Posted on : 2024-02-22 08:26:30
Article : Good Evening Friday Management TASK 282- Startups are increasing more with innovative and good business ideas. They can sustain in the markets provided, they have strong business plans.
Today, startup culture is more popular than ever. And there are plenty of good reasons to get involved in the startup scene. Starting a startup can be an incredibly rewarding experience, both professionally and personally. Starting a startup gives you the chance to build something from the ground up. You'll have complete control over your product or service, and you'll be able to shape it into exactly what you want it to be. This is a rare opportunity in the business world, and it's one that can be incredibly fulfilling. Starting a startup will force you to learn new skills, both in business and in life.
The one startup story you will be reading is a good startup business achievement example based on a strong business plan and execution. One of the most important recent trends observed is that potential watch buyers are willing to spend higher amounts on watches because of the enhanced image appeal. Consumers often only buy a new watch every 5 to 10 years, yet they purchase them often as gifts. Therefore, a company that can build a substantial brand image in this industry gains a significant competitive advantage. The watch industry, particularly the upscale markets, is growing faster than ever. Potential watch buyers are willing to spend moderate to high amounts on watches because they can make the customer look good - and hence feel good about themselves.
With studied North America market information an enthusiastic three friends turned entrepreneurs, have planned a startup for watch making and selling. These stake holders are from Germany and North America. Their intention is to produce their watch in Germany and sell in upscale markets in North America. The main investor has a potential experience with a Swiss watch brand while the other two have distribution abilities. They have branded their watch as “Grandeur”.
Their business strategy is to serve the upscale niche markets of the watch industry to capitalize on the German engineering and manufacturing to build the watches. There are many untapped potential markets within this industry that desire high-quality, stylish goods, but do not think they can afford them or do not know where to purchase them. In addition, this start up’s watches will be built to last a lifetime - battery replacement every ten years will be the only necessary maintenance; therefore, customers will see the inherent value in the watches and their watches will be used to the depths of 100 meters under the water.
It is the firm's intention to build and export its products to the United States and to make “Grandeur” watches as the number one selling European watch in the Western U.S. To be successful in their startup and to capture potential niche markets they prepared a business plan. Their business plan includes capital investment to sustain for Two years, markets identification to launch, personnel requirement, marketing plan and time bound sales targets to attain break even and on to profits.
Now knowing about the startup idea and plan we will discuss on the investment and marketing execution in our perceptive Management solution on Good Morning Monday solution for TASK 282 on 26th Feb 2024.
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