Write the industry analysis section of the business plan

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Reference no: EM133538494

Assignment:

Business Plan for:

The company will be a Luggage and Travel Accessories business in Fayetteville, NC. The name of the Company will be L.B Luggage and Travel Accessories. This will be listed as a Sole Proprietorship. This will be the simplest way to establish the business. The effective date of the business will be 11/30/2024. This will ensure I have the necessary funds to have for stock and be able to market the business before launching.

The company mission and vision statement will be: Our mission is to empower travelers with high-quality luggage and travel accessories that enhance their journey, provide convenience, and reflect their unique style. We strive to offer a wide range of products, exceptional customer service, and innovative solutions to meet the evolving needs of travelers worldwide. Our vision is to become the leading provider of luggage and travel accessories, recognized for our commitment to quality, innovation, and customer satisfaction. We aim to create a trusted brand that inspires and equips travelers to explore the world with confidence and style.

The immediate goals I would start putting in the process would be conducting market research to identify potential gaps or new product opportunities in the luggage and travel accessory market. Introduce new products that align with customer preferences and emerging travel trends. Establishing strong customer engagement by implementing a social media presence to gain potential customers. Seeking, evaluating strengthening relationships with suppliers and manufacturers to ensure a consistent supply of high-quality products. Seek opportunities for strategic partnerships or exclusive collaborations to differentiate the products.

This assignment is to write the Environment and Industry Analysis Section of the business plan.

Two key items I am looking for here is the size of the industry (nationally and/or globally) and the growth rate. a sizable industry that is growing is more attractive than a small industry that is shrinking.

This assignment is to write the Marketing Research and Evaluation section of the Business Plan.

Marketing Research and Evaluation:

Market research - (must include data sources) includes Target market analysis meaning target market is defined (size, growth potential, needs)
Competition: Key competitors are defined
Analysis of competitor's strengths and weaknesses

Describe how your firm will implement the four Ps of Marketing.

Reference no: EM133538494

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