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Businesss name
Ocean Wide Trading Pty Ltd
Introduction and overview of the business
Ocean Wide Trading has been running for over a decade. This business deals with the importing and selling of fine furniture that has admirable quality at a considerate price. Ocean Wide Trading is a private company and is owned by three main shareholders. The owners of this business have gone through many risks with time and money consuming processes that have lead the success of this business. This business report covers and analyses the aspects of a business, coming across its finance, operations and marketing plans. It indicates an overall perception on how the business is run, its strengths and weaknesses and a lot more. Cheap custom writing service can write essays on Business
Classification of business
Business Ownership/ Legal structure
The business is 40% owned by Johnny So. Another two shareholders hold the other 60% of the business. The legal structure of the business is therefore a proprietary (private) company, which has three shareholders who have limited liability protection
Prime Function
The main objectives that the owners wished to retain, was a higher amount of profit, % - 5% yearly, and to increase its turnover by 5% yearly.
Mission Statement
For Ocean Wide Trading to be a company that provides unique, top-range furniture, which satisfy customers desired expectations. They seek fair and responsible profit, enough for the company to stay healthy in the long run and also for compensating owners and investors for their money, effort and risk.
Their direct quote is
'We plan to succeed in capitalizing our business so that our company will be nationally recognized as a business which provides high standard, exquisite furniture.
Objectives
Financial goals
Financial goals for the business include domestic expansion into various areas, increase and broadening of customers, a consistent increase in sales and profit each year, opening the letter of credit, and broadening the stock.
Personal goals
Personal goals of the 'boss had included "eventually becoming a millionaire", and also to increase in the use of technological advantages and modern applications of running the business.
Social goals
To be nationally recognized as a business, which provides high standard, exquisite furniture.
Products Or Services
The businesss main product is a wide range of timber goods i.e. - Furniture. These goods have been imported from the manufacturers, which is based overseas. This is because the supplied raw materials for the creation of these products are located
there and also because of the cheaper labor expenses of employees with required
craftsmanship, which can be found there. The semi- finished products are then bought off by Ocean Wide, and sold in the Australian market. This idea of importing from an overseas manufacturer has its complications but its further potential definitely surpasses its problems.
List of goods
- Dining Furniture
- Bedroom furniture
- Lounge furniture (etc.)
- Timber joinery doors
- Repair and Refinement (service)
Details of the production process or the service to be offered
The manufacturers execute the actual production. Ocean Wide Trading first orders this to the supplier through fax, email, or phone. The stock is then sent to Australia several weeks later by sea and then a truck are hired to pick up and deliver the container from the port. At delivered time, the employees of the business unload the container with all the furniture and stock them inside the warehouse. The stock is assembled, repaired if damaged, and refined if desired. A person then prices all the furniture as they please. When furniture is purchased, the delivery is also made by the business.
How the products will be distributed
The products are ordered by phone, fax, and email or in person and then a scheduled date and time is made for delivery of the product by truck. Sometimes when able, the customers take the product themselves to avoid delivery charges
Market Analysis
Target Market
The industry, in which this business is in, has a target market of adults, working men and women, usually with families. Ocean Wide Trading takes a step further in targeting medium to higher income earners and also directs its product to the 40 years and over market due to jokingly reasons that " younger people, and mid-aged adults have no money!"
Size of each target market
The size of each target market has not been noticed, though the description above would hold about 60% of the marketable customers.
Competitors
Competitors Name Corinthian Furniture (name unclassified)
Market Share Unknown, though rapid increase in recognition may change that.
Strengths As above question, the company produces well thought out designs and have a numerous amount of employees that deal with all the aspects in the maturity phase of the business. The company manufactures and sells the product in Australia and has recent marketing strategies that have given a positive appraisal to the company.
Products Are similar to Ocean Wide Tradings products, in its furniture and doors.
Competitor analysis
Company NameEstimated Size (Approx.) Marketing StrategiesMarketing Image
Hume DoorsCorinthian FurnitureBaltic Furniture0 employeesBetween 0-50 employees0 EmployeesMagazine AdvertisementsLocal newspaper advertisements, pamphlets.Pamphlets and newspaper advertisements.Reliable quick and easily obtained.Good designs at reasonably low prices. Reliable, quality furniture.
SWOT analysis of the business
Strengths
- Furniture still in great demand
- Uniqueness of products
- Hospitable service and has created regular customers
- Efficient business with minimum employees
Weaknesses
- Marketing of product is weak
- Product price is of high standards
- Target market is too restricted
Opportunities
- Expansion of business
- New desirable designs in production
- Ability to broaden market
Threats
- Economic downfall
- Fact that timber will run out
- Increase in 'modern furniture
- New materials replacing the old
Promotional activity
Most of the furniture can be seen in the pamphlets or advertising in newspapers and furniture magazines. Each product directly viewed at the actual warehouse and displays of most of the products that can be inspected. The promotional strategy of word-of-mouth is also highly advantageous due to the type of market the business is directed at.
Projected expenditure on promotion
Approximately $50, 000 yearly.
Marketing Plan
Customers
The Target market is stated in the above questions though a more ideal marketable person for the business would be a person in their mid thirties on onwards who is employed and paid well, and has his/her own family. This person would want fine furniture combined with an old fashioned, appealing design, and the common bond between the business and the customer would be the appreciation of quality and lack of price constraints of the product.
The total numbers of the actual market is unknown, though an average of 0 customers a day can be estimated.
Purchases
Purchases would vary as each customer looks for different types of furniture/doors, different designs, sizes, shapes etc. and thus the place, time and reason for their purchase are unnoticed to the business.
Customer trends What are the customers looking for in the product?
Customers usually know what they want from pictures and or purchased products by friends that have been seen whilst over, what is aesthetic or wherever. They then come to the warehouse to browse specific furniture, e.g.- Bedside table, Grand chair, a study table etc. A whole range of these is presented to the customer. Customers expect a high standard price, but still in the reasonable range. Products are regularly on sale at all times in the business year. The customers also expect a sense of uniqueness and style that is clearly presented through inspection. This is then topped off with a standard warranty of years and easy money payments to suit the needs of the customer.
Technology Analysis
Projected expenditure on research and development
The business does not spend a great deal with research and development as the methods of working and operations now are quite efficient and effective. A comment was made that r & d will be performed once business reaches a post maturity time and/or when business seems to be decreasing in sales and profits.
Forecast - future sales, objectives and strategies to achieve them
Sales objectives of the business include to clear stock bought, and also to broaden stock imported by achieving the make them 'popular to buy here. More detailed objectives would infer examples such as clearing 5 year old stock a. This can be conducted through implying sales onto unwanted products and or even by making a package deal for customers who are eager.
Financial Analysis
Plant and equipment, suppliers, costings
Name of itemSuppliers NameEstimated Cost ($)
Warehouse leaseForklift ()Company truckKennardsW.R ReliablesToyota40,000 yearly0,000 X [10s]5,000
Raw materials and suppliers
The furniture is all imported and thus no raw materials are really needed. The actual
products are supplied by 'Piti in Butani, which is an Indonesian company.
Staffing
Employee details
There are six total staff members, with four working full-time. The number of Production staff is 6 and many of the staff works in several of the businesss functions, which further develop their skills and experience, and thus are more valuable. There are also advantages to this, as if a staff is absent, another staff member would be able to continue to function the required objectives.
Training and development programs
The business does not have a training program of any formal sort. The business mainly employs people who are known to have the right skills, experiences & qualifications for the job. Also, informal means of training, for example teaching the newly employed craftsman how to work and function the computer is there ways of training and development of the employee. Also, on-the-job-training, to help employees meet the needs & situation of the business.
Employee performance appraisal schedule
Method of appraisal includes monthly bonuses and/or non-monetary benefits such as voucher or business trips.
The frequency of appraisal depends solely on the business owner and how he is feeling and what he thinks. Though this may seem like an unlikely way of making decisions, it works effectively among the employees.
Details of any incentive schemes, bonuses, benefits
These are up to the boss, but consistent bonuses are given during times of increased work, over-time, increase of productivity and so on. Incentives include the overseas trips for business purposes and also pay rises at times. Usually an amount of time is needed before any type of promotion, and thus loyalty is valued greatly in the business.
Method of employee participation in decision-making
Employees are open to participate in decision making through direct speech and conversations, but the boundary of that idea is limited to where the employee works and for what field. I.e.- Craftsman, deliverer, secretary etc. The employer takes these decisions on a mental note and thus this informal means of suggestions is regular among the staff.
Conclusion
The goals of Ocean Wide Trading is to maintain and succeed its consistent increase in profits, and to also expand the business nationally, but still keeping the 'personal relationship it has with its customers. Ocean Wide Trading is proud of its reputation of hospitable service and an exquisite, unique product, and hopes to attract more customers feel alike. The business has had great success financially, socially, and continues to be consistent in its benefits and profits each year. Also, it has been consistent with its idea, and in the several years of growth, it has surpassed the long-term goal made in its establishment phases.
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