Business Plan Example: Home Vacuum Cleaner

2021-08-11 08:52:39
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1155 words
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University of California, Santa Barbara
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The 21st century has seen characterized by enormous development in technology in almost all spheres of life. Ideally, technology makes life easier for human by performing tasks that would otherwise be impossible for humans or consume a lot of time and human labor to complete any significant portion of the workload (Gordon, Kim). With technology, one can afford to relax and enjoy life as they get tasks completed with fewer efforts and in a shorter time.

Situation Analysis.

Home cleaning and maintenance are among the crucial areas that need attention and maintenance every day. One must create time to accomplish these roles even with a tight working schedule. It is everyones wish that they would find a solution that helps them complete their household chores in less time and even better, leave them energetic enough to attend to their daily chores.

It is in consideration to this need that our company invested in research to create a technological device that would meet all these needs and makes the life of our customers easier and convenient. We have invested in technology to bring to you the best c that will save you time and efforts yet leave your house tidy. By introducing this product, we focus on creating insight and awareness to our customers on the best features and the services to expect. The vacuum cleaner comes at a low and very affordable price, it is durable and conserves power. The cleaner operates using electricity hence no need for fuel. It emits minimum noise when cleaning, has a long power cable so one can comfortably clean around the house. The cleaner is sizeable hence saving on space, can be cleaned easily. It is sold with a users manual guide and is easy to use. It has an adjustable knob to regulate the energy being used depending on the need to complete the task fast.

Most firms in the market have some of the features like the ones in our cleaner. However, the products do not meet the features in this cleaner, and most are very expensive. Also, our vacuum cleaner meets legal and quality standards and is sold with a one-year warranty.

Target Audience

The home vacuum cleaner is a product fit for use by:

Todays households, families.

Persons who work with tight schedules

Small and medium businesses

Small and medium institutions

Entrepreneurs with personal offices

Goals

To make 50% sales in the first quarter year from opening. By conducting campaigns, the firm will afford to raise awareness target giving information to potential buyers and selling the superiority of our product to potential customers. We are providing a one-year warranty for the cleaner to create confidence in the quality of the product. The aim is to have many potential buyers being convinced that our product is superior and as such purchase it. Though this we have set a target goal to sell 50% of our stock within the first quarter of the year.

To create product awareness in the two states in the first year of operation to grow our target will be to increase the firms market share in new markets within our locality and the neighboring states. We will be targeting new customer with whom we can establish a mutually beneficial relationship and expand our customer base.

To promote sales on a monthly basis by focusing on by providing special offers to the buyer. To achieve this goal, we are focused on creating a reputable relationship with our customers. Also, we will be introducing very competitive offers once a month. The goal here is to encourage old customers to buy more and share information about our product with friends and families. We will also be aiming at attracting new customers to purchase our product and hence we will manage to establish out brand better in the market. We will also manage to create and maintain customer loyalty for the same and future expansion opportunities.

Strategies and Tactics

Advertisement strategy will be useful in ensuring that the cleaning device is known by a wide range of potential customers. Some of the advertising techniques will include one-on-one advertisement, media advertisement, social media and internet advertisement. Social media and internet advertisement is becoming a very popular trend in marketing (Ziemons, Michael). The firm will include sending periodical emails and writing friendly messages through phones to potential clients inviting them to purchase our product. For social media, the firm will advertise to users through platforms like Facebook, Twitter, and Instagram.

Advertisements will include images of the vacuum cleaner, illustrating its use and highlighting its unique features. There will be a friendly message that communicates care for the customer and business contacts for use to get in touch with the firm. Further, the social media platform will be used for online interactions between the firm and potential customers highlighting and requests for feedback from customers who are already using the cleaner. Having such a platform will be crustal and will serve as a comprehensive room under which loyal customers can give feedback to potential customers and hence foster trust and confidence in new clients. Also, the firm will be engaging with visitors to provide accurate information and clarify on contradictory issues.

The firm will focus on forming and maintain good and favorable public relations. To do so, keen focus will be dedicated to getting the public interested in our products. Further, the firm will be committed to attending trade fares and trade shows. The exposure will increase awareness about the firm and the vacuum cleaner. It will also provide exposure to meet competitors, sponsors, and investors who may lead to promotional shows and invites to other shows where the firm can showcase the product.

The firm will also be conducting special promotions that target specific market groups; such include taking advertisements to institutions and other business firms with the aim of selling to the firm and their employees. The firm will be offering products in this context at a lower price.

Budget Breakdown

The costs associated with product promotion will include advertisement costs, costs for participating in trade shows, and cost for lowering prices during promotions every month. Also, it will be engaging and costly. The business does not expect to release profits since marketing costs are expected to be too high for the first half year of selling the vacuum cleaner.

The plan at the moment is expected to change as the business progresses from and as business needs changes. If the business adjusts favorably and profitably, the company will adjust the budget to reflect lesser costs. However, suppose the cleaner takes time before the customers start appreciating and purchasing it, the business will have to draft a budget that invests more in the marketing strategies in an attempt to sell the product.

 

Work cited

Gordon, Kim. "Write A Simple Marketing Plan." Entereprenuer, 2003, https://www.entrepreneur.com/article/60000.

Ziemons, Michael. "Blended Business Coaching." Organisationsberatung, Supervision, Coaching, vol 19, no. 2, 2012, pp. 217-225. Springer Nature, doi:10.1007/s11613-012-0281-1.

 

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