suggested marketing initiatives.

A. Product Description

On par with other funeral services, the proposed business will offer a variety of

packages to cater to the needs of all types of customers, from the less fortunate to the privileged.

The "Pacificus Funeral Homes" will procure coffins bearing different designs from the local

community in the Municipality of Tagudin and will have a physical store location within the

business area showcasing the different packages and set-ups that the customer may choose from.

Further, the "Pacificus Funeral Homes" packages may be altered depending on the

customer’s allotted budget and wants. With this, the client is free to suggest whatever they wish

to be done in terms of their desired style and design, so long as it is within the budget.

The shop is located at Barangay Becques, Tagudin, Ilocos Sur, where customers may

choose and see the desired packages and or set-ups as it has a showroom.
SWOT Analysis

Table 2.1: Swot Analysis

STRENTGHS WEAKNESSES
 Full-Service Offering: Offers a  Expensive start-up costs: Requires a
comprehensive range of services to substantial financial investment to be
customers, including funeral planning established.
and burial coordination.  Emotional Toll: Takes an emotional toll
 On-site Embalming and Chapel on staff, as they are regularly exposed to
Services: It is a significant advantage death and grief.
since it saves customers the trouble of  Intense Competition: With many
travelling to different places to established funeral homes that have
complete funeral services. loyal customers. New funeral homes
 Location: The Funeral Homes is just may struggle to attract customers in
few meters away from the Church. Tagudin.
 Highly Experienced Owner-Operator.  High Transportation Costs.
 Limited Competition in Tagudin,  Limited flexibility in pricing: Many
Ilocos Sur. Filipinos are price-sensitive when it
 Ability to sell products online. comes to funeral services, it can put
 Highly visible website. pressure on funeral homes to offer
 Cultural Significance: Filipinos place competitive pricing while maintaining
a high value on honoring and quality service.
remembering their deceased loved  Changing Cultural Beliefs: Some
ones. customers attitudes towards death and
other services are changing, as to other
people choosing non-traditional options

OPPORTUNITIES THREATS
 Expansion: Business may expand its  Competition: Lots of popular shops
operations to nearby Municipalities.  Increase in substitute: Nowadays,
 Employment Rate: To create more customers find cheaper funeral homes
job to the localities. that will substitute for their needs, and
 Economic: Establishing a sustainable as a result, the business profit will
business in the Municipality of decrease.
Tagudin, Ilocos Sur.  Economic Downturns: During an
 Corporate Partnership: Building economic downturn, families may be les
partnership such as insurance likely to spend money on elaborate
companies and financial planners. funeral services.
 Technology: Will use different online  Laws and Regulations: Must follow
platforms to advertise the business. strict laws and regulations related to
funeral services especially if it became
more restrictive.
B. Target Market

The business’ target market are the Tagudinians. The researcher used the data given by

the Municipal Planning and Development Coordinator and Municipal health Offices of Local

Government Unit of Tagudin, Ilocos Sur since the available data from the Philippine Statistics

Office Website is only until 2020. Per the data given by the said LGU, a total of 48,078

individuals registered in their database which composed of 11,318 households or families.

The researcher used the purposive sampling allows the researcher to gather qualitative

responses, which leads to better insights and more precise research results. Because the

researcher collects information from the best-fit participants, the results are relevant to the

research context.

The researcher used the Slovin’s formula; n=N/1+Ne2, and came up with a total number

of sample = 386.36 or 386.

Where:

n = no. of sample

N = total population

E = margin of error

Given:

n =?

N = 11,318

E = 0.05
C. Demand Analysis

a. Demand Forecast for funeral services

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