Daniel's Idea...
Head of Product Development for a financial services company, Daniel Citron, 32, from London has been longing for an opportunity to try his hand at setting up his own business. Searching Alibaba.com, he came across a product, which he believes he can successfully market and sell in the UK, and plans to use his established business network to make sure the sums add up.
Product selection was at the core of Daniel’s strategy and he based his final decision on key import factors such as the small weight and size of the product to keep freight costs to a minimum. The low unit cost was also an important contributing factor.
Daniel plans to source high quality silk pouches to accessorize mobile phones and MP3 players, but giving them a practical purpose. More than just a protective cover, the pouches will come in various stylish designs and according to Daniel, will make carrying around life’s essentials that bit more fun!
Daniel's business plan
Daniel will invest his £1000 in various product lines and has selected retailers for his primary distribution channel. With plans to use his influential business contacts to secure trading deals with some well-known high street retailers, Daniel is convinced he has the right product and the right network of contacts to succeed.
Targeting women predominantly, Daniel expects the product to appeal to a younger more fashion conscious audience who will help him promote the product via word of mouth and social networking channels. Daniel will also utilise the gifting market for media relations activity, which will be in full swing in the run up to Christmas. With an expected retail price of under £10, Daniel firmly believes his trendy pouches will be a Christmas stocking filler must-have for 2009.
Confident of instantaneous success, Daniel is already considering exciting expansion plans for this simple business venture.
What Daniel Says...
I should win because the business case is strong due to a combination of factors. I have selected a unique, simple product that is easily sourced and cheap to import. I have identified a viable gap in the market and intend to maximise my numerous business contacts to ensure widespread exposure for my product in channels that directly target my sales demographic. Overall, I am a chronic achieveaholic who’s hungry for another big hit!
Daniel’s stage of the challenge
