Table of Contents
I. Executive Summary
II. Description of Business
VII. Conclusion and Future Works
Table of Contents
I. Executive Summary
VII. Conclusion and Future Works
Executive Summary
Design
Trendz is a stand-alone retail store that offers furniture and home décor products
with new varieties. Its main focus is to build products with superior quality
& design at competitive prices. Our target customers would be mainly mature
people with family. In addition to offering a wide array of unique, quality
products, the consumer will enjoy friendly and knowledgeable customer service
and beneficial purchasing.
This
business is a new entry into the market so we will make strategies to increase
the market potential of the store through advertising and targeting our
potential customers. Design Trendz will establish itself competitively as a
unique retail environment through product offering and friendly, personal
customer service. It will tackle with other competitors by providing quality
products with unique styles and low costs.
Objectives:
As design
Trendz is a newly started business so our main future objectives would be as
following:
1. Design
Trendz is forecasted to reach profitability by six months and will have profits
of almost 0.5 million by the end of two years.
2. To
develop Design Trendz into premier furniture store in city where it is located.
3. To
acquire a customer base of 2,000 by the end of 1st year by using personal
customer service and marketing.
4. To
maintain a gross profit margin above 40% for the first year.
5. To
improve the reliability and timeliness of shipments.
Keys to Success
To succeed in this business we will:
Sell products the customer desires and are of
the highest quality. Provide friendly customer service and establish excellent
vendor/supplier relations that will facilitate quick shipment of orders. Also
we would advertise and promote our store immediately to take advantage of new
consumers in the market. Continuously review our inventory and sales and adjust
our inventory levels based on detailed records.
Description of Business
The Design
Trendz is a home décor and furniture business which is specialized in providing
products with superior quality and new designs. It provides furniture for
bedroom, living room and almost for every part of a home with different
features. The quality of products and design at comparatively low prices makes
it more competitive and unique from others. The feature which would make it
attractive to potential customers is that it provides newly furnished and
decorated products in a variety of resilient finishes and colors. The business
will consider the standard of all the items as its top priority and the main
objective would to be to provide services in such a way that would be
beneficial for the customers.
Mission Statement
Design
Trendz will be a store specializing in furnished, home décor and interior
design products. Our main purpose is to provide customers with the products
that they want at a price that they can afford while maintaining both quality
and service. We want to serve them with professional customer services in a
friendly environment.
Company Ownership/Legal Entity
Design
Trendz will begin operation as a sole proprietorship. The business model
followed by it is storefront model. It has an online system as well as the
physical store.
Revenue Model
This
business has one type of revenue model:
Sales Revenue Model: It earns revenue through this model
because it provides sales of goods and other services.
Products
There are a
variety of products which are provided by Design Trendz. They include different
styles of chairs, tables and other storage products e.g. shelves, cupboards,
book cases etc. The list of products is as following:
▪ Artistic
Lamps
▪ Folding
Tables
▪ Triangular
Shelves
▪ Coffee
Tables
▪ Modern
Chairs
▪ Abstract
Style Mirrors
▪ Candle
Stands
▪ TV
Consoles
▪ Acrylic
Wall Paintings
▪ Bookcases
▪ Display
Cabinets
▪ Wooden
Storage Devices
All these
products have a good demand because they play a key role in changing the
overall look of a home or an office. Customers need such furniture products to
decorate their living place and also for their daily use. The potential market
for these products would be people with age group more than 25 mainly females
and who have a reasonable income level. These categories of products have a
unique design and they are available in different colors in low price which
give this business a competitive edge over others.
Service
The services
provided by Design Trendz before, during or after the sales are as below:
1. Customers
would be able to maintain their list of product which they wish to buy so that
they can order them any time.
2. Customers
can reject the purchase or they can choose to return the product even after it
has been shipped to them.
3. Shipping
discounts would be available.
4. We will
provide customers with updates related to the products they have previously
bought.
Management
Design
Trendz will be managed and operated on daily basis in order to make sure that
the new changes or trends in market are being implemented by our business.
The management philosophy of this business will be based on team work. There would also be other people who will be managing my business. Initially this business would be operated by a limited staff made up exclusively of the owner (myself) and two other employees (Operation manager and finance manager).
Operations Manager: He has studied Public Administration (MPA) from a well-known institute and is highly qualified. He has good expertise in work operation and knows how to attract customer attentions. He will manage shipping, receiving, merchandizing, sales and customer relations.
Finance
Manager: He has studied finance and accounting and knows his work best. He is
an expert in finance management and deals with all types of financial matters.
His responsibility is to manage finances and financial records and data
processing. All other areas of the business are assisted by the owner (myself).
Marketing
Design Trendz will develop product offerings and market strategy to
increase its customer base while driving sales and profit. We will target our
potential customers which may include mostly females and quality conscious
consumers by advertising the stuff available on our store. We will also increase
consumer awareness, retain the existing customer base and promote sales via
newsletter mailings.
Market Analysis
The ideal
customers whom we expect to serve are those who are most likely to buy our
products. They would be our target market which may include:
· Middle to
Upper Class
· Primarily
Female
· 25-65
Years of Age
· Educated ·
Homeowner
· Quality
Conscious
· Value
Conscious
· Family
Oriented
We will attract these customers by offering unique and uncommon product
selections not found in the mass-market retail stores. As consumers have become
more time-deprived, they are looking to shop at stores whose
Service offerings are as equal in quality and value to their products.
Demographic Characteristics
Gender of
Primary Buyer which probably would be females.
Age Range of
25 years or more mainly comprising of mature people.
Income Level
should be reasonable.
Educational
Level College Educated
Family
Status Married
Living Accommodations
Homeowner
We are going to opt online marketing to let our potential customers know who and where we are. We will advertise certain products from our stock on different social media sites or certain blogs related to furniture and home décor. Moreover, we may also market through articles and posters on different newspapers to target our main customers.
Competition
Design
Trendz will have two major competitors located nearest to it which include: Home
& Office Interior Decorations and Barry’s Collection.
Both HOID and Barry’s Collection holds a good percentage of market reach. They have a good reputation in the mass market and are also considered reliable.
Strength of Competitors:
The products
offered by Home & Office Interior Decorations are available in a variety of
designs and dimensions. They build products in unique styles and try to give
them a new look. They have good sales method and the credit policy is also
customer friendly. They don’t charge for extra taxes.
Barry’s
Collection main strength is that they have a huge number of availability of
products combined with the quality and good appearance.
Design Trendz expect to compete with these competitors by improving their standards. We should focus on the quality assurance of the products and management to be very smooth. We have a plan to serve good products in low prices to compete with them. We will provide better sales methods and expertise in order to do better.
Advertising and Promotion
Design
Trendz intend to advertise business. The primary purpose of the advertising
promotions will be to get new customers into store and bring them back for
repeat sales. The advertising and promotions options which would be opted by us
would be mainly:
Social Networking websites: We will advertise our business on social networking websites by labeling different products to attract customers.
Media [Newspapers and Magazines mostly]: We will also promote our business via newspapers and magazines.
We will advertise on regular basis so that more and more new customers would be indulged towards our products.
System Study
Functional Requirements
1. Interface
Requirements
2. Business
Rules
3. Authentication
4.
Authorization levels
5. Legal or
Repository Requirements
6.
Transaction correction and adjustments
Non-Functional Requirements
1.
Performance
2.
Availability
3.
Reliability
4. Usability
5. Maintainability
6. Security
7. Data
Integrity
Data Requirements
1. Details
repeating data elements and breaking down of attributes into their components
using proper naming conventions.
2. Defining
advanced entity types.
3.
Differentiating between data entities to derive effective analysis.
The above data requirements would be stored in the database. The data would be displayed in the form of descriptions or questionnaires on the suitable areas of website. The application would have to answer certain questions asked by users and also provide them with the required information saved in the database. The users might ask following questions to which the application interface must respond to:
How to use the products?
When will
the order be delivered?
How payments
can be made for the purchases?
How can I
get more information about the product?
How to
reserve a product online to collect from store?
The
application would be able to provide response to the above questions or other
information saved in the database.
Business Source
Product Source
A large
number of products offered by this store are manufactured by us on our own. While
very few products are those which are outsourced from an outside supplier.
Product Delivery
Design Trendz
offer free shipping on orders with prices less than 5k. There will be few
charges on product delivery with larger prices. Moreover, our store uses the
best carriers in business to make sure your order gets to you on time. Any
order will not take more than two days to be delivered to your desired place.
In case of an emergency delivery, a product would be delivered within next-six hours. This type of delivery would be charged but the cost would be very cheap. The exact cost would be calculated and displayed on the checkout page.
Payment Options
The user
would be able to do payments in the following ways:
1. Users can
pay online with most major credit or debit cards.
Customer Support
The
different forms of customer support provided by our business would be as
following:
• Complaints and returns would be handled gracefully.
• Delivery of
products would be on time. Delays and cancellations of products should be avoided
• Customer
expectations would be exceeded.
• All
customers should be treated professionally, which means the use of competence
or skill expected of the professional
Website Design
Conclusion and Future Works
We will give our best to make this business successful in
the market. There would be no compromises on customer satisfactions and the
standards set from the start of the business would prolong during the entire
business deals. We would try to improve the quality of services and other deeds
and will take them to the highest level. Our aim would be to give a tough time
to all the competitors in the mass-market and strengthen our value.
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