PLEASE READ MY BUSINESS IDEA BELOW PLUS THE DOCUMENT ATTACHED SO YOU CAN ANSWER THE QUESTIONS BASED ON IT.
MY BUSINESS: It is an online sex shop that focuses on sex education. I believe that the sex industry will always be on top of the industries, but there is nothing that teaches us about our sexuality and makes us feel comfortable with our insecurities about our body.
I would say my target right now is people that:
– Feel insecure about their body
– Want to be sexual educated
– Want to explore their body / sexuality
– Willing to explore new experiences and improve their life
My main competitors would be:
Honney Birdette has both a physical store and an online store. This is an amazing brand with beautiful lingerie and classic sex toys, but they only sell products. I’m gonna be selling products and education/ lifestyle.
Kamalab, it’s an app focused on sexual wellness, educating people about their own body and sexuality. (The exact same idea, but without selling products)
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1- As you discussed your case study from last week, this week, let’s discuss how competitive marketing strategies are used for your chosen business plan/specific product/ service line. Give us three top added value ideas that are innovative that not many of your competitors are using.
- What type and size of premises are required for your business?
- Describe the location.
- Why do you need this type of premises and location? What competitive advantage does it give you?
- If freehold, what is/are the:
- – value?
- – mortgage outstanding?
- – monthly repayments?
- – mortgage with whom?
- 5. If leasehold:
- – What is the unexpired period of lease?
- – Is there an option to renew?
- – What is the present rent payment?
- – What is the date of rent payment?
- – What is the date of the next rent review?
6. What rates are payable on your business premises?
7. What are the insurance details:
- – sum insured?
- – premium?
8. Are these premises adequate for your future needs? If not, what plans do you have?
9. If you have not found your premises yet, what plans do you have to find them?
10.What channels of distribution are used in your field; which do you plan to use and why?
11. What operating risks – fire, health and safety, etc – need to be considered?
12. Are all people who come in contact with customers the right people for that type of work and have they been properly trained?
13. Are customers being given the right level of after-sales support and advice?
14. Do customers know where their order is in the production – despatch – delivery process?
15. Can customers reach you by phone, email or your website and get their questions answered quickly and efficiently?
16. Can you demonstrate in some way that is visible to your customers and employees that you are meeting the appropriate quality standards?
17.To gain visibility, run a competitive website analysis into the performance of your website or proposed website with those of your competitors. Use Alexa or any similar website comparison tool.
18. Brainstorm a list of key words that people could use when searching for your products or services online. Then see how those could be built in and repeated on your website.
19. Decide on your domain name, making sure first that you can use it. Test it out online to make sure it can be found easily, does not conflict with similar names that might ‘steal’ you web traffic and does not pull up your direct competitors.
20. Check out submission services to see if they could be useful.
21. Review social media activity in your market and see which channels – Instagram, Pinterest, Twitter, Facebook, LinkedIn etc are most used by current players.
22. Start using Google Analytics to track and analyse your website traffic.