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Your career or your hairstyles breaking a world record or bad habit these moment deserve to be savoured. Over half of the total respondents are very concern about health issues. Tealive Flips Marketing Strategy As It Enters Into Philippines Our vision is to expand 30 outlets by the end of 2022 and double our store count every other year said the CEO of Loob Holding. https://tradingeconomics.com/south-africa/imports/malaysia, Trading Economics. Loob holding annual report Loob holding annual report 2020. banner, e-mail, flyer, etc). All joint venture companies are subjected to industry specific laws and regulations, for example: In the South African corporate environment, agreements are most commonly written in English but parties are free to enter into an agreement in any language they choose. (2017, December 2). The Gini score is used to measure the degree of Lastly, quality accounts high preference for the consumer with 41% (figure 15). responsible for overseeing the non-banking sector and financial markets. Political.. 2.2 Economic factors 2.2 Social factors. 2.2 Technical factors.. 2.2 Environmental factors 2.2 Legal factors.. Hofstede Dimension.. Porter Diamond Model. 2.4. From Figure 8 it is very obvious that the number of people who had never tried Coolblogs drinks are the most. Est. It is effective way to identify the culture and generally it comprises 6 different types of measurements. Respondent B said that the packaging of Tealive is too simple and old-fashioned. usually only take care themselves and their immediate family members. TeaLive's phone number is +60 183122979 What is TeaLive's official website? South Africa is a culturally diverse society. 2.2 Environmental factors effective way to identify the culture and generally it comprises 6 different types of Koi Caf in Singapore was opened in 2007 as the first overseas branch of a Taiwan's iconic bubble tea brand from Taipei, Taiwan. Therefore, doing business in South Africa requires understanding the culture of each region It seats on the second and third rank with 33 respondents and 27 respondents respectively. In addition, it is also taking steps into entering to international market such as China, Philippine, Vietnam, UK, Myanmar, and Brunei. https://santandertrade.com/en/portal/analyse-markets/south-africa/reaching-the-consumers Santander. - Instant Tealive Club membership upon signing up LOYALTY REWARDS - Monthly challenges to earn points - More exciting & exclusive in-app promotions. A research from Foreign Affairs Relations recorded that 3 out of 6 wealthiest cities in the whole contingent of Africa are located in South Africa, like Johannesburg, Cape Town, and Durban (Campbell, 2019). : 201001021759 (905529-P)). Other than that, Tealive should pay attention to their quality issues as well. In South Africa, 34.6% of housing expenditure comes from Gauteng province, estimated of total USD 50 billion a year, followed by the Western Cape (17.7%) and KwaZulu-Natal (16.5%). Factor condition.. 2.4. Around May 2019, Lyon, former chairman of South Africa's largest opposition Democratic Alliance (DA), called on all Democratic Alliance members and supporters to participate in the upcoming demonstrations to jointly protest the huge losses caused by the ruling African National Congress for condoning corruption. 28 following. SA is a country with 58 million people consisting of different race groups and speaking 11 official languages. 2019. 2019. The essay consists of the industry analysis, market SWOT Analysis, the financial projection etc. High-quality research institutions in South Africa can An innovative cup design that holds toppings ON TOP of the drink, each sip is now a smooth flow from cup to mouth, thus eliminating the need for a straw. 2022 - Present 6 months. Source: worldometer, SA is a country with 58 million people consisting of different race groups and speaking 11 Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. Business Insiders Malaysia. (65.6%). But Tealive may try to increase their outlet numbers and try to target universities such as Xiamen University Malaysia. https://www.worldometers.info/world-population/south-africa-population/ Worldometers. 731 talking about this. 2. Header placeholder lorem ipsum dolor sit amet, consectetur adipiscing elit. Introducing Southeast Asias largest lifestyle tea brand - Tealive. of market entry, Tealive should start small by importing the raw materials needed, not Tealive. But rather than giving customers 70 choice of flavors directly it is advised for Tealive to choose top 3 of their products to be the recommendation and to boost the branding at the early stage. Respondent A, B, C, and E agreed that the main reason why the promotion made them bought Tealive product is because the price got cheaper when they used the promotion. obtain the quick results and emphasizing in developing the absolute truth rather than A well-developed tourism industry allows certain companies to get more customers, 10 Company Background Established in 2010 LOOB Holding Looking Out Of the Box CEO Bryan Loo introduced the modern tea-drinking culture in Malaysia through Tealive. Due to the limited level of income, consumers in South Africa have tight budgets, hence, the To make the idea of charging the product with lower cost possible, it means that Tealive will also need to find a way to produce it with lower cost as well. According to National Income Dynamics Study (NIDS), South Africas population is dominated by the middle and lower class. Most of the respondents are around 19-24 years old with the percentage of 70.5% from the total respondents (43 respondents). economy. Annual Report 2010 K.O.I. Tealive now offers more than 60 types of drinks with a wide range of topping options. Source: worldmeters, 2019, Table 2 South Africa population. Table 1 Race in South Africa. For the first stage of market entry, Tealive should start small by importing the raw materials needed, not necessarily from Malaysia, but it can be from any other country that has the lowest price, considering the transportation cost. are the icon of successful. Many technology companies choose to do business in South Africa, such as Facebook, IBM, We introduced the Tealive brand back in February 2017 and today we are proud to be the leading regional lifestyle tea brand in Southeast Asia. South Africas technological innovation is very slow due to the economic weakness caused by corruption and social problems, but South Africa, as the only developed country in Africa, has a relatively high level of technology in certain areas. to the consumers. private universities in kano and their fees / harlem globetrotters 1978 / tealive financial report. According to the BBC report, South Africa's Gini score has remained above 60 for the last ten years, which is very bad (BBC News, 2019). As early as 2013, the total consumption of black Africans in the fields of electronics and housing exceeded the whites of South Africa (Africa Check, 2019). Saunders, I. The bubble tea market was valued at $2.4 billion in 2019 and is estimated to reach $4.3 billion by 2027, registering a CAGR of 7.80% from 2020 to 2027. The readers of Telegraph rated Cape Town the World Best City FY2018 and RM1804 million in FY2019. Thus, from here, Tealive can think of introducing healthier milk teas or other drinks. Answered 13 July 2020. . That means all new joint venture companies must comply with the provisions of the Companies Act and have a memorandum of incorporation. Bhd. consumers to buy Tealive products. There was a net sales revenue increase of 7713 reported in Loob Holding Sdn Bhds latest financial highlights for 2020. Before Tealive born, initially Chatime was the brand that brought into Malaysia market by the founder and also being a master of the Chatime Franchise in Malaysia. quality research institutions such as the Academy of Sciences of South African (ASSAF), it Only a total of 10% were spent on tea and Thus, it could be stated that Tealive is reachable by its consumers. It is estimated that these three provinces, where 52% of the total number of Report Flag as Inappropriate. The distance will affect the consumers decision making regarding the eminence of the desirability of choosing from a larger assortment (Hamilton, 2014). Retrieved from, https://businesstech.co.za/news/wealth/202172/south-africas-middle-class-is-smaller-than-we-think/ BusinessTech. In Malaysia itself Tealive has more than 70 delicious flavors Tealive 2019. Original sound - atulyayang. Sunday 01 May 2022 1022 AM MYT KUALA LUMPUR May 1 Tealive the largest lifestyle tea brand in Southeast Asia will continue to innovate improve the quality of its offerings and customer experience and find opportunities to reward loyal customers. Entering the South Africa market, Tealive can aim for young middle-class people who likes to try new things. Immediate He also said that Tealive should give free samples to attract customers. With 57.4% and 54.1% of the total respondents has proposed Tealive to expand to America and Europe respectively. Experian Information Services (Malaysia) Sdn. resources have developed many industries. bundle pricing strategy. Imported products must pass custom tests and electronic equipment require additional authorization from the South Africa Bureau of Standards. Tealive Study - assignment assignment University International University of Malaya-Wales Course International Business Academic year2021/2022 Helpful? Mining, agriculture, manufacturing, and service industries have developed (The Heritage Foundation, 2019). The following explanation is according to South Africa - Hofstede Insights", 2019; South Africa is rich in natural resources, including mineral resources and tourism resources, such as rich gold and scenic Cape Town. What makes you buy Tealive products? improved the living standards of the people, and there are more and more middle classes South Africa Populations. Retrieved from, Trading Economics. years, which is very bad (BBC News, 2019). Tealive now has over 700 outlets across three continents serving over five million consumers per month. Figure 11 The respondents satisfaction toward Tealive product. Meanwhile, 14 of them are below 18 years old, 3 of them are 25-34 years old and 1 of them is within 35-44 years old. (2019). 2019. Just walk in to the tealive and ask politely to the tearista staff. Bad part, toxic culture and bad management. Source: worldometers, 2019. poverty, as they still cant fulfill their basic needs. Figure 1 Average number of bubble tea cups ordered per GrabFood user per month in selected Southeast Asian countries in Do you like it. Retrieved 16 November 2019, from, https://medium.com/@nikitamanwar1248/bubble-tea-market-key-players-analysis-size-growth-trends-and-forecast-up-to-2025-2dbee1be2f8c Manwar, N. (2019). 1 (least) to 7 (most). SM Jazz Mall, Makati L2 SM Grand. Interim Financial Statements 30 June 2017 and 31 December 2016 and for the six-month periods ended 30 June 2017 and 30 June 2016 (unaudited) Download. However, South Africa legally supports foreign direct investment into all areas of the South African economy, which is conducive to the entry of foreign companies, but in some areas foreign shareholders are restricted, such as telecommunications, banking and so on. Good workplace but lacking. South Africans perceive price/quality ratio as an important factor before they purchase goods or services. 2.2 Technical factors Respondent D and E suggested Tealive to increase their promotion platforms such as flyer, banner, radio advertisement, etc. K.O.I. CBI websites generally use certain cookies to enable better interactions with our sites and services. In the current market, there are about 100 brands existing in Malaysia market, while, among all the bubble tea brands, Tealive, is one of the Malaysian homegrown brand. Previously, Tealive has successfully done joint ventures in China, Vietnam, Australia, and United Kingdom (Bernama, 2019). Among the other brands, Tealive had the most percentage in the category of most frequent. market by the founder and also being a master of the Chatime Franchise in Malaysia. (2019). 2.2 Social factors Tealive . Relationship between superior and subordinate is inequality. The purpose of this report is to provide a feasibility study for Koi Caf in Singapore as a proposal for an entry into Surabaya, Indonesia. (Santander, 2019). The Use A Trusted Platform. Tealive: Brewing Beyond The Traditional Cuppa. As one of the efforts to constantly challenge its status quo, LOOB had made the, decision to rebrand all its Chatime licensees to the current Tealive in 2017, following its, dispute with the Taiwanese franchisor. Source: Parker (1998). In general, the environmental risk of doing business in South Africa is small. Tealive now offers more than 60 types of drinks with a wide range of topping options. South Africa Index. This new feature enables different reading modes for our document viewer.By default we've enabled the "Distraction-Free" mode, but you can change it back to "Regular", using this dropdown. While Tealive is born in Malaysia we know we are raised for the world - with more than 550 outlets across nations. used to focus on present events and less preparing for future, therefore they wish to South Africas median age TeaLive Company Profile | Management and Employees List Homepage > Grocery Retail > TeaLive Company Name TeaLive Main Industry Grocery Retail, Retail Website www.tealive.com.my Contact Information Headquarters no.129 Jalan Rimbunan Raya 1, Kepong, Kuala Lumpur, 52100, Malaysia +60 183122979 TeaLive Profile and History Tealive is our name. Rate from They own 51% of Tealives business in Vietnam (Beh, 2017). Tealive now offers more than 60 types of drinks with a wide range of topping options. The work gets to overwhelmed most of the time and the working shift is just unbearably hard for staff, you'll work for 12 hours straight. expenditure in South Africa in 2005 (Martins, 2007). The population of the working force increases, this shows that saving increases, which then leads to a promising income level. However, due to the franchisor, La Kaffa International decided to take back the franchise (Maan, 2017). Masculine society who believe assertive and competitive can bring them to success in 2. Bhd. Based from PESTEL analysis of the South African market, Porters Diamond Model analysis, questionnaire, and interviews that have been done, the most suitable market entry strategy is by doing joint venture with a local company. Tearista SC Annual Report 2021. . The first is political corruption. than 70 delicious flavors (Tealive, 2019). But rather than giving customers 70 choice of Annual Report 2012 K.O.I. Without promotions, she will choose other brands. Not only that, to increase their savings, some purchases are sometimes pushed back. Behavioral. Pestel Analysis of The South African Market.. 2.2. Their ideal boss is a benevolent dictator. arrow_forward. South Africa Imports from Malaysia. How often do you consume these milk tea brands? (Martins, 2007). Bubble Tea Market Key Players Analysis, Size, Growth, Trends and Forecast up to 2025. Through the Tealive Eco movement, which includes our line of sustainable creations, we aim to elevate the tea-drinking experiences AND create a positive environmental impact with our fans! As a new business there, it is essential to get the product known by the South Africas technological innovation is very slow due to the economic weakness Information is material1 if omitting, misstating or obscuring it could reasonably be expected to influence decisions that primary users of financial statements (hereafter, investors) make on the basis of those financial statements, which provide financial information about a specific company. South Africans perceive price/quality ratio as an important factor before they purchase goods She said that Xing Fu Tang differentiate their packaging to create a sense of uniqueness from their competitors. achievement in scientific thinking. At the same time, there was a research done by Grabfood, which revealed that Southeast Asians drink at least four cups of bubble tea per person each month (Genevleve Chia, 2019). South Africa has high Tealive now has over 650 outlets across three continents serving over five million consumers per month. But the rising unemployment rate is an important reason for the weakness of the South African economy. Tealive success to sustain its own business in Malaysia even constantly expanding its own business in different business models as aforementioned. We introduced the Tealive brand back in February 2017 and today, we are proud to be the leading regional lifestyle tea brand in Southeast Asia. Were the brains whizzing & whirring for ways to make your every sip and bite better than the last. In Malaysia itself, Tealive has more than 70 delicious flavors (Tealive, 2019). According to Euromonitor, online shopping is very often influenced by a South Africa has also enacted the Employment Equity Act, which aims to achieve equality for employees by promoting equal opportunities in employment. The difference in cultural dimensions is a concern for foreign companies. 1998. Buy Now, Pay Later borrowers are also more likely to use high-interest financial services such as payday loans, pawn loans, and bank account overdrafts. 2017. https://www.groundup.org.za/article/south-african-labour-market-all-facts_842/, https://tradingeconomics.com/south-africa/gdp South Africa GDP | 2019 | Data | Chart | Calendar | Forecast | News. High-quality research institutions in South Africa can promote investment from foreign companies and provide some support in the field of science and technology. Respondent A said that she used the Touch n Go promotion and International Coffee Day promotion to reduce the price of the product. THE THRILL BEFORE TASTING SOMETHING AWESOME. Tealive has since expanded to over 200 outlets nationwide. the working force increases, this shows that saving increases, which then leads to a promising CrediTrack Login. Geographic Here is a statement from Bryan Loo, who mentioned that, Tealive expected to open 300 outlets in Petronas station within 3 years (TMR, 2019). Over the years, as internet penetration gets stronger, the number of online sales purchases has Operating Margin Source: South Africa- Hofstede Insights, 2019. Nowadays, Koi has 46 branches globally including . Retrieved from https://www.heritage.org/index/country/southafrica, Thompson, L. M., & Gordon, D. F. (2019). Public Health Englands PHE annual report and accounts for the financial year 2020 to 2021 laid before Parliament on 31 January 2022. There was a net sales revenue increase of 7713 reported in Loob Holding Sdn Bhds latest financial highlights for 2020. By . households of South Africa reside, will be responsible for 68% of the total household cash According to World Bank data, South Africa's Gini score is nearly 65, surpassing many This will hinder foreign companies from doing business in South Africa: not many Next, second strategies adapted to continue to expand the Tealives market, LOOB Holding had a contract of collaboration with Petronas Dagngan Bhd in this year. Maan, D. (2017). Figure 7 Hofstede dimension of South Africa. Launched in 2017, the Malaysian beverage provider is popular for serving boba. (2019, July 13). Investor Favorites. The higher the Gini score, the higher the national inequality. Annual Report 2014 sometime they will work harder when it is needed. All respondents except Respondent C said that it is possible for Tealive to expand their business to South African market. Moreover, only 18 respondents recommend them to go Africa. For Place aspect, all respondents did not have any suggestion. Besides partnering with food brandsan expected ventureTealive's made a slew of strategic partners. South Africas trade with China can raise the level It is necessary to pay The percentage is 61%. total USD 50 billion a year, followed by the Western Cape (17%) and KwaZulu-Natal However, people (2019). satisfied when buying Tealive products. That is what makes the Aren Palm Sugar series the star of Tealive significantly unique from any milk tea out there. foreign companies, but in some areas foreign shareholders are restricted, such as. higher degree of importance on leisure time, act as they please and spend money as they wish The, business had managed to take off and was ready for the second outlet in just six months since, its first operating outlet and the number of bubble tea orders had risen from 100 cups per day, to 300 cups daily. voucher, to attract more customers. News. The company was established on June 23 2010. In Malaysia itself, Tealive has more One of those efforts include out . In Malaysia Loob Holding recently said it intended to hire 1200 to 1500 more workers over the next two years as it plans to add another 250 Tealive outlets by mid-2021. On the other hand, in workforce, On the other hand, Tealive can stay maintaining the original taste, bringing the hype of Asian drink to South Africa without leaving the country. PESTEL analysis of South Africa. psychological pricing, where they use price that appears as more affordable, such as 17 R *Applicable for purchases using Tealive credit only and transaction with no tied promotions. South Africa's wealth is always concentrated in small number, like corrupt officials. The higher the Gini score, the higher the national inequality. 2019 Index of Economic Freedom in South Africa. In the South African cites, rich people are concentrated in certain suburbs (Sandton for Johannesburg or Clifton and Bishopscourt for Cape Town, for example) rather than in the center. Tealive turns heads at KL City Centre by serving up freshly-brewed coffee. among blacks and Asians, which driving the demand in South Africa. According to World Bank data, South Africa's Gini score is nearly 65, surpassing many countries in the world, is one of the most unequal countries in the world, and high inequality has not changed. Source: timeslive.co, 2019, Figure 6 South Africa imports from Malaysia. Words of Roman Dutch legal origin with a particular legal meaning will often be included in South African agreements. context of the financial statements taken as a whole. African economy. You are also entitled to a free credit report every 12 months from each of the three nationwide consumer reporting companiesEquifax, TransUnion, and Experian. that the South African people accept the hierarchy but need to be told what they need to do. annually awards up to two ASSAF Science-for-Society Gold Medals for outstanding Skrip Forum Sumbang Mahram Kolej Matrikulasi Johor Jalan Payamas 84900 Tangkak Johor Wi001 Studocu Live HEP Tatacara Kemasukan ke Kolej 21 Okt 2021 jam 430 ptg klik Youtube untuk maklumat lanjut. 2.4. Source: South Africa-Hofstede Insights, 2019. Most of the respondents are from South-East Asia countries (72,1%) which includes Malaysia and Indonesia (Figure 17). Respondent C suggested that Tealive should enable special promotion for people who pay using the WeChat Pay. The judge said that forcing Tealive to shut down its business would negatively affect the livelihood of over 800 employees of Loob, as well as the suppliers, landlords, and families of the employees. https://vulcanpost.com/627681/Tealive-strategy-expansion-international/ Vulcanpost. within the next 7 years (Li Mei, 2019). Source: Trading Economics, 2019. South Africa is a culturally diverse society. The survey, commissioned by Reader's Digest, was conducted independently across five regional markets. As a result of a 2019 settlement, all U.S. consumers may also request up to six free copies of their Equifax credit report . Get 1 FREE drink when you purchase 10 drinks at Tealive stores. (65%). These may due to the amount of sugar contained in a cup of Tealive drink. Over half of the total respondents are very concern about health issues. In recent years, South Africa economic development has provided trade opportunities to many countries, including Malaysia. Chief Executive Officer Bryan Loo launched the brand at the Pavilion KL store near the exact spot where he introduced the brewed tea six years ago before opening 165 branches by the end of. SAhave a paid job, and the employment average of 68% (OECD, 2019). in 2016. This shows that the beverage price that If foreign companies want to hire South African 3. Product. 2.5. Before Tealive born, initially Chatime was the brand that brought into Malaysia If the gap between the rich and the poor is too large, it will easily lead to the This indicates that most of the population in this country consists of young people, which Africa, has a relatively high level of technology in certain areas. 5000 strawless reusable bubble-tea cups sold out after only two days online. networks to expand their businesses (ASSAF News, 2019). To what extent do you like Tealive products based on your own experience? The distance being asked is referred to the spatial distance. Loob Holding forms JV to bring 500 Tealive stores to China. If the gap between the rich and the poor is too large, it will easily lead to the hatred of the poor people and form an unbalanced social wealth structure, thus reducing domestic demand. Check out our revamped features: MORE CONVENIENT - Smoother self pick-up & delivery services - In-app wallet for quicker transactions EXCLUSIVE TREATS - FREE birthday drinks Our history can be traced back to October 2010 when we opened our first bubble tea outlet in Malaysia. Work-based Project _ The Ansoff Matrix (3).ppt, But seeing as his mansion was so huge such things were easily possible It had, total points earned in the course are the points added up for the Brief Bio, 7 Tapes Tape systems use the same reading and recording techniques as disk, Productivity a is nearly the same across countries and so provides no help, On the basis of the foundational conceptualizations put forth by Aristotle and, RELG 101_Exploring Religion_Spring 2020_Syllabus.pdf, Step 2 Add an alert Adding an alert to a custom metric is optional but it means, b Depreciation is a loss because it assumes that revenue will occur in the, Correct Correct 28 28 pts Question 16 5152021 Module 8 Quiz Chapter 8 and 18. bubble tea market was valued at $49 million in 2018 and expected to grow about 6% (BBC News, 2019). Today, the stay of . This document is 10 Exchange Credits. But rather than giving customers 70 choice of flavors directly, it is advised for Tealive to choose top 3 of their products to be the recommendation and to boost the branding at the early stage. Having started as a franchise of Chatime, Tealive has now grown in its business. Another alternative is for Tealive to use combination of pricing strategies; such as bundle pricing strategy. Other than that, Tealive also can supply the local convenience stores with limited selection of the flavor, selling it as normal beverages. Tealive, one of the brand under LOOB Holding and founded by Bryan Loo (LOOB Holding, Those indigenous Retrieved from, https://thesmartlocal.com/malaysia/affordable-bubble-tea/ Cho, J. For example, on 13 September 2019, a large number of South Africans gathered in Sand-ton, Johannesburg, to launch a parade for anti-gender and xenophobic violence against women and children. South Africa: Foreign Direct Investment. According to the statistical result shown that, the Malaysian payment information (including bank account or debit/credit card details) when you make payment through our Tealive mobile application,Tealive Card or your e-wallets. : Malaysias bubble tea scene approaches saturation point Read more at https://www.channelnewsasia.com/news/asia/boom-or-bust-malaysia-bubble-tea-saturation-11711138. As a beverage merchant business, Tealive has been a pioneer in beverage industry, but For example, South Africans prefer to have a home-cooked meal rather than at restaurants. Tealive cant use the strategy of aggressive expansion, because having too many outlets will lead to fewer individual transactions at one store. As a benchmark, one cup of a regular cappuccino in South Africa costs for 26.38 R or equivalent to 1.81 USD, while in Malaysia it costs for 2.50 USD (Numbeo, 2019). hatred of the poor people and form an unbalanced social wealth structure, thus reducing 3.0 . With our Look-Out-Of-Box approach, we innovated our own machines to enable Tealive outlets to create sparkling drinks in-house. While The most percentage of their housing expenditure is on food and beverages, which contribute 24.6% to total spending (OECD, 2019). The main religions are Christianity, Hinduism, Islam, and South Africans preference of drink and beverages is more towards western culture, whereby continued growth in the next few year, although that is the stiff competition in the market. Tealive released a statement saying that it would apply for a stay of execution while it filed for leave to appeal to the Federal Court. recommendation and to boost the branding at the early stage. Surprisingly, South Africa is belong to low uncertainty avoidance. demands on the bubble tea. adjust its price to be affordable by the consumer in South Africa. to purchasing each beverages seperately. 2019. The reason of this promotional method is to stimulate the desire of the customer to purchase, even when they have yet to collect enough points, hence it can boost the sales of Tealive. Figure 7 Hofstede dimension of South Africa. countries in the world, is one of the most unequal countries in the world, and high inequality You may pick more than one. Tealive, one of the brand under LOOB Holding and founded by Bryan Loo (LOOB Holding, 2019). 2,902 posts. Determining the price of the products sold by Tealive is an important element in marketing as well, as the company wants to maximize profit and sales volume.