Engaging into business is a very risky thing for us would never know if the capital, effort and
time they invested would also be gained back. But despite of this, there are a lot of people who are still
willing to take the opportunity.
Proponents of this study take the risk in building up their business. We came up with a business name of Umbrelight Enterprise which is a combined word of Umbrella and Light. This is in relation with the product we are offering. We proposed a product which is an umbrella that has a flash light on its handle, a whistle as an additional feature of the product. A LED light on the top position of the umbrella which makes it a unique tool compared with competitors; it has also a tag where they can indicate their name or contact number in case it gets lost. The named the product, Illumbre, is a joint word of “illuminate” and “umbrella.”
Manufacturing is the nature of our business, where we acquire raw materials from a supplier in Baclaran and manufacture it by putting up all the raw materials to come up with a finished product. The form of our Business is General Partnership which gives us equal rights in our business and a share of profit which is proportionate to our capital contribution.
Our chosen target market is the households of Barangay Baesa and this outletwill be located at Mendez Road corner Quirino High way. Location has been chosen because it is the accessible to our customers and we are familiar with the place too.
After conducting an intensive studies and computations, we came up with a selling price of Php 308.00, by using Cost-plus Pricing. The price we set is worthy enough for the quality of the product.
In order to have great sales, we would use variety of promotional strategies to persuade customers to buy our product. We will also adopt direct selling to the potential buyers. We would also give flyers and brochure to let the customers know that Illumbre exists in the market. In this modern era, we decided to use technologies to market their product through a website and use social media to introduce their product. A number of marketing strategies such as Push-Pull Strategy, Red Ocean and Blue Ocean would be also exercised throughout the operation.
The study also aims to lessen the increasing number of crimes as the business concern with the security and protection of their customer by letting them experience the features of the product.