PLEASE READ MY BUSINESS IDEA BELOW PLUS THE DOCUMENT ATTACHED SO YOU CAN ANSWER THE QUESTIONS BASED ON IT.
MY BUSINESS: It is an online sex shop that focuses on sex education. I believe that the sex industry will always be on top of the industries, but there is nothing that teaches us about our sexuality and makes us feel comfortable with our insecurities about our body.
I would say my target right now is people that:
– Feel insecure about their body
– Want to be sexual educated
– Want to explore their body / sexuality
– Willing to explore new experiences and improve their life
My main competitors would be:
Honney Birdette has both a physical store and an online store. This is an amazing brand with beautiful lingerie and classic sex toys, but they only sell products. I'm gonna be selling products and education/ lifestyle.
Kamalab, it's an app focused on sexual wellness, educating people about their own body and sexuality. (The exact same idea, but without selling products)
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1- As you discussed your case study from last week, this week, let's discuss how competitive marketing strategies are used for your chosen business plan/specific product/ service line. Give us three top added value ideas that are innovative that not many of your competitors are using.
6. What rates are payable on your business premises?
7. What are the insurance details:
8. Are these premises adequate for your future needs? If not, what plans do you have?
9. If you have not found your premises yet, what plans do you have to find them?
10.What channels of distribution are used in your field; which do you plan to use and why?
11. What operating risks – fire, health and safety, etc – need to be considered?
12. Are all people who come in contact with customers the right people for that type of work and have they been properly trained?
13. Are customers being given the right level of after-sales support and advice?
14. Do customers know where their order is in the production – despatch – delivery process?
15. Can customers reach you by phone, email or your website and get their questions answered quickly and efficiently?
16. Can you demonstrate in some way that is visible to your customers and employees that you are meeting the appropriate quality standards?
17.To gain visibility, run a competitive website analysis into the performance of your website or proposed website with those of your competitors. Use Alexa or any similar website comparison tool.
18. Brainstorm a list of key words that people could use when searching for your products or services online. Then see how those could be built in and repeated on your website.
19. Decide on your domain name, making sure first that you can use it. Test it out online to make sure it can be found easily, does not conflict with similar names that might ‘steal’ you web traffic and does not pull up your direct competitors.
20. Check out submission services to see if they could be useful.
21. Review social media activity in your market and see which channels – Instagram, Pinterest, Twitter, Facebook, LinkedIn etc are most used by current players.
22. Start using Google Analytics to track and analyse your website traffic.
Southern States University
1- Describe your product or service, as if explaining it to a novice.
The business I'm starting is an online sexshop, selling sex toys and lingeries. Aside from that, I would like to focus on sex education. I'll have a business Instagram account where I will work with a sexologist and we will post videos and pictures about issues that most people have related to sex. Our goal is to make people feel secure, explore, and love their bodies.
2- Is it currently available for sale? If not, what needs to be done, how much will that work cost and how long will it take?
At the moment, me and my partner are still deciding which toys we will sell and which manufacturer we will use. The lingeries will be designed by a friend of mine and made by my vegan leader. Our plan is to invest $3,000 to start the business and launch it in July 2023.
3- Do you have, or plan to have, any legal protection such as patents? If so, explain what you have done so far to establish your rights.
We probably won't have a patent, since I don't think it's necessary, at least not in the beginning. If we decide to create a new product that doesn't exist on the market, then maybe yes.
4- How is your product or service different from those already on the market?
Initially, I will sell the same products that other companies sell; however, it will be my marketing strategy that will make the difference. We will use Instagram and our website to communicate with our clients, teaching them about their bodies and sex wellnes . In addition to talking with our sexologist, clients will have the opportunity to ask her questions. My brand will be the first to combine sex education with the sales of sex products.
5- Will you be providing any warranties, guarantees or after-sales service?
We will provide warranties in case the product does not function as originally described or intended.
6- Are there any possibilities of developing new products or services complementary to the one(s) described above?
It is one of my goals to create a product that does not exist on the market in the future. I don't know what it will be yet, but I have an idea in mind that involves a vibrator and an egg controlled by an app from anywhere in the world. They both vibrate on the same level, so couples who live far apart can feel a little closer.
1- List all the costs you are likely to incur in making or marketing your product.
We're going to buy toys and lingerie from manufacturers, packaging, shipping, ads, and influencers to promote our brand.
2- Refer forward to Assignment 20 and then calculate the fixed and variable costs associated with your product.
To answer this question, I will select only one product, Satisfyer Pro. Fixed: .$3.000 Unit variable cost: $15
3- Using the costs as calculated above and your profit objective, calculate the optimal price you should charge.
The price I should charge for the Satisfyer pro is $70 per unit.
4- What price do your competitors charge?
Compared to what I'll be charging, my competitors will charge between $10 and $20 less.
5- Compared with your product/service how much better/worse are those of your competitors?
It is unlikely that I will have a competitor selling a better service than me. Sex toys and sex education are not combined by any brand yet.
6- Are any of your possible market segments less price-sensitive than others?
7- Does your answer to question 6 lead you to believe that there is an opportunity to sell at different prices in each market segment – and so enhancing profits?
In the beginning I pretend to keep the same prices independently of the market segment.
1- Prepare a leaflet describing your product/service to your main customers. (Don't worry if you don't plan to use a leaflet – the exercise will serve to ensure you have put your offer in terms that recognize customers’ needs, rather than simply being a technical specification.)
As a provider of products and services, my goal is to enable my clients to relax their minds, discover their sexuality, and have their biggest orgasms. People will feel more empowered and happy as a result of my business.
2- Write a press release announcing the launch of your venture. List the media to whom you will send the release.
Something like “ give yourself the pleasure you deserve and have a better life.”
3- Prepare an advertising and promotional plan for the upcoming year, explaining:
a)what you want to happen as a result of your advertising;
I want people to get to know my business and be curious about it. I want people to see my brand as something that will transform their lives with self-respect and self-love.
b)how much it's worth to you to make that happen;
It is extremely valuable for us to build our reputation.
c) what message(s) you will use to achieve these results;
I’m not sure yet what the message is going to be yet. It has to be really well elaborated so people don't misunderstand it. We must be extremely careful when discussing a topic like this.
d) what media you will use and why
My plan is to use Instagram because I believe it's the best platform to communicate with the public nowadays.
e) how the results of your advertising will be monitored;
We will be tracking the number of people liking and commenting on our posts, clicking on our website, and the amount of products sold through Instagram.
f) how much you will spend.
I plan to spend $2,000 on ads.
g) If you have already done some advertising or promotional work, describe what you have done and the results you have achieved. Has your work on this assignment given you any pointers for future action?
This assignment made me realize there are a lot more things to consider before starting my own business.
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