1<\/p>\n
3<\/p>\n
Introduction<\/p>\n
One of the important things to consider when starting a new business is the business plan. A business plan highlights how the business intends to venture into the market, vision, and growth plan. Through a business plan, investors are lured into investing in the business (Alonso-Vazquez et al., 2018). If the investors see the plan and feel it does not align with their principles, they will pull out their investment. As such, the business owners must take time to create the best plan that will be used to create the growth path. This business plan includes the business description, the market analysis, competitor analysis, and the marketing plan. <\/p>\n
Business Description<\/p>\n
Dee\u2019s Plant Palace will be in the business of selling of houseplants. According to statistics showing the value of the industry in the American market, the business is a viable one with many potentials. It is one of the growing industries expected to grow significantly in the near future. The emergence of the COVID-19 pandemic made the government impose restrictions to slow the spread of the disease. One of the restrictions was to limit unnecessary movement, which ensured that there were no crowds. However, in these restrictions, people found a way of interacting with nature by putting house plants in their living rooms and other places. People found this to be a good idea through this, and more have continued to become interested in that idea. Dee\u2019s Plant Palace aims to grow and, in the future, become one of the main players in the Baltimore market. <\/p>\n
Products <\/p>\n
Owning houseplants not only tends to make spaces beautiful, but they also have a calming effect. When daily life has people feeling overwhelmed and disconnected from nature, houseplants can help fill that void. They are where comfort, peace of mind, and relaxation can be found with hopes of spreading these same feelings to others.\u00a0Several species of plants planned to be sold include hoyas, monsteras, philodendrons, sansevierias, Scindapsus, syngoniums, anthuriums. Products that will be sold include different soils, pots, gardening shears, fertilizers, moisture meters, etc.\u00a0<\/p>\n
Mission Statement:<\/p>\n
Dedicated to delivering an excellent assortment of unusual plants and products to ensure nature can be with customers anywhere. As well as transforming clients’ environment, health, and well-being with plants through the principle of inclusion of the character in the built environment. Core values include integrity, accountability, and commitment to customer satisfaction.<\/p>\n
Market Analysis<\/p>\n
A market analysis is a critical aspect of the business plan as it helps identify the market characteristics and the consumer profile. These are important factors that will highlight whether the business has any chance of surviving or whether that will not be a viable idea (Alonso-Vazquez, et al., 2018). <\/p>\n
Target Customer Profile <\/p>\n
The plant industry is diverse, so all are welcome to enjoy it as plant lovers come from all backgrounds, genders, ethnicities, and incomes. People that purchase plants live all over the world. The target group of consumers is those ranging from 18 to 45. These are the individuals that are mostly concerned about the beauty of their houses. In addition, this group of consumers mostly focuses on making sure that the room is well ventilated. Therefore, it will be important to explore some of the approaches to ensure the group is well-targeted (Alonso-Vazquez, et al., 2018). Social media is one of the tools used to ensure this group purchases the goods. However, this does not mean that the business will not use approaches to sell to older people. Some people above 50 years also have an interest in the beauty of their homes. For instance, those from the upper class might be attracted to the concept of having house plants, especially those placed on the balconies of their houses. Besides, there is a growing need for housing with the population growth. It provides a new market avenue for the business. <\/p>\n
The customers for Dee\u2019s Plant Palace are locals from Baltimore. As targeted, female buyers will be the most, as these have a good attraction for house beauty. Since the business will be initially operated from a greenhouse in the yard, using social media will be a good way to capture the attention of the business. Social media has significantly grown in the recent past as one of the major marketing approaches used by the business (Varadarajan, 2010). Through platforms like Facebook and Instagram, businesses can save on costs involved in marketing through mainstream media. In addition, the business might partner with one of the influential public figures in Baltimore to help market the business. It will ensure that the business gets the target sales. <\/p>\n
Threats<\/p>\n
The threat of suppliers is a critical factor to consider. In this market, the suppliers have higher bargaining power. There will be a need to source the right materials and technology that will help ensure that the plants grow in a conducive environment (Burke, et al, 2010). The threat from customers is also another important factor. That means the business will have a higher bargaining power than the consumers. However, in the future, when other companies settle in the market, the consumers will have a higher power to leverage and bargain. Another critical threat is pest while selling plants. Since plants have the tendency to arrive from several sources, that increases the likelihood of pests being introduced to the environment and cause devastating effects \u201cMany common houseplant pests are insects or mites that live by sucking nutrients from the plants. Many problems can be forestalled by scrutiny of the plant before it is purchased (Quarles, 2021.)\u201d<\/p>\n
Competitors<\/p>\n
Locally the market in Baltimore is not very congested therefore there are not many competitors. That means a new company will have the same opportunities to grow. A review of the market shows the two most popular include Greenfields Nursey and Valley View Farms. By looking at these companies, one will understand the kinds of approaches they use and how the new business can take advantage of the issues they might face. Some companies have already established their presence in the industry for this business. The two companies are popular because they offer reasonable prices for their plants. In addition, Greenfields has become popular because of its ability to differentiate the products or plants they offer. As such, they can offer varied products and increase the consumers’ choices. Besides, marketing is one factor that helps stand out of the two competitors. It allows the companies to make themselves known to the consumers. <\/p>\n
As such, every company can make its own decisions without necessarily considering the other businesses (Alonso-Vazquez, et al., 2018). However, it should not be too high in issues like the price. The threat of new entrants is low, the industry is growing. As such, every entrant will have an equal chance to operate and become successful. There is a need to consider the government regulations (Burke et al, 2010). These are the regulations that include taxation and licensing. The current laws may offer tax holidays for the new businesses to establish themselves. These will help the business grow and become tax compliant in the short and long term. <\/p>\n
Competitor Analysis<\/p>\n
For the business to grow, it is imperative to understand who the competitors are, if there are any. In Baltimore, two established companies are dealing with the same products. These include Greenfields Nursey and Valley View Farm. The two companies have been in business for a while Green Field operating since 1923 And Valley View since 1962. That means Dee\u2019s Plant Palace will have to understand their approaches to ensure they are not pushed out of business by market forces. Social media is an important tool used to keep their consumers updated on what they are selling and any new addition (Varadarajan, 2010). It will be important for this new entrant to diversify and provide a wide range of plants to give consumers a right choice. In addition, it will help build their sales in the initial operation period. <\/p>\n
Marketing Plan<\/p>\n
The marketing plan is the section that shows how the business will ensure it gets to the consumers. The product will connect people with nature, even when they are in their houses. It will also be a good way to help sensitize people on the need to maintain the environment because of its important role in people’s lives. Dee\u2019s Plant Palace will be offering distinctive varieties of rare and exotic plants. The source of diverse plants ranges from needing full sun to lower light. As well as the ability to ship the highest quality specimens safely.\u00a0Dee\u2019s Plant Palace will obtain the ability to obtain rare and expensive specimens. Winter insurance protection will be included for colder weather months. Customers will be able to place their shipment on hold until they are comfortable with the weather.<\/p>\n
The market is vast for selling plants. Plant sale prices depend on the type of plant, the variety, how fast the plant grows, how long it takes to produce the plant in question, and how much time and effort is involved in getting each variety of a plant. Products are live plants that are in demand therefore it will be important to know what the \u201ccustomers are looking for as well as what competition is offering and how much they are offering it for.\u201d (Marketing Donut, n.d) This business will stand out due to the availability of all products for purchase online.\u00a0 Local pickup of products will be available as well. As far as promotional efforts social media will be used, there will be paid advertising through social media as well and reaching out via email and text messages at least once a week. (Infoentrepreneurs.org)<\/p>\n
The different plants will include those that do not overgrow like the tree. That is because the overgrowing trees will only be kept for a short time. However, the houseplants could exist for years without overgrowing. <\/p>\n
The business will use different kinds of pricing. One of the types is competitive pricing. That is where the price will be set according to Greenfields Nursey and Valley View Farm prices. Besides, cost-plus pricing will also be used. That means the owner will calculate the costs in the business and add a mark up to determine the price. Furthermore, value-based pricing will be used since some customers are conversant with the plants. They will determine the price based on what they believe the product is worth (Kienzler & Kowalkowski, 2017). Lastly, penetration pricing will also be used. The owner will set a lower price to penetrate the market. <\/p>\n
Distribution will be through the use of wholesalers. These will help ensure the products get to the customers. However, those that purchase directly will have them delivered to their premises by the owner (Trihatmoko & Mulyani, 2018). Social media will be the most common approach to market the product. Promotion through social media will help cut costs (Varadarajan, 2010). In addition, referral marketing might also be applied. When the products are top quality, some people will help refer the business to their friends. All these approaches will help ensure the business grows and assist in setting up a storefront in the future. <\/p>\n
Conclusion<\/p>\n
Having a marketing plan is essential in attracting consumers to a business. There are various factors to consider when developing the plan. The most important part is the market analysis. That is because it is the section that evaluates the market potential and the competitors. However, the marketing plan section is also important in developing the approaches. The analysis, therefore, develops part of the business plan to use in the house plant business idea. <\/p>\n
References<\/p>\n
Alonso-Vazquez, M, et al., (2018). Management and business plan. In Sotiriadis, M (ED), The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality: Skills for Successful Ventures, pp. 153-168. UK: Emerald Publishing Limited. <\/p>\n
Burke, A., et al., (2010). The multiple effects of business planning on new venture performance. Journal of Management Studies, 47(3), 391-415 <\/p>\n
Ways to promote your product or service. Info. (n.d.). Retrieved February 11, 2022, from\u00a0https:\/\/www.infoentrepreneurs.org\/en\/ways-to-promote-your-product-or-service\/<\/p>\n
Kienzler, M. & Kowalkowski, C. (2017). Pricing strategy: A review of 22 years of marketing research. Journal of Business Research, 78, 101-110. <\/p>\n
Quarles, W. (2021, January). Pests of indoor plants – birc. Retrieved February 22, 2022, from https:\/\/www.birc.org\/FinalHouseplantQ.pdf <\/p>\n
Seven ways to price your product. Marketing Donut. (n.d.). Retrieved February 11, 2022, from\u00a0https:\/\/www.marketingdonut.co.uk\/marketing-strategy\/pricing\/seven-ways-to-price-your-product\u00a0<\/p>\n
Trihatmoko, R. A. & Mulyani, R. (2018). Distribution strategy for new product marketing success: fast moving consumer goods (FMCG) business. Management and Human Resource Research Journal, 7(12), 19-32 <\/p>\n
Varadarajan, R. (2010). Strategic marketing and marketing strategy: Domain, definition, fundamental issues and foundational premises. Journal of the Academy of Marketing Science, 38(2), 119-140<\/p>\n","protected":false},"excerpt":{"rendered":"
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