BUS827 Group Assignment
BUS827 – Entrepreneurship and Business Strategy
Word Count: 3346
Holi-Rent is an equipment rental service that provides leisure, recreational and holiday appropriate equipment that will assist the target market, international students studying in Australia, to easily find and use necessities that they would need to enjoy themselves in their free time. Specifically the business will act as an intermediary between regular suppliers of holiday-related equipment and the customers, thereby increasing the possible scope of equipment available, providing more attractive prices to customers and saving costs on maintenance and warehouse fees.
The name Holi-Rent will be in place to serve as a simple yet memorable name for customers. With the increasing trend of international students coming to study in Australia for significant periods of time, there is a great opportunity to cater to these individuals. While they come with the predominant intention to study, in their free time they are also tourists in Australia. Like for many students, time and money are limited and coming from overseas many of them are restricted in what they can bring to enjoy themselves. This, factored in with the difficulties of being in a different country, add to the overall problems of finding what they need in a new setting, particularly for their more adventurous needs. Holi-Rent serves to therefore ease the difficulties in finding what they need to enjoy themselves with, providing customers with easy access to a variety of products in a convenient and affordable manner. The company consequently also reduces the financial burden, as the international students need not restrict themselves based upon what is feasible to take home, as they need only return it after use.
Primarily the business will access its customers through its website, from which the customers will be able to view the different products, decide on where they want it delivered and the intended duration of its use. From there Holi-Rent will contact its suppliers and have the equipment delivered. In order to ensure a consistency to the business revenue, Holi-Rent will include membership options and employ a relationship building marketing approach. This relationship, ideally will last for the duration of their stay in Australia and allow them to better prepare for their recreation and leisure. Associations with universities and popular international student venues will serve as clear opportunities to attract customers for the business and will provide the necessary customer attention required to prosper.
Strength of Business Idea
Extant to which idea: Moderate to strong
Takes advantage of an existing problem – The increase in international students and the prominence of Australia as a tourist destination are ideal conditions for Holi-Rent. From a survey that we conducted, 61% claimed that it was difficult to acquire holiday and recreation equipment for their personal use, Holi-Rent attempts to remedy this situation and increase the variety of equipment they will need for various activities that they may pursue.
Solves a problem – For many international students, acquiring equipment for any particular need in a foreign country can be difficult to do, particularly as they are not familiar with where certain items can be found and may be unable to purchase it outright. Holi-Rent therefore provides a solution for such customers with a service to rent all necessary equipment at affordable prices.
Addresses an unfilled gap in marketplace – Most equipment rental services offer heavy machinery, products for specialised tasks (such a lawn mower) or in-house furniture. Generally holiday equipment rentals are available in a small variety in Universities or at the appropriate event activity (e.g. a surfboard at business that offers surfing lessons).