Demographics and Segmentation According to information gathered from the Belize

Demographics and segmentation according to

This preview shows page 19 - 23 out of 50 pages.

Demographics and Segmentation According to information gathered from the Belize Tourism Board there are approximately 864 hospitality operations, as of January 2016. Belize Company and Corporate Affairs Registry indicated that a total of 169 Restaurants are registered in Belize. Belize census 2014 indicated that there are approximately 78,848 households in Belize. Of those 78,848 households; Elite Lights target of the upper and middle class household makes up 47,308 homes. Based on these information gathered a table will be displayed below to show information on Elite Lights Volume/Value. In order to determine the value of Elite Lights a ‘bottom up approach’ will be used to make the below estimation. The customers were gathered from the hotels, restaurants and household who will be our active consumers. The competitions were chosen based on similarity to Elite lights. Table 6 Market Value Market Value 27 Million Potential Customers 864 accommodation/ 169 restaurants/ 47,308 homes Competition 22 chandeliers and appliance companies (confirmed)
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Target Market As young entrepreneurs there are many procedures and guidelines that should be followed to obtain success. Elite Lights is a one of a kind business that would exist in Belize, as five working females. We believe our product is mostly based on wants, as many customers would want to beautify their house with a gorgeous and affordable chandelier. Elite Lights will enhance their business to work with our customers to design a masterpiece within their budget. Our unique pieces will target consumers of household and hospitality industry. The hospitality industry will be our main focus as this industry is rapidly growing in Belize. Our starting point will be an online base website where we will have sample of our design and a price break down. Our market research shows that these are discerning customers that gravitate towards better tasting chandelier with recycling materials other than the ones our competitors import. Furthermore, a lot of our potential clientele consider the chandelier business is lacking in Belize. It would be convenient for our consumers, to view our piece and customize their very own chandeliers. A business like Elite Lights will be profitable and will more than likely survive. Figure 4 Amount of Income per Product
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Table 7 Income Marketing Plan Product Elite Lights will be providing our customers with great class and quality when it comes to our chandeliers. Our chandeliers will be made of recycled bottles (wines, rum, beers etc.) that is in great condition. The glass bottles will be washed thoroughly using hot steaming water to take out all any remaining liquid or dirt, then the process starts with cutting the bottles of what design
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we will need it to suit the way it will be placed on the chandeliers. A glass cutter will be used to cut the bottles to perfection. Whenever the step of cutting the bottles is completed, lights of a certain choice will be installed into the bottles. There will be a connection of the wire to a base created from wood or metal. The customers would definitely enjoy seeing a different style of
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  • Fall '17
  • Business, Management, Belize, Belize City, Districts of Belize, Elite Lights

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