Business Plan Sample Essay
That’s why he thought that a souvenir shop will be a good and successful business. Then the entrepreneur took him time to think of a concept that is unique about souvenir good that comes up with a business name that will surely attract the eyes and minds of the customers for the first sight. The idea behind the name “MADE IN THE PHILIPPINES” Is that the entrepreneur would like to give the market a unique way of promoting our local products and destinations by putting it into different souvenir goods.
Since the entrepreneur already visited a lot of places, this time he wants to hare it to his fellow countrymen and foreign tourists. Address of the Business Primarily, the idea of this business is to present it to the public and have their shop located on a place wherein a lot of people are visiting everyday. In this case, the entrepreneur agreed to have their business located at the 2nd level of SMS MALL OF ASIA In Papas City as Its pioneer branch, The Mall of Salsa Complex Is located at Jose Domino Boulevard Papas City.
The mall is located in Bay City, Papas, Philippines near the SMS Central Business Park, the
Need essay sample on "Business Plan Sample Essay"? We will write a custom essay sample specifically for you for only $ 13.90/page
With the location the entrepreneur is highly positive of good reviews about the business once It opens. Through the help of the chosen location, he souvenir shop will be visited by many tourist and shoppers. B. Name and Address of Principals The Entrepreneur and owner of “Made In the Philippines” Is born In Bagging OFFS Tourism Management at De La Sale University- Disarming. Through his constant tours around the Philippines, the owner wanted to share his experience by providing products which will allow the customers to see the different attractions in the country.
C. Nature of Business Our propose business is a souvenir shop that offers different products from the famous attractions here in the Philippines, our Mission Statement: “We are a souvenir hop company, blazing the trail in trends of innovations. ” Company Goals and Objectives “Goals are destinations where you want your business to be. ” “Objectives are progress makers along the way to go achievement. ” Business Philosophy The researchers should have a capital first to make everything possible. It is important for us to provide a costumers’ satisfaction as well.
We offer our products to those people who love to travel and those people who are traveling here in the Philippines. Our industry will be a growing industry because tourism in the Philippines is on he rise. I see that it would be a long term business because tourism will never stop but it will keep on growing and innovating. We are should be always up to date, knows the latest trends and have innovative ideas every now and then to attract more markets. The most important strengths that we have in our company is our loyal suppliers.
They continue to send our needs to build and finish our product to sell it to our foreign and local costumers. Our core competencies are those who were in the line of selling souvenirs within Manila but we are sure that we are better in ERM of service due to our connections many travel agencies and we also give flight and they can purchase it our store in Manila. The factors that will make the company succeed are; stable and strong partnership with our suppliers, more foreign and local costumer who were traveling and loves collecting souvenirs especially made in Philippines.
Good marketing skills will also help the company to succeed. Our major competitive would be our continues update with products because we want to be in line with the trends like phone cases which are designed like in a tarsier or like a shell and the picture of the unset in Barclay. We lots of ideas and we can make it possible because we have our fellow Filipino ate and kayak working for us to make all of this happened. We have experienced working in the travel agencies and we have traveled from different places across the country and even outside the country.
We know what the travelers want and what the travelers need. The legal form ownership is sole proprietorship so that we will only have our some problems with money especially if we are working together and our friendship might affect our relationship. D. Statement of Financing Needed Since souvenir shop is a big business, the entrepreneur is in need of an immense budget. The business will be needing funds to pay for the rental fee since it was situated in one of the prestigious business shopping center in the Philippines now. Also the budget is allocated for employees’ salary.
Another cost would be for the equipment and machineries needed by the business. Examples are the racks, shelves, display stands, cash registers and other equipment. Marketing and advertising plan is also one of the main expenses since a business will live through TTS customers thus promotion is the key to known in the market. II. EXECUTIVE SUMMARY Traveling from across the world is surely a great experience wherein you meet different types of people and you were able to see and experience the culture that they have. Every single place has its own remembrance to share and that’s what the company is all about.
Building up a souvenir shop and to cater travelers who came to see and experience the stunning beauty of Philippines. In each business there should be a unique blend or twist so that the company will be known for its awesome offers and how they handle their clients. A souvenir shop is usually Just a drop by store wherein you see key chains, shirts, flip-flops, bag tags and a lot more but there’s nothing new about that typical souvenir shop that’s why the researchers came up to build a souvenir shop business that ONLY local materials are used, ONLY local Filipino people can work and a local but trendy type of designs are made.
Making it more exceptional than the others would be the connection of the souvenir shop to the travel agencies. Selling the tour packages from these travel agencies would make linens come back for more souvenirs and make good impression on the company as well as their experience in Philippines. Happy clients are a result of a good company marketing strategy. It’s different, remarkable and only “Made in the Philippines”. Ill. INDUSTRY ANALYSIS A. Feature Outlook and Trends Mr..
Jeweler Spinner put his own business “Made in the Philippines” which is a commemorative shop in the heart of Manila particularly in SMS Mall of Asia. The owner believes that having a the said business will promote Philippine products such as handicrafts, famous Philippine delicacies, capita products and the like and also revise from different travel agencies selling affordable domestic tour packages. He puts up this kind of business because it will help support the locals of different regions and provinces in terms of generation of income and employment.
It will also serve as a communique© for us to patronize our local products. He establishes the “Made in the Philippines” commemorative shop in the SMS Mall of Asia because also thinks that this is a big opportunity to whoop our local goods especially the impalpable love of Filipinos. B. Analysis of Competitors Part of every tour itinerary is the souvenir shopping. Tourist at any age have this kind of urge to buy something from the place they visited even if it is Just a simple Keynesian or ball pen that will serve as the remembrance of their travel.
Tourists will also never go home without absorbing for their family and friends. That is why “Made in the Philippines” brought up by the idea of the owner. “Made in the Philippines” is a one stop shop for different Philippine local products. It cater to the budget tourist, local or international who do not like the hassle caused by the crowded, non-air conditioned typical souvenir shops that you an see all over the country. “Made in the Philippines” would also want to make the local products from different places in the Philippines at the reach of the tourist.
That even they cannot reach a tourist destination in the Philippines, they’ll have a glimpse on what other in the Philippines has. C. Market Segmentation Demographic Segmentation One of the demographic segmentation variables of the business is age. The business does not have a specific age bracket for the market because it offers the products to everyone. Every consumer is viewed as target market. Gender and status of life in the society is not also a hindrance in purchasing the product since it is affordable for everyone to buy. Souvenirs are one of the favorite of Filipinos no matter of the age, gender or status of life in the society.
It is a way of custom to have absorbing for the family when you went to vacation. Thus, our market comes in variety of consumers that seeks new products to try. Geographic Segmentation Market Segmentation can be based on culture, economic status and geographic profile. As the entrepreneur opens up a business, she segmented the market geographically thus what called geographic segmentation. This term is defined as “Market segmentation strategy whereby the intended audience for a given product is divided according to geographic units, such as nations, states, regions, countries, cities, or neighborhoods. Strategically, SMS Mall of Asia is one of the most fast growing business areas in the Philippines and since our location is widely visited by most of the people from different provinces and countries our product is not limited to where it is located but also a best location to cater large numbers of customers. D. Industry Forecast Since the souvenir shop is constantly changing and improving, the entrepreneur foresee future innovative shops will rise. High technology machineries and equipments will be released for fast production that can be utilized by other develop others original concept and take it to the new level of variation.
Below are the samples of some products offer: Bracelets Necklace Tote Bags Native Bags Tees Refrigerator Magnets Key Chains In the tourism industry we have lots of competitors and they have their own strategy to attract and gain more customers, so as we thought of making this cuisines different from other souvenir shops here in the country, we came up with its own twist of having travel agencies linked with us so that aside from souvenirs we do have tour packages.
Selling tour packages would be a great factor for us because customers will come back to Philippines and at the same time they will also get souvenirs after their trip and as loyal customers we do give freebies for them. B. Size of Business Made in the Philippines is a sole proprietorship type of business owned and manage by Mr.. Jeweler Spinner, the sole proprietor. The law makes no distinction teen the sole proprietor, and the business. Virtually all the legal and tax consequences associated with sole proprietorships flow from this essential element.