Business Plan Market Segmentation Strategy Essay
|Perfect Number of Pages to Order||5-10 Pages|
Business Plan Market Segmentation Strategy Essay
Business plan in PowerPoint format for presentation
Contents executive summary 1 objective 3 company overview 4 picture of location 5 product/services 6 market analysis 7 marketing strategy & implementation 11 organization & management 14 financial plan 15 appendices 20
Scrumptious Suds is a company that have created a brand concept consisting of a skin care product such as soap. We are seeking recurring investment to fund the growth of the brand. The plan that follows explains our market, our value proposition and our market segmentation strategy.
The detailed financial plans provide a clear view of our sales and profit forecast. To establish Scrumptious Suds as an important brand that represents quality in skin care products.
We will accomplish this by using high quality manufacturing and research and a creative marketing program. Scrumptious Suds is committed to its products and employees, which we believe is the key to success.
The business will be a partnership which will deal with the preparation and distribution of locally made soap and comprises of five (5) partners. It is a new start up business and consists all of members who have basic accounting and management skills due to all of them being business students at the TCICC in Grand Turk.
The idea was formed when some of the members of the group took into consideration that there aren’t and locally made soap that we have here in the TCI specifically Grand Turk.
We are seeking recurring investment to fund the growth of the brand. The main goal of Scrumptious Suds for the future is to expand our services to other islands within the Turks and Caicos Islands and of course to make a profit.
Scrumptious Suds will be a soap and Fragrance, located in Grand Turk, Turks and Caicos Islands. Operating on Front Street, the sophisticated out of Barbie Lightbourne’s Complex. The Store will offer different scents of body/bath soaps, lotions, face scrubs and etc.
The scents will vary depending on customer wants. We will also be offering bath bombs to help with skin care along with the soap, in different shapes and sizes. The store will be open for business Monday Friday 8am to 5pm, Saturdays 9am to 4pm and Sundays closed.
The soap equipment includes, three stand mixers (each costing $200), mixing bowls and spatulas, measuring cups and measuring spoons. Therefore, equipment costs will total up to approximately, $800. We will need shelving, to display our products. A counter top and a computer system for our day-to-day transactions, which will cost $1,400
Industry Analysis – From our research we saw a trend in which we noticed that 75% of consumers used skin products to keep their skin healthy and 52% used the products just to feel good about themselves. In contrast, we found that 14% used skin care products to feel younger, 20% use just for the scents and 18% were motivated by the desire to look attractive.
The skin care industry is in the midst of a revolution. There has been a major shift from appearance to health, from outside to inside. We also noticed, that consumers are most likely to purchase skin care products that are made from all-natural ingredients; 44% of consumers are more have a strong preference for ingredients which are supported by clinical research.
Being that the majority of residents purchase products off island once this is established there will be no need to purchase scented or cleansing soaps from international companies.
Product, Operations, Technology – Although, other personal care companies offer lotions, fragrancies, to complement the soap. Our main product will be the body/ bath soap. Some of the equipment we will use in our daily operations will include: soap cutting equipment, cash register, printer, computers.
Market Size – Though the market in the Turks and Caicos Islands is small, Scrumptious Suds will have an advantage since all products are handmade and not imported.
The Body Shop is one of the firsts cosmetic brands to fight against animal testing, back in 1976 and even up to this day. They produce their products with all-natural ingredients, which are locally sourced. This is we at Scrumptious Suds see ours self in the future.
Scrumptious Suds has no competitors; there is a possibility of our business being the sole supplier to variety stores, spas and hotels in the TCI that normally import a small amount of soaps. However, the spa brands are sold almost exclusively at the spas they are associated with. This close affiliation provides a validation for the products, but limits their ability to achieve a wider market distribution. Whereas our store will be selling to individuals, shops and eventually to hotel and spas as our company will grow.
The tourism market is immense, and it is only growing more and more in Grand Turk. Under those circumstances, a booth at the Grand Turk Cruise Center will be open to sell to tourist. We selected this target market because our company will be making local handmade soap and will give consumers the ability to really be immersed into the culture.
Tourist, as well as other consumers will gravitate towards our business because we offer them an opportunity to experience a healthy, clean, and refresh skin at a reasonable price. Also we will provide them with a different style of customer service.
To show and appreciation of their purchase, pictures with customers will be place on the wall and also on the store Instagram page. We know that tourists visiting the island will give reviews and come looking for more freshly flavored scented and clean soap. So our two main targets are end users and resellers.