Individual Business Written Report (iCreate)
Our company’s name is iCreate. It is a start up company based on our own ideas. We are a partnership of 4 people, Fatima, Eahsan, Monika and Jiahui. The control of the company is equally shared, as well as the profit and losses. Each of us has a different role in the business. Fatima is the Director of the Marketing Department, she is responsible for finding the best way of promoting our products. Eahsan is the Director of the Financial Team, he takes care of what comes in and out of the business and is responsible for sourcing the finance and the capital. Monika is the Director of Human Resources Management, she is responsible for hiring employees and makes sure the employees are carrying out their job correctly. Jiahui is the Director of Production Department, she responsible for the machinery and the quality of the products, at the same time she is in charge of providing the raw materials and the products from the suppliers.
ICreate has a store in the Oxford Street and is can also be sold online in our website icreate.com. We sell personalised items such as Apple product cases, bed sheets, t-shirt, necklace, book and notebook cover, towel, hat, bag, backpack, mug, key chain, jewellery, scarf, belt, wallet and calendar. We are buying the materials from suppliers and using our own machinery to personalise it. Our products are different from our competitors; the benefits of our products are that they will be the way consumers want it to be. It can be personalised with pictures, words, drawings, symbols, etc.
Some of our competitors are gettingpersonal.co.uk and buyagift.co.uk. Both sell personalized gifts and items. However, our aim is to offer a better quality of our products than our competitors in order to attract consumers. It is hard to identify the actually size of the market, but based on studies from the Internet, the market size is at least 1 billion pounds. Our competitors are mainly focused on selling it online and the market is dominated by three to four firms in the UK. The market we will focus on is the mass market that targets all consumers with the same marketing mix and our product is market oriented, as we use market research to determine consumers’ wants and ideas. We plan to do a market research, and after receiving consumers’ feedback, we are going to improve our products with their help and ideas as much as we can. We will ensure quality comes first so that we will increase consumers’ confidence and the market share. Our prices will remain the same as the competitors.
People that use electronic devices are most likely to buy our iPhone, iPad and computer cases. People who have studies or works are most likely to buy our personalized notebook and book cover. Consumers may buy it from us instead of our competitors as we have a big variety of choices and materials to make the product the way it should be according the consumers choice. Our products can meet anyone’s wants. We will segment our consumers by geographical location segmentation, demographic segmentation, psychographic profile and consumer behavioural segmentation.
The initial capital will be 100,000 pounds. Each partner is investing 25,000 pounds. We will invest 40,000 pounds in setting up the factory and machinery. Then more 10,000 will be invested to buy the raw materials. The rest money would be spent on renting the shop and designing the online website. The partners are willing to invest 25,000 more each if more capital is needed. The additional capital from the partners would be used for advertisements, salaries for the workers and other expenses. We plan to break even in the 2 years time. Initially we will off our goods with low profit margin. Gradually as we gain more of the market share and cut down our costs, we will increase out profit margin.