The name of the business is Textbook Warehouse; the idea to write the book was developed by entrepreneurs. The book has been developed by the entrepreneurs under the guidance of financial experts, social media authorities, web design experts, research and legal professionals thus it marshals the right pool of experts under its name.
The aim and vision of the promoter is to establish a unique company that specializes in second hand textbooks for university students in Melbourne, Australia. The service that involves online retailing of secondhand textbooks is the concern of this business proposal plan.
The company projects to develop a website that forms the virtual office centre for an online retailing of second hand textbooks that are in high demand among university students.
Under the expertise of a web developer and socio media authority, the company targets the Generation Y students in the universities whose lives are highly influenced by the socio media world (Yarrow & O’ Donnell, 2009).
This Generation Y values social sites like Facebook, Twitter and others hence word of mouth is appreciated more than face to face contact. The development of this online forum is in tandem with this behavior and, therefore, convenience, reliability and effectiveness are the strengths of this business (Close, 2012).
Through the placement of drop boxes in every university, the company aims to stock enough supplies of second hand texts books to the reading lists of the universities. After that, the sales books will be made available under minimized costs determined by value based and grading systems pricing.
The company projects to come up with customer loyalty programs meant to maintain re-sale as well as winning other junior students in their university courses.
The company seeks to utilize two opportunities in online retailing where students in Melbourne have been underserved on online forums. The present method is costly and sometimes books are unavailable in the universities’ stores.
This will enable students to access the necessary textbooks at the comfort of their mobiles phones, or computers conveniently, and at the best price that caters for the university students income. The second opportunity seeks to utilize the large market of inadequate online forums for shopping tailored for university second hand textbooks.
This will enable students to access quality textbooks in the timeliest manner. With a unique marketing concept emerging, good management and carefully crafted method of financing, online selling of second hand textbooks to the target market will be affordable, sustainable and valuable.
This special team of experts will position the company to best practices in every aspect of technology, branding, marketing and operations in order to become the leading online service for secondhand textbooks.
In Melbourne, the available book stores are not highly concerned with online shopping hence the business. The concern of other textbook dealers involves brand new books as well as exchange of available second hand books hence pure online retailing of secondhand books at most reliable and convenient prices is minimal.
However, these textbook sellers include University Bookstores; other small book sellers have managed to offer new and second hand textbooks in the market though at very expensive and unreliable ends due to high cost of operations and poor marketing options as a contrast.
The presence of new books from university stores and their strategic locations in every university have made the necessity of online retailing unnecessary in Melbourne.
However, these books have proved very expensive to be afforded by a large number of middle income students. These high prices and unreliable accessibility of second hand textbook programmes have pushed away an average customer student.
By covering these gaps the company is wishing to set a new uncharted course in the book industry. The unique formula will involve prior marketing on Twitter and Facebook with a target of 100 likes three weeks before the March semester commences.
By using readily available storage facilities of one of the partner’s homes, simple costs minimization, cost effective drop boxes will ensure right supply of second hand books delivered by students. These will be paid for and then made available through the online retail forum for easier access through value based and grading system pricing.
Through continuous marketing and convenient delivery of sold secondhand textbooks, effective financial management and dedicated personnel of this business look forward to meeting long and short objectives.
Long term objectives include:
A. To increase and dominate the market on online second hand textbooks services;
B. To be a leader in online retailing of second hand textbooks;
C. To be a leading online retailing service that maintains economic and sustainable value project;
D. Create job ads by rectifying the purchasing power of students.
The business targets to increase the number of customers considerably after two years of its operation. By engaging the management personnel it is projected that the increased number of customer students will lead to right data analysis, effective, efficient and smooth operation of the business.
As such it targets to use the most minimum number but performing personnel for its success. The baseline scenario projects cost is estimated at $ 90, 000, comprised of $60,000 as initial investment and $30,000 as the bank loan.
This investment cost is low due to transfer of some operations and offers of some assets by the promoter. The bank loan is meant to compensate on other inputs and provide a back up for a negative cash flow.
References List
Close, G. A 2012, Online Consumer Behavior: Theory and Research in Social Media, Advertising and e-tail, Routledge Taylor & Francis Group, New York.
Yarrow, K & O’Donnell, J 2009, Gen Buy: How Tweens, Teens and Twenty Somethings are Revolutionalizing Retail, Jossey-Bass A Wiley Imprint, Carlifornia.