Business Plan for Longines Watches Case Study Example | Topics and Well Written Essays - 1500 words

Business Plan for Longines Watches - Case Study Example It is proposed to start an excusive dealership of the world famous luxury brand of the company Longines in the city of New York. Longines is an internationally famous Swiss brand that has been in the business of manufacturing quality watches since the year 1832. The company is also well known as time-keepers in many international sporting events across the world. The dealership will be situated in the address given above and will be having an area of 2000 sq feet. The interiors will be according to the specifications given by the company and will be similar to other dealers across the world. The store will be temperature controlled with pleasant and well trained staff including a doorman. The venture will be in the form of a sole proprietorship. Advertising in the media will be the main strategy to be followed. Other marketing efforts will include appointment of marketing representatives and internet business. There are several aspects of the business that researcher presented in the case study that needs immediate attention. Firstly, financial planning and management and approaching banks for financial assistance for setting up business. Secondly, the researcher prepared the SWOT analysis for knowing areas of strengths and weaknesses and described the budgeting and financial forecasting for future years. Thirdly, the researcher demonstrated human resources management and personnel management in the case study and other areas which may be of concern for start up trading companies. ... Ten sales persons will be appointed to serve customers. They will be given proper training in technicalities and etiquette. Luxury watch brand market: The luxury branded watch market in the United Sates is dominated only by a few well known international companies. They include apart from Longines, Accutron, Bulova, Citizen, Colibri, ESQ, Movado, Pulsar and Seiko. All these brands, especially Citizen, Longines and Seiko are well known and need no introduction to the market. Growth Rate: It is estimated that the venture will have a growth rate of 10% per year. Outlook: Growing affluence and the need for exclusivity among customers are advantages in this type of industry. The outlook is that the venture will be able to maintain a growth rate of 10% for the next five years. Mission statement: To be the most preferred luxury watch outlet in the city of New York Uniqueness: The dealership of one of the most respected and oldest watch brands in the world. Being an exclusive outlet will allow us to give a better pricing to our customers when compared to sub-dealers of the same brand. Key factors: Quality and name of the brand, high quality customer service and after sales service. Market analysis: Our customers come from up-market backgrounds, occasional purchase by the middle income group, organizations who use our products as gifts. There is no special off season or lean season for this segment and business is expected to be steady throughout the year. It is expected that sales will be higher during festive seasons like Christmas and New Year. It is estimated that there will at least 500,000 potential customers in the city. Distributed among our competitors, we estimate that we have 75,000 potential