business plan start up project yippee one thoughtful gift at a time

According to our services, we provide gift consultancy such asRecommendations, Gift Wrapping and Presentation, and our customerservices are Delivery Options, Gift Tracking and Notificati

NATIONAL ECONOMICS UNIVERSITY

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COURSE: BUSINESS COMMUNICATION

WRITTEN REPORT BUSINESS PLAN: START UP PROJECT

“YIPPEE - ONE THOUGHTFUL GIFT AT A TIME”

Class: LSIC 65B Instructor: Pham Thi Bich Ngoc Group 1:

INTRODUCTION 3

1 EXECUTIVE SUMMARY: 4

1.1 Company overview: 4

1.2 Structure: 4

1.3 Location: 4

1.4 Products and services : 4

1.5 Market overview: 4

1.5.1 Market Potential: 4

1.5.2 Market Trends: 5

1.6 Management team introduction: 5

1.7 Expected capital and financial results 6

2 COMPANY INTRODUCTION: 7

2.1 Company Mission: 7

2.2 Scale: 7

2.3 Location: 7

2.4 Company capacity: 7

3 MARKET ANALYSIS (PEST): 9

3.1 Political factors: 9

3.2 Economic factors: 9

3.3 Social factors: 9

3.4 Technological factors: 9

4 PRODUCTS AND SERVICES: 11

4.1 Product: 11

4.2 Services: Gift Consultancy and Sales Service: 11

5 CUSTOMERS: 12

5.1 Target customer: 12

6 COMPETITORS: 13

6.1 Direct competitors: 13

6.2 Indirect competitors: 13

7 MARKETING AND SALES PLAN: 14

7.1 Marketing plan: 14

7.1.1 Marketing strategies: 14

7.1.2 Price strategies: 14

7.1.3 Distribution strategies : 15

7.2 Sales plan: 16

8 STAFF PLAN: 17

8.1 Recruitment Goals: 17

8.2 Staff Management and Training: 17

8.3 Growth Plan: 17

9 FINANCIAL PLAN: 18

CONCLUSION 20

In today’s society, finding the perfect present can be a difficult task sinceeveryone wants to give thoughtful yet economical gifts Understanding thistrend, we - YIPPEE aims to turn ordinary gifting into extraordinary experiences

by organizing a niche and delightful selection of gifts for everyone on everyoccasion

As a company in its first year of operation, we are focused on building astrong online presence, forming a loyal customer base within Ha Noi, andcreating efficient operational processes Our long-term vision is to expand ourreach to other cities, becoming the go-to destination for thoughtful andmemorable gifts.This business plan outlines our company's mission, targetmarket, competitive landscape, marketing and operational strategies, financialprojections, and growth plans We are confident that YIPPEE is well-positioned

to capitalize on the growing demand for unique gifting experiences

Office (head office): 44 Minh Khai, Hai Ba Trung District, Hanoi.

1.4 Products and services :

Our core business is divided into two segments: products and services, butmainly focus on gift-giving consultancy services In terms of products, we sellstationery, jewelry, souvenirs, handmade crafts, flowers, food andcosmetics, According to our services, we provide gift consultancy such asRecommendations, Gift Wrapping and Presentation, and our customerservices are Delivery Options, Gift Tracking and Notification, Gift Exchangeand Returns, Gift Budget Management and Gift Registry Services

 Niche services offer a competitive edge with specialized expertise

 Rise of online sales expands reach and streamlines operations

Challenges:

 Intense competition with similar businesses

 Seasonal sales fluctuations require strategies for off-peak periods.

 Evolving consumer preferences demand adaptation (unique, friendly gifts)

eco- Economic downturns can impact gift spending

 Sustainability concerns necessitate focus on eco-friendly materials andprocesses

Yippee aims to leverage these opportunities by offering personalized, friendly gift options and niche services while navigating the challenges throughstrategic planning and adaptability

eco-1.5.2 Market Trends:

The market is experiencing moderate growth, driven by factors like asteady gift-giving culture, increasing tourism, and a rising demand forpersonalized and unique products However, it faces challenges from onlinemarketplaces, economic fluctuations, and shifting consumer preferences

1.6 Management team introduction:

Vice C.E.O - Help CEO in managing and

developing the whole company

- Develop marketing and sales strategies for GenZ audiences

- Manage the company's inventory (quantity of imported and sold goods) quarterly

1.7 Expected capital and financial results

Our anticipated capital is 250 millions VND, contributed equally by 8members within the company (approximately 32 millions VND/ member) Weexpect to run business operations solely with this capital and refrain fromseeking loans from financial institutions

Regarding the projected financial results, we predict to reachapproximately 1.3 billions for the first year of running business with 4,350 gifts

2 COMPANY INTRODUCTION:

2.1 Company Mission:

"Delivering smiles, one thoughtful gift at a time."

At Yippee, we understand the importance of a well-chosen gift and alsothe headache of having to choose from countless options for the perfect giftthat shows your appreciation

Our core mission is to listen, to understand, and to offer personalizedsupport Our team of consultants will participate in the consultation process tograsp your specific gifting needs and preferences We then determine the idealchoice for the receiver based on your inputs while taking your finances intoaccount We believe everyone deserves the chance to give a truly meaningfulgift, no matter the occasion

2.2 Scale:

We are a newly established, small-scale gift provider currently serving in

Ha Noi Our operations are primarily online, allowing us to focus on curating aunique product selection and providing personalized customer service Weplan to expand our reach to other cities in the coming years

Human Resource Capacity:

 Our company boasts a team of seasoned consultants with extensiveexperience in psychology We are committed to supporting each otherunconditionally, fostering a collaborative environment that enables us toprovide the best possible support to our clients

Financial Capacity:

 We pride ourselves on being financially independent, unencumbered bythe burden of bank loans This allows us to maintain our autonomy andmake decisions that are in the best interests of our clients, rather than

being driven by the need to service debt Our financial stability enables

us to focus on what matters most - providing exceptional service andsupport to those who need it

3 MARKET ANALYSIS (PEST):

3.1 Political factors:

Political factors refer to the government policies, regulations, and stabilitythat influence a business It is essential to have a stable political climate andlegal protection for corporate rights Peace and prosperity are fostered inVietnam through political stability and a hospitable economic environment The Vietnamese government has released a number of business-supporting measures in response to the need to reconsider the tax laws, tradeagreements, and consumer protection laws All of these changes have beenwell received by the community and businesses

3.2 Economic factors:

Economic factors refer to the macroeconomic conditions, trends, andindicators that affect an online service business The Vietnamese economyhas grown significantly in recent years while remaining stable High economicgrowth rates, per capita GDP, stable exchange rates, and tightly managedinterest rates and inflation are evidence of this Although the COVID-19pandemic has had a negative impact on Vietnam's economy, there are someencouraging signs, such as an increase in the country's overall 9 import-exportturnover, the opening of new businesses as well as the restarting of existingones

3.3 Social factors:

With a large population of 99.5 million people (2022) and an increase indemand for personalized and unique gifts, social factors are particularlysignificant for a gift consulting services company Additionally, social mediatrends and the influence of online reviews and recommendations are shapingconsumer preferences Understanding these social dynamics is essential forcreating appealing and relevant gift solutions that cater to the diverse needsand tastes of the market

In Vietnam, a significant shift is underway in consumer behavior, withindividuals increasingly seeking personalized products and services that cater

to their unique needs and preferences Against this backdrop, corporate giftinghas emerged as a crucial strategy for businesses looking to build meaningfulrelationships and retain customers, fostering loyalty and driving long-termgrowth

3.4 Technological factors:

Application of Technology in Production and Services: Technologicaladvancements help corporate gift businesses improve product and servicequality.

Development of Online Platforms: E-commerce and social media platformslike: tiktok, facebook, instagram, shopee, tiki, lazada…… help corporate giftbusinesses reach customers more easily Using digital tools to promoteproducts and services increases online presence and customer interaction

4 PRODUCTS AND SERVICES:

 Flowers: Variety of fresh cut flowers, bouquets, and floral arrangements

 Food: Offers sweet dishes, cakes, candy, chocolate,

 Cosmetics: Comprehensive selection of beauty and skincare products

4.2 Services: Gift Consultancy and Sales Service:

 Gift Consultation: The business provides expert advice and guidance tocustomers in selecting the perfect gifts for their loved ones

 Gift Recommendations: Based on the customer's input, the businesssuggests a curated selection of gifts that align with their requirements,saving them time and effort in their search

 Personalized Gift Options: The business can assist customers increating personalized gifts, such as customized items, or unique giftbaskets, adding a special touch to their presents

 Gift Wrapping and Presentation: The business offers professional giftwrapping services, ensuring that the gifts are presented beautifully andelegantly

 Delivery Options: The business provides convenient delivery options,including local hand delivery, shipping to specific addresses

 Gift Tracking and Notification: Customers can track the status of theirgift deliveries and receive notifications when their presents aredelivered

 Gift Exchange and Returns: The business facilitates gift exchanges andreturns within a reasonable timeframe, ensuring customer satisfaction

 Gift Budget Management: The business can assist customers in settingand managing their gift budgets, ensuring they stay within their financialconstraints

 Gift Registry Services: The business can create and manage giftregistries for special occasions, allowing guests to easily select andpurchase appropriate gifts

5 CUSTOMERS:

5.1 Target customer:

Our target customers encompass a wide range of individuals who strugglewith selecting the perfect gifts This includes anyone seeking assistance inmaking thoughtful and appropriate gift choices for various occasions.However, the primary focus is on the younger generation, especially Gen Z,who often value unique and personalized experiences Gen Z customers,known for their tech-savviness and desire for meaningful connections, areparticularly inclined towards services that offer personalized recommendationsand innovative gift ideas

5.2 Potential customer:

Our potential customers are diverse, each with unique needs andpreferences that our business can cater to effectively Tourists and travelers,seeking unique local gifts and souvenirs, represent a significant marketsegment They are often on the lookout for memorable items that capture theessence of their travel experiences to take home or send to loved ones.Occasional gift buyers, who purchase gifts infrequently but desire high-qualityand well-curated options, form an important customer base These buyersvalue the expertise and convenience provided by a consulting service thathelps them find the perfect gift for special occasions

Eco-conscious consumers are another crucial segment, prioritizingsustainable and eco-friendly products They actively seek shops that align withtheir values, presenting an opportunity to offer a range of environmentallyresponsible gift options Special interest groups, such as clubs, non-profits,and organizations, require gifts for members, donors, or special events Thesegroups often look for unique, meaningful items that reflect their mission andvalues, providing another niche market for our business

Social media users represent the most potential customers for ourbusiness These individuals are heavily influenced by online trends,recommendations, and reviews, making them a prime target for effectivedigital marketing strategies Social media platforms provide a space forshowcasing unique and personalized gift options, engaging with customersthrough creative content, and leveraging influencer partnerships to amplifyreach Additionally, social media users often share their positive experiencesand purchases with their followers, creating organic word-of-mouth promotionand further driving brand visibility

6 COMPETITORS:

6.1 Direct competitors:

Our store aims to sell products for Gen Z customers so that there is noofficial consulting service store as our business now Actually there are stillexisting gifts consulting service businesses but their main clients are thecompanies, who want to give the present to their business partner Besides,every store currently has a complementary consulting service but does notreally focus on it; therefore, Their consulting service is simple and general foreach individual

As our target customers are Gen Z, we temporarily consider accessoriesand gifts stores to be our direct competitors For example:

 Moji - with 5 stores across Hanoi

 Ocsenshop - with 3 stores

 Merdystudio - with 1 store

Their products mainly include: Accessories, gifts, toys, etc… With quite adiverse range of products so that buyers can have so many options to choosefrom About weakness, They lack strength in consulting service, some storeseven have no this service On the other hand, their prices are pretty high Inthese stores, you must pay at least 300.000 VND for a simple gift that hasmeaning for your beloved Through social media, these stores haveestablished a relatively stable position in the accessory and gifts market

6.2 Indirect competitors:

After careful consideration, we think that advice from affinities are ourindirect competitors Friends, family can always give advice to customers,which is a challenge for our business Therefore, we must possessoutstanding capabilities to distinguish our services