Pinpoint Prize is a treasure hunt company that deals with competitions for items made using the latest technology. It will use its well-designed website with a suitable user interface for the customer and the owner to ensure that there is efficient access to the website for entry into the competition. It is projected that the growth of competition continues to rise as technology continue to advance giving more people the opportunity to participate online. Online marketing is rapidly becoming a worthwhile method to reach a target audience, and Pinpoint Prize is strategically planning to use it to reach its targeted customers.
The entries into competition are expected to grow at an overall rate of 30% per annum. Pinpoint Prize will compete favorably with its competitors and we will use various strategies to ensure that we grab a large market of the growth. Such strategies include good marketing and efficient support that helps in guiding of the potential customers inquiring about entries. Together with
Pinpoint Prize start-up costs will majorly include all the items needed for the home-based office, legal fees, website creation, and marketing. The home office equipment will take the largest part of the start-up expenses. This equipment includes a computer system; fax machine, and office supplies. Moreover, there will be the installation of a broadband connection and furniture for the office. Total start-up expenses are expected to be $50,000. The Break-even Analysis indicates Pinpoint Prize will need to sell approximately $19,308 per month to break even. Pinpoint Prize expects to earn approximately $52,115 in year two and $134,611 in year three.
Objectives
Pinpoint Prize objectives for the first year of its operations include becoming the ultimate supply for Australians who are delighted in joining competitions, and making a gross profit margin of approximately 70%. The profit is expected to start flowing immediately the first items are floated for entries and the items are won by the three winners for each draw.
Mission
Pinpoint Prize intend to make good offers to the customers through interactive interface and good prices to be won in order to make attract them to make continuous entries for various prices. We are determined to be in the business to offer our customers to be the lucky winners by trying their luck by making several entries.
Keys to Success
The key success will be:
Well-designed interface that is very interactive for the customers making the entries
Good winning offers to customers for low prices
Quick draws for quick collections of items already won
The customers are refunded for all entries that are not won because it’s a refundable treasure hunt.
