Project success
Our business idea will be successful and popular because it is new ideas on the market that will make it stand out from other business ideas. Women around the world who wear high heels are in need of this invention, as 84% of women surveyed said they have faced the problem of heels being wedged in sand, soil, and wooden pathways and mostly grass. 100% of women who were surveyed circled yes that they would definitely buy a product or an invention that would solve the problem. This shows that without any doubt the problem with heels being wedged in uneven surfaces is relevant to women around the world. Therefore crystal heels would be a successful business idea that is targeted to women of age group 16 and above.
Mission statement
Crystal heels aims to provide inventive and clever solution to women around the world. We are committed to provide the highest quality of service and products and bring new and creative ideas to the market place. To support our mission, we have the following objectives:
- To turn over 5,000 AED by the first 5 months
- To open three new shops/booth in Dubai, Ajman and Abu-Dhabi by the end of the first year.
- To expand the operations of the first booth of crystal heels by 7% by the first 8 months
MARKETING
Size of potential market
Crystal heel is a creative and cleverly designed product aimed at women around the world targeting specifically those aged 16 years and above. The product will be displayed in a booth located in Sharjah co-operation society.
Results of market research
We chose the strategy to conduct our market research through surveying 25 women. This way we will have a clearer view on who potentially customers are and how best to target them, what current and potential customers want from the product, how the goods and service supplied can be improved to make it more appealing to the market and finally what types of promotional strategies will be most effective in attracting potential customers.
Therefore the survey showed that 84% of women are found to be wearing high heels and they are more likely to wear high heels on special occasions such as parties, family gathering and malls. 85% of women indicated that they have experienced problems with heels being wedged in sand, wooden pathways, grass and pavers. 100% approved that they will positively buy a product/invention that will resolve the issue. it is shown that 56% of women of age 16 years and above are willing to pay for the product around the range of 40-50 AED. Women prefer the product to be in a certain color, as 64% would like the color to match the heel, 4% would like blue, 4% would like green and 24% would like black. 44% considered the material of the product to be made from rubber and finally 48% of women preferred the product to cover quarter of the heel.
(Talk about Internet research)
The competition
A major advantage to this business is the lack of competition, which gives it a monopoly power, which will allow the business idea to expand very quickly in the market place given that this business is one of kind and a new invention on the market.
Promoting the business
Price
In essence the service will be selling itself with the support of friendly staff. Our services have been priced according to the survey conducted showing that women prefer the product to be sold at a price between 40-80 AED. Therefore as a team we decided that the supporter would be sold at 50 AED each 2 pieces. For any exchanges or refunds of the product provided the following conditions are met:
- The product is exchanged or returned with 7 days form the date of purchase
- The product is sealed and in its original condition.
- The product s accompanied by the original receipt
The cost has been established to gain more demands, as the price covers the expenses of the business and the price is not set too high or too low, which makes it affordable for the targeted market and realistic for a new opening business. In addition crystal heel is one of its kind in the market place, which makes us determine if the price increases or decreases, as they are no competition against us in the UAE. Crystal heel will accept payments by cash, credit and direct debit.
Place
The business name crystal heel will initially be established in Sharjah co-operation society in Al Gharayen, where the targeted market can view the product. The reason for locating our business in co-operation society is that more women tend to shop in this area for groceries and others then men. Sharjah co-operation society is expanding and has recently opened many shops in their area, such as Body shop, Pizza hut, Baby shop etc. Sharjah co-operation has a foot traffic, as more customers are likely to enter their place, in addition co-operation society has no competition in the area as it is one of its kind and surrounded by many residence areas, schools. it has the easiest access to, as it lays beside the main road, which gives it a higher level of exposure to drivers and customers passing through. It is also an advantage as the supplier is 14 minutes away from the Sharjah co-operation and the warehouse location; this helps to reduce the transportation costs and gain the benefits of a growing body of local knowledge and expertise, and easy access to product supplier and save more money to help develop the business.
Promotion
Crystal heels will be promoted in a range of ways in order to build our customer base. Initially, the product will be promoted through a website generated by the owners to gain more young customers and making our product easier access to people. We will be taking also online orders through twitter as we will be posting samples of our product to show our customers and for people who are interested, and delivery services will be offered and will charger 50 AED extra. Our business will also be promoted through local newspaper, magazines and billboards around the neighborhood. This way our product would be more familiar to our targeted audience and easier accessed and providing clearer view of the product we sell.
Product
We carefully named our business ‘Crystal heel’ to attract more modern women to the shop and make it more appealing to women, as all people know women love diamond, crystals and other shiny objects that stands out. This way we would gain women’s curiosity and interest to visit our shop/booth and even be welling to buy our product. Our business idea is considered to be first of its kind and a superb solution towards women who suffer from embarrassment, as their heels are being wedged in uneven surfaces. (Talk about the packaging and how will it attract people)
In order to achieve success with our marketing mix, crystal heels will ...
THE BUSINESS LOCATION
BUSINESS OPERATIONS
Crystal heel is a partnership between Hind Al-Ghumlasi, Meera Al-Marzooqi and Noora AL-Suwaidi. All profits will be split equally between the owners.
Crystal heel will be open from 10:00 am to 7:00pm, so in total the business will be operating 9 hours daily within the weekdays (6 days) except Fridays, which is a day off.
Crystal heel will initially employ two qualified sale staff; the first will work from 10:00am to 2:30 am, the second will take the shift from 2:30 pm to 7:00pm. Staff only allowed taking 30 minutes break to eat or use the toilet; therefore while they are away the booth must be closed to prevent unneeded theft and damages.
Crystal heels offers products to its customer on a job production basis. The supplier is AAlmir Plastic Industries LLC. This company has been catering to the plastic manufacturing requirements of many small and large companies. AAlmir is offering us with an excellent price to manufacture our support, they are willing to charge us with 10 AED for each pair, this includes with the color needed and size of heel. The advantage of choosing this company as our supplier is the price they offered and the location of the company, which is 14 minutes away from the warehouse and Sharjah co-operation. This way it makes it easier to get access and less transportation expenses.
The quality of the operation of crystal heel can be affected by factors such as…
To ensure that quality remains stable, crystal heel will...
HUMAN RESOURCES
FINANCIALS
