(156) New Entrepreneurial Approach: A Model for Asian Herbal Products with Small Business Management Strategies

Abstract

The important effect of dietary factors on health status has been recognized since antiquity. Since the discovery of the beneficial effects of dietary phytochemicals and bioactives, a new dimension of foods have emerged in the market. These “functional foods” are being developed by all major food companies and new ones are regularly brought into the market. While developing new functional foods and nutraceuticals, the association and identification of such foods and beverages with traditional foods and medicinal preparations, and/or popular forms of existing products are bound to bring long-standing consumer acceptance, which is an important desirable factor in sales and marketing. Following this concept, Zafi Beverages, Inc., Chicago, is developing a new line of functional products (new herbal teas and energy drinks). Zafiis also introducing a unique marketing and distribution system to create a new team of entrepreneurs, providing an excellent opportunity for growth in sales and marketing to new entrepreneurs. It targets ethnic entrepreneurs by offering an opportunity to use their networking abilities and be part of an exciting new partnership in the new host country, as well as a strategic business plan. The ethnic entrepreneurs are also constantly in contact with their consumers by virtue of the existing ethnic allegiance and cohesion and are able to identify the consumer needs and concerns directly. These small ethnic entrepreneurial networks can be identified as distinct “micro-marketing systems” within the national economy. The advertised market potential for Zafi is summarized to include an offer of immediate cash flow, more revenue and profits, marketing and financial education support, as well as a promising new line of products.