Entrepreneurship. The Bughsha Company and Product

Company description

The Bughsha Company will offer the Bughsha Must Have Box product. The Bughsha Company is considered as a full-service beauty products packing through the Bughsha Must Have Box product. Additionally, the Bughsha Company will provide customers with a relaxed and pleasant customer care services in the product selection and distribution. Moreover, offering high and superior services as well as client fulfillment at apposite prices will be emphasized by the business. Specifically, the Bughsha Company will offer affordable beauty products within its primary product, which is the Bughsha Must Have Box. The business physical location will be unique. Also, the Bughsha Company will include special products that are customized according to the demands of different customers. Each product will include a free service form as part of customer satisfaction guarantee through affordability and flexibility on product provision.

Customers

The product targets the female population. Unlike the other boxes in the western market, the Bughsha Must Have Box is designed for women of Qatari culture who want unique beauty products and magazines. The target market for the Bughsha Must Have Box product will be majorly females of all ages, especially from 15 years to 60 years. The market will consist of women individuals who are young, outgoing, and full of life. This group represents approximately sixty-five percent of the total population. The business will have a series of after sales services such as discounts, coupons, and rewards, which appeals to the target clients from the low-end and high-end customer segments. The company will also use direct, online, and database marketing through its Business-to-Consumer (B2C) marketing model to directly reach the target market. In addition, the company will use persons from the Qatari origin to advertise the Bughsha Must Have Box product. This will succeed in attracting the target market segment, since the members of the Qatari society find it easy to associate with the products that recognize their unique culture.

Marketing Plan

Marketing objectives

The short-term marketing objectives of the Bughsha Must Have Box will be to expand the market for the product through partnership with other brand, social media, and website optimization. Besides, objective will include augmenting the firm’s sales to thirty percent in the second year of operation, attaining customer satisfaction through the provision of services that exceeds customers’ expectations, and recruiting more customers through a vigorous social media marketing. The long-standing objective of the firm will be to attract numerous and new clientele, build comprehensible client acquisition processes, and expand the products in the Bughsha Must Have Box to meet the expectations of the customers. In addition, the long term objective will be to recruit more brand partners to increase the visibility of the Bughsha Must Have Box in all regions of Qatar.

Targeting strategy

Since the Bughsha Must Have Box targets female customers of all ages, the targeting strategy in the product marketing will be concentrated marketing strategy. This strategy is significant in addressing the specific female customer segments (high-end and low-end segments). The strategy will be effective since the scope of the current operations is smaller as compared to that of the main competitors. The rationale for choosing this strategy was the fact that the current marketing resources are limited.

SWOT analysis

Strengths

The business’s broad product range within the Bughsha Must Have Box increases its capabilities of expanding the customer base. Moreover, the business has diversified service brand offerings, which include magazines, beauty products, and healthy food. The business brand is aimed at providing excellent services to the customers. The business has well established differentiated strategy that distinguishes its services from competitors. Moreover, the business has adopted flat decentralized structures that ease management and reduces costs. The business also enjoys a strong reputation within the market because of quality, reliability, and exemplary services offered to its clients as the first of its kind in this form of business.

Weaknesses

The emphases on the female segment leave the firm susceptible to several possible large-scale economic downturns. In addition, the single market focus on the urban setting reduces the firm’s competitive edge. The urban population represents only forty-five percent of the total market share. Moreover, the growth and expansion of superfluous similar boxes offer alternative services to the targeted clientele. The business has not yet fully developed to allow speedy delivery of the product to the consumers.

Opportunities

The most probable opportunity is the vibrant growth in the middle and upper class female market segments. In addition, developments in economic conditions and infrastructures that support the growth and development of businesses as well as growth in Qatar presents new opportunities for the business. Further, the growing purchasing power of younger women, which is regarded as the most active customer demographic presents new opportunity for the firm to exploit. The younger women generations between the ages of twenty to forty five are the largest purchasers of fashion and beauty services the business offers. The business is in a position to capitalize on this customer segment.

Threats

It is easy for new competitors to enter this market with similar services and brand. The new entrant poses a potential threat to Bughsha Must Have Box. The probable economic slump, which has a greater effect on the business conditions and consumer confidence, presents a greater threat to the operations of the business. Another threat is losing staff as some competitors might try to attract them by offering higher salaries and allowance. In addition, the current competitors such as Birchbox, Ipsy Bag, Glossy Box, Pop Sugar Must Have Box, and Fabfitfun are a threat to the existence of the Bughsha Must Have Box product.

Marketing Mix

Product

The Bughsha Must Have Box product comes with a variety of fashionable and stylish products ranging from beauty products to beauty magazines. As such, the business will utilize its expertise and innovative capabilities to ensure development and sale of advanced products that offer varied choices for customers. Moreover, the business will be offering auxiliary services as well as beauty products to suit the customer needs and bring convenience, which is a mixture of value and quality. In the presence of increased competition, business will ensure that the Bughsha Must Have Box is affordable to the target market. The innovative capabilities of the business expert staffs will enable the development of new products in the box, offering varied choices to the customers. Intense competition in the industry requires that the business enhance its product differentiations through design, timeliness, affordability, form, conformance quality, durability, and style. The brand positioning will be attained through increasing the presence of the business in the beauty websites and other social networking sites.

Price

As indicated, Bughsha Must Have Box product faces stiff competition from various businesses offering perfect alternative products. Therefore, the pricing differentiation strategy will provide a critical competitive advantage for the business. Apart from the product range offered in the Bughsha Must Have Box, the business will encourage the purchase by having the right and suitable price for its product so that the business can realize increased profits. In essence, price is a critical element in the business marketing mix since it will primarily be used to create sales revenue. As expected, the quality and value addition attract high prices. The high-quality and low-price strategy will be applied particularly to outperform the competitors. At the start, the Bughsha Must Have Box product will be targeting customers within the high-income customer segment. Nevertheless, with the entry of more competitors the business will be forced to widen its scope and capture middle and low-income customers.

Place

Offering the Bughsha Must Have Box product in the right place and time create right place strategy for the business. In other words, clients are supposed to get the Bughsha Must Have Box product when are in need and at the most convenient place. Moreover, the business location will ensure that the customers will gain less cost to reach the collection point. The business will adopt the business to customer contact strategy in order to directly deal with its customers. Direct interaction with the customers will be critical in knowing the customer needs, which leads to develop services that suit their expectations as well as market needs. However, the business location will still be limited to regions with potential customers. Therefore, the business will expand in various places by opening extra branches within Qatar to reach all manner of customers.

Promotion

The business will be most active in its promotional undertakings for the Bughsha Must Have Box product. The aim of the promotional strategy is to enable the business brands become a nationally recognizable logo. In the promotional strategy, the business will utilize various basic techniques to reach the customers. The promotion techniques the business will utilize include advertising, public relations, personal selling, and sales promotions. The business will invest in both mainstream and social media (Twitter, Facebook, and Instagram) to increase awareness of the Bughsha Must Have Box product. Besides, business will utilize corporate social responsibility to appeal to many people as a method of maintaining its public relations. The success of the business in public relations will improve its reputation and attracts the targeted customer. Further, the business will provide special offers such as the end of the year subscription with a discount of 25%.

Marketing research

From the online survey result, it was apparent that there is a demand for a box product that is customized within the Qatari woman culture. We found that our target market where female from the ages between 25-35, mostly working women who need to maintain a professional appearance and fashionable for their style. From a survey of 100 participants, 85% revealed that they are customer of similar product. However, the customers were not satisfied with the current products since they do not accommodate the Qatari culture in design and shape. The survey results informed the need for creation of the Bughsha Must Have Box product.

Marketing Budget

After considering the marketing cost estimates, the marketing budget for the Bughsha Must Have Box product will be around 50,000 QR. The marketing budget will decrease each year product visibility grows to a flat cost of 20,000 QR after three years.

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NerdyRoo. (2022, June 3). Entrepreneurship. The Bughsha Company and Product. Retrieved from https://nerdyroo.com/entrepreneurship-the-bughsha-company-and-product/

Work Cited

"Entrepreneurship. The Bughsha Company and Product." NerdyRoo, 3 June 2022, nerdyroo.com/entrepreneurship-the-bughsha-company-and-product/.

1. NerdyRoo. "Entrepreneurship. The Bughsha Company and Product." June 3, 2022. https://nerdyroo.com/entrepreneurship-the-bughsha-company-and-product/.


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NerdyRoo. "Entrepreneurship. The Bughsha Company and Product." June 3, 2022. https://nerdyroo.com/entrepreneurship-the-bughsha-company-and-product/.

References

NerdyRoo. 2022. "Entrepreneurship. The Bughsha Company and Product." June 3, 2022. https://nerdyroo.com/entrepreneurship-the-bughsha-company-and-product/.

References

NerdyRoo. (2022) 'Entrepreneurship. The Bughsha Company and Product'. 3 June.

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