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The shifts that are occurring in the population demographic are highlighting how a greater percentage of people are becoming senior citizens. This means that a traditional number of everyday services that most individuals take for granted will be in demand. For Widget World, this presents the company with a unique opportunity that will allow us to create a nationally-based franchise that can easily earn gross revenues of $144 million per year. The strategy that we are proposing is illustrating how these objectives will be achieved and the way we will create a unique product that will meet this growing demand in the future.
Currently, a major population shift has been occurring in America. Where, one of the largest demographics of the population (the Baby Boomers) is quickly approaching the age of retirement. Evidence of this can be seen by looking at statistics that are showing how there 76.1 million people in this age group. Out of this number, 3 to 4 million are turning 59 years old every year. (Huff) This means that these individuals will require the increasing utilization of a number of different services that will assist them as they become older to include: house cleaning, minor repairs and running errands. At the same time, they are helping to take care of their aging parents. (Huff) This is significant, because it is illustrating how there is a potential untapped market that can grow exponentially in the future.
In the case of Widget World, we are focused on addressing these basic needs, while providing services that go above and beyond these expectations. To fully understand how this can be achieved we will look at the potential market that is developing in the future and if it is economically viable for the business. This will be accomplished by conducting: a situational analysis, looking at the marketing strategy, making various financial projections and determining how implementation controls will be utilized as well as augmented to respond to these growing needs. Once this occurs, it will provide the greatest insights as to the potential opportunities and what steps need to be taken to ensure that the company is able be at the forefront of this growing industry.
To determine if this emerging market is economically viable we must examine various components of the industry itself and possible challenges that could be faced in the future. The best way to establish this is to study the: strengths, weakness, opportunities and threats (through conducting a SWOT analysis). ("SWOT Analysis") This will offer specific ideas as to if this kind of business can grow in the future and what are the underlying issues that we will need to address. At which point, we will be able to see if Widget World can be able to grow and adapt with the changes that are taking place in this demographic of the population.
Strengths - The most obvious strengths that Widget World has is the ability to be one of the first companies to offer these kinds of services to consumers. This is because we are focusing on segments that are currently experiencing tremendous amounts of growth. As, this is currently a $2.4 billion industry that is experiencing growth rates of: 5% to 7% a year. (Burton) At the same time, the national average for any kind of errand services is $25.00 per hour. (Burton) When you put these elements together, they are illustrating how Widget World has the potential to be able to realize a significant increase in profitability based on using straight line projections. Once you include the increases in the population of Baby Boomers, these figures could begin to increase exponentially.
Weaknesses -- The biggest potential weaknesses that could be affecting the industry is that it could be saturated with a large number of competitors. That being said, it is obvious that there are relatively few companies that are offering these kinds of services. This is important, because it is illustrating how the number of weaknesses facing the sector and the business itself are fairly limited. ("Help Seniors with a Senior Errand Service")
Opportunities- Various population statistics indicate that there are currently 40 million people who are classified as senior citizens. This number is expected to double within the next 20 years. For Widget World, this means that we can offer a total solution that will address the unique needs for each one of the customers that we are working with to include: house cleaning, running errands (i.e. picking up dry cleaning / grocery shopping / delivering prescription medication) and other services that may be in demand in the future. These different elements are important, because they are highlighting how the business will have the flexibility to create a customizable solution for addressing these needs. ("Help Seniors with a Senior Errand Service")
Threats- The biggest possible threat is that new competitors or some kind of substitute product could be introduced. This could change the demand for the various services that are being marketed. However, given the large number of individuals that will be entering this market, it is clear that there is room for a variety of competitors. This means that the possible threats facing Widget World are severely diminished given the size and scope of the market itself. ("Help Seniors with a Senior Errand Service")
When you step back and analyze these elements, it is obvious that there is the potential for the company to be able increase their overall market share exponentially. This is the point that we can be able to become one of the leaders in offering customizable solutions that will address these specific needs. Once this occurs, it means that the organization will be starting at the right time to: offer unique solutions facing this population demographic.
The basic marketing strategy that we will be using is to target those individuals who currently need these kinds of services. This will be accomplished using traditional sources of advertising such as: the radio, television, newspapers and direct mail pieces. We will then take this approach one step further, by having a series of different seminars at: retirement communities, businesses, large corporations and community groups. Our main focus will be to reaching out to those individuals who are interested in using the different services that are being provided by: Widget World through a customizable solution. Where, everyone can choose what services they need to use and they change add or change to this without any kind of long-term commitments. These different elements are important, because if we can take this kind of approach it will help to identify those people who currently need what we have to offer. While simultaneously, looking for individuals who could be in need of these services in the future. Over the course of time, this will allow the company to attract a wide variety of senior citizens.
To begin offering these kinds of services the company will focus on select markets where there are the highest number of retirees and potential retirees (i.e. Arizona, Texas, Florida along with California). Once this occurs, we will then expand to other markets that have large number of individuals that we can reach out to. A few of the most notable include: the East Coast, Midwest and the West. Over the course of time, this will help Widget World to build its brand image and reputation. This will improve the marketing efforts, which will have a positive impact upon how quickly the company is able to build its customer base.
To help maximize the profit margins, Widget World will start out in one area of the country and begin to expand into other as quickly as possible. In the beginning our focus will be to build a unique brand image that has an outstanding reputation for quality and customizable services. The way that this will be accomplished is by having customers leave different comments on a message board and through different surveys. Our emphasis will be on understating how these kinds of services being delivered can be improved and if there are any outstanding issues that need to be addressed immediately.
Once the brand image and reputation of the company has been established, we will focus on growing the business through a series of franchises that can be located around the country. In general, our upfront non-refundable franchise fees will around $5,000.00. Using various financial projections, the upfront fees that the company would receive taking this kind of approach off of having 100 franchises around the country will be $5 million.
The average pricing structure will be based on: an hourly, weekly or monthly fee. In general, the fee structure will be: $20.00 per hour, $750 per week or $3,000 per month. Those individuals that will sign long-term contract with the company will be given a 20% discount on these fees when they prepay for these services in advance.…[continue]
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