Ideation

The idea generation sources through which we get inspired and

come up with new product features, can be divided into two
main categories: internal and external.

Internal sources: here we are mainly talking about our very own
Research and Development as well as other internal group
members from various departments. Great sources can be the
customer service department as well as the sales force, since
they are continuously interacting with their families and
relatives about the problem that they are facing. After analysing
and interpreting we came up with unique products that is not
melting candle wax.

External sources: here we refer to, first and foremost, your

customers(familiesand relatives). Competitors is another source
that should never be underestimated. There are huge learning
opportunities with bench-marking, and diving into other sectors.
Other sources are our suppliers and trade shows or conventions.

• Define the problem: The more concrete you are, the better and
more actionable the results will be. We came to know about the
problem of people in this Christmas.
 • Be customer centric at all times: Always remember to put
yourself in the shoes of our customers. We use the product
ourself and watched what we miss to make it better or what is
giving us a hard time.

• Involve the right people: We need to have a good mix of

people who have vision, more detailed oriented, etc., as well as
people who are new to the topic versus experts.
• Define some borders: Certainly the sky is the limit, but at the
end of the day we need to stick to our objective to ensure
concrete results.
• Challenge all existing assumptions: We need to re-shuffle
what’s in the bowl so do not take anything as a given, dare to be
bold and challenge the status quo.
• Successful execution: A good idea is worth nothing if you
cannot follow through to its completion, ensuring it sees
daylight.
After analysing all these points we came with a product which
will going to solve most of the peoples problems. Affordable
and useful for all sectors of the society.
 PRODUCT DESCRIPTION –

We tried to match up with the requirements of customers,

we are involved in presenting an amazing Reusable Candle.
This is a brilliant candle that can regenerate itself. It uses the
mechanism of transforming melted wax through the candle
holder into the candle case provided beneath the holder and
thus taking the shape of a fresh new candle and let its users
reuse a candle all over again. It has a lot of advantages over
other candles as its design is practical and alluring, it saves
the wastage of wax and as it comes with a stand, it also
prevents the nearby area from being dirty. These reusable
candles are helpful in many emergencies of power cuts due
to severe weather conditions. This is not only cost-effective
but also has a classy design. It is also perfect for decor at
Home and Office. Although the quantity of wax reduces
slightly with each use, this typical candle can be reused
many times. This charming candle is an essential addition to
your special aesthetic.
 Financial Structure 

Cost Price: 
The manufacturer will sell 150 candles to us @₹10 per candle
which will amount to ₹1500. This amount includes all the
expenses incurred by the manufacturer and is the final amount
due to the candles. We will sign a bill payable issued by the
manufacturing unit and pay the entire amount within a time
frame of 2 months. Apart from acquiring candles we will also
buy 150 plastic tubes and 150 metal frames from different
sources @₹10 and @₹25 each respectively. We will make the
payment within time frame of 2 months after signing bills
payable contract with the seller. 
 
Our company will assemble the final product from the materials
bought from other parties. 
 
Final price of 1 product = Cost of candle paid to manufacturer +
Cost of glass tube + Cost of metal stand + Amazon’s cost of
selling the product* 
                                      = ₹10 + ₹10 + ₹25 + ₹100.5 
                                      = ₹140.5 
*Amazon’s cost of selling the product = Referral fee (10.50% of
item price of our product in the category of home- fragrance and
candles) + Closing fee (based on price) + Easy Ship Weight
Handling Fee 
          = ₹26.5 + ₹5 + ₹69(for nationwide
delivery)  
                                              = ₹100.5(Calculated using
amazon seller portal) 
Our company will also sell its product in various retail stores as
well. 
 

Selling Price: 
SP of the product = Cost Price + Profit Margin 
                             = ₹140.5 + ₹109.5 
                             = ₹250 
Break-Even Point: 
The break-even point refers to the amount of revenue necessary
to cover the total fixed and variable expenses incurred by a
company within a specified time period. This revenue could be
stated in monetary terms, as the number of units sold or as hours
of services provided. 
The break-even point also can be considered as the point in time
when revenue forecasts are exactly equal to the estimated total
costs. The break-even point will be calculated by estimating the
no. of units we need to sell to make payment to our creditors. 
Payment made to creditors after every 2 months= ₹6750 
So, we need to sell at least 27 units (6750/250) in order to make
the payment. 
The money earned by the company will be partly reinvested in it
for expansion and growth purposes. 
 

MARKETING STRATEGY

Promotional strategies are a great way to increase our product

awareness and get our sales soaring. The strategy we decide will
depend upon our goals, budget, and marketing capabilities. To
get started, I will list out some of the well-proven ways to
promote our Product:

Open an Online Store

With prevalent sites like eBay and Amazon, it's never been
easier to make your candles immediately available for sale.
These two websites help people find the products they're looking
for, so just by tagging our candle with keywords like "candle"
and descriptions of the scent, searchers can be directed to our
business. Once they're there, we need to capture their attention
with great pictures and an effective item description.

Join Networking Sites

Giving customers a way to contact us directly and a place to
publicly express their experiences with our candles will help to
draw attention and drive-up sales. Join sites like Facebook and
Twitter to keep in contact with our happy candle-buyers, and be
sure to link back to our online store so everyone can find it.
Social Media

Social media marketing is the use of social media platforms to

connect with our audience to build our Product, increase sales,
and drive website traffic. The major social media platforms (at
the moment) are Facebook, Instagram, Twitter, LinkedIn,
Pinterest, YouTube, and WhatsApp.
We will market our product candle on these social media
platforms using the following marketing strategies.

Instagram Hash Tag Contest

We will ask audiences to follow our account and post a

video/photo of our candle product with a hashtag.
Contestants with highest likes and shares would win exciting
prizes or given discounts on purchase of our product.
This way we will be able to create social media presence of our
product and which will indeed help in increase of our sales.

Social Media Influencer Marketing

Influencer marketing is a strategy that we use to promote our

products and services by partnering with popular social media
users or bloggers. Influencers usually have a large, engaged
audience that brands can tap into to build credibility and even
drive sales.
We will connect with these influencers who will help us in
promoting our product by sharing stories or post of product on
their platforms

Amazon promotion
We are selling our product candle to our customers on Amazon.
Taking advantage of promotions on Amazon will be a great way
to make sales and increase brand and product visibility. Amazon
Promotions can help products to gain attention and win sales
through incentives that encourage shoppers to buy our product,
at certain point during the year.

PPC Advertising
By buying PPC (pay per click) advertising for our product
candle through Google or other search engines. In this type of
advertising means you only pay when someone actually visits
your site through the PPC link. You can even choose how much
or how little to pay per click and set daily limits.

Selling
Selling is a transaction where a good or service is being
exchanged for money. It also refers to the process of persuading
a person or organization to buy something.
For the distribution of our product we have chosen two modes of
distribution i.e.

1. Offline Mode
2. Online Mode

1. Offline Mode: In offline mode we chosen one level

distribution channel means manufacturer will sell goods to
retailer and retailer will sell goods to customer.

2. Online Mode: In online mode we would be selling our

product on e-commerce websites like Amazon. In which
when someone will order our product the company will
pick up the package from our place and then deliver it to
the customer.
 Reasons of choosing these channels of distribution

1. Offline mode one level distribution

● Lesser investment than in direct selling

● Suitable for small scale producers
● Expertise of the middle man can be used
● The geographical reach can be extended
● Reducing the stock-holding costs

2. Online Mode

● Reduced overheads - selling online can remove the

need for expensive retail premises and customer-
 facing staff, allowing you to invest in better marketing
and customer experience on your e-commerce site.
● Widen your market / export - One major advantage
of online selling is the ability that expands your
market beyond local customers very quickly. You may
discover a strong demand for your products in other
countries which you can respond to by targeted
marketing, offering your website in a different
language, or perhaps partnering with an overseas
company.
● Easy access to market - In many ways the access to
market for entrepreneurs has never been easier. Online
marketplaces such as Amazon allow anyone to set up
a simple online shop and sell products within minutes.
● Potential for rapid growth -  With a good digital
marketing strategy and a plan increases the chances
for growth of the product.

Conclusion

This is a brilliant candle that can regenerate itself. This

is not only cost-effective but also has a classy design.
The manufacturer will sell 150 candles to us @₹10
per candle which will amount to ₹1500. Our company
will assemble the final product from the materials
bought from other parties. Our company will also sell
its product in various retail stores as well.

By

Group 2

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