Business Plan

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Surname: Enyindah
First name: Iheanyi
Title: Business Plan

INTRODUCTION

Business description

The success of our company “Far Horizon” in the last fifteen years is as a result of the teamwork and understanding from all the workers in the company. We started out as a supplier to the marine leisure market and now we have proceeded further to building and the manufacturing of yachts. The level of success attained by the company was not an easy task because we also went through some difficult and challenging times. At first when we ventured into the market things did not go smoothly, but now I think with the progress the company has made so far, can help us to move a step forward by building a bigger yacht of 4 to 6 berth.

Mission statement

The main purpose of this business plan is to broaden the customer base of the company by employing more experienced yachtsmen. If we employ experienced yachtsmen, it will go a long way in producing sailing yacht of 4 to 6 berth that will provide comfort for consumers and also offer a much higher sales value. Expansion plan

There is a possibility that the business will aggressively expand during the first three years of operation. The implementation of marketing campaigns will effectively target wealthy individuals within the market and on a national basis for investment in the company. If more individuals invest in the company, this will result to an increase in the turnover.

MARKETING PLAN

For our company to forge ahead, maintenance and an extensive marketing campaign will be necessary in order to ensure maximum visibility for the business in its targeted market. Below is an overview of the marketing strategies and objectives of the Company. Marketing Objectives

• Create an online presence by developing a website and placing the Company’s name and contact information with online directories. • Implement a local campaign with the Company’s targeted market through the use of newspaper advertisements, media advertisements, billboards, and word of mouth advertising. • Set up relationships with other boat and yacht dealers within the United Kingdom so that the business can maintain boat/yacht brokering operations.

Marketing Strategies

In order for the company to be able to attract large income men and women within the target market, certain market strategy needs to be applied. These strategies include advertisement through the internet, which may be in the form of a website and also ads placed on search engines on the internet. Below is a description of how the business tends to market its services to the general public. Through the internet, most people in need of boats and yachts can easily see what they want through the use of search engines. The company’s website will also showcase the company’s inventory of boats and yachts, location, financing information and other relevant information. The company will also maintain a reasonable amount of advertising method so many people will know about the company. The company’s website will also be registered with a web development firm, the web development firm will help to set up an internet marketing campaign that will include the use of search engine and pay per click feature. As time goes on, the company’s products can be advertised through most of the popular magazines and newspapers, this will attract international buyers.

Market analysis

The UK is the second-largest boating market in Europe, and remains in relatively good health, despite the global economic downturn. Assuming there are about 5,000 yachts of over 30 feet on the River Hamble, between Portsmouth and Southampton alone, taking a rough estimate, the total number of yacht over 30 feet in the United Kingdom entirely should be 300,000. Out of these 300,000 yachts, if 2% of the yacht is replaced each year, then we are going to have about 6,000 new yachts each year. If the average sale price of the yacht is 200 GBP, then the market size would be...
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