Description of company and purpose
The proposed business name is Juicy Fruit Gum Limited. Juicy Fruit Gum Limited will be located in Miami. In this case, the company will sell various products in relation to market needs. Its main products will be chewing gums and sweets.
The purpose of this plan is to elaborate how the company will go about its activities in the market. This plan will provide a good sales projection that is expected in three years. As a matter of fact, it will also explain the key success factors that will propel the company in the market. The purpose of this plan is to come up with strategies that will be used by the company in the market.
Goals to be accomplished
Juicy Fruit Gum Limited has various goals that it wishes to accomplish in the course of doing business. The chewing gum and sweets market has not been fully exploited and this offers a good opportunity for the company to move forward. The market needs new and unique products because these products have been in existence before. Customers’ will be motivated to buy the company’s products because of a unique taste. The sale of gums, sweets and jellies is projected to increase as time goes by and this is good for the company.
Sales are projected to increase in the next three years as the company makes an impact on the market. Profits will also pick up as time goes by because the company is still new in the market. The following diagram shows the projected sales in $ in the next three years.
Profits are also expected to pick up with the same trend based on the company’s strategies. This can be explained from the graph below.
In the first year, the company expects to get profits of $150,000. In the second year, profits wiil be $200,000 and in the third year $300,000.
Strategy to accomplish those goals
To achive this results, the company will emabrk on a massive marketing campaign in the first year to popularise its products. Juicy Fruit Gum Limited will work with a manageable staff because it does not have a lot of resources to employ a large workforce. As a matter of fact, the company’s target market will be youth’s and children.
This is because they are projected to be the largest consumers of sweets and chewing gums (O’Connor 19). Although other market segments are also important, more attention will be on youths and children. As the company progresses, it will seek more funds for expansion and long term sustainability.
Solution or recommendations on their success
The company anticipates a good response from the market and this will translate to good results. This is as far as far as sales and profits are concerned. The market has been demanding for unique flavors and the company will capitalize on this for sustainability (O’Connor 12). Flavors like orange, pineapple and strawberry will suit different tastes and preferences in the market to satisfy customers.
For sustainability, Juicy Fruit Gum Limited will invest in market research to know what customers want at a given period of time. This will enable the company to know what customers are demanding in relation to their tastes and preferences. Diversification will be highly embraced to increase sales and revenues as time goes by. Because of a unique market, the company will enhance its distribution channels to ensure that there are no delays in supplies.
O’Connor, Anahad. The Claim: Swallowed Gum Takes a Long Time to Digest. New York: The New York Times, 2007. Print.