Entrepreneurship and Innovation in the Dairy Industry: Miraka Report

This report provides a comprehensive analysis of Miraka Company, a dairy processing company in New Zealand, focusing on product innovation and entrepreneurial opportunities. It begins with an introduction to Miraka, its values, and its market position, followed by an assessment of entrepre...Read More

Running Head: ENTREPRENURSHIP AND INNOVATION
ENTREPRENURSHIP AND INNOVATION
Name of the Student
Name of the University
Author Note

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ENTREPRENURSHIP AND INNOVATION
Executive Summary
The main purpose of this report is to do a product innovation and to understand the complete
Business activities of Miraka Company in order to introduce new innovation. The study is
supported by analysing the company profile of Miraka Company. The new product will focus
on solving the issue of allergies within the children.

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ENTREPRENURSHIP AND INNOVATION
Table of Contents
Introduction................................................................................................................................3
Assessment of entrepreneurial Opportunities............................................................................3
Market Evaluation of proposed innovation................................................................................4
Critical Business Risk Appraisal for the proposed innovation................................................17
Conclusion................................................................................................................................22
References................................................................................................................................23

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ENTREPRENURSHIP AND INNOVATION
Introduction
This report will focus on evaluating the business function of Miraka, which is a dairy
processing company. The assignment will enable the entrepreneurs to find opportunities in
dairy processing sectors and expand their growth. The market appraisal of the company is
done on the basis of product innovation using the business model and market analytical tools.
The next part of the assignment has focused on the business risk appraisal of the company.
The main objective of this report is to do a product innovation of the company and
understand the complete Business activities of Miraka Company in order to introduce new
innovation.
Assessment of entrepreneurial Opportunities
MIRAKA (Maori Milk Company)
Miraka is a well-established dairy processing company of New Zealand. The industry
is located at Taupo in Northern Island of New Zealand. The company supplies for nearly 100
local farms that is situation nearby 85kms from the factory. The company is owned by Maori
trusts and incorporations (Council, 2017). The company has nearly 29 employees in its
location. The company was incorporated in the year 2009 as Miraka Limited.
Company Values
The dairy processing industry is focused on deriving strong values on the basis of
cultural perspective of the owners. These values guide the company in making business
related decisions and help in building relationships with other organisation and helps in
business sustainability (Joseph et al., 2016). The top most important values of the company
are:

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ENTREPRENURSHIP AND INNOVATION
 Exceeding the Expectations- the Company is focused to perform their best every day
in the dairy processing process.
 Sustainability- Company is focused in nurturing the natural resources and society for
business sustainability.
 Build a trustable relationships- It focuses on taking personal responsibilities for
building an honest & ethical behaviour in their work culture.
 Diverse culture- It focuses on respecting the diverse culture in its business.
 Innovation- It focuses on building a flexible business process by implementing new
and creative business solution. It always focus on building opportunities.
Industry Information- Company in this industry produces dairy products starting from
raw milk to processed milk.
Market Identification
The Miraka Brand is exported to various regions of New Zealand. The products are
exported to Northern and Southern America, South Asia, Eastern & Western Africa,
Australia and Pacific region. It is focused on delivering a high standard of customer supply in
an excellent way (Rout & Reid 2019). The company mainly produce Taupo Pure milk
powder, ingredient powders and UHT products. The competitive advantage of Miraka
Products s that, it gives farms fresh products with optimum quality that is needed by the
customers. It mainly focuses on building a strong dairy processing company all across the
global. With respect to Maori value Kaitakitanga the company is focused on deriving the
value without affecting the society or people and the natural resources.
Customer Needs- Fresh farm milk with high quality of nutrients for the children and
people.

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ENTREPRENURSHIP AND INNOVATION
Market Evaluation of proposed innovation
Issues in Miraka Company
 Less product range – The Company supply its products to only 100 local farms that is
situated from 85km from the factory. Therefore, the product range is very less. The
fresh products can only be delivered within this range.
 Shortage of farm animals- The consumption of feed has a rapid increase in the dairy
processing industry of New Zealand. Therefore, the company faces shortage in
domestic animal is the major problem in the company.
 Health- The Company is situated in the local region of New Zealand. The health care
centres for animal feeds are located far off places (Taylor, 2018). This results in
inadequate health service to the animals and therefore they donot have immunity to
fight against some of the cattle diseases.
 Marketing and pricing- The milk is offered at low price, therefore the farmers donot
get sufficient remunerative price for supplying the milk. This is one of the issues the
farmers are facing.
Models
SWOT analysis
1. Strengths-
 The company is the only-owned & controlled dairy processing company. The
business is all about production and processing of milk.
 The company has a venture with Turaopaki trust, Wairarapa Moana, Tuaropaki Trust
and other farms. The company have shareholders from these trusts and farms.
 The plant can process nearby of 210 million litre of milk and can easily process
around eight tonnes of milk powder per hour.

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ENTREPRENURSHIP AND INNOVATION
 The company have direct contact of their customers. This is one of the strength of the
company.
 It can help the local farmers to meet their needs those who cannot reach the industries
of other country side.
 With respect to Whanaungatanga, Miraka create sense of belonging among employees
and has unique in cultural sense that helps in building the profitability of the business
(Harmsworth, 2005).
2. Weakness-
 Miraka possess very limited range of products as compared to its competitor company
Fonterra.
 The plant is situation in 30km of northwest from Taupo. Therefore, the location
doesnot allow the company to reach towards more suppliers.
 The company is a new entrant to dairy processing industry, therefore they are more
concern to the company risks (Jiang et al., 2018).
 Miraka Company is owned jointly by Maori Trusts & other companies. Tuaropaki
Trust are the major shareholders with 54% stakes. The company doesnot have its own
control. It can be forced to do stake sale by other company. This can be loss for the
business. The company plans & objectives can be sold.
3. Opportunity
 Miraka is building a new plant in Taupo to process a whole milk powder products.
The company have the opportunity to source milk to various farms of central Plateau
region under Raw Milk Regulations.
 The company have direct contact of their customers. This will help the company in
providing a better opportunity.

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ENTREPRENURSHIP AND INNOVATION
 The vision & strategy of the company will provide a niche opportunity for the
business.
 Miraka Milk Company has built connections beyond New Zealand. The company is
also owned by Vietnam’s biggest dairy company known as Vinamilk. This company
selects its first foreign investment with Miraka (Abdel-Basset, Mohamed &
Smarandache 2018). With this concept it can be seen that, Miraka have a greater
opportunity in expanding its business all across the global.
 The company has also initiated an online business website that provide opportunity
for them to produce new products and reach to new markets.
4. Threats
 Vietnam has issues with China because it provides a middle class higher quality of
nutrition products. This can be a threat for Miraka in case of expanding its industry in
China.
 The company has a small stake with Global Dairy Network (GDN) which is the ex-
partner of Fonterra, an excellent experience in sales and marketing of the milk
production. This is can be a threat for the company in the competitive market.
 The business partners and suppliers have a doubt in the good practice of business
culture. Therefore, the attitude of the suppliers and the shareholders towards the
business is not positive. This may be a threat for the business.
 The children are facing allergies from the milk. There can be a chance of spreading
viruses from the farm animals used for production of milk.
BCG Matrix

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ENTREPRENURSHIP AND INNOVATION
Figure 1: Growth/share Matrix
The Boston Consulting group’s (BCG) product portfolio will help to implement and
design a long-term planning of the business (Mohajan, 2017). This will help the company to
evaluate their growth opportunity of the business by analysing the portfolios of the products.
This will also help the company to decide where to invest and were they should focus on
continuing the developments.
 Stars- Packs of Ultra-High-Temperature (UHT) milk are the star product of Miraka
Limited. This Ultra-High-Temperature facility in the milk products has a largest
capacity of 60 million liters pa. This allows the company to provide farm-fresh
products to customers situated (Suksantilap, Leelasantitham & Glesner 2017). One of
this UHT milk product are ingredient powders. This is the largest capacity in the
commodity market. It has an excellent capacity of nearly 8-10 MT of milk powder in
every hour. Some of the ingredient powders and their size are listed below:

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ENTREPRENURSHIP AND INNOVATION
 Cash Cows- The company generates its steady income from whole milk powder. The
growth rates is less only 4% as compared to other competitors in the New Zealand.
The company generates a revenue of $125million from the products. It provides a
100% exports to 23 countries through their joint ventures. The company must focus
on improving the growth rates of this products. Taupo milk product is one of the
product that the company is focused on continuing its development in terms of quality
in order to improve its growth rate in the competitive market (Miraka.co.nz. 2020).
 Question Marks- Fonterra milk products that is generated by the company has the
highest market share of 96%. But, the product has a very small growth rates of 0.12%.
This product has a high customer brand in the competitive market. It is recommended
that the company can invest in its research & development to improve the product
development strategy and bring more profits from the products in order to improve
the growth rates.
 Dog- In the recent financial year 2017 report of Maori Trustee, it has been found that,
Maori trustee has not done any investments in Miraka Company, which is an
associates of Maori Trustee (Shanbhag, Dutt & Bagwe 2016). This part of business
unit of the company has a less market share in the market. This part of the business
units may be failure for the company.

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ENTREPRENURSHIP AND INNOVATION
KPI Model-Balance Score Card
This is a strategic planning tool that helps to translate the business strategy into the
financial & non-financial measures of the business performance in order to take further steps.
Items Corporate Goals Target/Measures Initiatives
Shareholders To protect the
interest of the
shareholders
Proactive in the
organisational
policies and dealing
with the company
management.
Accelerating the
shares of the
company and
initiating the
compensation for
shareholders
proposals. Providing
opportunities to
threshold and call in
the company
meeting.
Customers To produce milk
product that will be
free from allergies
and has high
nutrients for the
toddle growth.
Implement a
successful supply
chain process.
Understanding the
customer
requirements, the
understanding the
cause of allergies to
the children and
avoiding the factors
in the new product.
Internal processes Improving the
quality standards of
Improving the
quality of customer
Will implement new
strategies & policies

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ENTREPRENURSHIP AND INNOVATION
the business process
(Iona, 2018).
service and examine
the day-to-day
operations.
that will give fruitful
advice for product
development. Will
focus on strict
development.
Employees To emphasize the
labours and workers
with specific job
goals.
Employment and
manpower
requirements
(Ramandita, Utami
& Lutfi 2019).
Duties will be given
according to the job
requirements.
Employees will be
allowed to share
their ideas in product
innovation process.
Lean Canvas

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ENTREPRENURSHIP AND INNOVATION
1.
1. Less product
range
2. Shortage of fodder
3. Health
4. Marketing &
prices
5. The milk create
allergies to children.
Increase the penetration
of online service to
personalise the shopping
experience.
The composition of milk
powders will be
measured. The capacity
and size of the product
will be measured.
"Miraka Organic Milk”
will be made of goat
milk that will be rich in
Omega-3 DHA,
Vitamin 16 and
mineral. Will contain
calcium of 400 g for
making allergic free
product.
The product will focus on
good sustainable practices
like addition of calcium in
product to be allergic free
prints.
Distributed through
online business
websites and retailer
shops.
1. Children of twelve
months
2. It can be affordable
by the poor income
family.
Lean Canvas Project Name 01-Jan-2014
Iteration #x
Problems Solution
Key Metrics
Unique Value
Proposition
Unfair Advantage
Channels
Customer Segments
Revenue Streams-
Revenue is estimated to be $,300,000
Cost Structure- Cost is related to fixed cost from fixed
cost, variable cost from fuel, water and power
consumption and overall maintenance cost of the business
unit. Overall cost is estimated to be $2,30,000
Market Appraisal of the Proposed Innovation
Target Market- The target market will include the family members that buy milk for
their twelve months Child.
Customer Segmentation- The customer’s segmentation of Miraka Company is done
on the basis of their demographic characteristics.
Attributes Composition
Geographic
Demographic
Should target areas where there are less
competitor products available.
Can be used by age between 1-55+ Women,

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ENTREPRENURSHIP AND INNOVATION
Psychographic
Income per month
Behaviour
men, children
Food safety and healthy life style of people
<1,000,000<3,000,000, It can be affordable by
poor and middle-class people.
Nutritious possessive people, health-conscious
people categories, brand-conscious
Product Development- Will focused on developing a new milk powder, named as
“Miraka’s Organic Milk” to improve its growth rate in the market. Miraka is focused on
continuing its development to deliver a better powder products (Duso, 2017). The research
and development program will focus on blending nutritional ingredient in the ingredient
powders.
4P’s of Marketing
This is also known as marketing mix of the company that is used to promote their
brands that differentiates them from their customers. This includes the Four Ps Model that
has been proposed by E. Jerome Mc Carthy (Resnick et al., 2016). This has been proposed by
most of the company in their marketing strategies. The four Ps model of Miraka Company
that will be included in renovation strategy are:
 Product- A new product that will be innovated will be known as, Miraka’s Organic
Milk”. This ingredient powders will be having a superior quality of farm-fresh Goat
milk with extreme capacity of delivering values to the customers. The powder will be
available in 1 kg & 400g packs and also with single sachets. The farm fresh nature of
the powders are the most important advantage of this product. The product will be
rich in Omega-3 & Vitamin 16 that will help to grow as a healthy family. The milk

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ENTREPRENURSHIP AND INNOVATION
will also contain minerals that will support the toddler’s for efficient growth. The milk
will also contain calcium of 125 mg to make an allergic free product.
 Price- Therefore, the product is designed both for poor and middle class families. This
is affordable for the customer. The minimum price of this milk powder will be on an
average of $3.56 bottle of milk. Therefore, the price is set in a way that it can be
easily affordable by the customers. The price of 400 g of milk powder will be packed
with package. Per package will contain 250 ml of milk, which is very much sufficient
for children between 0-15 years. Pack of 1 Kg will be sufficient for women which will
cost $2.15. The price of product distribution will be done according to the sales
volume in the distribution channel. The retail price will be $1.49.
 Place- The factory is located in city of Taupo in Northern Island of New Zealand. The
product will be exported to all the countries of Northern and South America, Northern
Africa, Eastern Africa, Northern Asia, Southern Asia, Australia and Pacific countries
of the region. The product will be also sold directly through online business website.
(Shengnan & Nedelea, 2019). The products will be also distributed through retail
stores, who will sell it directly to the customers.
 Promotion- The products will be advertised using various advertisement techniques.
Some of the advertisement techniques are advertisements through newspaper,
magazines, advertisements through online business websites, implementation of sales
promotion techniques like execution of Campaign within the local region.
Competitor Analysis
Fonterra has been the most leading competitor of Miraka Milk processing company.
Baby Formula is a milk product of Fonterra will be the main competitor of “Miraka Organic
Milk”. It has been reviewed from the current landscape analysis that, Miraka has only 1%
market shares in terms of milk-processing companies in New Zealand (Yan, Jin & Geng

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ENTREPRENURSHIP AND INNOVATION
(2017). This findings were evaluated in the FY 2016. The other competitors are Tatura,
Westland, OCD, Synlait and Oceania.
Figure 1: (Current Market Share of New Zealand Milk-processing companies)
Fonterra is the largest competitor because this is owned by most of the farmer
suppliers. The others have their own domestic ownership except Tatua & Westland. Fonterra
have diversified themselves into a wide range of products and their ingredients that have
specialised quality of ingredients (Chalise & Knight 2019). All the competitors have started
building milk powders except OCD. They have started diversifying their products by
manufacturing UHT liquid milk in their products. The Fonterra has encouraged as the
maximum milk production capacity in the year 2017 and 2016. Therefore, this is the major
competitor of Miraka Company in terms of milk production across New Zealand.
Unique Value Proposition- "Miraka Organic Milk” will be made of goat milk that
will be rich in Omega-3 DHA, Vitamin 16 and minerals. The product will also contain
calcium of 400g that will help the product to be allergic free and support in healthy growth of
the children (Moqaddamerad et al., 2016). This will allow the company to add value to the
customers and satisfies the consumer need.

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ENTREPRENURSHIP AND INNOVATION
Innovation for Issue
Innovation for allergies in the product- As Miraka provides only milk powders which
are not sufficient to satisfy the customer needs company must lead the research and
development centre to focus on innovation of executing a broader range of products like baby
products, healthy yogurts flavoured ice-creams, butter and cheese many more. The new
product will focus on solving the issue of allergies in the product in order to deliver value to
the consumers & gain a competitive advantage in the market. (Shestakova et al., 2019).
Survey program will be conducted by research and development centre to evaluate the
customers’ needs related to products. This survey will be done outside the city of Taupo city
and will be conducted in the form of a questionnaire through the official business website.
This will help to understand the customer expectations and on the basis of this, the innovation
of product will be done to expand their business and reach towards a broader range of baby.
Beyond the above aspects, innovation of product will be done by testing it in the small
market before expanding it in a broader range. On the basis of market test, it will do a slight
changes in the baby product on the basis of milk size, milk quality and milk taste (Nambisan
et al., 2017). Calcium of 400 g will be added in the milk to make an allergic free product.
Miraka’s Organic Milk will also contain Omega-3 DHA, Vitamin 16 and minerals that will
provide support for healthier growth of the toddles. Advertisement of the new product will be
done in newspaper, magazines and through campaigns within the local region. The product
will be distributed through retail stores and online business websites.
Unfair Advantage- This innovation of Miraka’s Organic Milk, will be having an extra
nutrient quality that will add value to the target customers. This will give a long-term benefit
that will reflect and ensure well-being of others. Also, Company is following good

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ENTREPRENURSHIP AND INNOVATION
sustainable practices like addition of calcium in product to be allergic free and focus on
producing high-quality products with low carbon prints.
Critical Business Risk Appraisal for the proposed innovation
Cost Structure of the Miraka’s Organic Milk- Cost will be related to fixed cost from
fixed cost, variable cost from fuel, water and power consumption and overall maintenance
cost of the business unit. (Chang, Hall & Paz 2017). Product development process will use
enough power in terms of variable cost for doing expenses in its business units. Other
variable costs is relate to the use of fuel and water. Fixed cost is related to the fixed
equipments used in the dairy processing system. The total cost of the product is expected to
be around $ 2,30,000 from the business operation.

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ENTREPRENURSHIP AND INNOVATION
Revenue Streams- The total profits from Miraka’s Organic Milk is expected to be
increased at 6% after one year of the product launch. The revenue is expected to be around
$3,00,000 at the end of one year. The value added strategy of the company will help to
provide an immune protein milk that can allows health benefits for the children.
Risk Model
This model will focus on the risks that the company will have on the basis of
competitors of the firm that are operating in the same business sector (Sadgrove, 2016). The
various risks associated in the business are explained on the basis of business model risk
framework.
Component Description Properties Risk Profile
Financial Risk The different groups
of customers that
reach to the
business.
The competitors
may also be
segmenting with the
same strategy and
similar customer
group. The customer
may desire to
purchase the
competitors product.
This is a possible
risk implications in
this case.
The competitors
having similar
strategy of product
innovation then it
will affect the client
base of the company
& will ultimately
reduce the product
appeal. This will
affect the business
revenue. Hence,
there is a financial
risk associated with
the product that has

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ENTREPRENURSHIP AND INNOVATION
been developed.
Hazardous Risk Various natural
resources,
chemicals, tools &
equipment are used
in the product
development
process.
The company goes
through various step
in the production
process (Leidner &
Lenz (2017). The
production process
uses chemical drugs
for the dairy
processing process.
There is risks
associated with the
use of chemicals in
the production
process. It can be
hazardous for the
workers and the
industry.
Physical Risk Various technologies
will be used for
enhancing product
quality in the new
product (Chaniago
& Widyantoro,
2017).
Technologies like
milk yield
recordings, daily
measurements for
weight, automatic
recorders of
temperature will be
used in the product
development
process.
There is chance of
technological risks
during the product
innovation process.
Enhancing superior
quality of nutrients
and vitamins in the
product require
advance technology.
There can be a
chance of physical
risks like failure in
information security
or any other disrupt
in the technology.

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ENTREPRENURSHIP AND INNOVATION
Social Risk The actions that can
affect the
communities
The product
development process
can cause in
corruption in
company officials
and labour issues.
The product
development process
can lead to issues
within the workforce
and can be
corrupted.
Corruption can
affect the public and
the community.
Hence, there can be
social risks.
Psychological risk This is related to
working conditions
of the product
development
process.
The employees may
be require to
contribute
themselves more in
the production
process for
completing the work
within time frame.
Working for all
working days may
cause health issues
and lack of efficient
decisions in the job.
Therefore, the
psychological risk
may impact the
efficient product
innovation process.

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ENTREPRENURSHIP AND INNOVATION
Conclusion
Therefore, it is concluded from the above study that, Miraka Company is a dairy
processing industry that has been established in New Zealand and mainly focuses on deriving
strong values to the customers and are associated with the culture beliefs of the owners. The
business is focused on making best business decisions for enabling an optimum quality of
products with affordable price to the consumers. The company has a venture with Turaopaki
trust, Wairarapa Moana, Tuaropaki Trust and other farms. The company have shareholders
from these trusts and farms. The industry is unique in cultural sense that helps in building the
profitability of the business. From the SWOT analysis of the company, it was found that, the
main threat of the company is that, the company has a small stake with Global Dairy Network
(GDN) which is the ex-partner of Fonterra, an excellent experience in sales and marketing of
the milk production. This is can be a threat for the company in the competitive market. New
product will be innovated for solving the issues of allergies within the children. The new
product will be named as Miraka’s Organic Milk. This baby product will be developed for
twelve months children.

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ENTREPRENURSHIP AND INNOVATION
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