BUSINESS PLAN - JEWELKRAFTS

Business Plan - JewelKrafts

Business Plan - JewelKrafts

Introduction

Handmade jewelries are jewelry products made with hand rather that machines. Handmade jewelry business is a nice way to deal with the recurring expenses and finance one's education need. This thought brought me to the business plan of hand-made jewelries. The wholesale jewelry business is a very competitive market. To stay ahead of the competition, one needs to focus on fresh and new ideas. One must create its own niche, something special that nobody else has thought of. This can be harder than thought since competition is also working hard on this idea and might even be spending a million dollars.

Literature Review

Bradley (2002) says that advantages in preparing budgets are enormous. Various authors have suggested that there are several advantages to preparing budgets. Budgets aid planning and facilitate interdepartmental communication and coordination.

Philip Kotler shows four methods to define the budget to be allocated to for promotion (Kotler 2004, 120-128);

Disposable income (affordable method): the amount to be allocated to the promotion is that the company can afford after deducting other costs. However, this method ignores the effects of promotion on sales (Kotler 2004, 120 - 128 ).

Percentage of sales method was assigned to the promotion of a certain percentage of sales made ??or planned. Despite being a simple method, it has the disadvantage to see sales as cause and not effect of the promotion (Kotler 2004, 120 - 128 ).

Competitive equality (competitive-parity method): clamp an investment in line with the budgets of the competition, which is supposed to represent the collective know-how, and prevents competitive wars (Kotler 2004, 120 - 128 ).

Goal to be achieved (objective-and-task method): it is the most logical method; forces managers to establish specific communication goals (objectives) and the operations to be carried out to achieve these objectives (tasks), with the estimate of total costs (Kotler 2004, 120 - 128 ).

Teas (1993, 18-34) accentuates that the target markets are the result of market segmentation and evaluation of the emerging sub-markets, while several segmentation methods are used, such as factor analysis, cluster analysis, conjoint analysis, multidimensional scaling, and / or discriminated analysis. The target marketing is the segment of the target market for a product or service that the company aims to achieve (Varey 2002, 25-38).

Fisscher (2000, 1-2) reveals that marketing mix means in the context of a business or brand coherent set of decisions that are four components: product policy, pricing policy, policy distribution and communication. The marketing mix is a mode of distribution analysis of marketing. Doyle (2001, 14-18) believes that internet advertising is the main tool to market a website and its content. To develop this type of advertising, the elements included are: text, link, banner, web, weblog, blog, logo, announcement, audio, video and animation. Its purpose is to publicize the product the user is selling online, using these formats. Advertising on the Internet is characterized by the undeniable effect on traceability audience and instant feedbacks are received (Cateora 2002, ...