Amrut Mody School of Management

Winter Semester 2021-2022

TOPIC: Venture Report

(Submitted in Partial Fulfilment of the requirements of the course)

Course: EFB 101 Introduction to entrepreneurship 

Submitted to: Prof. Darshana Padua

Submitted by: Group 7

Group Details:

NAME  ENROLMENT NUMBER 

Aayushi Jitendra Surana AU1910201

Shivam Goyal  AU2010402

Satyam Goyal AU2010398

Siddharth Modi AU2010152

Diya Singhal AU2010522

Harshit Karnawat  AU2010255

Aditya Adrsara AU2010

1|Page
CONTENTS
INTRODUCTION.................................................................................................................................3
PRODUCT............................................................................................................................................3
PRICING...............................................................................................................................................4
MARKETING.......................................................................................................................................4
SALES...................................................................................................................................................5
PACKAGING AND BRANDING........................................................................................................5
COMPETITORS COMPARISON........................................................................................................6
CUSTOMER FEEDBACK...................................................................................................................8
CONCLUSION.....................................................................................................................................9

2|Page
INTRODUCTION
‘Chocobells’ is the name of the venture started by us, the Group 5 for the course Introduction
to Entrepreneurship (EFB101). The business is into production of homemade chocolates and
brownies. The venture was experimented on the campus as well as off the campus. There
were two product categories, one is handmade chocolates and other is handmade brownies.
The product category of handmade chocolates contains 14 types of handmade chocolates sold
by the brand name of Chocobells and 1 brownie. The basic idea of starting chocolate as the
venture was to grab the more and more of university market and to make an impact and fit in
the market of growing demand of handmade products outside the university too. We choose
this as the topic as today many people believe more in handmade chocolate more as many
things of added sugar and preservatives in the other chocolates. At the end of the venture, we
came to know few favoring and few unwanted things about our products in mind of people.
We also used two types of packaging in terms of selling the product. There were online
offline, and many more modes of marketing used in the marketing of the product. Excluding
the cost of sales, marketing, packaging courier and many more the venture was a profit
maker. There were much customer feedbacks we got. In total the venture was conducted for
7 days including on and off camps.

PRODUCT
Under Chocobells we sold around 15 products which included 14 types of handmade
chocolates of different flavors and different types of chocolates and 1 type of brownie. We
also sold dark chocolate, white chocolate, and milk chocolate. We sold different varieties of
chocolates like Oreo bites (white chocolate and Oreo), Nuts truffle(milk chocolate), Forever
dates( milk chocolate and dates), Oreo pie ( white and milk chocolate and Oreo), Choco
pie(milk chocolate and pie), Bounty Coconut (milk coconut and coconut), Butterscotch(milk
chocolate and butterscotch), Pan ( milk chocolate and pan), Totty fruity( milk chocolate and
cherry), Almond treat( dark chocolate and almond), Lollipop(dark chocolate and white
chocolate), Big Circles( milk chocolate and white chocolates). We outsourced the brownie
chocolate from a seller and sold it in some margin. Our most chocolates were sold of price
range between 15-25. Our basic profit margin on each chocolate was 35% on each piece. We
got a 95% sale in our stock which we made and bought. Our best seller were brownie
chocolates, Oreo pie, Choco pie, Oreo bites, butterscotch, Almond treat, and big circles. We
even got orders after our stock was sold out. We also did home deliveries for the people who
gave orders and minimal charges were charged in exchange. Our most products were liked by

3|Page
the customers, and we were successfully able to gather the attention of people and make this
a success.

PRICING
Our products in Chocobells were liked by most of our buyers. There were many appreciators
from age group 18 to 60. Most of our stock was sold as we got a review that our prices were
low in comparison with the market prices of handmade chocolates. We kept prices low to
attract more customers as this was our business model to have more sales as we are a starting
venture. The pricing of each chocolate included the packaging charges, the ingredients cost,
the marketing cost, and the profit margin. We sold few chocolates like almond treat which
costed us around 13 Rs but sold it for 25 as we thought that dark chocolates will be preferred
by the buyers’ more and they can give some premium price for this. The low-price level of
the product also encouraged many consumers to buy the product in bulk. And too encouraged
many buyers to come again to our venture stall. Our most margin was in our premium
chocolates almond treat, lollipop and big circles which were all sold, and we also got orders
for them. We used the low pricing strategy to increase the sales of our product to have a print
in the market at which we were successful too. The basic objective was first to achieve a
target return on investment, as we had a low price in comparison to our competitors we were
already ahead of our competitors and achieved a market share in comparison. This also
helped in increasing profit which was our basic market strategy.

MARKETING
Our group used many marketing techniques to market our products and brand. The basic used
technique was word of mouth. As our products were liked by many buyers, it was noticed
people come and say that we want that chocolate as they heard about it from some of their
peers. The other marketing technique used by us was Instagram marketing, we made our page
on Instagram name ‘The Chocobells’ and made many posts on it. Many of our group
members marketed it on social media and many of friends too did it. Sales promotion is the
other technique used by us in which we made combos of some chocolates and at some less
price than the individual price of the chocolate sold it. We were able to attract many
customers due to it. At last, we also used the influencer marketing in which we asked many
Instagram influencers to promote our page and our updates of where we are going to keep
venture.

4|Page
SALES
Making chocolate is both an art and a science. Before you start your business, learn the
fundamentals, and practise your craft until you can make a product you can be proud
of. Handmade chocolate has become increasingly popular, one can easily get started with a
very basic setup and run your business. But for the sales part fist we need to define our
target market for the handmade chocolate and a marketing strategy to reach out to potential
customers. Our target market were people from the age 10 to 25 years because these are
most of the people who are inclined toward sweets and chocolates. And with the help of the
marketing tools mentioned above we were able to capture the market which helped us
achieving our goal that is profit maximization. The Gross Margin of the chocolates was
approx.45% that the total sales minus the purchase price of the chocolates and the purchase
return. And the Net Margin was approx. 15% which is gross margin minus the expenses of
the company that are salary, fuel, carriage, electricity and miscellaneous. The selling price
of our chocolates were ranging from ₹5 to ₹25, and majority were of ₹15. Our bestseller
product were Brownie Chocolates, Oreo Pie, and Chocolate Lollipop of ₹15, ₹15, and ₹25
respectively. Average customer expenditure was from ₹50 to ₹60 per person ranging from
₹15 to ₹500 (approx.). The selling price of the product was kept keeping in mind on what
the rivals are up to and their selling price, we had kept the prices less, around ₹5 to ₹10 per
chocolate which helped us in capturing the market.

PACKAGING AND BRANDING

Chocolates were packed in aluminium foil, paper bags and plastic bags. The units are
fastened with plastic or metal strapping to give them more rigidity. To help keep the
chocolates intact and solid, temperature inside package was to be maintained, carefully
package chocolates and cool it with agents like ice packs, refrigerator, and AC rooms. We
had also created combo box of chocolates, in a box 2-3 units were kept in the package. This
would provide enough shield to keep the chocolates cool and intact. The chocolate is more
likely to overheat and melt if the boxes are too tight. Additional cost of ₹5 were added due
to this combo packaging and we charged ₹10 from the customers as packing charges.

Because chocolate producers service to a specific market, a well thought out marketing
strategy helped us acquire a competitive advantage. For a balanced and comprehensive
business promotion, a business plan for a handmade chocolate firm should contain both
digital and offline sales promotions. Thus, we created Brand Choco Bells which in turn

5|Page
helped company on creating its brand name and own identity which created awareness
amongst the customers. We were able to achieve consistency in the marketplace because
of branding. The more a buyer sees a brand in the marketplace, the more likely he is to
consider buying it. If the brand and identity are kept constant, the customer will be more
inclined to believe in the quality and become a devoted follower of the business.

COMPETITORS COMPARISON
As a chocolate entrepreneur, we saw that there are several chocolate organizations all
across the country and therefore the competition is fierce. Also, there are quite a few
international players which means that we needed have to strategies the production and
marketing plans in order to hold a firm position in the game. So, we started selling the
products at cheaper rate but at gross margin that is suitable for us to earn as respectable
margin of around 25% to 45% (according to the product). Like Bounty a coconut stuffed
and dipped in chocolate sell for ₹50 in market, we sold it for ₹15, which led to greater
market-cap of the company. Similarly chocolate Lollipop is sold of ₹40-50 in retail market
but we sold it for ₹25 which helped to gain market share and compete against competitors.
And we also a competitor in collage itself they were Choco-Holics from another section
and to compete against them we started the venture first which gave us first mover
advantage, which gave us ability to reach out to customers initially and leave a lasting
impression, which may lead to brand awareness and loyalty. And the pricing that we had
done was keeping in mind the pricing done by them like a similar product Oreo Dipped
they are selling it for ₹20 and we sold it for ₹15, Popsicles they are selling it for ₹30 and
we sold it for ₹25 thus these became our bestsellers as customers thought we are selling the
same product at a cheaper rate.

Venture day- 1, 2 & 3 (Saturday- 19/03/2022, Sunday-20/03/20222, Monday-21/03/2022)

Day 1, 2 & 3 of our venture was run in municipal market as well as we have also received
order online for door-to-door delivery for localities of Ahmedabad. We didn’t know those
people to whom we have sold our chocolate they are new to use. And it was really great
experience. Also, we have received order online from our friends and family member. The
chocolates were delivered at their doorsteps. We have delivered those orders in very good
packaging. We got more positive feedback, and as entrepreneurs, we were pleased to see
people delighted with our products. It was really great experience for us to open venture in
market and online.

6|Page
-At Municipal Market

Day 4,5 & 6 (In college) (Tuesday-22/03/2022, Wednesday-23/03/2022, Thursday-

24/03/2022)

For the following three days, we ran our venture outside the big fan area (SAS building). We
have pasted the poster of our venture logo on wall to attract. As well as we have displayed
our chocolate in very good way in trays. And the price of our chocolates is very reasonable,
which was attracting more customers. We saw that we have to convince for bounty coconut,
tutti fruti more as compare to other chocolates that’s why we have introduced combo offers
which included 4 chocolates (2 Bounty coconut, 2 tutti fruti) with cute smiley small box. As
Prof. Pratyush Chatarjee, Prof. Mary, Prof. Dinesh barot, we were overwhelmed by the
feedback we got during the three days of our venture in college. And they purchased
chocolates in quantity and supported our small venture. We have seen that the sell was high
on Tuesday as compare to Wednesday as it was first day and on Wednesday there is half day.

7|Page
CUSTOMER FEEDBACK
From strategy to procurement to consumer feedback, the venture project provided us with a
wealth of information. We have received very good feedback from our customers as it was
handmade and now a days people are more believing in handmade things. It is essential to
guarantee that the consumer is content with the goods they purchased from you, since they
are the ones who determine if a company will survive or thrive. We got feedback like we
helped them to satisfy their craving of students at the university for chocolates with sweet
tooth. Customer feedback helped us to create the best customer experience.

8|Page
CONCLUSION
We operated the venture for one week as part of the course, and we ran it both on and off
campus. The enterprise was an important element of the course since it provided us with
hands-on experience, and it was a success. Handmade chocolates include 14 different
varieties of handmade chocolates sold under the Choco bells brand name, as well as one
brownie. At the conclusion of the venture, we discovered a few positive as well as negative
aspects of our products in people's minds. we also used two types of packaging in terms of
selling the product. There were online offline, and many more modes of marketing used in
the marketing of the product. Excluding the cost of sales, marketing, packaging courier and
many more the venture was a profit maker. There were much customer feedbacks we got.
The basic objective was first to achieve a target return on investment, as we had a low price
in comparison to our competitors we were already ahead of our competitors and achieved a
market share in comparison. This also helped in increasing profit which was our basic market
strategy. Our marketing and sales techniques were on point, and we even had a competitor
edge. We came to know about many wants and needs of people and the varieties which may
work, and which do not work in a college.

9|Page