PLEASE READ ABOUT MY BUSINESS IDEA BEFORE ANSWERING THE QUESTIONS (ATTACHED)
QUESTION A – Describe briefly the main operational aspects that are involved in ensuring that your strategy is successfully implemented. In particular, you should consider:
Business Plan Idea
Southern states University
1- I would like to explain how I came up with my business idea first. As a child, I grew up with my mom and grandmother, who were both very open minded, and they taught me everything related to sex, especially how to protect and respect my body. My girlfriends used to come to my house to ask my mom about sex because they didn't feel comfortable talking to their parents about it, and some would sadly learn on the streets.
In addition, I discovered that everyone is interested in talking about sex (in a respectful way), even those who pretend not to be interested. I remember my first job which was in a clothing store. There was a girl that used to come to the store to sell us some sexual products and all my co workers would get all excited and buy almost everything. It is also important to note that the sex industry is very powerful, but does little to teach us about our sexuality. The majority of people have a misconception about what sex is.
The business I'm starting is going to be an online sex shop where we're going to sell sex education exploring sensorial and tantric sex. A platform where we can explore the best of ourselves and improve the quality of life of a person, in its sexual dimension. We have to highlight that sexuality is a constitutive part of the human being and as such crosses the dynamics of social relationships.
A portal where you can find the best about sexual wellness that will also support your body’s overall wellbeing. The body itself offers a range of possibilities and the opportunity for an expansion of the experience of sexuality in a reflective and criticism. The goal is to redefine the creation of sexuality, rediscover sex and empower lovers to achieve sexual harmony. Even with all the exciting new toys and props available to help people improve their sex lives, communication between partners and a lack of intimacy remain the biggest challenges to maintaining healthy relationships over time.
a) There are tons of sexy shops, but none are focused on education. Our goal is to help any human who would like to enhance their sexual experiences in a positive and healthy way.
c) There is an innovative product I have in mind that should remain a secret. In spite of that, one of our main ideas is to offer a membership service in which the client receives a box with a variety of products every month.
d) Not sure.
e) Yes, it’s not happening.
Southern States University
In relation to Porter’s five forces, the business exhibits the threat of new entrants into the market. In essence, the business is a new entrant and may have to face stiff competition from new entrants who may be interested to engage in the business. Moreover, the business has an issue with the bargaining power of the customers, as many customers would view the business as not experienced enough in handling sexual education in tantra and sensory sex.
Another advantage that the business can expand on in the business plan is the integration of the sex industry through offering discounts and free tconsultation with therapists and sexologists to first-time customers. Specifically, free therapy for new customers will enhance the market share of the business, thereby leading to high-profit margins, as well as expanding the market share of the business.
In regard to strategic positions under consideration in the industry, many operators are projected towards differentiation and innovation. As such., every competitor in the market is striving to maintain the customers by coming up with service innovation and product innovation to enhance profitability, as well as to maintain the market share.
Further, the business will be established under the strategic position of differentiation. Product differentiation, as well as service differentiation, is very key and vital in enhancing growth for any business. As such, the business will come with a unique experience of lessons, as well as free consultation for first-time learners, thereby leading to a better performance in the industry.
The proposition of the plan was greatly inspired by the desire to engage in sexual education., which is not only beneficial to couples but also for young adults. The fact that every person is interested in getting to know the issues related to sex makes me believe that the business will succeed. The mission of the business is to provide customers and lovers with an intimate experience during intimacy. On the same note, the vision of the business is to grow into an organization that enables various individuals to attain proper communication, sexual harmony, respectful relationships, and self love as well as mindfulness during intimacy, thereby creating an enabling environment for intimacy. Furthermore, the short-term objectives of the business include attaining a transformative pleasurable experience, whereas the long-term objectives include creating awareness in regard to mindful and harmonical sex, overcoming sexual misconceptions, and promoting communication between partners during intimacy.
Southern States University
1- Describe your product or service, as if explaining it to a novice.
The business I'm starting is an online sexshop, selling sex toys and lingeries. Aside from that, I would like to focus on sex education. I'll have a business Instagram account where I will work with a sexologist and we will post videos and pictures about issues that most people have related to sex. Our goal is to make people feel secure, explore, and love their bodies.
2- Is it currently available for sale? If not, what needs to be done, how much will that work cost and how long will it take?
At the moment, me and my partner are still deciding which toys we will sell and which manufacturer we will use. The lingeries will be designed by a friend of mine and made by my vegan leader. Our plan is to invest $3,000 to start the business and launch it in July 2023.
3- Do you have, or plan to have, any legal protection such as patents? If so, explain what you have done so far to establish your rights.
We probably won't have a patent, since I don't think it's necessary, at least not in the beginning. If we decide to create a new product that doesn't exist on the market, then maybe yes.
4- How is your product or service different from those already on the market?
Initially, I will sell the same products that other companies sell; however, it will be my marketing strategy that will make the difference. We will use Instagram and our website to communicate with our clients, teaching them about their bodies and sex wellnes . In addition to talking with our sexologist, clients will have the opportunity to ask her questions. My brand will be the first to combine sex education with the sales of sex products.
5- Will you be providing any warranties, guarantees or after-sales service?
We will provide warranties in case the product does not function as originally described or intended.
6- Are there any possibilities of developing new products or services complementary to the one(s) described above?
It is one of my goals to create a product that does not exist on the market in the future. I don't know what it will be yet, but I have an idea in mind that involves a vibrator and an egg controlled by an app from anywhere in the world. They both vibrate on the same level, so couples who live far apart can feel a little closer.
1- List all the costs you are likely to incur in making or marketing your product.
We're going to buy toys and lingerie from manufacturers, packaging, shipping, ads, and influencers to promote our brand.
2- Refer forward to Assignment 20 and then calculate the fixed and variable costs associated with your product.
To answer this question, I will select only one product, Satisfyer Pro. Fixed: .$3.000 Unit variable cost: $15
3- Using the costs as calculated above and your profit objective, calculate the optimal price you should charge.
The price I should charge for the Satisfyer pro is $70 per unit.
4- What price do your competitors charge?
Compared to what I'll be charging, my competitors will charge between $10 and $20 less.
5- Compared with your product/service how much better/worse are those of your competitors?
It is unlikely that I will have a competitor selling a better service than me. Sex toys and sex education are not combined by any brand yet.
6- Are any of your possible market segments less price-sensitive than others?
7- Does your answer to question 6 lead you to believe that there is an opportunity to sell at different prices in each market segment – and so enhancing profits?
In the beginning I pretend to keep the same prices independently of the market segment.
1- Prepare a leaflet describing your product/service to your main customers. (Don't worry if you don't plan to use a leaflet – the exercise will serve to ensure you have put your offer in terms that recognize customers’ needs, rather than simply being a technical specification.)
As a provider of products and services, my goal is to enable my clients to relax their minds, discover their sexuality, and have their biggest orgasms. People will feel more empowered and happy as a result of my business.
2- Write a press release announcing the launch of your venture. List the media to whom you will send the release.
Something like “ give yourself the pleasure you deserve and have a better life.”
3- Prepare an advertising and promotional plan for the upcoming year, explaining:
a)what you want to happen as a result of your advertising;
I want people to get to know my business and be curious about it. I want people to see my brand as something that will transform their lives with self-respect and self-love.
b)how much it's worth to you to make that happen;
It is extremely valuable for us to build our reputation.
c) what message(s) you will use to achieve these results;
I’m not sure yet what the message is going to be yet. It has to be really well elaborated so people don't misunderstand it. We must be extremely careful when discussing a topic like this.
d) what media you will use and why
My plan is to use Instagram because I believe it's the best platform to communicate with the public nowadays.
e) how the results of your advertising will be monitored;
We will be tracking the number of people liking and commenting on our posts, clicking on our website, and the amount of products sold through Instagram.
f) how much you will spend.
I plan to spend $2,000 on ads.
g) If you have already done some advertising or promotional work, describe what you have done and the results you have achieved. Has your work on this assignment given you any pointers for future action?
This assignment made me realize there are a lot more things to consider before starting my own business.
Southern States University
The business will implement the best and latest marketing strategies to create business awareness and also to market the business products. These market techniques show how our business is competitive as they present the uniqueness of our services and our products. The aim of using the strategies is to make my products and services stand out from those of our competitors.
Social media marketing is the first marketing technique that will use to market our business. Our competitors are already using this strategy; however, the strategy has notes effective as it is supposed to be because of lack of creativity and innovation at the same time. Also, our competitors one line of business limit them in ensuring that they satisfy all the customers’ needs.
The first innovation is the creation of a website that will enable clients to observe our services and products. This strategy is not new since our two identified major competitors have theirs; however, our website will differ from their as far as marketing is concerned. There are different techniques that we will use to drive huge traffic to the website and ensure that we got enough clients. First, we will optimize the website so that the clients will not have issues when navigating through the website. Second, we will implement analytics to collects information from the users and use the information to enhance their experience when using the site.
Our second innovation is the social media marketing platform to achieve different social business needs. A study on the use of social media shows that about 60% of the population has accounts in different social media platforms. This number is high and should be utilized to achieve different needs of the organization. Apart from advertising, we will integrate social media communication channel with the organization website so that we can answer the clients queries in real time. Timely response to the client matters in marketing and since it is not possible to be always online, it is important that we integrate the chat functionality with our website.
Apart from the technological innovation, we will also make use of the traditional marketing methods innovatively. Our business provides both products and services(education); therefore, blending them together will make our strategy stand out from those of our competitors that offer one line of service products.
Our business will make use of the online presence majorly to do sex education and training. The clients will have to attend an interactive session to be held at specific time. However, we will also have a local premise where our primary operations take place. The premises will also have sex products that will be delivered to the customers when they purchase them. Also, the premises will enable the customers to come and seek firsthand information when they need in our localized premises.
A plan is in process to gain premises for the most preferred cost depending on our needs. Our plan is to have a premise that will not limit us in terms of space to carry out our business with no issue. Therefore, to get the most desirable place, we must first thing about the associated costs and how we meet that cost.
We want the business to begin immediately; thus, we have gained a building on a mortgage that will be paid over a period. The current value of the offices for the business in the location is about $600 000. This is an amount that we will use to purchase the build through a mortgage from one lender. The identified building goes for slightly higher amount but will pay the $50, 000 amount on cash and gain the building through a mortgage for the remaining balance. This is the most preferred way since it will not drain us financially. The current rate for the mortgage is an annual of 5.4%. thus will require us to pay about $2770 monthly an amount that is most affordable.
Business Premises Rates
Since we are gaining the business premises, then we are going to incur some business premise rates that accrue on monthly and annually. The business will have to incur the land rates that the government requires of all lands owned by individuals and businesses. Apart from these rates, the business also will incur other expenses that will enable it to run effectively. For instance, insurance and electricity bills.
The business will be insured so that it is secured from any uncertain eventuality. We will incur three types of business insurance to protect the business from any loss that can come because of the losses linked to that insurance. The following are some of the insurance that business will take.
Professional liability insurance–this is insurance that protects business from damages that come because of the negligence because of mistakes or failures. The cost of this insurance ranges from $a 1000 to $5000 depending on the insurance company that will be contracted.
Property insurance–our business will have a different type of properties that has monitory value. This include the equipment, inventory, and furniture. The property insurance will insure these properties from any damage that might come. The premium for the insurance is calculated by the insurance company that is selected.
Business Interruption insurance – since our business will operate in a physical location, some of interruption might come on the way, for instance, political issues and natural destruction. This will require used to insure the business to be compensated in case of the interruption.
Adequacy of the premises
The premises are adequate for now, considering our current target market. However, our projects suggest that the business will be good and we will need to expand in the future to accommodate the growth both physically and online. For the physical growth, the business will open other offices in different location from where they will serve our customers. For online growth, we will create additional sex education topics that will handle different topics preferred by the customers.
Finding business premises
We have not found the premises yet, but we are planning to identify suitable places where the customers will not struggle to find us. Also, as we stated earlier, we intended to own the premises rather than renting them out from other business or people. Owning the premises will allow us to have full control of the premises regarding the use and expansion.
Our business will offer sex products and education. Therefore, we have no intermediaries between us and our clients. We sell to the directly. We will deliver our sex toys to customers through any currier service upon the purchase, while the education will be carried directly to the interest of individual upon subscribing for the service.
The business will not encounter any significant risk during operations. However, some of the risk that might happen can be managed easily. One of the risk is lack of personnel who will handle training and manufacturing the sex products.
Contact with customers
Our personnel that will come in contact with the customers must have received the best training regarding how they are supposed to handle the clients. For example, taking sex education requires people who understand and have been trained on how to carry the sex education training.
After-sales support and advice
The after sell support and advice applies only to our sex tools. A manual on how to use this product will be packaged together and delivered to the customers. Also, our team will make a follow up to the customer to ensure that customer is satisfied with the product. Finally, all customers that purchase the products will get free sex education training that will be availed through our website. This is the strategy that we will use to keep our customer updated with new products and services that they may keep getting them from our company.
Tracking the products
Most of the products that we will sell will be readily available. Therefore, when a customer purchases them, they will be packaged and delivered through our identified courier. for the customer satisfaction, we will select courier service that will enable the customer to monitor the products until they are delivered.
Communication with the organization
There are different modes that we have selected to enable used to communicate with our customers. The various communication channels will allow the customers to select their most preferred channel depending on the urgency of the information. We will have a phone number that will be available 24/7. Therefore, the customer will use it to connect with us whenever they have an issue or want to relay important information to our team. Email is the second mode of communication that will be implemented in the organization. It will be used for official clients will like to take with the organization. For example, notify the client on the dispatch of the merchandize and also on the training information for the case of training.
Our products and services must meet the required quality. Ensuring that the products have the Right quality is one technique that we will use to difference our products and services from those of our competitors. How are we going to ensure the highest quality standards? By setting quality department that monitor the quality of the products and training. Anything that does not meet the setting quality standards will not be allowed to go to the market. This strategy will allow us to maintain customer trust.
Through the comparative analysis of the web performance, we observed that two websites of our two competitors do not rank as expected. This is a sign that they do not mind about their online presence and thus give us an opportunity to outsmart them in the business. We will have our website optimized so that it ranks well in the search engine. Also, we will optimize the website for speed and also responsiveness so that the clients will not have a hard time using the website.
Website domain name
The domain name of our website will go hand in hand with the name of the business. This will enable the customers to easily search and identify the website. It is also important to make sure that the domain name goes well with the business theme of the business as most customers are likely to such certain keywords that will appear in the website domain name. From the critical analysis and research of the best domain name, the “sexeduhub.com” suits our websites because our business provides sex education and sex products. The domain name is also easy to remember and thus our customers will always have a simple time searching and navigating through the website.
Submission of services
Through our website is possible that customers could easily submit services to the organization. Our website will have an integrated form that allows the customers to submit their information or message. The team responsible will always respond to the massage at an appropriate time in order to convert the customer. We will test all the communication channels integrated into the system to ensure that they are all working and efficiently delivers message to the organization.
Social media review
There are many social media channels that are in existent currently. However, the number of users in each differs depends on the preference of the social media. The business will have to use the mostly used social media platform to reach the most of the clients. According to our analysis we have established that face is most widely used social media and we expect using more to get our clients. Also, Facebook is ranking the top in the number of marketing strategies we can use to sell our products. Apart from Facebook will also use twitter and Instagram sparingly because they do not command a high number of users as compared to Facebook. However, the integration with our website will ensure any post appearing in our social media also appears on our website.
Tacking and analyzing the web traffic
We will use google analytics to track our website traffic. This will give us an opportunity to see our performance as far as the web performance is concerned. Also, analyzing the traffic will give us insights on the type of services and products that are performing well.
We are a professional custom writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework.
Yes. We have posted over our previous orders to display our experience. Since we have done this question before, we can also do it for you. To make sure we do it perfectly, please fill our Order Form. Filling the order form correctly will assist our team in referencing, specifications and future communication.
2. Fill in your paper’s requirements in the "PAPER INFORMATION" section and click “PRICE CALCULATION” at the bottom to calculate your order price.
3. Fill in your paper’s academic level, deadline and the required number of pages from the drop-down menus.
4. Click “FINAL STEP” to enter your registration details and get an account with us for record keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
5. From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.
Need this assignment or any other paper?
Click here and claim 25% off
Discount code SAVE25