Essay on Entrepreneurial Thought and Action

Strategy and Operational Objectives

Strategic objectives can be defined as broad statements of direction that help in creating a bridge from the visions towards goals and annual plans. According to Sridharan, & Sridharan, (2021), strategic objectives can be defined as mini vision statements as well. A strategy plays an extremely significant role in the company. It helps in clearly defining the vision and vision of the company. It is crucial for all the people associated with the company to have clear goals in their minds. Parrish, (2017) Opines, these goals will help Craftify in attaining the operational objectives transforming them towards long-term goals. These types of goals are highly influential to provide the company with vision plus prevent the individuals from losing sight of the aim of the company. It equally focuses on marketing principles and the sales volume of the company.

Thus, these strategies will help our company Craftify Pvt. Ltd to focus on delivering creative, trendy, contemporary, and distinctive fashioned products to the customers. It will help in attracting customers to the company and driving a sense of innovation, thoughtfulness, and honesty. Moreover, the short-term goals of Craftify focus on bringing recognition to the company.

Operational objectives

On the contrary to strategic objectives, operational objectives assist in developing the work and converting it into a smooth transition. As Sridharan, & Sridharan, (2021), opines, these are the short-term goals that bring the organization Craftify closer towards the long-term goals. Few operational objectives that would benefit Craftify are:

• Quality

Craftify likes to experiment freely that allows them to deliver balancing superior quality, reliability, creativity, and innovation. Being a thoughtful brand, Craftify will focus on creating high-quality products at affordable prices by minimizing any environmental footprint.

• Advertisement cost

Advertisement plays a significant role in business. Craftify will focus on the various platforms of social media especially Face book and Instagram for promoting their products. As the company decides to operate through vertical integration so there will be very little possibility of any middleman thus reducing cost.

• Flexibility

Craftify pledges to promise their clients to offer the upcoming trends and keep themselves updated as per the customer needs. We can easily change or modify our orders as per the requirements of our client.

• Building awareness

For building awareness, Craftify will highlight their integrated efforts on daily operations starting from rainwater harvesting to paper packaging. This will equally benefit the employees too in creating accessible and affordable experiences of shopping from Craftify.

Marketing and Promotion

Competitive Strategy

According to Team, (2021), competitive strategy is something defined as part of long-term planning that would help Craftify in gaining long-term goals and advantages over the competitors associated with building customized printed- T-shirts, cups, cushions, and mobile covers. Such types of strategies will help Craftify in playing a very crucial role as this industry is extremely competitive and consumers can be provided with alternative options for similar products. Craftify believes in creating a kind of fashion that will differentiate the company from its competitors.

The company will equally focus on offering the same time value for money functionality. Craftify will deliver superior quality products that are comfortable with flattering prints. Our company will try to focus upon the psyche of the customers so that they can get inspired through the conversations and experiences while creating their graphics and ensuring they are relatable. The company is a huge believer in consistent and constant innovation for ensuring that its fans get nothing short of the best at affordable prices. To drive traffic from their official site of marketing, Craftify will focus on the most influential platforms of social media. These pages will keep the customers occupied and engaged with their website.

Differentiation Strategy

According to Dox, (2021), differentiation strategy is a kind of approach towards business that is developed by providing customers with something distinct, different, and unique from the competitors offering in the marketplace. If a company fails to focus on differentiation strategy then it directly impacts its sales volume. Customers always prefer products that are versatile and unique.

Craftify will focus on reducing carbon footprints as much as possible and building initiatives for the same. Moreover, rainwater recycling and harvesting are only as much as they need from nature.

The spirit of Craftify is breaking conventions and having diverse perspectives. Another major strength of the brand that would contribute to differentiating from the competitors is that they only choose appealing and trendy quotes that will be printed on different t-shirts and other products. Team, (2021) suggests this will benefit Craftify by attracting the customers on first preference. Craftify is further planning to launch their process of sales with the help of their mobile messenger. This will provide customers with a feasible model for connecting with the customers for a short-term period. We are focusing on WhatsApp because in the present generation it is most widely used by customers. Our company is providing greater emphasis on differentiation strategy as it will benefit us later in surviving the market competition

How the new venture will be organized

For organizing our new venture, at first, we focused upon printed t-shirts only. However, considering the market competition we decided to diversify our products into several categories like cups, cushions, mobile covers, and water bottles Liljedal, (2018). We believe that this strategy will bring more profit to our business. We decided to sell through our online website as well as joining with other companies like Amazon and many more. We believe that the facilities of self-customization that Craftify is providing to the customers along with its predefined goals will differentiate the company from its competitors. Kumar, (2021) realized that Craftify needa to chalk out some innovative content for advertisement. As we are aware of the fact that the customers are always in search of something unique.

• Brand

When entering this industry Craftify must stand as an interesting brand. We ensured that Craftify promises to tie together all the choices including the customer’s preferences on designs, niches, and quality. Craftify will try to emerge as an innovative as well as a likable brand for progressing with their business in such a competitive environment. We will also remember that capturing customer attraction must be one of our sole aims.

• Design

The first thing that the customer notices while opting for the online products and services is their design and if such design is available on other sites or not. According to Wave, (2021) Craftify will make sure that their designs remain simple and elegant; they don’t unnecessarily have to be complex. Our company will focus on installing at least 300 digital pixels per inch for ensuring quality print of our t-shirts, cups, mobile covers, etc. The exact specifications are always dependent upon the techniques that are used for printing.

• Inventory

While starting the online business for customized printed materials plenty of the companies mostly opt for buying as well as holding inventories. Dox, (2021) opines, they also tend to take advantage of the bulky prices associated with the local printers. Sometimes they opt for services like print-on-demand. Our company decides to focus on both the strategies. Craftify by holding their inventory will easily be able to improve their profit margins and increase sales volume in the market. On the contrary, a lot of less risk is associated with print-on-demand services.

Critical Reflection

This module has immensely contributed to my personal as well as professional development, It has eventually led to developing my business thoughts and modifying my entrepreneurial actions. For me, constructing a business plan is an extremely difficult task. With the help of this duel, I have gained knowledge of constructing a well-developed business plan through various stages. The module has focused on the very basic steps to the most complex strategies that are vital for the development of a business plan. This module has helped me in understanding the need for a business plan, a strategic tool for entrepreneurs. It has sincerely addressed all my dilemmas regarding the formation of a business plan.

Further, I have understood that a good business plan not only focuses on specifying each step but also transforms these ideas towards success. It helps in identifying the short-term and long-term goals. It equally helps in attaining those specified business goals. The detailed information presented in these modules associated with the business plan for developing customized t-shirts, cups, cushions, mobile covers has assisted me in understanding the factors that help in driving the success of the business. Some of the factors that I have identified as extremely crucial for business are marketing, competitive strategy, differentiation strategy, identifying mission and vision, projection of cash flows, planning, operating, and many more.

Moreover, this module has contributed to developing my perception of group work towards a positive aspect. I understood that working with others helps in perceiving the problems from diverse perspectives. It enables me to achieve success in those tasks that I might have not succeeded in while attempting to accomplish them alone. After analyzing the whole model and cultivating knowledge and expertise from it I am further planning to open my startup by implementing all these strategies.

Reference

Web Sources

Brimingham, U. (2021). Why work in Groups?. Retrieved 28 September 2021, from https://www.birmingham.ac.uk/schools/metallurgy-materials/about/cases/group-work/why.aspx

Dox, M. (2021). Marketing strategies of bewakoof.docx – PDFCOFFEE.COM. Retrieved 28 September 2021, from https://pdfcoffee.com/marketing-strategies-of-bewakoofdocx-pdf-free.html

Idea, B. (2021). Step-by-Step Guide to Starting An Online T-shirt Printing Business in 2021. Retrieved 28 September 2021, from https://www.brushyourideas.com/blog/guide-starting-online-tshirt-printing-business/

Kumar, B. (2021). How to Start an Online T-Shirt Business: Everything You Need to Know. Retrieved 28 September 2021, from https://www.shopify.in/blog/start-online-tshirt-business

Sridharan, M., & Sridharan, M. (2021). Think Insights – Operational Strategy: What is it and why develop one?. Retrieved 28 September 2021, from https://thinkinsights.net/strategy/operational-strategy/

Team, I. (2021). Differentiation Strategy: Definition, Benefits and Creation. Retrieved 28 September 2021, from https://www.indeed.com/career-advice/career-development/differentiation-strategy#:~:text=A%20differentiation%20strategy%20is%20an,is%20to%20increase%20competitive%20advantage.

Team, M. (2021). Competitive Strategy Meaning, Types & Example | MBA Skool. Retrieved 28 September 2021, from https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/7394-competitive-strategy.html

Wave, B. (2021). The importance of a business plan. Retrieved 28 September 2021, from https://www.waveapps.com/blog/entrepreneurship/importance-of-a-business-plan

Bibliography

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Parrish, D. (2017). T-shirts and Suits: A Guide to the Business of Creativity. David Parrish.

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