Thursday, November 21, 2019

Business Plan for E-commenrce company Coursework

Business Plan for E-commenrce company - Coursework Example In relation to the study the company which has been selected is MyName-MyShop, an online business that will focus on customizing its products with labels that its clients identify with to attract and retain a large pool of customers. It plans to deal in beauty products like chains, necklaces, earrings, wrist chains and caps to start with. These products appear to be so common in the market but less personalized with names that buyers find appealing to them. It therefore gives buyers a chance to have their various products designed with the names they prefer engraved on them. The mission statement of the company shall be â€Å"Committed to letting the small things we have bring happiness in big ways.† This is reflective of the nature of the products being offered in the market by the company. The characteristic customization is what would actually â€Å"create happiness in big ways† for the clients. Working to attain this is imperative in enabling the company to uphold q uality production at all times. Current trends indicate that the sale of customized beauty products in the US market contribute a significant 5.5 billion US dollars to the national economy annually. This is all inclusive comprising of various products such as caps, wrist watches, anniversary jewelry and so forth. Further, the market is relatively fragmented and seasonal in nature. Thus during holidays, sales tend to soar to very high levels. This is attributed to the gift giving practice that occurs during this time. Also, the market is categorized in to three main echelons: low end, middle end and premium end. In the upper echelon, there are companies such as the BlueNile while the middle end is dominated by Best Gem Diamond Company. MyName-Myshop seeks to assume the upper echelon position because it would place particular emphasis on high quality production. Business Goals and Objectives The business aims at starting its operation in ten major cities and expands to cover the whole nation in five months, five states in a year and 50 states in the whole year. This expansion would enable it to attain its goals within a specified time period. In addition, it would enable it to explore the available niches and maintain an upward growth. Business Models The business model will focus in providing quality and affordable trendy products to customers. These trendy products will be customized to customer’s specifications. According to Pinson (2004), customization of products would be imperative in enabling the business to maintain

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