Buy essay on Business Plan

1. Description of the company
The organization chosen for the marketing plan is called “Accessories”; this will be a fashion store offering decorative accessories such as jewelry, watches, bow ties, belts and handbags. This will be a for-profit company operating in the retail sphere, with approximately 15 employees expected to work in one store. The perspectives of development for the “Accessories” project are very promising: it is expected that in 2 years a network of such stores will be created in the neighboring regions, and in 5 years it will be possible to expand the network to major US cities. The main advantages of the “Accessories” store is that it is aimed at middle-class customers who value quality, but at the same time have a limited budget for accessories.
Preliminary analysis has shown that existing stories selling accessories are either selling high-quality and branded accessories at expensive prices, or offering cheaper jewelry and other accessories, which are of comparatively low quality. As a result, only two target groups of customers are currently satisfied with the market opportunities – customers with high income and high requirements, and young customers preferring casual style or not much concerned about the quality. The “Accessories” store is aimed to fill this market gap, and to offer a reasonable balance of price and quality, with the emphasis on quality.
2. Mission Statement
The idea of the store is to find the right balance of price and quality, and to provide the best selection of accessories for various tastes. The customers purchase accessories not only for practical purposes, but also to satisfy their style and taste. For many people, accessories can be used to individualize their image, to accentuate certain traits or features of appearance, or to create an effect on the surrounding people. Thus, the mission of the “Accessories” store is to deliver high-quality accessories at reasonable prices in order to help customers to express and accentuate their personality and style.
3. SWOT Analysis
The strengths of the prospective store are numerous. First of all, the balance of quality and price will attract customers who are interested in high-quality accessories, but have a limited budget for such purchases. The store can be flexible and adjust to market risks by selling various types of accessories (not focusing on jewelry or watches only). No expensive assets are required for the store, apart from the accessories themselves (Ferrell & Hartline, 2008). Good relationships with customers are also a strength, since the store will provide the best customer service and unique shopping experience.
The weaknesses are associated with the availability of suppliers and high volumes required to get good prices. The store will require significant investments from the start in order to provide the desired balance between quality and price of the accessories. The selection of products is rather wide, and the customers often would like to try the accessories in person; thus, online ordering and catalogue purchases can only be used as supplementary means (Ferrell & Hartline, 2008). Large time lag between the investment and the returns is a significant weakness of the project. From the start, the store will have a low ability to scale up, which also is a weakness (Lamb & Hair & McDaniel, 2010).
Regarding the opportunities, the main opportunity is to address customers who are 20-45 years old, and seek for quality at reasonable prices. This large target group can be segmented into smaller groups: women 20-30 years old, women 30-45 years old, men 20-30 years old, men 30-45 years old. The selection of accessories for men and women will naturally be different; on average, older customer groups are more financially secure and are seeking for more “branded” products than younger customers. At the same time, younger customers are looking for more extraordinary and expressive items, which can emphasize their individuality. A separate group of customers are fans of alternative cultures (of any age). Customization of product range according to the preferences of these customer groups is the best opportunity. Another opportunity is to start producing own line of accessories, this will be very appropriate later, when the customers start having positive associations with the “Accessories” chain of stores. E-commerce, catalogue and internet sales are a promising business opportunity as well (Luther, 2011).
The major threats are associated with high competition. Large competitors currently do not focus on the chosen target group of customers, but it is easier for existing companies to reach this target group compared to the new store. Rapid changes of fashion are another threat: the probability of outdates stock and associated losses are quite high. International trade regulations and taxes are also a threat, since unfavorable changes in these regulations might affect the retail prices.