Business Plan Market Segmentation Strategy Essay
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 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.
- Develop a brand that consumers can trust.
- Achieve returns on our investments, plus additional profit.
- Mission – 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.
- Vision Statement-Our vision is to have a significant, positive impact on the growth of the personal care and household care marketplace where safe and environmentally conscious products prevail and where there is an Organics product in every home.
- Guiding Principles –Scrumptious Suds is committed to its values, such as, high-quality, passion, excellence and leadership, which allow us to navigate challenges and provide for future opportunities. These beliefs start with our commitment to our employees and our products.
- Keys to success
- Developing high-quality products and providing them at market price – will want to make the consumer return again.
- Being able to sell the product wisely, through marketing and sales strategy.
- Employing persons who are passionate about the industry.
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.
- Ownership Scrumptious Suds will be a partnership, owned by Katrina Been, Shermal Francis, Shaineisha Skippings, Aisha Thomas, Kamula Williams.
- Legal Form Scrumptious Suds will be formed as a partnership.
- Start-up Summary –The rent is, $1000, per month, with a three-year lease agreement. The unit consists of 2000square feet of leasing space for a small business, including the main area where products will be sold, a storage room, a mixing room and one restroom.
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
- Location & Facilities – Scrumptious Suds will be located in the highly visited tourist location Front Street. It will be distanced from other popular and well established businesses; it will be a ten-minute walk to the First Caribbean Bank and will have a view of the sea as customers walk in to give a more memorable and welcoming greeting.
- Product Description –Scrumptious Suds will be offering body/bath soaps, lotions, face scrubs and etc. Our customers will have the option of choosing from a variety of scents such as Hibiscus, cactus, strawberry, pineapple, etc. The soap in particular will have different shapes and sizes. We will hand-make the skin care products with as much natural ingredients as possible.
- Competitive Comparison – From our research the main supply of skin care products such as bath/body soaps are sold at variety stores. in Grand Turk. There are no stores that stood out to us.
- Product/Service Sourcing –Our product will be made by us, with all-natural ingredients. We will be sourcing our ingredients will be grown, but some product will be bought both locally and online. We have chosen suppliers that have an exceptional reputation for reliable products.
- Graceway IGA, Sunny Foods and Smart
- Building Materials Do-it Center
- Inventory Management – N/A at this time
- Warehouse and Fulfillment– N/A at this time
- Future Product/Service – In the future Scrumptious Suds will seek to provide more skin care products, that will help to improve and make the bath/body soap a much more enjoyable experience. We will also be offering an online store service on our Instagram Page. We plan on expanding our business to customers across the various islands.
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.
- Competitive Landscape – Scrumptious Suds will have no competitors since this will be the first business to have a variety of organic scented and cleaning soap made here on the island, however there are small stores that sells other cleansing products that will be willing to purchase Scrumptious Suds soaps.
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.
- Industry Participants –Depending on size and type, consumers in the Turks and Caicos Islands usually sell their scented soaps between $7 to $12.While online consumers advertise the same products between the prices of $5 to $15.
- Main Competitors –The Body Shop, is a British cosmetic, skin care and perfume company, that was founded in 1976. They started out selling just 25 products, now in 2020, they are more than 3,000 stores worldwide, selling over 1000 products.
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.
- Market Segments – Our main targets are female ages 16 plus. Consequently, females would be more attracted to this product because they are more self-conscious about their bodies and appearance than men. We will also target local variety stores.
- Market Tests – From our research, there are more self-care products needed, especially in the Caribbean. To explain, in the Caribbean it is warm and sunny all year round. With this in mind, the skin has to be cared for and protected from continuous exposure to the sun.
- Target Market Segment Strategy –
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.
- Market Needs – From our research, our younger audience of consumers prefer a skin care product which reduces acne, and our more mature audience are attracted to skincare products that offer anti-aging treatment, as well as a product that can nourish the skin and keep it healthy. While tourist is looking for an indigenous product.
- Market Trends – We have found that consumers are more focused on their face before any other part of their body. They are using all organic facial creams to reduce acne, whether it be a mask they made themselves or a purchase one from the store
- Market Growth – From our findings we have noticed that a lot of skin care ideas are originating from the Eastern-side of the world (Japan, China, etc.) For example, the charcoal face masks, originated from Japan and then later evolved to the USA and then to France. However, some countries in Europe were the first to experiment and bring out the benefits of using all-natural ingredients.
- Positioning /Location – Other than the Grand Turk Cruise Center, Scrumptious Suds will position itself as an outlet, selling all-natural, handmade scented soap operating in Barbie Lightbourne’s Complex on front street, which is a commercial area with high density of professionals and a fluctuation of tourists, especially on cruise ship days.
- Distribution of the goods: Our product will be sold at our location on Barbie Lightbourne’s Complex, front street, Grand Turk as well as from a booth at the Cruise Center. We will provide a delivery service for our local customers to ensure customer satisfaction.
- All products are natural and self-made.
- Have an app where people can place their order and pay online
- Offers a delivery service to our customers
- Members of the organization are well-educated and has a wide knowledge on the product.
- Our store will be very-unique and creative.
- Strong accounting and marketing skills.
- Our product might be difficult to promote being that we are a small organization.
- High startup costs
- Competition within the market
- Can be difficult to source all ingredients locally.
- For now, we are selling just one product which is our soap
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Business Plan Market Segmentation Strategy Essay
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