Order ready-to-submit essays. No Plagiarism Guarantee!
Note: All our papers are written from scratch by human writers to ensure authenticity and originality.
BUSINESS IDEA AND PLAN
Check your essay before you submit. See exactly what your professor sees.
See your AI and plagiarism results before your instructor does.Get the exact same report your professor uses. Trusted by 50,000+ students worldwide.
The business idea is to develop an easy to use, but very effective portable cup holder that can be used under various circumstances or places including in the car or at home. The product will be developed with unique features that will enable users to enjoy a special service since it will have a USB cable port to be used in the car. The cup holder industry can be highly competitive, with firmly established companies controlling the market. However, automobile cup holders in the current sector are developed for specific use in the car, are not portable and cannot, therefore, be used in other environments such as home setting. The primary goal and milestone objective of the business is to provide consumers with the best cup-holder service both in the car and at home, that apart from being easy to use has unique features in being portable and having a USB port and a charging system. The goal is to save provide consumers with the best cup holding service at the minimum cost possible. As a milestone objective, the company will look to gain authority in the industry, in a time span of 5 years, through a scalable and realistic marketing strategy.
Marketing Plan and Strategy
The business will target diverse customers, in consideration of key competitors’ markets. The main target market is car manufacturers both local and abroad, who will be the primary beneficiaries of the product service. Another potential market is within the home-users population who will be targeted as the product is multi-purpose, hence can be used even at home. Despite facing competition from big global companies in the industry like China car cup, the strategy is to dominate the domestic market first and then later venture into the global market for a larger market share. The business will adapt to the price skimming strategy whereby the product price will be higher during the introductory phase, but drop with time to attract the more price-sensitive customers (Cravens & Piercy, 2006).This will create an illusion of exclusivity and quality in the market as well as help to recoup the product development cost. The product will be promoted and advertised mainly through online social media to inform as many potential local and global customers as possible. Since the business targets a global business platform, e-commerce will be adopted as the transactions channel to increase effectiveness and reduce further costs. Outlets, stores, and warehouses will also be established to aid in the distribution and bring the product closer to consumers. Products will be shipped to consumers upon placement of an order, with a relatively cheap shipping fee.
BUSINESS IDEA AND PLAN
