Supply is a fundamental economic concept that describes the
total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph. The concept of supply in economics is complex with many mathematical formulas, practical applications and contributing factors. While supply can refer to anything in demand that is sold in a competitive marketplace, supply is most used to refer to goods, services, or labor. One of the most important factors that affects supply is the good’s price. Generally, if a good’s price increases so will the supply. The price of related goods and the price of inputs (energy, raw materials, labor) also affect supply as they contribute to increasing the overall price of the good sold. (https://www.investopedia.com/terms/s/supply.asp) With the frequent changes in the availability of supply, businesses conduct supply analysis to understand supply trends due to changing circumstances such as changing market and production variables. Products of Adious Capilla Ardiente Casket Wood, Fiberglass Urn Wood, Fiberglass
A. Estimated Annual Supply for Adious Capilla Ardiente
B. Factors affecting trends in past and future supply 1. Competing Product a. Customized Caskets and Urns: Baguio City and La Trinidad funeral homes don’t offer customized casket and urns which can be an advantage to the bereaved family and the deceased because their preferences can be followed. The researchers expect this service to boom in Baguio City and La Trinidad in the next future. C. Competitors Direct Competitor’s Profile Direct competitors are competitors which offer products or services that are essentially the same; as such, the competitors are competing for the same potential market. 1. La Funeraria Paz La Funeraria Paz has established a tradition of dignified and excellent service. Distinguished personages Apolinario Mabini and Melchora Aquino were among the first to whom La Funeraria Paz rendered memorial services. Today as tradition lives on, it has progressed with 93 chapels. As witness to numerous historical events, having stood the ravages of the second world war, it has remained strong and resilient through the years. On its 111th year, La Funeraria Paz sets its sights to another century of providing excellent and dignified memorial services. 2. St. Peter Chapels-Baguio St. Peter Chapels is a Memorial Services Company established on June 6, 1975. It has been providing professional and traditional memorial services to the Filipino public and has recently diversified into modern cremation services through the St. Peter Crematorium. It has also continuously led the memorial services industry through pioneering technological innovations like the St. Peter E- Burol, St. Peter E-Libing and St. Peter Tribute. 3. Baguio Memorial Chapels Baguio Memorial Chapels has been an independent, family owned and operated funeral home serving City of Baguio and its surrounding provinces. Baguio Memorial Chapels has been dedicated to serving the needs of all faiths and serving all cemeteries. Baguio Memorial Chapels’ staff is available to assist with the burial, entombment, or out of state transportation of your families loved one. 4. Benguet Memorial Services Benguet Memorial Services (BMS) is a family owned and operated funeral service provider. Benguet Memorial Services is the oldest and the first funeral home in La Trinidad, Benguet. Benguet Memorial Services have been taking care of the families faced with bereavement here in Benguet and other neighboring towns for over ten (10) years and dedicated of providing affordable priced funeral services. D. SWOT Analysis Our Funeral Home SWOT Analysis will provide with the comprehensive documentation that will be needed in order to determine the strengths, weaknesses, opportunities, and threats that the business will face as we develop or expand the business operations. Once we are able to identify our strength, our weakness, our threats and the opportunity that is available to us, we will be able to come up with good business strategies that will help us achieve all our business goals and objectives. STRENGTH Customized caskets and urns- The business will offer customized caskets and urns with unique features that emphasize the individuality of the deceased. The location of our funeral home services is perfect for such business WEAKNESSES New to the industry- Being new to the industry, the business may not have the financial resources required to match up with existing and leading funeral homes in Baguio City and Benguet. Competitors can offer similar products quickly OPPORTUNITY Expand operation by establishing additional locations outside Baguio City and La Trinidad THREAT Competitors- It should be noted that many large corporations have taken to acquiring existing funeral homes.