Question

Business Plan proposal for fashion trend by selling watch bands that fit nearly every wristwatch.

including this elements

1. Describe how you'll develop and get your market.

2. Business description

3. Market Strategies

4. Competitive Analysis

5. Design and Development Plan

6. Operations and management plan

7. Financial Component

Answer 1

The initial product line will be elegant analog watches with sporting characteristics, able to be used to depths of 100 meters under water. The company plans to release two versions, the "sport" watch and the "night" watch.

The pricing strategy will be to initially undercut our main competitors by 10%, using a market penetration strategy. Then, pricing will be adjusted to be directly competitive with the other major competitors.

The Market
Entry into the high-end watch industry comes at a propitious time. One of the most important recent trends is that potential watch buyers are willing to spend higher amounts on watches because of the enhanced image appeal. Therefore, a company that can build a substantial brand image in this industry gains a significant competitive advantage.

Keys to Success :-

• Build and sell high quality products.
• Achieve 100% customer satisfaction.
• Build brand image and brand equity through marketing.

What are the costs involved in opening a watch business?

The startup expenses involved in opening a watch business are manageable. They include:

• Purchasing inventory to sell
• Setting up and hosting a website
• Running advertising campaigns

• Because watches are small, businesses don’t need much room for storing inventory. An entire business can be run from a home office.

Business owners who have limited capital can minimize these expenses by opening with a limited inventory, setting up their website themselves and focusing on organic advertising methods.

What are the ongoing expenses for a watch business?

The ongoing expenses for a watch business are manageable. They include website hosting expenses, the cost of purchasing inventory and paying for any warranty claim repairs.

Who is the target market?

The target market for watches tends to be adults who have discretionary income and appreciate style. These customers will use watches to make fashion statements, and they have money to spend on watches.

How does a watch business make money?

A watch business makes money by selling watches. Watches are normally sold individually, but collections can be curated to encourage customers toward buying multiple watches.

How much can you charge customers?

Watches can sell for anywhere from a few dollars to tens of thousands. Most new watch businesses begin with watches priced around $50. This price point isn’t prohibitively expensive yet provides a reasonable profit margin. As a business establishes a customer base, lower- and higher-priced watches can be offered for diversity.

How much profit can a watch business make?

A watch business can make a substantial profit even in its first year. Within one year of opening, Watch Outfitters was bringing in $13,500 in sales each month. That’s an annual gross revenue of $162,000, and a lot of that is profit.

How can you make your business more profitable?

A watch business can increase its profits by designing and building its own watches. This involves more work but gives a business truly unique watches to sell. Additionally, the profit margin on watches is more when the watches are assembled from individual parts rather than purchased as manufactured units.