Magifra Shoetique Café (MSC) is a boutique footwear cafe that differentiates itself by offering exclusive service to customers who wish to self-design their own ergonomically, handcrafted shoes while also having access to an exquisite and relaxed café. MSC wish to penetrate the market after seeing a growth potential in target segment’s needs and consumption for unique luxury goods. Therefore, different strategies in terms of the pricing, promotion, business growth and resource management would be implemented at different times and stages of the business development. Additionally, professional employees would assist in upholding the tradition and promote appreciation towards classical shoes craftsmanship. For example, individual appointments
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The sharing of intangible assets in terms of human, intellectual and social capitals from the family business certainly adds value to the business. From human resource’s perspective, the job requires employees to be responsive to the changes in the market, within and outside the industry. Therefore, regular trainings, workshops and feedbacks would be provided to keep the team updated on the changing external environment as well as to maintain the quality of products and service. On the other hand, after identifying the people as the most important asset, the specialists in the team would be offered 15% of the business’ share as a way to retain …show more content…
3D Foot Scanning System (Novak et al., 2014)
On the café side, suppliers offering local and imported food and beverage would be contacted. Furthermore, suppliers for leather furniture and tableware such as Dream Interior Singapore and Undergrowth Design in London would assist in the business’ design and decoration. Prime costs are expected to incur from labor, staff trainings and purchase of raw materials during operation. However, at the development and start-up stages when brand awareness is low, extensive marketing to raise public awareness and build brand image is indispensable.
Considering the quality and price, target segment would be non-price sensitive and possibly those who seek two have their personality and image reflected on the products they purchase. MSC targets middle-class and above customers who are willing to pay a premium for the feature and uniqueness of product and experience. As MSC targets a niche segment, customer relationship management (CRM) is vital to build up a loyal customer base. Therefore, the business wish to establish a semi-formal, friendly and trusting relationship with customers. It would be achieved through regular updates on events and new arrivals using channels like social media, mobile application and newsletter subscriptions. This business model expects to generate most revenue from the sale of custom made shoe whereas the café functions to at least breakeven
The sharing of intangible assets in terms of human, intellectual and social capitals from the family business certainly adds value to the business. From human resource’s perspective, the job requires employees to be responsive to the changes in the market, within and outside the industry. Therefore, regular trainings, workshops and feedbacks would be provided to keep the team updated on the changing external environment as well as to maintain the quality of products and service. On the other hand, after identifying the people as the most important asset, the specialists in the team would be offered 15% of the business’ share as a way to retain …show more content…
3D Foot Scanning System (Novak et al., 2014)
On the café side, suppliers offering local and imported food and beverage would be contacted. Furthermore, suppliers for leather furniture and tableware such as Dream Interior Singapore and Undergrowth Design in London would assist in the business’ design and decoration. Prime costs are expected to incur from labor, staff trainings and purchase of raw materials during operation. However, at the development and start-up stages when brand awareness is low, extensive marketing to raise public awareness and build brand image is indispensable.
Considering the quality and price, target segment would be non-price sensitive and possibly those who seek two have their personality and image reflected on the products they purchase. MSC targets middle-class and above customers who are willing to pay a premium for the feature and uniqueness of product and experience. As MSC targets a niche segment, customer relationship management (CRM) is vital to build up a loyal customer base. Therefore, the business wish to establish a semi-formal, friendly and trusting relationship with customers. It would be achieved through regular updates on events and new arrivals using channels like social media, mobile application and newsletter subscriptions. This business model expects to generate most revenue from the sale of custom made shoe whereas the café functions to at least breakeven