Jharkhand is a state in eastern India. The name Jharkhand is come from Sanskrit this means Jharkhanda this means region's thick forest. Jharkhand has boarder with Bihar, Uttar Pradesh, Chhattisgarh, Orissa and West Bengal. It addresses 74, 677 kilometer square from the east. Ranchi is the capital of the Jharkhand. A number of the major cities of Jharkhand are Jamshedpur, Dhanbad, Bokaro, Sindri, Deoghar, Hazaribagh and Gumla.
According to some copy writer, they said that there was already geo politics and ethnic entity called Jharkhand even before the amount of Magadha Empire.
Now I will inform you of what's retail?
Retail:
Retail produced from a French expression 'merchant' this means to break mass.
Retail consist of all activities involved in the marketing of goods and services directly to the consumer for his or her personal, family and house carry use.
General Description
Now my subject for term paper is Jharkhand and I will open a Bloom shop in Bokaro steel city of Jharkhand. Name of my store is BUDS and BLOSSOMS.
Goals and Targets of a Flower Shop
Mission:
BUds and Blossoms will use the technology to focus on the client and differentiate from the other conventional retail and on-line florists by offering blossom present programs with better service such as customer can select the specific delivery dates, tangibility and customer also specify the colour, scents etc.
Objective of an flower shop:
Objectives of my shop are following:
- The main purpose of my shop is to fulfill the customer needs and give them better product so that customer will please.
- The second goal is to get 10% profit.
- To increase sales.
- And to create maximum earnings.
About my shop:
Buds and Blossoms firstly target the audience within the marketplace.
According to Emerson he said that certain things have not changed. Some of the most successful entrepreneurs still have trouble purchasing items especially flowers because of their wives, fiancees and for his or her female friends. So Buds and Blossoms provide them fresh and beautiful bouquets because of their wives etc. I am going to start my shop in Bokaro steel city in Jharkhand because in this city almost all of the populace is youngster and they like blossom as a most attractive gift idea for their girl friends or wives. Plus the shop will focus on the higher degree of income on loved ones. Buds and Blossoms mainly aim for the Valentine's Day, anniversary and birthday etc. and I believe fresh bloom is the simplest way to speak the emotions of your heart. Buds and Blossoms provide restaurant service. And I will also give the customer the better service and blossoms so that folks can trust on my shop. And to open up the shop I am going to see the subsequent factors:
Store location:
As Buds and Blossoms open a tiny gallery on that place where the people usually go in order to start to see the gallery and would like to visit my gallery. Buds and Blossom plans to open in June and cover 600 rectangular feet. 1 / 3 space is employed for retail and other space is employed for storage and restaurant etc. and we are also providing the free car parking so that folks can easily trip to my store because sometime people can't go to the shop because they can't provide them parking service.
Store design:
As we know that customer can simply attract by the exterior design of the gallery or a shop. So Buds and Blossoms build a attractive and appealing store front such as
Simple and modern design with attractive design.
Beautiful blossom design and with lots of lighting.
Clear large goblet window so that individuals can easily see the interior adornment.
Buds and Blossoms will most probably for Mon to Saturday and shut down on Weekend and the timings are 10:00 a. m. to 5:00 p. m. And I'll follow the insurance policy of CRM that is customer marriage management that means we make a good romantic relationship with the client. So that I am offering only bouquets so my shop is a niche store which gives only flowers to the clients.
Products and Services:
Buds and Blossoms will provide a variety of products and services.
Products:
Using a broad mix of blossom: Buds and Blossoms will provide natural and original masterpiece of design. The plans of shop provide bouquets as per the need of the customers. And all samples in the store will be available for sale.
Green and flowering house place: Buds and Blossoms give you a collection of seasonal green and flowering plants occasionally.
Variety of prices: The store will give you a variety of sizes with different prices.
Handmade Bouquets: For customers who want to use their own vases, Buds and Blossoms provides them handmade bouquets.
Services:
Home delivery: Buds and Blossoms provides home delivery to their customers.
Birthday blooms: Buds and Blossoms will give you a free arrangement to each office supervisor on his or her birthday.
Give main concern to delivery program: Buds and blossoms give goal to the delivery rose so that we will deliver the plans on the same place and at exactly the same time of the week.
Buds and Blossoms provide discount facility with their commercial customers.
Marketing plan:
Buds and Blossoms mainly target the youngster of the Bokaro city as I stated earlier that youngster prefer rose as gift for his or her girlfriend and because of their wives. So our main give attention to youngster of the town. Even as we are opening our home based business therefore i want to attain bare minimum 50% of the market share as a florist.
Positioning strategies:
Buds and Blossoms situated in their customer by giving some extra gain, high quality, high quality floral agreements and personalized service. And Buds and Blossoms also plans to make a unique shopping experience using its floral design gallery which is found in an up and coming arts district area to make poisoning in the customer mind.
Current demand on the market:
As we realize that people like to give flower on anniversary and in the get together but there is absolutely no any retail look for the plants but people demand is high. So wealthy people demand for the special bouquets. So that it means the existing demand for the blooms is more.
Consumer inclination and product development:
As we know that today people more prefer flowers as a surprise so the consumer choice about the bloom is more and this preference is also continue in the foreseeable future.
The product development is also high because abundant people and business mainly choose the bloom as a surprise so the product development is high in present and the as in the future.
Opportunity for the business:
As we all know that mainly in India that there's not many flower gallery or a retail look for the flower which means this become a chance for me personally to start a retail shop of the flower for the youngster of the Bokaro city. This is the big chance for my business.
Barriers for the business enterprise:
Following are obstacles that arrived to the business:
First is that people in India the medium class people thought that plants aren't sufficient as a gift? They usually prefer costly surprise and a huge gift idea for the get together. So it means they can not prefer the bloom due to this sales cut down.
Secondly people never trust on the merchant easily.
And the third is that it is difficult to fully capture the minimum 50% of market show as a florist.
Solution for the obstacles:
First is that attracting individuals through advertisement?
Second is the fact that using some special agreements for individuals?
Some factors that impact my business are pursuing:
Change in economy: In the event the market changes then it affect my business.
Change in consumer belief: if the understanding of the client modified then it badly influences my business.
Change in technology: if in the future some other technology comes up then people favor that technology more then it also affects my business.
Promotional strategies:
First promotional strategy is trough advertisements. Means through ad we can catch the attention of customer and promote our product.
The other strategy for promotion is direct selling means to interact the customer for the advertising of the gallery and the product.
And the third strategy is by indirect sales means by managing some occasions etc.
So I think through this we can promote our product or our flower gallery.
Operational plan:
Store location: As Buds and Blossoms start a tiny gallery on that place where in fact the people usually go so that they can start to see the gallery and wish to visit my gallery. Buds and Blossom blueprints to start in June and cover 600 square feet. One third space is utilized for retail and other space is utilized for storage space and restaurant etc. and we are also providing the free auto parking so that people can easily visit to my store because sometime people can't visit the shop because they can not provide them auto parking service.
Layout:
Generally, a florist's shop will contain a large no of plants. Sometimes it exhibited on the street or will have a huge plate glass window to show the flowers. Generally to keep carefully the flower fresh buyers kept the bloom in the much cooler or in this particular. They also held them in vases or other containers. My shop has a cooler near the leading of the shop with a glass home window so that customers can simply see the blossoms. And Buds and Blossoms have a back section for the decor of the flower.
Key dealer:
Key distributor means where we purchase the raw material in cases like this key company means that where we are getting the flower. So I get blossom from the Gardner of this particular area and the nursery found in that particular area that are the key distributor of my store.
Credit insurance policy:
Credit policy is that whenever we gave the merchandise on credit to the client. So I follow that insurance policy in a few situation means that I will give credit facility to the commercial customer of my gallery.
Store management:
Store management is vital for a store. To become top florist store director the store management is important. To control the store first of all there may be total integration. Means every aspect from a rose order needs to be distributed to every section of the shop which requires information at the right amount of time in order to handle the proper flower order. And by using new technology we can maximizes sales and reduces costs. I think through this I can control the store.
Merchandising management:
Merchandising management includes such areas as salesmanship, types of flower such as jasmine, rose etc. , advertising and promoting our floral business, marketing and screen window. These all are merchandise of the store so its knowledge is important to earn cash.
Financial plan:
As we know that to begin a company we require sufficient money for the business enterprise. So to start a bloom shop following are the assumption that should consider:
Underlying assumptions:
The bloom shop will have total annual revenue of expansion of 16% per season.
The total capital spend on the business enterprise is 30 crores.
I will acquire 10 crores of personal debt funds to build up the business enterprise.
I have take loan of 10 years with the 9% interest.
In the depression or tough economy the revenue of the gallery should may drop as rely upon the marketplace condition or consumer desire.
Sources of money:
Equity contributions
Management investment 15, 00, 00, 000
Total equity funding 15, 00, 00, 000
Debt show 10, 00, 00, 00
Total debt financing 10, 00, 00, 00
Preference show 5, 00, 00, 000
Total preference funding 5, 00, 00, 000
Total funding 30, 00, 00, 000
Break even analysis:
In this we believe the going costs such as rent, utilities and an estimation of other working costs. The next chart shows what we need to sell per month to break even, corresponding to these assumptions:
Break even analysis
Monthly Revenue Break in the action even $ 5, 085
Assumptions:
Average percent variable cost 30%
Estimated monthly fixed cost $3, 560
