University of the West Indies Mona Faculty of Social Sciences Management Studies Course: MS34K – New Venture Creation and Entrepreneurship Lecture- Dr K Knife Group #- 29 Members: Marveisha Boothe, Omolara Otunla, Ramon Clayton Presentation of:
BUSINESS PLAN For
“Jamaica’s Market Place” MarketNetJa@gmail.com
BUSINESS MODEL Value Proposition: How will the firm create value? Foundation level MarketNetJa.com offers a unique service whereby Jamaican businesses can advertise the products they sell to the wider internet community. Proprietary level This service is of particular benefit to local businesses because it allows for detailed marketing of the products they carry without them having to go through the expense of building and maintaining a website. It also offers the public the opportunity to access up to date stock information. Rule level The company would offer different advertising packages for 3, 6 and 12 month advertising slots. Depending on which package a business chooses their products will be featured on the website for potential customers to verify stock and then be able to contact the business to secure payment. MarketNetJa.com will not actually sell the products directly, but will instead provide customers with the necessary purchasing information to determine which business has the product they are seeking.
MarketNetJa.com will delve into product distribution for some items so that customers may purchase directly from the company.
Value chain structure: For whom will the company create value? Foundation level
MarketNetJa.com aims to satisfy the needs of both local businesses as well as consumers on a global scale who wish to purchase goods from Jamaican retailers, especially those who produce and sell goods made from local raw materials. Proprietary level The convenience associated with browsing our website creates ease and accessibility to customers. There the products being offered by each business will be uploaded on the website, where customers have access to search for products and to identify the provider including contact information. The final initiative is to have the customer contact the business directly to facilitate the purchase. A graph below shows the proprietary step for this phase.
Rules level Ensure that website is up and running 24 hours daily and being monitored by a competent and professional IT personnel with knowledge and experience in website management and sustainability. The website will operate on the reliance of internet capabilities and as
such will appeal to adults who have ready access to the internet and who utilize it to search on a regular basis.
Competitive Strategy Foundation level One major advantage to our website is that it focusses specifically on showcasing Jamaican companies and their products. This gives us an edge over our competitor shopvmj.com which focusses more on general products without categorizing each product based on its company. Our aim will be to use a categorical system that allows customers not only to have access to a range of products at their fingertips but also to select the most convenient product base on price, brand preference and location. Moreover, customers have access to contact us via the website or telephone with any queries they have. Proprietary level The expertise of our IT professional will enhance the quality of service we provide. He or she will ensure that the website is up-to-date with all the relevant software to ensure that customers have a hassle free transition while using the website. Pricing is integral but the quality of the website and customer satisfaction will not be compromised. Our aim will be to facilitate a smooth, professional and accurate online database through an efficient and effective team of professionals. Rules Level The MarketJa.com team will consist of trained professionals with excellent interpersonal and customer service skills. This will ensure that customers and stakeholders are treated respectfully and professional at all times. In-house training sessions will be conducted on
a quarterly basis where staff can indicate any difficulties experienced over the period and to outline any effective strategies that they believe will enhance the experience of customers who access the website and their own working experience. MarketJa.com will implement an online monthly survey where customers can rate the quality of service provided on the website, if it was useful and any improvements they would suggest for future implementation. All suggestions will be taken into account at our monthly meetings and implementation if approved will commence the following month. How do we differentiate ourselves? Foundation level The team at MarketJa.com aims to deliver comprehensive and quality service to online shoppers. We differentiate ourselves by delivering a quality website monitored by professional staffs while ensuring that accurate information is updated daily. Moreover, our stakeholders are priced at a reasonable and affordable pricing structure. Proprietary level Delivering quality service is crucial to our business ethics. The customers who access our website will be impressed based on the ease and convenience of the navigating webpage and product variety. The website will be updated with all the new products being offered along with updates about any improvements or changes that are on the way in our business. Rules level The website must be updated daily with news regarding to the business and products. Customers must be able to view these updates as they enter the websites along with the benefits associated with the website such as new promotions. How do we make money?
Foundation level MarketJa.com will make money by showcasing the products offered by registered businesses in Jamaica. MarketNetJa.com also receives revenue from general advertising on the website and for companies that already operate their own websites we will initiate a click through program whereby MarketNetJa.com will be paid each time someone uses the link on our page to reach their website. Proprietary level Revenue collection and projections will be made to ensure that the venture is sustainable. Moreover, the team at MarketJa.com will keep an eye for ways in which revenue can be enhanced by launching new initiatives to facilitate the needs of both customers and stakeholders. Rules level A detailed project plan will be implemented to identify the exact scope, timeline, human resources and cost analysis of the venture. This will ensure that all costs are recorded and updated. Moreover, a competent financial expert will be utilized to ensure that all revenue is accurately updated and recorded to ensure transparency and profitability. See below an estimate of the MarketJa.com revenue generation. Table 1: MarketJa.com Revenue Generation
[MarketNetJa] Break-Even Analysis Number of Months
CALCULATE YOUR CONTRIBUTION MARGIN Projected Sales
Less Variable Expenses Materials
Variable overhead Other Contribution Margin
Contribution Margin Ratio
CALCULATE YOUR FIXED EXPENSES Fixed Expenses Salaries and wages
Utilities - fixed portion
Repairs and maintenance
Other Total Fixed Expenses
Monthly Break-Even Sales Profit During Period
What are MarketJa.comâ€™s time, scope and ambitions? Foundation level In the initial stages of MarketJa.comâ€™s development, the primary goal will be to ensure that the business meets its basic needs regarding paying staff and ensuring the quality of the website. As MarketJa.com continues, there will be further investments to enhance the quality of service delivery to customers, while ensuring that the business is maintaining a steady income. By the second year of operation, the aim will be to increase revenue and to expand the business by increasing the number of businesses who come on board. Within the third year, MarketJa.com will look at ingenious ways to expand the brand and
to cater to a larger customer base while delivering quality service at an affordable price to shareholders. Proprietary level At this stage, aggressive marketing strategies will be tailored to ensure that MarketJa.com gets the client base it needs at the initial start-up. Moreover, specific marketing tactics will be used to encourage customers to access the website for their buying needs. As the business progresses other strategies will be used to expand our customers and stakeholders.
Rules level Team building and conflict resolution strategies will be implemented at the start of the business to ensure that the MarketJa.com team is working together to achieve the stated goals. There will be bi-weekly staff meeting whether face-to-face or via the internet to ensure that all staff are aware of the plans to be implemented. This will foster a productive work environment where ideas can be shared and opinions can be voiced in a professional and unruffled atmosphere. Moreover, staff members are required to submit weekly reports and any difficulties experienced during the period along with possible solutions to any issues arising.
BUSINESS MODEL MATRIX Â
How do we create value?
Who do we create value for?
Creating a website that advertises products being offered by registered businesses in Jamaica to the internet community.
Allow local businesses to showcase the products offered without them having the expense of building and maintaining a website.
Offer different advertising packages for 3, 6 and 12 month advertising slots.
Both local businesses as well as consumers on a global scale who wish to purchase goods from Jamaican retailers.
Convenience of browsing website with ease and accessibility to customers.
24hr access to website managed by competent and experience IT professional.
One of two companies in the Caribbean offering this service.
Smooth, professional and accurate online database through an efficient and effective team of professionals.
Delivering comprehensive and quality service to online shoppers. Delivering a quality website monitored by professional staffs while ensuring that accurate information is updated daily.
Stakeholders are priced at a reasonable and affordable pricing structure.
No selling of products directly, but provide customers with the necessary purchasing information to determine which business has the product they are seeking.
Products upload on website allowing customers to have a variety of options to choose from.
Categorically listing items based on price, location and business provider. How do we differentiate ourselves?
In-house training sessions to improve staffsâ€™ interpersonal and customer service skills.
Implementation of an online monthly survey where customers can rate quality of service provided on the website. Monthly staff meetings.
Ease and convenience of navigation the webpage and product variety.
Regular update of website with all the new products being offered along with updates about any improvements or changes on the way.
Website must be updated daily with news regarding businesses and products.
Customers must be able to view these updates as they enter the websites along with the benefits associated with the website such as new promotions.
How do we make money?
Showcasing the products offered to registered businesses in Jamaica. Advertisements made on website.
What are our time, scope and ambition?
Initial stages primary goal will be to ensure that the business meets its basic needs regarding paying staff and ensuring the quality of the website. Second year of operation, the aim will be to increase revenue and to expand the business by increasing the number of business who come on board. Third year, MarketJa.com will look at ingenious ways to expand the brand and to cater to a larger customer base and delivering quality service at an affordable price to shareholders.
Internal revenue collection and projections and launching new initiatives to facilitate the needs of both customers and stakeholders.
Implemented project plan to identify the exact scope, timeline, human resources and cost analysis of the venture to ensure that all costs are recorded and updated.
Aggressive marketing strategies to gets clients at start-up and to encourage customers to access the website for their buying needs
Implementation of team building and conflict resolution strategies to ensure that team is working together to achieve the stated goals. Bi-weekly staff meeting whether face-to-face or via the internet. Weekly staff reports submitted.
Jamaica's Market Place