Write a Business Plan on Yankee Candle Store Launch in Gran Canaria, Spain.
Step 2: Edit the draft business plan which should end with 9 to 11 pages in length in APA format (not including title, table of contents, cash flow statement, and reference pages) and must include the following sections:
A) Title page and table of contents
B) Executive summary – A one-page summary of your whole plan, typically written after the rest of the plan is completed.
C) Company descriiption – Include the basic business model that your company will use, as well as your business’ vision and mission statement. Also include the organizational structure of your business and why your chosen structure will support operations in a foreign country.
D) Market analysis – Explain the rationale for choosing your target market; this explanation includes estimated market size in the foreign country, as well as your target markets within that country. Also, include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Also include an analysis of cultural, legal, and political factors that will impact your launch.
E) Products – Describe what you will sell and explain the most important features of your products. Give the rationale for your product choice. While an actual launch would include a more extensive explanation, you are only required to briefly cover your product for this assignment.
F) Marketing plan – Your product launch strategy includes competitive strategy, entry decisions, and intended mode of entry. A comparison of the differences and similarities between your domestic market and launch market and how the differences support or challenge your strategy. How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. Discuss any cultural implications associated with your marketing plan.
G) Logistics and operations plan – Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers, including where your product will be manufactured. Identify some of the differences between domestic and global logistics and supply chain management issues that will impact your project.
H) Financial plan – Financial management considerations include government policies, and economic considerations for the launch, including foreign currencies, tariffs, and overall foreign market exchange considerations (unemployment, disposable income, etc.).
I) Cash Flow Statement (use in a spreadsheet and paste into your document) – Itemize your expected expenses and income over an initial 5-year launch period. Create your own numbers but ensure they are realistic.
J) Conclusion – Provide a conclusion that summarizes your plan and seeks approval from management to move forward.
The Yankee Candle Store is a popular retail brand known for its high-quality scented candles and home fragrance products. We aim to launch a Yankee Candle store in Gran Canaria, Spain, to cater to the growing demand for luxury scented candles in the region. Our store will offer a wide range of scented candles, accessories, and home fragrance products to attract customers from all age groups and demographics. With a strong marketing and promotional strategy, we aim to establish ourselves as the go-to destination for premium scented candles in Gran Canaria.
Gran Canaria is a popular tourist destination known for its warm climate and beautiful beaches. The island attracts a diverse range of tourists from across the world, including Europe, America, and Asia. The local population is also a potential customer base for our Yankee Candle store. The demand for premium scented candles is on the rise, with customers willing to pay a premium for quality products. Our store will cater to this demand by offering a wide range of scented can
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Product and Services:
Our Yankee Candle store will offer a wide range of scented candles in different fragrances, sizes, and designs. We will also offer home fragrance products such as diffusers, room sprays, and wax melts. In addition, we will provide customers with a range of accessories such as candle holders, wick trimmers, and snuffers. Our store will provide customers with an immersive experience, allowing them to sample and test different fragrances before making a purchase.
Marketing and Sales Strategy:
We will use a range of marketing and sales strategies to promote our Yankee Candle store in Gran Canaria. We will use social media platforms such as Instagram and Facebook to create brand awareness and engage with customers. We will also use email marketing to reach out to potential customers and offer them exclusive deals and promotions. In-store promotions such as discounts and giveaways will also be used to attract customers. Our store will offer a loyalty program to reward frequent customers and build long-term relationships.
The startup costs for launching our Yankee Candle store in Gran Canaria will be approximately €150,000. This will cover expenses such as store rental, inventory, fixtures, and marketing. Our projected monthly revenue for the first year is €30,000, with a net profit of €10,000 per month. We anticipate a gradual increase in revenue and profit as the store establishes itself in the market.
The Yankee Candle Store is a popular brand known for its high-quality scented candles and home fragrance products. Our Yankee Candle store in Gran Canaria aims to cater to the growing demand for luxury scented candles in the region. With a strong marketing and sales strategy, we aim to establish ourselves as the go-to destination for premium scented candles in Gran Canaria. Our store will provide customers with an immersive experience, allowing them to sample and test different fragrances before making a purchase. We are confident that our Yankee Candle store will be a success and generate significant revenue and profit.