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New Business Concept - Assignment Example

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Furniture Unlimited is a furniture company that sells both second hand and brand new furniture to offer more choice to its prospective customers not only in design but also in cost. The second hand furniture that will be sold is guaranteed to be of quality and almost as good as…
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New Business Concept
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Concept ment Furniture Unlimited I. Product Furniture Unlimited is a furniture company that sells both second hand and brand new furniture to offer more choice to its prospective customers not only in design but also in cost. The second hand furniture that will be sold is guaranteed to be of quality and almost as good as new to give customers value to their money and to ensure customer satisfaction. The second hand furniture that was bought at second hand shall be refurbished as a means of quality control.
The greater availability of second hand furniture at Furnitures Unlimited gives the customer a wider choice with their limited budget. They are able to procure furniture at significantly lower price compared to regular purchases of furniture.
There will also be brand new furniture that will be sold albeit this is limited to the middle to lower end furniture due to the price sensitivity of the market.
II. The target market
The nearby resident area where apartment sprawl in numbers are the main target market of Furniture Unlimited. The target market being apartment dwellers belongs in the lower middle class segment and therefore is sensitive to price which is advantageous to Furniture Unlimited because its furniture are more cost effective compared to the regular price of furniture. Its proximity to the market is also advantageous in reducing cost as freight expense will be relatively lower due to the short distance of the business to the market.
III. Benefits and advantage of the product
The primary benefit of the furniture offered at Furniture Unlimited is the wide range of choice that a customer can make not only in terms of price but also in design.
If the customer is sensitive to cost, they could get the most value to their money because many of the furniture sold are heavily discounted it being a second hand. They also have a choice of low priced brand new furniture with the same advantage of procuring them at lower cost.
Despite of the lower cost of the furniture at Furnitures Unlimited, customers are rendered with excellent customer service.
IV. Product differentiation and market positioning
Furnitures Unlimited will differentiate from its competitors in terms of pricing. Its target market are apartment dwellers who are price sensitive and it will make the business more attractive to this market segment by lowering its price significantly. This can be done by offering more choice of excellent quality second hand furniture at prices which customers cannot compete. Competitors who would engage in price war with Furniture Unlimited cannot compete because the furniture were bought at a discount while theirs were bought at a premium, it being brand new.
The company will also complement its second hand furniture with middle to lower end furniture to cater to customers who would like to purchase brand new furniture at lower cost.
V. The company’s management team
The company set up shall Limited Liability Corporation to protect its owners from liability in case the company will not be successful. It will be managed both by John and Alex. John being a business major will serve as the general manager and will oversee the business. Alex is a furniture expert who would ensure that the second hand furniture sold to customers are still of excellent quality. Read More
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