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Creation Business Plan
Creation is an online store that will offer a wide range of unique and beautiful accessories for home. This store is especially for those people who want to decorate their homes with some unique and distinctive things. In addition to this, the store aims at serving those people who do not want to visit shops and then select any particular accessory for their home. Due to this reason, creation is an online store, which deals with its customers through internet. Acceptance of order and payment al are done online while sitting at home and just pressing some buttons.
As far as the internal and external environment of the store is concerned, the external environment is very competitive. It is because of the fact that a number of online home accessories stores are already doing good business and they have a good will among customers. On the other hand, the internal environment is very dedicated and motivated towards achievement of the objectives. Though the external environment is quite challenging but since creation has a wide range of unique collection, therefore it is firmly believed that the store will ultimately meet its desired goals (Blackwell, 2011).
In the year 2001, the home decor industry faced a minor fall of one percent in its overall sales. The total revenue of this year was 54.6 billion as compared to the revenue of 2000, which was 55.2 billion. It has been predicted by various researchers that the trend of purchasing home decor accessories will get increase day by day. It is evident because the percentage of people who own their own homes has been increased by 8.8%. Besides this, income of more than 50% people has reached to $60,000 (Botha, Bothma, & Geldenhuys, 2008). This income levels depicts that people will definitely prefer to buy some decor collection for their homes. Not only is this, but home has also become a status symbol in the society, due to this, people are striving hard to get their homes. Since this ratio of love for home increases, it is apparent that the people will also love to decorate it.
The core objectives of Creations are as follows:
To set a price at which at least fifty-five percent of the profit can be gained.
To minimize the cost.
To generate annual revenues of $626,000.
The strategic plan of Creations is to become a pioneer in the home decor accessories industry. The competitive edge will be of having the unique decorative items, which are not available with the other online stores. This is achieved through implementing the great marketing and promotional strategies, grabbing large number of customers and maintaining quality.
DESCRIPTION OF THE Management TEAM
There are two co-owners of Creations, Marry Anderson and Sara Michael. Both of the owners are around thirty-five years of age. Marry is an interior designer whereas Sara is a graduate in fine arts. Both of them are passionate about home decoration. All the strategic and business planning and management is the responsibility of Sara, and Marry is responsible for inventory management. Sara and Marry took these responsibilities by their will because they have good experience in it.
We share pictures of our items with the customers, and then the customer asks for its price and other features, after the customer places that final order. Once the order is confirmed we ask our sales person to deliver the item at the particular address given by the customer.
TARGETED SEGMENTS AND POSITIONING
Creation has divided the market segments into three main classes, which are upper, lower and middle class. From this, two sections that are the upper and the middle class are selected. Our main target customers are the middle class but we do target the upper class for some of the luxurious goods.
In order to get a unique and distinctive position in the minds of the people, we focus on preparing some unique and classy decorative items for our customers and give priority to the best quality.
Our strength is our idea of producing some unique and new decor pieces for homes rather than the traditional old ones (K2Commerce.com, 2010).
Lack of finance for producing some extra ordinary items is our weakness.
It has been observed that until now there are very few stores who offer after sales services with the decor items. Therefore, it is an opportunity for us and we have…[continue]
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