Business Plan

Business Plan for Far Horizon

Business Plan for Far Horizon

Introduction

“Far Horizon” has been a leading trader in UK marine leisure market since last 15 years and now it has decided to expand further. It was started as a supplier to the marine leisure market and subsequently starts manufacturing its own sailing dinghies as well. Company has been very successful in manufacturing and sailing dinghies over the past eight years. The business enjoys a strong financial position, and a firm and devoted labor force. Further, the recent news of 1% percent growth in GDP of the last quarter gives an encouragement to us for embarking a new venture. Company has now decided to increase customer base by including more experienced yachtsman, as it is now looking at somewhat different market segment of medium size yachts. In order to do so, company has planned to design and construct a 2 to 4 berth sea-going sailing yacht, which will offer much higher sales value than its current products. Thus, this business plan illustrates the business plan for our new venture.

Marketing Plan

Market Share

The Solent covers biggest area of protected water and is known as one of the busiest and most famous sailing areas in the world (www.universalyachtcharter.co.uk). Further, some of the best sailing is present here, therefore there will be greater concentration of yachts here then elsewhere in the UK. The estimated number of yachts at Solent is 150,000 (25 feet) (www.boatbookings.com), where estimated yachts in whole United Kingdom are around 250,000 to 320,000 (25 feet or more) (Yahoo, 2009, n.d). The estimated number of new yachtsmen is about 5%. So, the total number of yachts is estimated to be 300,000 and therefore 5% it is 150,000. Thus, new yachts are estimated to be around 150,000.

The average sales price per yacht is around 4 million pounds (13.62) (BIS, 2006, p.1), which means an estimated market share for new yachts each year is 2,042,500 yachts. Thus, an annual market share for Far Horizon will be around 2 million yachts.

Marketing and Sales Strategies

The marketing and sales strategies of Far Horizon will comprise of three dimensional marketing strategies, which will include traditional print media along with an internet medium source, incorporating social media and forward-thinking marketing campaigns. Grassroots campaign will focus on galas, charity sponsorship, and functions will hold at our office. The high visibility locations will be focused.

Further, the company will maintain seamless worldwide marketing and brand identity through these measures, especially using mass media and internet sources, and sponsoring charitable events globally. So, online presence will be focused through developing websites, social media, newsletter and other mediums will also be developed. Moreover, we will keep up the office image and presentation through the on-water display of luxury yachts. However, all these marketing and sales activities will be managed within budget, which is estimated to be 200,000 Euros in first year and 30,000 Euros per month operating. As these strategies mainly contribute in enhancing sales therefore it is very important to ...