Program project Essay Example | Topics and Well Written Essays - 2000 words

Program project - Essay Example Background This project undertakes to offer a business plan for an entrepreneurial venture in the household furniture industry. The business plan will be completed in sections and this project presents the first section of the business plan. The proposed project, for which this business plan is written, is an entrepreneurial venture in the country’s household furniture industry that offers a viable business opportunity in both the United Kingdom’s domestic market and in major international markets. The enterprise will first be established in the United Kingdom’s capital city, and its independent branches established in other parts of the United Kingdom and other countries. In the United Kingdom, the industry projects positive prospects with expanding market capacity. The domestic market has grown over the past decade except in 2008 and 2009 when major world economies suffered from recession. The trend in growth, however, resumed in 2011 and 2012 and this identifi es confidence in availability of market for the proposed product. The industry’s scope is also wide with different types of commodities, types of houses and types of rooms, for offer. Types of rooms that offer the greatest demand for furniture are living room, dining room, bedroom, and kitchen, all of which have depicted increasing market potentials (Keynotes, 2013, p. 1). The market also identifies a good opportunity for an innovative approach because consumers are developing a trend of renovating their furniture as opposed to new purchases. While this may appear as a barrier to success in the market, consumers have retained their desire to communicate their social status through their property, and this means that an outstanding innovation that portrays high social standards will attract high demand for services. Highly perceived utility levels in newly invented brands of furniture will also attract new purchases. The industry’s projected growth also promises availab ility of market despite the existing competition from both domestic and international markets (Keynotes, 2013). The industry also has extensive market opportunities in developed countries such as the United States that has not been able to meet its household furniture demand from its domestic productions. For example, the past two decades have identified an increasing trend in the nation’s importation of furniture. Importation of â€Å"nonupholstered† commodities has increased from a bare 20 percent in the early 1990s to a more than 60 percent record reported in 2008. The current percentage is most likely higher with expected positive trends. Importation of upholstered furniture in the same period increased from 5 percent to almost 30 percent (Buehlmann & Schuler, 2009). The market in the United States is also indiscriminative against foreign products, but values developed image by exporting countries (Buehlmann, Bumgaedner, Lihra, & Fryer, 2006). These factors, theref ore, identify available market for the household furniture project, both domestically and in other developed countries. I also prefer the project because the wide scoped market that underscores unfair competition offers room for product differentiation through innovation. Introduction The enterprise, Golden Furniture, will operate as a private limited company. Its scope of operation will include designing household furnitu