RICARDO PALMA UNIVERSITY

ECONOMIC AND BUSINESS SCIENCES FACULTY

GLOBAL BUSINESS ADMINISTRATION SCHOOL

PROJECT OF EXPORT OF DEHYDRATED GOLDEN BERRY TO NEW YORK

(USA)

PROFESSOR: Dr. Fernando Larios Meoo

COURSE: Investment Projects Design

GROUP MEMBERS:

Diego Martn Huamn Santander

Joselyn Junco Echevarra

Kennedy Meza Taboada

Mayra Silva Villaizn

SURCO, NOVEMBER 26th 2016

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INDEX

Executive Summary .............................................................................................................................. 4

I. Project profile ............................................................................................................................ 5
1.1. Title ......................................................................................................................................... 5
1.2. Location .................................................................................................................................. 5
1.3. Start and end date .................................................................................................................... 8
1.4. Investment amount .................................................................................................................. 8
1.5. Type of funding..................................................................................................................... 10
1.6. Objectives ............................................................................................................................. 10
1.7. Core activities ....................................................................................................................... 11
II. Background ............................................................................................................................. 11
III. Project processes ..................................................................................................................... 13
3.1. Project initiation .................................................................................................................... 13
3.2. Project planning .................................................................................................................... 16
3.3. Project execution ................................................................................................................... 21
3.4. Project monitoring and control ............................................................................................. 22
3.5. Project closure ....................................................................................................................... 23
IV. Project phases .......................................................................................................................... 24
4.1. Idea ........................................................................................................................................ 24
4.2. Pre-investment ...................................................................................................................... 25
4.3. Investment ............................................................................................................................. 25
4.4. Operation............................................................................................................................... 25
V. Project strategy ....................................................................................................................... 25
5.1. Cost leadership ...................................................................................................................... 25
5.2. Differentiation ....................................................................................................................... 26
VI. Market study ........................................................................................................................... 26
6.1. Location ................................................................................................................................ 26
6.2. Demand ................................................................................................................................. 27
6.3. Supply ................................................................................................................................... 27
6.4. Quantitative and qualitative analysis ................................................................................... 28
6.5. Survey ................................................................................................................................... 28
VII. Feasibility study ...................................................................................................................... 31
7.1. Legal ..................................................................................................................................... 32
7.2. Technical ............................................................................................................................... 33
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7.3. Economic Financial............................................................................................................ 34

7.4. Environmental ....................................................................................................................... 37
VIII. Sensibility Analysis ................................................................................................................. 37
IX. References ................................................................................................................................ 39
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Executive Summary

Andean Nature is a company specialized in the production and commercialization of

natural snacks, especially dehydrated fruits, in the Peruvian market; however, and due to the
international market development, growth, and the increase of golden berries consumption in
the international framework, the company is formulating a project to export this fruit in its
dehydrated form to the New York (USA) market. For that reason, the company has designed
a project to achieve the settled objectives.

As a company, it has a production factory in Los Olivos whose structure is distributed

in nine areas including the administrative ones. The date of initiation of the project will be
December 1, 2016 and it will end on December 31, 2017; and its duration will be 52 weeks.

Among the goals outlined in the project, we have established to successfully introduce
the product into the New York market and get a 69% of return; both objectives are to be
accomplished in the first year of operation. To achieve the mentioned objectives Andean
Nature has established a series of activities, distributed into five stages or processes, which
are; initiation, planning, execution, monitoring and closure.

On the other hand, the total amount of the investment for this project is USD
2431,134 which is funded by USD 2381,134 of own capital and the rest with a bank loan.
What is more, we will offer our product in the most important supermarkets of New York at a
unit price of USD 2.50. These aspects give our product two types of strategies which are cost
leadership and differentiation. It is important to mention that our project is profitable because
it has a positive NPV (USD 379,248.91) considering a discount rate of 20%; finally the IRR
of the project is 17.04%

In order to obtain a high level of acceptance and competitiveness our company and
our product will fulfill the requirements of several international standards related to quality,
food safety and environment such us ISO 9001:2008, HACCP and ISO 14001:2004.
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I. Project profile
Andean Nature is a small consolidated company that
is specialized in the production and commercialization of
natural snacks, especially dehydrated fruits, in the Peruvian
market, where it develops all its activities until now; that is
why, in order to expand not only its market, but also, its product line, this project is
been presented.
Due to the intense demand of golden berries in the international market, our
company seeks to enter to it, exporting this product but in its dehydrated form, since
this is a market that has had a steady growth over the last 10 years.

1.1. Title
Project of export of dehydrated golden berry to New York (USA).

1.2. Location
Our company has a production factory in Los Olivos, Lima; exactly in Alfredo
Mendiola #748 where it has the machinery, equipment and specialized facilities for
the production process of our products.
The areas distribution of the factory mentioned are the following:

Table 1. Area distribution

Section Surface m2
A. Finished product warehouse 28.7
B. Raw material warehouse 148.3
C. Selection and inspection 148.3
D. Production area 214.9
E. Selection and inspection 71.6
F. Toilets 71.6
G. Administrative area 114.6
H. Personal area 71.6
J. Entrance 563.1
TOTAL 1432.7
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Graphic 1: Production plant distribution

Graphic 2: Entrance to the production factory

Graphic 3: Interior of the production plant

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Graphic 4: Entry of raw material

Graphic 5: Selection and Inspection of raw material

Graphic 6: Process of dehydration of the product

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Graphic 7: Packaging process of the product

1.3. Start and end date

In agreement on the objectives to be discussed later, the project duration time
is based on one year (52 weeks), beginning on December 1st, 2016 and ending on
December 31st, 2017.

1.4. Investment amount

In order to determine the amount of the investment for this project we will first
estimate the demand of our product based on the following information:
Our target market is people from 20 to 40 years old of the city of New
York in the USA. This group of people represents the 57% of the total
population of that city.
We expect 1% of market share during the first year of operation in the
target market.
Table 2. Quantification of the actual market
MARKET MARKET SIZE COMMENTS
Total population 323,000,000 Total USA population
Potential market 8,000,000 Population of New York
57% of the population of New York are between 20 to 40
Target market 4,560,000
years old
Actual market 45,600 We estimate a 1% of market share

Table 3. Quantification of the raw materials required

DESCRIPTION QUANTITY UNIT COMMENTS
Actual market 45,600 people We estimate a 1% of market share
We estimate that each consumer will buy
Frequency of purchase 136,800 units/month
our product 3 times per month
Dried golden berry 20,520 kg/month As each bag will contain 150gr of product
Plastic bags and labels 136,800 units/month Average number of bags needed monthly
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Table 4. Raw material cost (per month)

RAW MATERIAL (monthly)
Equivalent in Cost per unit
Raw material Unit Cost Quantity Total (USD)
dried (Kg) produced
Fresh golden berry Kg 1.40 85,000 119,000 41,040 0.43
Total - - - 119,000 - 0.43
Total cost of raw material (per year) (USD) 1,428,000
Table 5. Direct workforce cost (per month)
DIRECT WORKFORCE (monthly)
Cost per unit
Workforce Salary (USD) Quantity Total USD
produced
Regular operators 700 5 3,500 0.026
Specialized operators 900 3 2,700 0.020
Total - - 6,200 0.05
Total cost of direct workforce (per year) (USD) 74,400
Table 6. Depreciation (per month)
DEPRECIATION
Useful life Lineal monthly
Machinery and equipment Quantity Unit price (USD) Total price Sales tax (18%) Purchase cost
(years) depreciation
Small dehydrator oven 1 700 700 126 574 5 9.57
Large dehydrator oven 1 12,000 12000 2160 9840 5 164.00
Vacuum packaging machine 2 2,500 5000 900 4100 5 68.33
Electronic scale 2 400 800 144 656 5 10.93
Construction 1 304,878 304878 54878 250000 20 1041.67
TOTAL 323378 58208 265170 - 1294.50

Table 7. Indirect costs of manufacturing (per month)

INDIRECT COSTS OF MANUFACTURING (per month)

Cost per unit

Description Salary (USD) Quantity Total (USD)
produced
Services
Electricity supply 2,500 0.018
Water supply 1,400 0.010
Phone and Internet supply 1,200 0.009
Transport
Transport of raw materials 7,500 0.055
Transport of finished products 5,000 0.037
Depreciation 1,295 0.009
Labels and packaging 4,000 0.029
Certifications, licenses and permissions 12,000 0.088
Factory certification 3,500 0.026
Indirect workforce
General manager 7,000 1 7,000 0.051
Area manager 5,000 3 15,000 0.110
Supervisor 2,500 2 5,000 0.037
Customs agent and other export costs 12,000 0.088
TOTAL 77,395 0.566
Total indirect costs of manufacturing (per year) (USD) 928,734
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Table 8. Price definition

PRICE
Unit cost Unit profit Sales tax in Unit price
Product
(USD) (127%) NY (8.875%) (USD)
Dehydrated golden berry 1.05 1.33 0.12 2.50

Table 9. Total investment projection

TOTAL INVESTMENT
Total cost of raw material (per year) (USD) 1,428,000
Total cost of direct workforce (per year) (USD) 74,400
Total indirect costs of manufacturing (per year) (USD) 928,734
TOTAL 2,431,134

Table 10. Return projection

RETURN
Total sales (USD) 4,100,342
Total investment (USD) 2,431,134
TOTAL (USD) 1,669,208
TOTAL (%) 69%

As shown on Table 9 the total amount of the investment for this project is
USD 2431,134.

1.5. Type of funding

The funds of the project come from two main sources:
Capital: Composed by USD 2381,134. This capital covers the
purchase of the construction, machinery and equipment needed, the
payment of the direct and indirect workforce and the working capital.
Bank loan: Composed by USD 50,000. This money will cover the rest
of expenses and costs of the project, especially the cost of the direct
and indirect cost materials needed, the cost of the certifications and
permissions, and the cost of export.

1.6. Objectives
The main objectives of the project are the following:
Introduce, in a successful way, our dehydrated golden berry in the New
York market within the first year of operation.
Obtain a 1% of market share in the first year of operation in the
selected target market.
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Begin the process of brand positioning in the USA market, especially

in the natural snacks sector within the project duration time.
Obtain a 71% of profit at the end of the project.

1.7. Core activities

Development of a market study, focused on our target market
Development of a feasibility study
Implementation of practices according the international quality
certifications
Search of raw material and inputs suppliers
Analysis and selection of suppliers
Hiring the staff required
Product development and production
Supervision of the production process
Quality control
Packaging and product labeling
Development of the international physical distribution process of the
product
Post-sales service
Comparing actual outcome to the predicted outcome

II. Background
According to the research developed by Willis and Perez Eusebio Zoeger
Judith V. (2015), "Investment project for the installation of a processing plant of
dehydrated golden berry in the province of Celendin export market for New York,
USA", the main objective of the study starts off from the need to find viable in
exporting the dehydrated golden berry from the department in the country where most
of the product referred is produced (Cajamarca) to one of the most demanding US
states, New York.

In our opinion, after reviewing the core of this research, the various market
studies showed that there were many possibilities for the customer were to accept the
product; determining the capacity of the processing plant in order to avoid the damage
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that could be caused during product development. What is more, the financial study
revealed how profitable and manageable the project would become.

On the other hand, the research developed by Ruiz Alfaro (2014),

"Oportunidades de negocio en el mercado de Canad para incrementar las
exportaciones peruanas de aguaymanto deshidratado de la regin de Cajamarca en el
periodo 2014-2018 was aimed to the study of the business opportunities for small
and large companies that were interested in exporting to the Canadian market,
exploiting in this way the geospatial conditions of the growing area as a competitive
advantage for the exporters. Being the golden berry, after the dehydration process, the
product chosen to meet and satisfy the growing international demand in this market.
Like the previous study, it turned out to be a very favorable and feasible alternative
for a long-term investment.

This work is related to the ongoing project, as it proposes a material guide for
the export of golden berry, analyzing the capabilities of the Cajamarca; the
competitiveness and leading exporters worldwide. At the same time, this research
addresses the structure of work, step by step; the activities and a description of each
one in detail.

Golden berry and its derivatives, as mentioned in both research, has a high
export value that, with government assistance and increased interest of private
entrepreneurship, could generate social and economic benefits to all the participants
of its value chain.

Finally, Coahila Osorio (2011) in her research "Generacin de un diseo de

plan de marketing para la exportacin de aguaymanto (Physalis peruviana L.) y sus
derivados producidos en el Cusco durante el periodo 2000-2010" mentions that in
recent years, the evolution of US imports has shown the willingness to buy healthy
products and exotic foreign fruit. This trend has been increasing, in a gradual way, the
consumption of organic food in several presentations.
Indeed, Americans are more concerned about what makes up their daily diet; it
is known that at the moment of purchase artificial flavors and dyes are mostly
avoided. This preference for natural product is reflected in the growing demand for
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products rich in vitamins, proteins and nutrients instead of food that contain fat and/
or sweeteners. This is how the demand for natural snacks has found their place in the
market (especially in the markets of the most developed countries around the world).

III. Project processes

In this chapter, the processes of the project will be explained, the ones that
should be followed in order to make a better use of the existing resources.

3.1. Project initiation

At this initial point, the first ideas will be established, they must be concreted
so as to continue until the last process, the closure, and so all following process
may have clear fundaments.
3.1.1. Selection of the best project given resource limits
This was considered the best project, given the validity of the technical
fundamentals. Moreover, there is a big level of innovation on the proposal; the
economic and business feasibility studies of the project are included, not
leaving aside the economic impact of the project.
Some technical fundaments are:
Growth of the agroindustry sector of 24.5%.
The 17% of the Peruvian occupation is within the agroindustry
sector.
The government promotes the cultivation of native fruits.
Dried fruits generate good consumer expectation in the
international market.
Cajamarca, our main provider, has become one of the regions with
the highest rates of export of golden berry in the country.
Stable financial situation, so the access to credit is feasible.
3.1.2. Recognizing the benefits of the project
There are many benefits that generate the implementation of this
project, including:
New sources of revenue resulting from the sale of the product
(dehydrated golden berries) in the international market.
Expansion of the product line.
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Coverage and positioning of national and international market.

3.1.3. Preparation of the documents to sanction the project
In this chapter it is going to be mentioned all the authorization needed
in order to run the project.
First of all, our company will use organic golden berries, given that our
target market demands that kind of products. The trend in the USA, in the
consumption on this kind of products is increasing continually.
Organic Golden berries
They come from Celendin, Cajamarca, Peru, free of synthetic
fertilizers and chemical pesticides at any stage of their agricultural
production and management of post-harvest. For this reason, our
golden berries will have a certificate issued by the certifying entity
accredited by the United States Department of Agriculture (USDA),
where it will be demonstrated that the fruit meets all the requirements
to be organic. The product certification will be exhibited and stamped
as USDA ORGANIC.
Food Safety Regulation
It will be implemented in order to ensure the safety of
agricultural food, also, to protect the life and health of people,
recognizing and ensuring the rights and interests of our international
consumers.
DIGESA
This entity establishes requirements and procedures for sanitary
registration, licensing of plants and export health certificates for our
product so as to be suitable for human consumption.
SENASA
It provides phytosanitary and zoo sanitary certificates related to
the state of the premises and facilities of the companies dedicated to
agricultural production, including that intended balers used for our
product in accordance with the requirements of the National
Agricultural Health Authority of the importing country.
Quality Systems and Standards
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The essential principles of food hygiene from the primary

production to the final consumer will be identified, establishing the
conditions of hygiene necessary for the production of safe and suitable
products for human consumption.
HACCP
HACCP, it will ensure the sanitary quality and safety of our
product, so that it can be suitable for human consumption.
HACCP application will be supported and documented in a
"HACCP Plan" and must comply with the manufacturer prerequisites
established in the existing legal provisions health and safety of food.
Requirements to export to the United States
Prior Notice: This involves filling out a form that must be
received and confirmed by the FDA. Notifications back to our company
will be sent within five days before the arrival of the shipment taking
minimum time to receive notifications: 8 hours if is maritime (applied
by our case).
Establishment and Maintenance of Records
For the best control and surveillance of products marketed in
the United States, the FDA asks to establish and maintain records
related to: Manufacturing, processing, packaging, distribution, receipt,
storage and import.
3.1.4. Assigning of the project manager
In this part, it is mandatory to select the right person as the project
manager.
For our company the project managers main responsibility will be to
promote communication, cross-functionally toward common goals and
objectives.
The project manager in the case of our company is: Mr. Diego
Huamn, who was mainly chosen based on who the customer is and what kind
of customer relations will be necessary.
The main functions are:
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The project manager has the right to request specific resources, but
the final decision of what resources will be committed rests with the
line managers.
Stakeholders are organizations that can be favorably or unfavorably
impacted by the project. As such, project managers must interface
with these stakeholders, and many of the stakeholders can exert
their influence or pressure over the direction of the project.
The project manager must be willing to manage within the
guidelines, policies, procedures, rules, and directives of the parent
organization.
The project manager is treated as though he is managing part of a
business rather than simply a project, and as such is expected to
make sound business.

3.2. Project planning

3.2.1. Definition of the work requirements
The personnel required for the company, the one that will be
responsible for processing golden berries and dry them to be exported should
be highly qualified and able to perform the necessary operations. Qualified
personnel who will regularly work in our company will have a constant
compensation system.

3.2.2. Definition of the quality and quantity of work

General Manager: He will be in charge of determining what is
related to the styles and new styles in the process of dehydration, to
develop and implement the best working method, to inform
supervisors some changes in methods, to direct the activities of
supervisors, to monitor the payment reports, to represent the
organization at all times.
Area Manager: Responsible for overseeing sales, visits potential
customers, establish and maintain an optimal level of
communication between the company and suppliers, oversee the
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planning, implementation and control visits by its sales force,

among others.
Its functions are also related to manage and coordinate area
sales, manage and control ongoing projects, participate in
developing growth strategies, market research and implement
promotional strategies and sales techniques, direct and control the
activities of the commercial area to maximize profitability business,
defining the business strategies of the organization, they also have
authority in determining prices.
Specialized Operators: their functions are to supervise the correct
handling of the corresponding machines, teaching procedures to be
followed by the regular operators.
Regular Operators: To manage and properly handle the machines
correspondingly, effectively and efficiently; to package the
products according to the required specifications, maintaining
constant communication with supervisors to give appropriate
priority to repairs of machinery, to monitor the scheduled
preventive maintenance.
3.2.3. Definition of the resources needed
Production Resources:
Machinery and equipment: required for production of the
product.
o Small dehydrator oven
o Large dehydrator oven
o Vacuum packaging machine
o Electronic scale
Raw Material: for the production of the final product.
o Golden Berries coming from Celendin, Cajamarca
Inputs: Accessories for the production of the product. Among
them, polypropylene bags bi-oriented, labels, other materials
such as cardboard boxes, tape, and protective equipment to
export.
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Direct and indirect workforce: Composed by the general

manager, the area managers, the supervisors, the specialized and
the regular operators.
3.2.4. Scheduling the activities
Project initiation
o Time: 6 weeks
o Activities involved:
-Selection of the best project given resource limits
-Recognizing the benefits of the project
-Preparation of the documents to sanction the project
-Assigning of the project manager
Project planning
o Time: 7 weeks
o Activities involved:
-Definition of the work requirements
-Definition of the quality and quantity of work
-Definition of the resources needed
-Scheduling the activities
-Evaluation of the various risks
Project execution
o Time: 31 weeks
o Activities involved:
-Negotiating for the project team members
-Directing and managing the work
-Working with the team members to help them improve

Project monitoring and control

o Time: 31 weeks
o Activities involved:
-Tracking progress
-Comparing actual outcome to predicted outcome

-Analyzing variances and impacts

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-Making adjustments
Project closure
o Time: 31 weeks
o Activities involved:
-Verifying that all of the work has been accomplished
-Contractual closure of the contract
-Financial closure of the charge numbers
-Administrative closure of the paperwork
The following chart shows the distribution of all the processes and their
activities during the whole duration of the project:
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Chart 1. Schedule of process and activities

SCHEDULE
MONTH DEC-16 JAN-17 FEB-17 MAR-17 APR-17 MAY-17 JUN-17 JUL-17 AUG-17 SEP-17 OCT-17 NOV-17 DEC-17
PROCESS ACTIVITY WEEK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52
Project initiation
Selection of the best project given resource limits
Recognizing the benefits of the project
Preparation of the documents to sanction the project
Assigning of the project manager
Project planning
Definition of the work requirements
Definition of the quality and quantity of work
Definition of the resources needed
Scheduling the activities
Evaluation of the various risks
Project execution
Negotiating for the project team members
Directing and managing the work
Working with the team members to help them improve
Project monitoring and control
Tracking progress
Comparing actual outcome to predicted outcome
Analyzing variances and impacts
Making adjustments
Project closure
Verifying that all of the work has been accomplished
Contractual closure of the contract
Financial closure of the charge numbers
Administrative closure of the papework
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3.2.5. Evaluation of the various risks

Some of the main risks that our project faces to are the following:
Colombian companies are our main direct competitors, the ones
that also supply our target market (New York, USA).
Potential competitors can become big bidders.
Ecological risks that may affect our suppliers of raw materials.
Entry of foreign processing companies.

3.3. Project execution

3.3.1. Negotiating for the project team members
As a company we consider that the projects team members are
made up of those people dedicated to the project or borrowed on a part-
time basis.
The company is committed to provide leadership, direction, and
above all, the support to team members as they go about accomplishing
their tasks. Working closely with the team to solve problems can help
the company learn from the team and build rapport. Showing the
support for the project team and for each member will help the
cooperation.
The future team members will be evaluated in a first instance by
evaluating their CVs and then psychological and psychometrical
evaluations will be applied in order to identify the ones that fulfill the
requirements of the profiles needed.
3.3.2. Directing and managing the work
Managing the project with the team members requires
interpersonal skills. The activities are in charge of one of the Area
Managers, as to:
Establish clear tasks and activities for each member in order
to increase the productivity.
Evaluating and controlling the daily performance of each
team member.
Checking that all the work is being developed under the
standards of the certifications.
Checking that all the work is done within time and fulfilling
the minimum quality standards set.

3.3.3. Working with the team members to help them improve

At this point the first activity to consider is:
Feedback communication
As a company, it is considered a process that
requires constant attention; feedback communication will be
done to promote efficient performance. Operators have to
know if what they are doing is well. For them it is
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satisfactory to hear thoughts from the company and

suggestions on ways to improve, though, that feedback has
to be delivered carefully and frequently.
Giving feedback will be done by the one of the Area
Managers, given that it is considered an effectively skill.
And like all skills, it takes practice to build confidence and
improve.

There are some activities that the Area Manager will

do in order to help team members improve:

o Involve team members in the project planning.

o Coordinate privately with each team member at
several points in the project.
o Be available to hear team members concerns at
any time.
o Encourage team members to pitch in and help
others when needed.
o Complete a project performance review for team
members.
3.4. Project monitoring and control
3.4.1. Tracking progress
The tracking control will be focused on the set of activities carried out
by the team members in order to ensure that all the activities are being carried
out as close as possible to the initial plan.
Procedures in order to make the tracking:
Definition of control parameters: They will allow us to determine
whether the actions are being concretized or not.
The control parameters will be applied in the following:
o In the raw material
o During the process
o Efficiency of the regular operators
o Number of packages produced per day
o At the end of the production

3.4.2. Comparing actual outcome to predicted outcome

The activities in order to make the comparison are to compare:
The actual total budget with the predicted one.
Total cost of raw material: fresh golden berries.
Total cost of direct workforce: Regular operators and
Specialized operators
Total indirect costs of manufacturing: Among them services
of electricity, water supply; transport, depreciation, labels
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and packaging, certifications, licenses and permissions,

indirect workforce and customs agent and other export
costs.
Operators performance
Production performance of the dehydrated golden berries.

3.4.3. Analyzing variances and impacts

At this point the evaluation of potential variances will take place; the
comparison between the results sought to obtain and those actually obtained
will be performed. By the uncertainty inherent in the planning itself, it is
important to determine the magnitude of the discrepancy and their impact on
the process of implementing the project.

The impacts will be reviewed in order to define which areas of the

project will be affected by any variance. On the other hand, external factors
will be analyzed to understand the impact of variances that are not necessarily
linked to the project, but that may be affecting it.
3.4.4. Making adjustments
Two main activities will be performed at this point:
Definition of corrections: Once verified an error and assessing its
severity, it is necessary to analyze the possible existing solutions
and select the one that seems most appropriate.
Implementation of corrections: It will take place immediately after
the most appropriate solution was found.

3.5. Project closure

3.5.1. Verifying that all of the work has been accomplished
This will be done with the system implemented on the project, where it
will tell us if all tasks and activities were accomplished; if not, immediate
action will be taken in order to achieve them.

3.5.2. Contractual closure of the contract

That involves accepting all the work of monitoring in order to ensure
that every step is completed, receiving pass through guaranties, warranties and
 24

licenses, to resolve any dispute or details in the contract inside. Unresolved

claims have to be resolve after the closure procurements are finished.
3.5.3. Financial closure of the charge numbers
Even though the previous step may have been completed, there may
still exist open charge numbers to complete the paperwork that has not been
done yet. This will include any processes and documents related to the
financial statements of the project and some others related.
3.5.4. Administrative closure of the paperwork
The contracting parties buyer and seller both agree that the seller
(our company) that has provided the dehydrated golden berry, has completed
the work stipulated in the contract; and the buyer (American companies) have
accepted it and paid for the price.

IV. Project phases

4.1. Idea
To develop this project, we rely on the business opportunity that was found in
the lack of consumption of healthy snacks into the daily nutrition of people of our
target market. During the generation and development of our business idea we
found important data about the actual malnutrition problems of the population,
considering the following the most important ones:
The Centers for Disease Control and Prevention states a dramatic increase

in obesity has occurred in the United States during the past 20 years.

Approximately one in three adults - or 34 percent - and one in six children

and adolescents - or 16.2 percent - are obese. (Ricketts, n.d.)

The United States Department of Agriculture reports that most Americans

are not eating enough fresh produce and whole grains while consuming too

much saturated fat and sodium. Poor dietary choices are linked to obesity,

high LDL cholesterol levels, high blood pressure, heart disease, stroke and

cancer, according to the USDA. (Ricketts, n.d.)

 25

4.2. Pre-investment
Into this stage we develop the feasibility study of the project before making the
investment; that is why it was necessary to analyze all the costs that would be
needed to execute the project, as well as the expected return and income that this
project will generate.
What is more, we analyze the environmental impacts that our project could
produce and if the political, legal and technical aspects are favorable for the
development of our project.
4.3. Investment
Once we prove the feasibility of our project, we concluded that the project will
give us the results and return expected, so we proceeded to make the investment.
4.4. Operation
Once we have made the investment, all the purchase of raw material,
packaging and machinery was made in order to develop the essential processes such
as the dehydration of our product as well the packaging and distribution of it.

V. Project strategy

To carry out our project, we decided to apply and highlight two strategies in
which we will make a difference as a company and as a product; this is because of the
type of product we offer and the relationship with our suppliers. To ensure the success
of our product and, at the same time, the growth of our company, we rely on two main
strategies:

5.1. Cost leadership

Basically, we offer a product with leadership in cost, since our company does
not perform higher expenses of product industrialization and processing, this is
because our product is 100% natural, but also, because the only process it suffers
is the dehydration, it does not contain any additional supplement. Another
important point, and the reason why we can apply to this strategy, is that our
suppliers are mainly producers, that means that all the golden berry we use, comes
directly from the field to our processing plant. This strategy is evidenced in
Graphic 9, as we offer our product at a lower price than the markets equilibrium
point.
 26

5.2. Differentiation
This strategy, in our case, is primarily concerned with factors such as quality,
safety and health. Since there is much importance on nutritional topics into our
target market, as all we know the main topic is about nutrition, that is where we
find a point in our favor, because the product we offer is not only a snack that
satisfies the hunger of our consumers, but it also helps them with a variety of
vitamins and minerals making our product different from others, in terms of
nutritional factors. This strategy is also related to the fact that there are not
products offering dehydrated golden berry in our target market.

VI. Market study

In this chapter, we will present and analyze the models of the quantity
demanded and supplied and the calculation of the sample size. It is important to
mention that all the models presented are statistically significant (see Annex).

6.1. Location
Our product will be mostly offered in the most important supermarkets of New
York.
Graphic 8. Location

Table 11. Location

SUPERMARKET
C-Town Supermarkets
Fine Fare Supermarket
Pioneer Supermarket
Gristedes
Morton Williams
New York Supermarket
D'Agostino
 27

6.2. Demand
In the following tables, we present the model of the function of the quantity
demanded of our product in our target market. As we have presented in Table 3,
the estimated quantity demanded of our product is about 3 units of our product per
person in a monthly basis, which give us a total of 136,800 units per month. The
model presented reflects a much approximated value. It is important to take into
account that our product price is USD 2.50.
Table 12. Quantity demanded
Y X
Variable Dependent Independent
Observation Qd P
1 35,000 5.00
2 87,000 4.50 Qd = 250,000 - 45,200P
3 100,000 3.50 If P = 2.50
4 120,000 3.00 Qd = 250,000 - 45,200*2.5
5 137,000 2.50 Qd= 137000
6 154,000 2.00
7 167,000 1.50
8 180,000 1.00
9 200,000 0.50
10 250,000 0.20

6.3. Supply
In this section the function of the quantity demanded (presented in the
previous point), the function of the quantity supplied and their relation are shown.
What is more, Graphic 9 represents the equilibrium point of our product in the
target market.
Graphic 9. Equilibrium price and quantity
DEMAND MODEL P
Qd= 250,000 - 45,200P Qs

SUPPLY MODEL
Qs= 80,200 + 11,400P

Calculating the price of equilibrium

Qd = Qs => 250,000-45,200P = 80,200+11,400P 3

169,800 = 56,600P
3=P
Calculating the quantity of equilibrium

Qe = 250,000 - 45,200(3)
Qe = 114,400
Qd
114,400 Q
 28

6.4. Quantitative and qualitative analysis

Table 13. Price elasticity and cross-price elasticities
Price of
Units of product Price Price of juice
snacks
Q P Ps Pj ln Q ln P ln Pt ln Pm
35,000 5.00 6.50 7.20 10.46310334 1.609437912 1.871802177 1.974081026
87,000 4.50 5.30 6.50 11.3736634 1.504077397 1.667706821 1.871802177
100,000 3.50 4.70 6.10 11.51292546 1.252762968 1.547562509 1.808288771
120,000 3.00 4.20 4.75 11.69524702 1.098612289 1.435084525 1.558144618
137,000 2.50 3.85 4.50 11.8277362 0.916290732 1.348073148 1.504077397
154,000 2.00 3.35 3.90 11.94470788 0.693147181 1.208960346 1.360976553
167,000 1.50 2.90 3.25 12.02574909 0.405465108 1.064710737 1.178654996
180,000 1.00 2.20 2.75 12.10071213 0 0.78845736 1.011600912
200,000 0.50 1.35 2.00 12.20607265 -0.693147181 0.300104592 0.693147181
250,000 0.20 0.90 1.20 12.4292162 -1.609437912 -0.105360516 0.182321557

a) Estimating demand
Model 1: Qd= a+bP+ e
Qd= 250,000 - 45,200P Interpretation of coefficients:
250,000: Average of quantity demanded (or sold) regardless (independent) of price.
-45,200: For every unit price increased, the quantity demanded is reduced by 45,200 units.
The negative sign of "b" coefficient confirms the inverse relationship between price and quantity demanded.
Forecasting of quantity demanded, when P= 2.5
Qd = 250,000 - 45,200*2.5 = 137,000

b) Estimating price elasticity of demand

Model 2: ln Q = c + dlnP
ln Q = 11.98 - 0.43 ln P
Interpretation of coefficients:
d= price elasticity of demand = -0.434210471 For every 1% price increase, quantity demanded would be reduced by 0.43%
Given the value of estimated elasticity (less to 1), we can say that quantity demanded of dehydrated golden berry has an inelastic elasticity.
"c" coefficient has no economic interpretation.

c) Estimating cross-price elasticities:

Model 3: lnQd = a1 + a2lnP + a3lnPs + a4lnPj

ln Qd= 17.9282746 - 3.358551536 ln P + 3.568985287 ln Ps - 2.996179476 ln Pj

a1 a2 a3 a4

Coefficient Value Economic interpretation

a1= 17.9282746 None
a2 (related to P)= -3.3585515 For every 1% price increase of dehydrated goldenberry, quantity demanded of coffee would be reduced by 3.36%
a3 (related to Ps)= 3.56898529 For every 1% price increase of snacks, quantity demanded would be increased by 3.57%
a4 (related to Pj)= -2.9961795 For every 1% price increase of juice, quantity demanded would be reduced by 3%

6.5. Survey
Before presenting the survey that we have prepared in order to identify the
preferences and tastes of consumers and the potential level of acceptance of our
product in our target market, we will estimate the number of people that we must
interview (sample size). In order to do so, we are considering a level of confidence
of 95%. The calculation of the sample size is the following:
 29

Calculating the sample size

Population 45,600
Level of confidence 95%
Z 2
Variance 340
Average 165
Error (2% of average) 3.3
Sample size (n) 124.54
n (rounded) 125 people

Once we have calculated the number of people to be interviewed, we have

designed the following survey, the one that is composed by 12 questions. It is
important to mention that the survey is a useful tool for the development of our
project plan for information of people belonging to the target market coming
through our business. Each question and answer can be used to measure opinions
and to receive feedback.
The main objective of this survey is to:
Learn more about to the target market.
Find out the factors that our target market considers relevant when buying
our product, the type of presentation, the place to make the purchase, the
appropriate price (purchasing power).
Receive comments, feedback.
Establish positive relationships.

Survey

1. Indicate your gender:

a. Male

b. Female

2. Indicate your age range is:

a. 18 to 22 years.

b. 23 to 27 years.

c. 28 to 32 years.
 30

d. 33 to 37 years.

e. 38 to 42 years.

f. 43 to 47 years.

3. Do you eat fruits?

a. Yes

b. No

4. How often consume fruits?

a. At least once a day.

b. Twice or more times per day.

c. At least once a week.

d. Twice or more times per week.

5. Do you consider healthy, eating fruits?

a. Yes

b. No

c. Uncertain

6. In what place do you often eat fruits?

a. Home

b. Work

c. College

d. All of the above.

7. Have you heard about golden berry?

a. Yes

b. No
 31

8. Have you heard about dehydrated fruits?

a.. Yes

b. No

9. If you had the chance to try a practical package of dehydrated fruits, with
good taste, and maintaining the same or more benefits of natural fruits, would
you purchase it?

a. Yes

b. No

10. Have you ever tasted dehydrated golden berry?

a. Yes

b. No

11. In which place would like to buy dehydrated golden berry?

a. Convenience Store

b. Groceries

c. Local specialized

d. Supermarkets

12. How much would you be willing to pay for a package of dehydrated golden
berry of 150 gr.?

a. 1.5 to 2.5 dollars

b. 2.6 to 3.5 dollars

c. 3.6 to 5 dollars

VII. Feasibility study

It is important to highline that this project is a private one, and because of that,
we will only consider the legal, technical, economic-financial and environmental
aspects.
 32

7.1. Legal
We will analyze this aspect from two perspectives, the Peruvian one (because
it is our place of production) and the American one (because our target market is
in that country).
7.1.1. Peru
MINISTERIAL RESOLUTION N 0157-2014-MINAGRI
Put in charge a Director of Sector Budget Unit of the
Office of Planning and Budget of the Ministry of Agriculture
and Irrigation. This decision can bring benefits for us; we might
find greater facilities for the purchase of our main raw material,
the golden berry.
LAW N 29571, CODE OF CONSUMER PROTECTION AND
DEFENSE
It has a big impact on our project because our project is
a product for human consumption, so we have to take care and
ensure that what we offer our audiences are quality products.
MINISTERIAL RESOLUTION N 449-2006/MINSA
This law approves the Sanitary Standard for the
implementation of HACCP in food and beverage production,
which is a very important system in the food and beverage
industry as it checks and verifies the quality of the products. By
following these standards our company can improve the quality
of our products and increase its competitiveness as a
consequence.
LAW N. 28304 - LAW ON THE PROMOTION OF
ECONOMIC DEVELOPMENT AND PRODUCTION
It promotes the creation, establishment, growth and
development of the competitiveness of micro and small
decentralized enterprises (MSEs decentralized) in order to insert
them into the economy.
It promotes productive decentralization, economic
expansion by brokers and intermediate cities and strengthening
 33

value chains with priority in the coca basins, for which a special
support system established.
7.1.2. USA
US CUSTOMS AND BORDER PROTECTION
It establishes regulations that affect the import of all the
products into the USA.
FOOD AND FRUG ADMINISTRATION (FDA)
It protects public health by regulating medicinal
products for human and veterinary use, vaccines and other
biological products, medical devices, food supply in our
country, cosmetics, dietary supplements and products that emit
radiation.
US DEPARTMENT OF AGRICULTURE (USDA)
It ensures that the US commercial food supply is safe,
wholesome and correctly packaged and labeled.

CONSUMER PRODUCTS SAFETY COMISSION (CPSC)

It establishes regulations and voluntary standards
affecting consumer products that may pose a risk of injury or
death.
ENVIRONMENTAL PROTECTION AGENCY (EPA)
It establishes regulations affecting any product that may
be considered toxic or hazardous to the environment.
As it is possible to observe, the presented laws and legal regulations are
favorable for the development of our project, as we are benefited from some of this
regulations and at the same time we are capable to fulfill the legal requirements of
both markets.

7.2. Technical
Through this study it was able to determine the product distribution system, so
as the sector in which the company, which is in going through a very optimistic
development and growth process; the support and promotion of the government
 34

favors the production and export of our product, generating a great expectation in
foreign markets including the USA.
From the point of view of our direct competition, Colombian companies come
to carve as the main suppliers of the product to our target market. Considering
that, our product must meet the optimal technical requirements in order to provide
a high level of service and satisfaction to our customer to compare these first.
On the other hand, the location of our company and production plant is in Los
Olivos, Lima (Alfredo Mendiola #748), counting with the appropriate machinery,
equipment and specialized facilities for the elaboration, packaging and delivery of
our product, fulfilling the international quality and safety standards in order to
provide a high quality product.

7.3. Economic Financial

As mentioned in previous chapters, our company will get a 1% of market share
during the project execution. Based on, the results obtained and the information
gathered, the estimated return of our project will be 69%. We have presented and
analyzed other information related to costs in previous chapters as well.

Our analyses of the economic and financial factors show the following results,
the ones that have been summarized in tables.
Table 14. Costs
COSTS
FIXED COSTS 38,300
UNIT VARIABLE COST 0.64

Table 15. Costs analysis

Q FC VC TC AFC AVC AC MC P TI MI PROFIT
35,000 38,300 22,514.62 60,814.62 1.09 0.64 1.74 1.74 2.50 87,500 2.50 26,685.38
87,000 38,300 55,964.91 94,264.91 0.44 0.64 1.08 0.64 2.50 217,500 2.50 123,235.09
100,000 38,300 64,327.49 102,627.49 0.38 0.64 1.03 0.64 2.50 250,000 2.50 147,372.51
120,000 38,300 77,192.98 115,492.98 0.32 0.64 0.96 0.64 2.50 300,000 2.50 184,507.02
137,000 38,300 88,128.65 126,428.65 0.28 0.64 0.92 0.64 2.50 342,500 2.50 216,071.35
154,000 38,300 99,064.33 137,364.33 0.25 0.64 0.89 0.64 2.50 385,000 2.50 247,635.67
167,000 38,300 107,426.90 145,726.90 0.23 0.64 0.87 0.64 2.50 417,500 2.50 271,773.10
180,000 38,300 115,789.47 154,089.47 0.21 0.64 0.86 0.64 2.50 450,000 2.50 295,910.53
200,000 38,300 128,654.97 166,954.97 0.19 0.64 0.83 0.64 2.50 500,000 2.50 333,045.03
250,000 38,300 160,818.71 199,118.71 0.15 0.64 0.80 0.64 2.50 625,000 2.50 425,881.29
 35

Table 16. Cash Flow

0 1 2 3 4 5 6 7 8 9 10 11 12
Price 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5
Q 136,800 136,800 136,800 136,800 136,800 136,800 136,800 136,800 136,800 136,800 136,800 136,800
Unit variable cost 0.64

Revenue 342,000 342,000 342,000 342,000 342,000 342,000 342,000 342,000 342,000 342,000 342,000 342,000
Expenditures
Variable costs -88,000 -88,000 -88,000 -88,000 -88,000 -88,000 -88,000 -88,000 -88,000 -88,000 -88,000 -88,000
Fixed costs -38,300 -38,300 -38,300 -38,300 -38,300 -38,300 -38,300 -38,300 -38,300 -38,300 -38,300 -38,300
Interest -4,500.0 -4,276.57 -4,033.04 -3,767.58 -3,478.24 -3,162.85 -2,819.08 -2,444.37 -2,035.93 -1,590.74 -1,105.47 -576.54
Depreciation of construction -1,042 -1,042 -1,042 -1,042 -1,042 -1,042 -1,042 -1,042 -1,042 -1,042 -1,042 -1,042 -1,042
Depreciation machinery and
-253 -253 -253 -253 -253 -253 -253 -253 -253 -253 -253 -253 -253
equipment
Profit 209,905 210,129 210,372 210,638 210,927 211,243 211,586 211,961 212,370 212,815 213,300 213,829
Tax (8.875%) -18,629 -18,649 -18,671 -18,694 -18,720 -18,748 -18,778 -18,812 -18,848 -18,887 -18,930 -18,977
Net profit 191,276 191,480 191,702 191,944 192,207 192,495 192,808 193,150 193,522 193,927 194,370 194,852
Depreciation machinery and
253 253 253 253 253 253 253 253 253 253 253 253
equipment
Depreciation of construction 1,042 1,042 1,042 1,042 1,042 1,042 1,042 1,042 1,042 1,042 1,042 1,042
Machinery -14,514 -265,170
Equipment -656
Construction -250,000
Working capital -63,150 0 0 0 0 0 0 0 0 0 0 0 63,150
Loan 50,000
Debt amortization -2,482.53 -2,705.96 -2,949.50 -3,214.95 -3,504.30 -3,819.68 -4,163.46 -4,538.17 -4,946.60 -5,391.80 -5,877.06 -6,405.99
Residual value 0 249,636
Project cash flow -278,320 -75,082 190,069 190,047 190,023 189,998 189,970 189,939 189,906 189,870 189,830 189,787 502,526
 36

LOAN
Investment 2,381,134
Loan (A) 50,000
i 9.0% per month
n 12 months
P 6,982.53 Monthly payment

Table 17. Financial cost and debt amortization

Period Debt Payment Interest Debt amortization
1 50,000.00 6,982.53 -4,500.00 -2,482.53
2 47,517.47 6,982.53 -4,276.57 -2,705.96
3 44,811.51 6,982.53 -4,033.04 -2,949.50
4 41,862.01 6,982.53 -3,767.58 -3,214.95
5 38,647.06 6,982.53 -3,478.24 -3,504.30
6 35,142.76 6,982.53 -3,162.85 -3,819.68
7 31,323.07 6,982.53 -2,819.08 -4,163.46
8 27,159.62 6,982.53 -2,444.37 -4,538.17
9 22,621.45 6,982.53 -2,035.93 -4,946.60
10 17,674.85 6,982.53 -1,590.74 -5,391.80
11 12,283.05 6,982.53 -1,105.47 -5,877.06
12 6,405.99 6,982.53 -576.54 -6,405.99

Table 18. Residual value

Value of Book life Monthly Months of Accumulated
Book value
purchase (months) depreciation depreciation depreciation
Construction 250000 240 1041.67 12 12500.00 237500.00
Machinery 14,514 60 241.90 12 2,902.80 11,611.20
Equipment 656 60 10.93 12 131.20 524.80
252.83 RESIDUAL VALUE = 249,636

Table 19. Equity and Debt distribution

Amount of Equity ( E ) 2,381,134 97.94%
Amount of Debt ( D ) 50,000 2.06%
Tax rate ( T ) 28%
Beta 0.90

a) Calculating the Unlevered Beta c) Calculating the equity risk premium and the cost of equity
1+ (1-T)D/E 35.29 Data :
Unlevered beta 0.03 Risk-free rate 0.06 yield on long-term Treasury bonds
Expected market return 0.13
b) Calculating the Levered Beta
1+ (1-T)D/E 35.29 Equity risk premium 0.063
Unlevered beta 0.03 Cost of equity 0.123
Levered beta 0.90
b) Calculating the WACC
Data :
Cost of debt 9.00%

WACC 0.1223
WACC 12.23%
 37

Table 20. PV, NPV and IRR

0 1 2 3 4 5 6 7 8 9 10 11 12
CASH FLOW -278,320 -75,082 190,069 190,069 190,023 189,998 189,970 189,939 189,906 189,870 189,830 189,787 502,526
PV ( i = 12.23%) -278,320 -66,899 150,895 134,449 119,767 106,699 95,056 84,683 75,440 67,205 59,868 53,331 125,821
NPV 727,995.69
IRR 25.14%

As shown in the previous tables, our project is profitable because it has a

positive NPV considering a discount rate of 12.23% (calculated in Table 19). On
the other hand, the IRR of the project is 25.14%.

7.4. Environmental
For the development of the project it was keep in mind that in order to avoid
any pollution problems, our company will fulfill the requirement of various
international standards as HACCP and ISO 14001:2004. It will take more than
1,000 m2, with distinct areas in which 2000 plants of golden berry will be planted.
So among the positive impacts of growing golden berry from the environmental
perspective, it is focused mainly in the organic crop management, in the recovery
of agricultural ground, water and air conservation.
In relation to the social responsibility aspect, our company will fulfill the
requirement of the Fair Trade certification, given that consumers (especially in our
target market) are willing to consume products that are produced and sold under
fair conditions.
On the other hand, the machinery and equipment used in the production
process of our product are designed to optimize the use of energy, reducing the
consumption of resources and mitigating the effects on the environment.
Moreover, it is important to mention that the residues of the fruit used in the
production process are being used as compost or organic fertilizer, in order to not
avoid using chemical pesticides.

VIII. Sensibility Analysis

For this analysis we have chosen three different scenarios, each of these has a
probability as shown in the following tables:
Optimistic: A period of economic expansion.
Normal: Regular market and economic conditions and behavior.
Pessimistic: A period of economic recession.

As mentioned in previous chapters, the total investment is USD 2431,134.

 38

Table 21. Analysis of PV in three different scenarios

Projection
Scenario (k) Probability (pk) PV of cash flow (Ak) Ak*pk Deviation (Ak-Ay) Squared Deviation (Ak-Ay) Pk* Squared Deviation (Ak-Ay)
Optimistic 35% 3,250,000 1,137,500 204,979 42,016,254,605 14,705,689,112
Normal 55% 3,159,130 1,737,521 114,108 13,020,718,280 7,161,395,054
Pessimistic 10% 1,700,000 170,000 -1,345,021 1,809,082,381,765 180,908,238,176
100% 3,045,021 1,864,119,354,650 202,775,322,342

From this table, we can obtain the following information, the one that will be
further analyzed lines below:
Average (Ay) 2,853,211
Variance 189,102,924,819
Deviation () 434,860
Lower limit Upper limit
68% deviation Ay deviation 2,418,351 3,288,070 The PV of the project's cash flow has 68% of probability of being in this range
95% 2 deviations Ay 2 deviations 1,983,491 3,722,930 The PV of the project's cash flow has 95% of probability of being in this range

After the analysis of the previous data and information about the Present Value
(PV) of the cash flow of the project, we will focus our attention in the expected NPV
of this project, as shown in the following table.

Table 22. Analysis of NPV in three different scenarios

Scenario (k) NPVs Probability (pk) NPV*pk
Optimistic 818,866 35% 286,603
Normal 727,996 55% 400,398
Pessimistic -731,134 10% -73,113
Expected NPV 613,887

Finally, we will measure the probability of obtaining a NPV that is equal or

greater than 0; as it is known, only in those cases our company will recover the
amount invested (when NPV = 0) or will obtain profits (when NPV > 0).

It is important to mention that we are making this calculations under the

assumption in which the NPV follows a normal distribution, as shown in the
following graphic.
Z1 0.50
Graphic 10. NPV distribution

0
422,07
7
 39

Assuming that the NPV follows a normal distribution, the probability of obtaining a NPV 0 is calculated as follows:

Z= Z1= = 0.970604332 = 0.34 0.34 x 0.97 = 0.33

Considering X = 0 Finally: 0.50+0.33 = 0.83

Conclusion: There is an 83% of probability of obtaining a NPV 0

IX. References
Coahila Osorio, V. (2011). Generacin de un diseo de plan de marketing para la
exportacin de aguaymanto (Physalis peruviana L.) y sus derivados
producidos en el Cusco durante el periodo 2000-2010 (Masters Degree
Thesis). Universidad Nacional Agraria La Molina, Lima, Per.
Prez Eusebio, J. & Willis Zoeger, V. (2015) Proyecto de inversin para la
instalacin de una planta procesadora de aguaymanto deshidratado en la
provincia de Celendn para la exportacin al mercado de New York, EE.UU
(Masters Degree Thesis). Universidad Catlica Santo Toribio de Mogrovejo,
Chiclayo, Peru.

Ricketts, D. (n.d.). Information on Nutrition Problems in Public Health. Retrieved

from http://healthyeating.sfgate.com/information-nutrition-problems-public-
health-9336.html
Ruiz Alfaro K. (2014). Oportunidades de negocio en el mercado de Canad para
incrementar las exportaciones peruanas de aguaymanto deshidratado de la
regin de Cajamarca en el periodo 2014-2018 (Masters Degree Thesis).
Universidad privada del norte, Trujillo, Peru.