Micromarket Analysis for Goldilocks and Red Ribbon
Micromarket Analysis: Red Ribbon and Goldilocks SEntrep Group 2: Canta, Molina, Olegario, Uy
About the Store: Red Ribbon• Red Ribbon started business in 1979 at Timog Quezon City, and introduced cakes and other specialty products in the Philippine market.• In 2005, Jollibee Foods Corporation acquired the company and brought the store to a new phase with its new programs on franchising, operations, promotions, etc.• Red Ribbon is geared towards bringing families and friends together with its specialty cakes and products. The tag line of the company is ‘Whatever the celebration, it’s more beautiful with a Red Ribbon.’
About the Store: Goldilocks• Goldilocks started in 1966 at Pasong Tamo by two sisters and their sister-in law. Having different skills they created Goldilocks products with chiffon slices and cakes for special occasions.• The company has now made Goldilocks as a global brand strategizing regional and acting local. They have associated themselves well with the Filipinos and are now recognized as part of the culture of being Pinoy.• The brand associates to Filipino values – thoughtfulness, care, and love for family. The company claims that it is the leading bakeshop in the country and strengthens this with the tag line ‘You’re the 1 Goldilocks!’
Summary of DifferencesCUSTOMER Red Ribbon (Shaw) Goldilocks (Tomas Morato)1. Demographicsa. Age 20s and above 20s and abovea. Sex Mixed Mostly Femalesa. Job Professionals, Homemakers, Homemakers, Senior Businessmen, Senior Citizens Citizens1. Psychographicsa. What do they buy? Pastries, Cakes, Meals Pastries, Cakes, Mealsa. How long do they stay? 10-30 minutes 5-15 minutesa. Why do they visit? Lunch/Dinner, Pasalubongs, Quick meals, Pasalubongs, Gifts, Order Cakes, Business Gifts, Order Cakes Meetings
CustomerPsychographics• Red Ribbon customers buy pastries such as mamon, ensaymada, special cakes, and some of them just dine there• They buy the bread/pastry products for pasalubong and gifts for visiting Red Ribbon people, and the whole cakes and rolls for special occasions.• Red Ribbon customers stay 10-25 minutes buying bread roaming around the area looking for things to buy• Diners stay around 15-30 minutes dining there. They stay and seem to rest for a while. Goldilocks
CustomerDemographics• Red Ribbon and Goldilocks’s customers are 20s and above.• Red Ribbon – Mix of customers and almost equal percentages of males and females Red Ribbon• Red Ribbon – Clientele is mostly upper classes A, B, and C.• Goldilocks - Mostly female customers although there were a few young men who visited• Goldilocks - Caters more to the masses but also reaches the upper Class C Goldilocks
CustomerPsychographics• Goldilocks’s customers buy bread and pastries such as mamon, ensaymada, cake rolls, not so much specialty cakes, and also dine there Red Ribbon• Goldilocks’s customers stay a little shorter around 10-15 minutes both when buying bread and they seem to already know what they like to buy• Diners also take less time 10-15 minutes and there seems to be less talk and eating is not done in a leisurely manner Goldilocks
Summary of DifferencesLOCATION Red Ribbon (Shaw) Goldilocks (Tomas Morato)1. Traffic/Pedestrians At an intersection, High At an intersection, High vehicular and pedestrian Vehicular and medium traffic pedestrian traffic1. Industrya. Commercial Yes Yesa. Residential Yes Yesa. Industrial Yes No
Location• Red Ribbon and Goldilocks are both situated on intersections and street corners where vehicular traffic is high.• Red Ribbon in Shaw has a high Red Ribbon pedestrian traffic with varied people from all social classes due to public and private transport passing along the area• Shaw branch covers all industries- Commercial – offices in Pasig/OrtigasArea- Industrial – near Unilab- Residential – many condominiumsnear the area Goldilocks
Location• Goldilocks in Tomas Morato although being in an intersection only has medium pedestrian traffic.• Goldilocks’s is near commercial and residential areas Red Ribbon- Commercial – near restaurants in Tomas Morato- Residential – near houses and condominiums• Red Ribbon’s residential customers are a bit more upscale as the residents own and rent in condominiums. Goldilocks
Summary of DifferencesESTABLISHMENT Red Ribbon (Shaw) Goldilocks (Tomas Morato)1. Menu/Offerings Wide variety of cakes, Wide Variety of cakes, pastries, pastries, Western meals with Filipino dishes with some some Filipino meals, made- Western and Chinese food, to-order cakes made-to-order cakes1. Price Cake rolls – half 165-215; Cake rolls – half 160-190; whole whole 275-330 255-290 Special Cakes – 350-700 Special Cakes – 300-550 Butter Mamon – 20 Fluffy Mamon – 19 Meal – 85 Meal - 1051. Level of Service Courteous, More than the Fast, Courteous, Speed of service usual Fastfood Service, Speed is fast, limited personnel, mostly is just right, Waiters attend to self-service your needs1. Facilities Clean, Spacious, with Clean, store area is small, no Bathrooms and parking bathroom, limited parking space, space; has a function room
EstablishmentMenu Offerings• Both Red Ribbon and Goldilocks are Bakeshop and Restaurant• Red Ribbon offers more westernized food choices with just a few Filipino Red Ribbon dishes included.• Some examples of its meals are Salisbury steak, spaghetti, palabok, chicken lollipops, tocino, bangus ala pobre, etc.• Goldilocks’s meal offerings are more Filipino dish-oriented with a little western and Chinese influence.• Some examples of meals are kaldereta, dinuguan, spaghetti, dimsum, halo-halo, noodles, etc. Goldilocks
EstablishmentMenu Offerings• Red Ribbon, which is mainly a bakeshop, offers pastries like mamon, ensaymada, sweets, a wide variety of specialty cakes, and Red Ribbon rolls.• The store also offers made-to-order and themed cakes.• Goldilocks offer pastries but on a wider variety as aside from cakes slices, bread, and common pastries such as mamon, ensaymada, the bakeshop also offers Filipino pastries such as puto, cassava cakes, etc.• The store also has themed cakes. Goldilocks
EstablishmentPrice• Red Ribbon is more on the Red Ribbon more expensive side as compared to Goldilocks.• For example, one popular pastry ‘mamon’ is sold at P20 by Red Ribbon and at one peso less at P19 by Goldilocks.• Both offer similar packaging and almost the same buttery quality and goodness of the pastry. Goldilocks
EstablishmentPrice• On the specialty cakes side and the regular rolls, both offer small and regular cakes and half and whole rolls of cakes. Red Ribbon• Red Ribbon offers its rolls at P165- 215 for half rolls and whole for P275- 330. Goldilocks offer it a lower price range at P160-190 for half rolls and 255-290 for whole rolls.• Specialty cakes are priced between P350-700 for Red Ribbon and P300-550 for Goldilocks.• The price range for Goldilocks reaches the lower class budgets. Goldilocks
EstablishmentLevel of Service• Red Ribbon and Goldilocks both offer somewhat a fast food type atmosphere• Red Ribbon somehow makes it more special as it serves using silverware utensils and serves it in style. Red Ribbon• Speed of service for Red Ribbon is around 15 minutes for meals• Red Ribbon, although it uses prepared meals, are cooked when ordered so it takes a little longer to prepare but also gives a sense of the shop serving just like in a normal restaurant.• Red Ribbon has more attendants in its store waiting on customers and looking out for their needs. Goldilocks• There is more of a restaurant experience in Red Ribbon.
EstablishmentLevel of Service• Goldilocks uses smaller plates, plastic spoon and forks and cheap disposable plastic glasses.• Goldilocks’s speed of service is around 5-10 minutes and almost Red Ribbon instantaneous for other branches as they have the meals pre-cooked and are only re-heated.• Goldilocks is more of a self-service establishment and there limited employees in the shop especially for the one in Tomas Morato. The cashier is the same one getting the Goldilocks order for the themed cakes.
EstablishmentFacilities• Red Ribbon has a more spacious area and even uses furniture like couches and stylish chairs.• Goldilocks is more on the Red Ribbon economical size and has lesser space.• The chairs and tables are simple and modern but the spaces in the dining area are a little nearer to each other as compared to Red Ribbon.• Both shops are clean and well maintained and are up to date with the style of the current time. Goldilocks•
EstablishmentFacilities• Red Ribbon has some edges over Goldilocks in terms of the facility having a Red Ribbon bathroom inside the shop.• There is also a function room for occasions and business meetings.
Conclusion• The two bakeshops showed that the shops have an intersecting target market• Main difference is that Red Ribbon caters to more upscale market and Goldilocks reaching into the lower classes• Both are offering the same experience of bringing sweetness into the Filipino families both here and abroad.