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BUSINESS PLAN ON “CUSTOMIZED GIFT BASKET” Entreprenourship

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BUSINESS PLAN ON “CUSTOMIZED GIFT BASKET” Entreprenourship

  1. 1. BUSINESS PLAN ON “CUSTOMIZED GIFT BASKET” Presented By : Mubasher Fiaz
  2. 2. Executive Summary Customized Gift Basket is an upscale gift basket shop that offers a distinctive assortment of gifts in an artistic and unique atmosphere. Customized Gift Basket is concentrating on making different occasion based gift baskets out of a wide range of high- quality ingredients Customized Gift Basket will offer the option of a custom basket allowing the customer to choose the ingredients themselves. The shop provides an impressive assortment of hard-to-find and creative gift ideas for people of all ages. The unique selection of gift items comes from all over the world while the silverware has been made in Pakistan.
  3. 3.  To create a home-based company whose primary goal is to exceed customer's expectations.  To increase the number of clients served by at least 20% per year through superior performance and word-of- mouth referrals.  To develop a sustainable home business, surviving off its own cash flow. Objectives
  4. 4. “The mission of Sensational Gift Basket is to bring joy, comfort, and inspiration into the lives of its customers by delivering affordable, imaginative gift baskets in an attractive presentation along with a high level of customer service to our clients that connect the giver and the recipient at key moments in time”. Mission Statement
  5. 5. “The vision of Sensational Gift Basket is to become the best Gift Baskets Company locally & globally, that has and will continue to provide quality Gift Baskets to its valuable consumers”. Vision Statement
  6. 6.  Wedding Gift Baskets  Engagement Gift Baskets  Corporate Event Gift Baskets  Sympathy Gift Baskets  Thank You Gift Baskets  Thinking of You Gift Baskets  Baby Showers Gift Baskets  Holiday Gift Baskets  Valentine Gift Baskets  Appreciation Gift Baskets  Apology Gift Baskets  Mother's Day Gift Baskets  Sporting Event Gift Baskets  Birthday Gift Baskets  Promotion Gift Baskets  Congratulations Gift Baskets  Retirement Gift Baskets  New Home Gift Baskets We Provide:
  7. 7.  Customized Gift Basket will be going after two distinct market segments, individuals and corporations.  Both groups buy gift baskets as a goodwill gesture, typically for different reasons.  Individuals typically buy the baskets as a present with over half of sales occur during holidays.  Corporations buy the baskets as presents as well, but usually for events unrelated to the holidays.  Customers tend to be those without the time or desire to assemble their own gift baskets.  Part of the purchase process is therefore a need for convenience and for imaginative baskets/contents that make people say, “I wouldn't have thought of that.” Target Market and Customer Characteristics
  8. 8. Customized Gift Basket has two distinct groups of customers, individuals and corporate customers: Individuals The individuals are people who are looking to give a friend, relative, colleague, etc.a gift basket as a gesture of goodwill. Corporate The corporate customer is typically buying the basket for a colleague at work, either as a sign of appreciation, for a special event, or as a thank you for a customer. Market Segmentation
  9. 9. Industry Analysis There are many different forms of competition in the gift basket business:  Nut/fruit companies: There are several stores that concentrate on nuts and or fruit baskets.  Bath product gift basket companies: There is currently one gift basket company that concentrates on bath products.  Candy gift baskets: There are several candy stores that offer, as one on their products, a candy gift basket.  Florists: Flowers are a similar product that competes with gift baskets. Once again flowers tend to appeal to women more so then men.
  10. 10. Customized Gift Basket competitive advantage will be based on two factors:  Low overhead which allows reasonable prices  Desire for the highest quality product and service Competitive Edge
  11. 11. Marketing Strategy We donate our gift baskets to charitable events and for auctions. The week prior to our opening, we distribute inexpensive but impressive gift baskets to all of our area business customers. Hosting basket parties are a great way to quickly build customer rapport. We can ask family and friends to host gift basket parties. We speak with local hotels and convention centers.
  12. 12. Four Ps are the most important factors for any company in making the marketing plan. To be specific, these 4 Ps are: 1) Product - your product(s) and services. 1) Price - what you'll charge customers for products and services. 1) Place (distribution) - how you will bring your product together with your customers. 1) Promotion - how you will promote or create awareness of your product in the marketplace. Marketing Mix
  13. 13. Product It includes size, shape and features and packaging of product. Size: Gift Baskets are available in three different sizes (Small size basket, Medium size basket and premium basket). Shape: Baskets are available in different shapes. Prices Keeping in view the economic conditions of the country and the purchasing power of the people it won’t wise of to introduce a very expensive product specially when introducing a new product so our product’s price will be affordable for all the classes of people from middle class to elite class.
  14. 14. Determining the place is very important process because it is the distribution channel, and the role of distribution channel is to take the product to its target market. Our business would be conducted online through a website along with a page on a social networking site so that we can cater to people all around the country and not only to those living in a particular city. The orders will be taken on our website, where the customers would be required to fill an order form and also make the payment. Place
  15. 15.  Two of the most effective techniques are word of mouth and happy customers.  Our marketing should help create an image about our business and that image should help convince potential customers that we are the only place they can get incredible baskets.  We basically want to spread the word about our business and generate a want or desire for our baskets.  Customized Gift Basket will focus on attracting positive publicity through online advertising markets such as Facebook.  In addition, Customized Gift Basket Web site address and phone number will be prominently displayed on all communication materials. Promotion
  16. 16. Features:  Our business would be of designing different gift baskets according to the varied needs of the customer.  We would focus on different occasions on which people can give their loved ones these gift baskets,  The payment would be made online through plastic cards.  The delivery time of the gift basket would according to the area in which the delivery is to be made.  Additional charges would be applied if the gift basket is delivered urgently, which means within a day’s time.  Packaging
  17. 17. Product Marketing Strategy  Raise consumer brand awareness, excitement and involvement  Promote a special offer or incentive  Stimulate product sampling and trial  Demonstrate product/service benefits  Generate in-store or online site traffic  Stimulate media interest and industry buzz
  18. 18. Customized Gift Basket sales strategy will be to use an emphasis on our value and high quality when trying to close the sale of the prospect. The prospective client can get a similar product from a number of different vendors. Customized Gift Basket will attempt to close the sale by showing the high quality of the basket by highlighting some of the individual ingredients. Customized Gift Basket expectation is that once they are impressed with the quality of the basket, they will then be surprised that it is priced the same as competing products. The combination of the perception of higher quality and the recognition of value should turn a lead into a customer. Sales Strategy
  19. 19. Strengths: The personal and creative touches that it provides to its customers, including thank-you notes that are sent to basket buyers along with order delivery confirmation. Weaknesses: Lack of physical location for customers to buy baskets from our shop because we don’t have a shop we just take online orders. Opportunities: Elegant Gift Basket does not currently have a presence in local hospital gift shops, and could pursue this as a revenue stream. Threats: The potential for competitors to recognize Elegant Gift Basket strengths, such as its personal touches and its extensive Web site resources, and copy them. SWOT ANALYSIS

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