Launching Your Career

Professional Product

Petya Kalendzhieva
671068
Course: Launching Your Career
Prepared for: Dr A. Lim, Mr P. Sirisena
Block: 2021C
Campus: The Hague
Date submitted: 31/05/2021
Word count: 11 931
Preface

My graduation journey began at the start of November, when my business partner and I decided to
set up our own business and follow the Entrepreneurship track for our internship. Additionally, due to
my vast previous experience in the Food and Beverage sector, my interest in Sales and Marketing and
my passion for wine and viticulture, I decided I want to combine my strengths and create a business
that will further help me grow in this industry. Thus, Vinum Vitae – an e-Commerce wine selling
business was born.
My experience with the final phase of my Hotelschool studies has taught me invaluable lessons and
has helped me develop as an entrepreneur, a young professional and most importantly – as a person.
I would like to thank my coach, Dr Andrew Lim, for his constant feedback and encouragement
throughout the last seven months, my mentor Sjoerd Ypma for his support and valuable advice and
my peer group for always aiding me and throughout the writing process.
Hereby, I present my final LYCAR product – Market research on Dutch e-Commerce wine consumer
behaviour and a Business Plan for Vinum Vitae.

Kind regards,
Petya Kalendzhieva
671068
 PART 1:
Market Research
Executive summary

Vinum Vitae Wines is a wine distribution and retail business set up in The Netherlands. Vinum Vitae
will be set up as an online eCommerce platform for individual sales, where unique imported wines will
be offered. They will be initially brought in from Bulgaria and Italy, with a potential to expand to other
countries such as Spain and France. The business will venture into the Dutch wine and eCommerce
market, with the potential to also work Business to Business (B2B) with cafés, bars and restaurants.
The Problem definition explores the various reasons why start-up companies often fail. It highlights
the importance of performing proper market research, as one of the reasons for lack of success is not
knowing who the customer is and how to target them. Additionally, the market must be researched in
detail in order to define the different segments and create personalised experiences for each
segment. Therefore, an in-depth consumer research is needed in creating a clear overview of the
target audience of Vinum Vitae, as it will aid in creating a strategy and focusing the marketing efforts
on the right persons. The target defined is the Dutch customers between the age of 20 and 65 and
the following Main research question (MRQ) was formulated:

What is the buying behaviour of the 20- to 65-year-old buyers from well-to-do households that Vinum
Vitae can target in order to convert them as customers?
The literature review studies the wine consumer and e-consumer behaviour, the characteristics of
these consumers and the influences of their buyer behaviour. Following is the customer segmentation
and profiling definition, techniques, and benefits of profiling customers into buyer personas for
effective targeting. Additionally, four Research questions (RQ) were formulated based on the scientific
literature:
RQ1: What are the target market’s demographic and socio-cultural characteristics?
RQ2: What is the target market’s attitude towards Vinum Vitae’s concept?
RQ3: What are the target market’s main challenges when shopping, that Vinum Vitae can solve?
RQ4: What are the best platforms to reach the target market?

The Methodology explains in detail the type of research to be conducted as a quantitative one through
an online survey. The identified population of Dutch consumers aged 20 to 65 will be targeted, with a
sample size of 384 survey respondents. The sampling method used for the research will be non-
probability convenience sampling, as it requires less time and resources, considering the large
population in mind. The data will be analysed through IBM’s Statistical Package for Social Sciences
software, which will aid in creating the different segments due to its various options for relationship
testing.
Findings from 403 respondents showed that Vinum Vitae’s potential consumers are still in the
beginning phase of shifting from in-person wine buying experience to an online one and the main
competition for e-retailers remain the physical stores. When shopping online, they look for a good
level of personalisation and a fast and inexpensive delivery which, combined, would make the online
buying experience more authentic and convincing. Additionally, over the past years, the Dutch wine
consumers’ spending power has increased and recently the consumers have ventured into trying out
new grape varieties and regions and have a growing interest in wines from not-so-well-known wines
countries like Slovenia, Romania and Bulgaria. Thus, Vinum Vitae could greatly benefit from this
newfound interest and educate their customers even more about Bulgarian wine.
Lastly, three target groups were outlined – 18-to 24-year-old, 25-to 34-year-old and 35-to 64-year-old
consumers. While they mostly share similar characteristics regarding their shopping behaviour, the
first group has less spending power and knowledge about wine and should therefore be accounted for
a different targeting method when creating the marketing strategy.
The Market research report’s findings have been used in the second part of this document as an aid
for creating the customer profiles, the marketing strategy, and the promotional plan for the business
plan of Vinum Vitae.
List of abbreviations
LYCAR Launching Your Career

MRQ Main Research Question

RQ Research Question

SM Social Media

SPSS Statistical Package for Social Sciences

Table of Contents
Preface .................................................................................................................................................... 2
PART 1: Market Research....................................................................................................................... 3
Executive summary ................................................................................................................................. 4
List of abbreviations ................................................................................................................................ 6
Introduction ............................................................................................................................................. 9
1. Problem Definition ........................................................................................................................ 10
1.1 Problem Context ......................................................................................................................... 10
1.2 Goal of the research................................................................................................................... 11
1.3 Main Research Question ........................................................................................................... 11
2. Scientific literature ....................................................................................................................... 12
2.1 Wine Consumer Behaviour ........................................................................................................ 12
2.2 E-consumer behaviour ............................................................................................................... 13
2.3 Customer segmentation and profiling ...................................................................................... 14
2.4 Conceptual framework............................................................................................................... 15
2.5 Supporting Research Questions ................................................................................................ 16
3. Methodology ................................................................................................................................. 17
3.1 Research Context ....................................................................................................................... 17
3.2 Population and Sample.............................................................................................................. 17
3.3 Data collection and analysis ...................................................................................................... 18
3.4 Ethical Data Management Considerations ............................................................................... 18
3.5 Limitations .................................................................................................................................. 19
3.6 Research Framework ................................................................................................................. 20
4. Findings ........................................................................................................................................ 21
4.1 Wine buying behaviour............................................................................................................... 21
4.2 Online shopping behaviour ........................................................................................................ 22
4.3 Attitude towards Vinum Vitae .................................................................................................... 23
4.4 Customer segmentation ............................................................................................................ 23
5. Conclusion .................................................................................................................................... 26
6. Recommendation ......................................................................................................................... 27
PART 2: Business Plan ........................................................................................................................ 29
Executive summary .............................................................................................................................. 31
1. Company....................................................................................................................................... 32
1.1 The Business Idea ...................................................................................................................... 32
1.2 The Entrepreneurs ..................................................................................................................... 32
1.3 Mission and goals ...................................................................................................................... 33
1.4 Business premises ..................................................................................................................... 33
 1.5 Legal form ................................................................................................................................... 34
1.6 Authorities................................................................................................................................... 34
2. Market .......................................................................................................................................... 35
2.1 Trade sector analysis ................................................................................................................. 35
2.2 Competitors analysis .................................................................................................................. 35
2.3 Supplier analysis ........................................................................................................................ 36
2.4 Customer analysis ...................................................................................................................... 36
2.5 Marketing strategy ..................................................................................................................... 37
3. Promotion ..................................................................................................................................... 39
3.1 Target groups.............................................................................................................................. 39
3.2 House style ................................................................................................................................. 40
3.3 Website, Social media, and Promotion plan............................................................................. 41
4. Organisation ................................................................................................................................. 42
4.1 Personnel and qualifications ..................................................................................................... 42
4.2 Production process and logistics .............................................................................................. 43
4.3 Information and Communication Technology........................................................................... 43
5. Finances ....................................................................................................................................... 44
5.1 Financial plan ............................................................................................................................. 44
5.2 Risk assessment ........................................................................................................................ 44
5.3 Forecast ...................................................................................................................................... 44
Appendices ........................................................................................................................................... 45
1.1 Survey design ............................................................................................................................. 45
1.2 Survey results ............................................................................................................................. 53
1.3 Entrepreneurship qualities ........................................................................................................ 86
1.4 Competitor Analysis ................................................................................................................... 87
1.5 Marketing strategy ..................................................................................................................... 88
1.6 Promotional materials................................................................................................................ 89
1.7 Website and Social media ......................................................................................................... 91
1.8 Documentation overview ........................................................................................................... 94
1.9 Financial statements ................................................................................................................. 96
List of references.................................................................................................................................. 99
Proof of wordcount ............................................................................................................................. 104
Introduction

Vinum Vitae Wines is a wine distribution and retail business set up in The Netherlands. Vinum Vitae
will be set up as an online eCommerce platform for individual sales (B2C), where rare, imported wines
are offered. They will be initially brought in from Bulgaria and Italy, with a potential to expand to other
countries such as Spain and France. In the future, Vinum Vitae strives to reach broader markets by
also partnering with restaurants and hotels (B2B).
The website will have various interactive features, focusing not only on sales but also on educating
the customers about winemaking, health benefits of wine consumption and more. Thus, an all-around
experience will be created for the online customers, by offering them unique wines, full transparency
about the winemaking and the producers involved and excellent customer service to help them
choose the perfect wine match.
As it is just my business partner and I creating this company, we need to both have all-around
experience and knowledge such as accounting, finance, marketing, and customer service. Therefore,
we need to face the challenges of embarking on this journey together and learn continuously if we
want to achieve high rewards in the end. By creating set deadlines and goals we can successfully
launch the business as planned in the beginning of this year. Currently, we are both focused on doing
research, as I will be looking into the potential market and my partner – into the potential
competitors.
Industry
As mentioned, Vinum Vitae will operate mainly in the Dutch wine market, which reached the value of
€4.9 million in 2019 and is expected to grow annually with 6,8% (CAGR 2020-2025) (Statista,
2020c). This creates good prospects for Vinum Vitae to venture into that industry, as the demand will
continuously grow.
Additionally, the net sales in 2018 for the Dutch eCommerce equalled to €10.7 billion with a
compound annual growth rate of 8% (CAGR 2018-2023) (Statista, 2020b). Next to this, the COVID-19
pandemic has led many people worldwide to significantly limit physical contacts, due to risk of
contagion with the virus. This, together with the strict governmental measures has shifted shopping
behaviour towards online purchases rather than the traditional face-to-face retail, at least temporarily
(OECD, 2020). This further creates an opportunity for Vinum Vitae to allocate its resources towards
online retail as a start, focusing on individual customers, and gradually move into partnering with
restaurants and hotels once the company is better established.
 1. Problem Definition
1.1 Problem Context

Starting an eCommerce business essentially comes with its challenges, such as (but not limited to)
firstly finding the right products to sell, then attracting the perfect customer, generating traffic,
followed by converting customers and retaining them and finally achieving profitable long-term growth
(Hassan, 2020; Pollfish, 2020).
The company has been registered at the KVK (Dutch Chamber of Commerce) and so far, the initial
idea and prototype have been outlined. The next step is finding customers, which starts with figuring
out who the perfect customer is and focusing the advertising towards the right people (Cox, 2020).
Thus, the research will focus on exploring the target market and developing buyer personas – semi-
fictional representations of the ideal customers (Vaughan, 2020), as it was found that a major
mistake most entrepreneurs make is not performing a proper market research.
To better understand the findings of such research, one must be aware of the consumer behaviour of
the customers in the specific industry. A consumer behaviour analysis can help further identify
consumer pain points, optimise the marketing efforts by engaging with the customers, and most
importantly understand how a consumer feels about a brand and what makes the product stand out
from the rest in the market (Ghelber, 2020). This will aid in creating a unique online customer
experience for Vinum Vitae’s target audience and help the company gain a competitive edge.
Online platforms like Shopify and Amazon have eliminated many barriers of entry, as nowadays
anyone can launch an online store or start selling products on a marketplace. This has made it
challenging for retailers to supply unique products unless they produce them themselves (Hassan,
2020). Therefore, in order to stand out from competitors, Vinum Vitae must focus on creating unique
experiences for its target audience.
According to George Dunham, CEO of epaCUBE (Post, 2019), one of the most overlooked areas of
customer experience online is customer segmentation. The experience provided to customers is of
high importance when launching an eCommerce initiative, since customers expect to be treated
equally as well or better online, as they are face-to-face (Ibid). By developing various buyer personas,
Vinum Vitae could create appealing and personalised messaging for the different segments of its
audience on each social media (SM) platform (Kotler, 2013).
Lastly, market research should not only be done when initially launching a business but as a
continuous research, as the business environment changes continually. If not updated frequently,
businesses run the risk of making decisions on the basis of an outdated information which could
potentially lead them to failure (Business Link UK, 2009).
Therefore, the necessity for research becomes evident – an in-depth consumer research is needed in
creating a clear overview of the target audience, which is an essential component of the overall start
up process of Vinum Vitae. As a start-up, Vinum Vitae has limited financial resources, thus they need
to be directed towards attracting and converting the right buyer market through the various online
platforms.
Additionally, this research will focus on the consumer market of 20- to 65-year-old persons, who live
in households with children with limited income, well-to-do households with children as well as on
couples with a double or a single income and singles. As shown in the graph below (fig.1), the highest
expenditure on wine is by well-do-to pensioners, however a different strategy is required to reach
those customers. Since Vinum Vitae will initially be set as an online platform only and will have limited
resources, it will be harder to target this segment through online marketing initiatives. Additionally,
the age range of 20 to 65 represents the highest percentage of the total Dutch population (fig.2), so
this choice of target market would give an opportunity to reach a broader potential customer base.
Figure.1 (Statista, 2020c) Expenditure on wine in the Netherlands in 2018

Figure.2 (Statista, 2020a) Population of the Netherlands in 2019

1.2 Goal of the research

The goal of this research is to gain detailed insights into the online target market of Vinum Vitae and
their main characteristics, shopping behaviour and preferences. This will aid in creating various
customer profiles for Vinum Vitae, to help build a successful marketing and pricing strategy and
therefore maximise sales, create a unique selling point and achieve competitive advantage.

1.3 Main Research Question

MRQ: What is the buying behaviour of the 20- to 65-year-old Dutch buyers that Vinum Vitae can target
in order to convert them as customers?
 2. Scientific literature
2.1 Wine Consumer Behaviour

Wine consumption is an essential part of European culture and life, with wine being one of the oldest
alcoholic beverages produced in the world (Morard and Simonin, 2016; Silva et al., 2017). Wine is
associated with tenacious ideas of social and cultural traditions, embedded within the lifestyle of
many Europeans, so the current technologies of doing business online through e-shops contrast
sharply with the traditional European mindset when it comes to the wine market in particular (Morard
and Simonin, 2016). One of the main obstacles for online wine retailers is that the customers take a
risk when making a purchase (mainly deriving from the fact that the customers cannot physically view
the product before buying), which significantly complicates the management of the consumer
behaviour during the buying process (Ibid).
To effectively target consumers and build successful business strategies it is crucial to understand
the connection between alcohol consumption and customer drinking profile. Those profiles often
comprise of details such as gender, age, level of education and income (Pettigrew, 2003). A study by
Silva et al. (2017) provides a synthesised overview of these criteria with regards to beer and wine
consumption in the Netherlands – the gender distribution for wine consumption is equal, both in
number of consumers and in amount of wine drank; most of the consumers drink two glasses of wine
per day and the likeliness of an adult being a wine consumer increases with age, reaching the highest
percentage of wine drinkers in the age group of 50-54 year olds (Ramful and Zhao, 2008; Melo et al.,
2010; Silva et al., 2017). The younger consumers’ drink of choice is mostly beer, which could be
owed to it being relatively inexpensive, with a good price-quality ratio and the language of most beer
marketing being more accessible to younger people, whereas wine marketing is not often likely to be
focused on this generation and their needs (Ibid). The study also suggests that level of experience and
age play a crucial role in wine flavour preference. It is therefore crucial to take the above-mentioned
factors into consideration when establishing a marketing strategy that will focus on various age
groups and conveying messages that relate to a younger audience as well.
According to Pettigrew and Charters (2006), cited in Silva et al. (2017), wine is seen as a pairing to
food and is strongly associated with sit-down dinners at home or in restaurants. Furthermore, wine
consumption is linked to more formal occasions and celebrations and is considered a social catalyst
to mingle with other people (Ibid). The same study highlights that choosing a wine and the amount
spent on it are influenced by the nature of the occasion – consumers are willing to pay extra for a
wine to take to a dinner at a friend’s house over the weekend, compared to a bottle of wine for at-
home consumption during the week (Quester and Smart, 1998; Silva et al., 2017). Even though
worldwide wine is the favoured drinking choice with a meal or as a relaxing beverage, beer is the
signature drink of the Dutch and has been consumed as a drink of choice by many over the years
(Ibid).
Next to this, an analysis by Wine Intelligence (2020) shows that wine consumers in the Netherlands
have struggled to see wine as a premium product and for many years the maximum amount spent on
a bottle of wine at the supermarket would usually be 5 EUR. Over the last five years however there
has been a constant change in wine drinking habits amongst the Dutch – expenditure per bottle has
risen but the frequency and volumes of wine have suffered a decline, in line with the global trend of
‘drinking less but drinking better’ (Ibid).
Another noticeable trend among wine drinkers in the Netherlands is the concern about high alcohol
levels – especially in the consumers under 35 years of age, which shows that the trend will last over
the next years to come. Lastly, the COVID-19 pandemic has enabled the shift from on-premises sales
of alcohol to those from e-commerce channels, a trend that is set to continue to grow. Despite an
overall decrease in wine consumption, experts stay positive and believe that the Dutch consumers are
slowly starting to consider wine as a more premium product to spend more money on, even if they are
to buy it less often (Wine News, 2020).
Thus, the author of this study believes that a successful way to reach out to the Dutch consumers is
to provide full transparency on wine production, health benefits and alcohol levels combined with
strong marketing across various channels, curated for the specific age groups.

2.2 E-consumer behaviour

Consumer behaviour is the study of consumers and the way they select, use and dispose of products
and services, and takes a broad look into what the drivers of this behaviour are (Ghelber, 2020). It is
a mix of psychology, sociology, anthropology, and economic elements and it thrives to understand the
buyer’s decision-making process, both individually and in groups (Muniady et al., 2014). Studying and
understanding this behaviour allows businesses to identify what impacts the consumers and their
decisions (Ghelber, 2020).
Consumer-oriented research has previously examined psychological characteristics (Hoffman and
Novak, 1996), demographics (Brown et al., 2003), perceptions of risks and benefits (Bhatnagar and
Ghose, 2004), motivation for shopping (Rao et al., 2018) and shopping orientation (Swaminathan et
al., 1999) all as factors influencing shopping behaviour (Kotler and Keller, 2012). Furthermore,
Dirsehan and Celik (2011) outline two main motivators to shop online: experiential behaviour and
goal-oriented/ utilitarian shopping. The latter is task-oriented and rational, however experiential
behaviour emerges as shopping for entertainment, with the purpose of having fun and being engaged
in an experience. Therefore, businesses had to transform their way of doing B2C business in order to
meet their buyers’ expectations. Rigby (2011) believes that ‘the trick is to identify each segment’s
unique paths and pain points and create tailored solutions, rather than a ‘one-size-fits-all’ approach
as it was in the past’.
The study of e-consumer behaviour, in particular, is gaining importance due to the rise of online
shopping (Dennis et al., 2009). The Internet is the new medium for social interactions and
understanding its use by consumers can provide businesses with products and services more
responsive to the needs of the market (Gabriel and Lang, 2015). The ‘pre-Internet’ consumers did not
have such various channels as the ‘post-Internet’ ones, and the latter are now facing a multi-channel
buying experience (Morard and Simonin, 2016). Consumers now use new technology such as
smartphones and SM that assist them in searching for information, decision-making and buying (Ibid).
Today’s consumers expect a seamless personalised shopping experience throughout the different
channels and devices they use. A 2018 survey by Accenture (Accenture Interactive, 2018) showed
that 91% of consumers state they are more likely to shop from businesses that provide personalised
and customisable experience, therefore brands must take notice and create individualised
experiences for their buyers (Ghelber, 2020). Additionally, shopping has recently become a social
activity, as SM platforms have allowed customers to share their shopping experience with others and
read customer reviews. Customers are actively researching, looking for and relying on others’ opinions
and reviews (Ibid).
Overall, the new era e-commerce customers are ever more social and connected due to the rapid
growth of SM. Thus, an excellent way for companies to adapt and optimise their marketing efforts is
by conducting customer behaviour research (Ghelber, 2020).
 2.3 Customer segmentation and profiling

The basis of market consumer behaviour research is positioning, segmentation and targeting (Kotler,
2007). To be competitive in the eCommerce market, the marketing efforts of a company need to be
focused towards targeting specific customers and creating that real-life feeling of personalisation. The
target market is a group of customers to whom a company wants to potentially sell products or
services (Kappel, 2017). To best represent this target market and understand their needs and wants,
it is needed to divide consumers in segments and to profile the customers (Jansen, 2007).
Customer profiles are a way of applying external data to a group of possible customers and,
depending on the data available and the case company, it can either be used to outline new
customers or recognise existing ones (Jansen, 2007). The main goal is to predict the consumer
behaviour based on the information collected. However, the first step of creating customer profiles is
customer segmentation (Dirsehan and Celik, 2011).
Customer segmentation
Customer segmentation means placing the population of customers into segments (groups) according
to their similar preferences or characteristics, and it is a preparation step for sorting each customer
according to the groups identified during segmentation (Dirsehan and Celik, 2011). It is important to
know as much as possible about the target market segments, to avoid wasting resources such as
money and time on focusing attention on the wrong personas (Kappel, 2017).
However, good segmentation comes with a few challenges – relevance and quality of data, continuing
the process and over-segmentation (Jansen, 2007). Accurate data is essential to develop significant
segments, as if the company has scarce customer data, the segmentation is unreliable and worthless;
then again, too much or poorly organised data could potentially lead to a complex and time-
consuming analyses, making it too complicated for the business to implement the information
efficiently (Verhoef et al., 2003). Furthermore, customer segmentation is a continuous process and
updating the information frequently is a must. In most cases, effective segmentation strategies will
influence the consumer behaviour. Therefore, feedback given, especially in e-commerce businesses
where that is almost immediate, would have to be implemented and updated nearly every day (Ibid).
Lastly, a segment could become too small or insufficiently distinctive to have it as a separate group
and should therefore be merged (Ibid).
Customer profiling
Customer profiling provides the base for marketers to connect with customers, in order to offer them
better services and retain them, by gathering collected data on the customers such as demographics
and personal information. It is also used to seek potential customers using external sources of
information from various sources, such as demographic data. This data is then used to create a link
with the customer segments created beforehand, which makes it easier to estimate which profile
relates to which segment and vice versa. (Jansen, 2007; Virvou et al., 2007)
In e-commerce businesses, such data can be obtained by various procedures that differ with regards
to the types of data they generate, the methods of obtaining it and the potential privacy-related
problems linked with its usage (Wiedmann et al., 2002). Much of the customer data available in e-
commerce is, however, in a form that is not useful for efficient analysis and understanding, due to
technical factors related to the data-collection procedures (Ibid). Therefore, collected data should first
be processed before it is used, and can be then transferred to a data warehouse where it is stored,
together with relevant profiling objectives and is constantly updated through long-term observation of
customer behaviour (Ibid).
Based on the business objectives, one must select what information included in the profile is relevant
to the research or the business. A base customer profile is one that contains at least age and gender
(Jansen, 2007). If needed for a specific product, the profile should contain product information,
amount of money spent and other characteristics possible, presented in the table below (Singh et al.,
2003; Virvou et al., 2007).

Table.1 Customer profile characteristics

Finally, once the customer profiles have been created, businesses can start building specific
marketing campaigns to best reach their target consumers in order to improve business results (Cox,
2020).

2.4 Conceptual framework

The following conceptual framework visualises the process of conducting the research and the use of
literature in order to create a customer profile for Vinum Vitae’s potential target market.

Figure.3 Conceptual framework

 2.5 Supporting Research Questions

Based on the literature review, the following research questions were formulated to help break down
and give more clarity on the MRQ:
RQ1: What is the target market’s wine buying behaviour?
RQ2: What is the target market’s online buying behaviour?
RQ3: What is the target market’s attitude towards Vinum Vitae’s concept?
RQ4: What are the target market’s demographic and socio-cultural characteristics?
 3. Methodology
3.1 Research Context

Market research is the process of gathering, analysing and interpreting information for the better
understanding of the characteristics, spending habits, location and need of a company’s target
market, its industry and the competitors (Entrepreneur Europe, 2020; Grenier, 2019). The motivation
for this research was to gain a better understanding of Vinum Vitae’s target market, its specific
characteristics, and the segments it is made up of. This will aid Vinum Vitae in foreseeing the needs
and the pain points of their future customers and therefore make evidence-based decisions on its
pricing and marketing strategies.
The type of research was a quantitative descriptive research in the form of a survey distributed
amongst the potential consumers, meaning that the data was transferred from questionnaires into
quantifiable data in the form of numbers (Sekaran and Bougie, 2016). This type of research allows for
a larger sample size, as it makes it possible for data to be processed and analysed using reliable and
consistent procedures through quantitative data analysis. Lastly, using a quantitative method allows
for a repetition of the research at a later stage of the business’ development, in order to gain insights
into the existing customers (Bhandari, 2020).

3.2 Population and Sample

As previously mentioned in the Problem context, the focus of this research was towards the Dutch
consumers from households with our without children and singles, between the ages of 20 and 65.
According to Statista’s Netherlands Demographical report (2020c), there are about 4.3 million people
aged 20-40 and 5.8 million people aged 40-65 in the Netherlands, amounting to 10.1 million people
in total.
The goal for this research was to achieve a 95% level of confidence with a 5% error margin and to
achieve that, an appropriate sample size was taken from the population. According to Conroy (2020),
a population above 5000 is considered large and, given the above mentioned margins, results in a
sample size of 384.
Furthermore, the sampling method used for this research was the non-probability convenience
sampling, meaning that the data was collected from consumers who are convenient to access and
not every individual of the population has the chance of being selected (Sekaran and Bougie, 2016).
This type of sample is usually inexpensive and easier to access, however poses the risk of a sampling
bias, so it might be harder to provide generalisable results (Bhandari, 2020). This sampling method
however was suitable for the initial phases of this market research, as the population is rather large
still and the researcher was not able to access all the members of the population.
 3.3 Data collection and analysis

The data collection method used for this market research was obtained through an online survey
distributed to the potential customers. Furthermore, both primary and secondary data was collected
for the purpose of this research: the first in the form of the questionnaire and the latter in the form of
an analysis of scientific literature.
Surveys are used as a method of gathering data in many different fields and are a good choice when
one aims to find out about the characteristics, preferences, opinions or beliefs of a group of people
(Bhandari, 2020; Sekaran and Bougie, 2016). .
The survey will be designed as an online questionnaire, which will allow to reach a broader group of
consumers, who would otherwise be harder to reach due to the social regulations related to COVID-
19. The survey will include closed questions, varying from multiple choice ones to Likert- and rating
scale questions. The questions will inquire about the population’s socio- and economic conditions,
expenditure habits, alcohol consumption etc (see Table 1), followed by gaining a deeper
understanding into their needs, pain points and buying preferences that Vinum Vitae can adhere to, in
order to win them over as customers.
The collected data will afterwards be analysed using IBM’s Statistical Package for Social Sciences
software for data analysis (SPSS). The program is used by different researchers for complex statistical
data analysis and allows its users to solve business and research problems through hypothesis
testing, predictive analysis, and ad hoc analysis. It is used to understand and analyse data in order to
validate assumptions and drive accurate conclusions (IBM, 2020). Additionally to SPSS, a descriptive
analysis of the information will be created using the questionnaire-maker platform Typeform
(Typeform, 2021) and the combination of both methods will help create an outline of Vinum Vitae’s
customers.

3.4 Ethical Data Management Considerations

Consideration of ethical data management is a crucial step when conducting research and should be
of highest importance for the researcher. Many of the ethical norms of research promote important
moral and social values, such as social responsibility, human rights, compliance with the law and
safety (Gajjar, 2013).
Therefore, full consent of the survey participants must be obtained before filling out the
questionnaire. As such, at the beginning of the questionnaire the participants will be informed about
the aim of the research, who will have access to the data, how it will be used and will be ensured
about the anonymity of the survey and the confidentiality of the data collected, to ensure trust and
reliability towards the research project. Thus, the information collected will only be used if the
participant has agreed to the terms.
 3.5 Limitations

Sampling Bias
Since the convenience, non-probability sampling method was utilised, some of the members of the
population were under- or over-represented. Therefore, a sampling bias occurred which makes the
research less reliable.
Survey Swap
The online platform Survey Swap was used to help gain more respondents for the research and reach
the target of 384. Survey Swap provides the opportunity to gain more respondents by exchanging and
filling out each of the users’ surveys. The website is however mostly used by students that need help
with conducting their research and therefore affects the sample by not creating an accurate
representation of the population. Additionally, some of the respondents might have ‘rushed’ through
the questionnaire without taking the time to give an honest response, which decreases the reliability
of the research.
Language
The survey was distributed amongst consumers in the Netherlands and was written in only in English.
Therefore, there could have been a potential language barrier as most of the respondents’ first
language would not have been English and some questions could have been misunderstood or
misinterpreted.
 3.6 Research Framework

The research framework below provides a visualised overview of the research process and the steps throughout.

Figure.4: Research Framework

 4. Findings

The following research findings represent the consumer buying behaviour of 402 respondents from
the Netherlands. Most of the survey respondents (76.1%) identified as female, 21.9% as male and
the other 2% as another gender or preferred not to disclose this information. 43% of the respondents
are between the ages of 18 and 24, 23.4% are between 25 and 34 years old and the remaining
33.6% are 35 years or older. Regarding the size of the household, more than half (54.2%) of the
respondents live together with another adult, 24.1% live in a three-person household and 12.9% live
in a house of 4 adults or more. Only 8.7% live as the only adult in a household.
To better understand the data, the results were analysed according to the sub-research questions
previously formulated and conclusions about implications of those findings for wine e-commerce
businesses were drawn. Additionally, the audience was divided into 2 main customer profiles
corresponding to the two largest age groups and their main characteristics were outlined. The
complete results including graphs can be found in App. 1.2.

4.1 Wine buying behaviour

When looking into the wine buying behaviour, several aspects were explored: how often do the
consumers buy online (if ever), what occasion do they buy it for, within which price range and, lastly,
their preferred wine type. An interesting outcome showed that the majority of the respondents
(38.1%) have never bought wine online before, and 21.6% only buy wine online once a year.
Furthermore, 17.4% buy online a few times a year and only the rest buy wine once or several times a
month. Therefore, the competition for e-commerce companies is still mostly the physical stores,
where the customers receive genuinely personalised experience. Hence, as previously stated by
Ghelber (2020) online brands must create authentic and individualised experiences for their buyers.
When asked about the occasion for which they shop for wine in general, a staggering 66.4% stated
that they buy it for personal consumption and the other 33.6% would normally only buy wine as a gift
or for a special occasion. This slightly diverts from previous findings from Silva et al. (2017) stating
that wine consumption is linked mostly to formal occasions and celebrations. The possible shift in
behaviour could be owed to the lack of social events and outings due to the pandemic. However, this
could prove to be a trend that lasts even after the measures are relaxed as many consumers have
now adapted to different lifestyles (Wine News, 2020) which is certainly an opportunity for wine
companies to venture into e-commerce.
According to a study by Wine News (2020) until recently the Dutch consumers would hardly ever
spend more than 5 EUR on a bottle of wine. This research however showed that 31.3% of
respondents would spend between 15 and 19 EUR for a wine bottle, 30.6% would spend 5 to 9 EUR
and 28.6% shop within the price range of 10 to 14 EUR. Only 9.4% stated that they would spend more
than 20 EUR for a bottle of wine. This also shows an overall increase in spending power of the Dutch
buyers as they have started considering wine as a more premium product and are prepared to spend
more if the quality matches the price.
To understand the motivation for spending more on a wine bottle than usual, the respondents were
given the option to select several conditions under which they would be willing to purchase a more
expensive bottle. Most of the respondents stated that would be in the case of a special occasion/
celebration and 62.9% would do so if the wine was purchased as a gift. Buying a wine from a special
vintage (year) or one with appealing packaging had almost an equal importance with 31% of
respondents choosing them as a condition under which they would indulge in a more expensive
bottle. ‘A brand with good storytelling’ and ‘a unique grape variety’ would only convince about 19% of
the consumers respectively that a wine is worth more and only 13.4% thought a highly awarded wine
deserved the extra spend. Wine sellers could therefore benefit from utilising holidays to promote their
higher-end products and create attractive packaging for their products.
Furthermore, the majority of the respondents prefer to drink white and red wine with each type having
been the choice of half of the respondents. Additionally, 34.6% enjoys rosé and only 12.2% of the
respondents were fond of sparkling wine. Lastly, a surprising 87.8% of the respondents stated that
they would be likely to experiment and try out a new wine brand or a new grape variety. Thus, there is
an opportunity for wine businesses to introduce products from different wine regions in the market,
while ensuring variety mostly in the white and red wines.

4.2 Online shopping behaviour

The next set of questions was focused on the online shopping behaviour of the respondents. Firstly,
the respondents were asked about their preferred device when shopping online: 57.7% prefer to use
their smartphone and 42.3% a laptop/ computer. This information shows that the website and the
advertisements should be both mobile and desktop friendly.
Next, the respondents were asked to rate 5 aspects of online shopping from most to least important,
which resulted in fast delivery (43%) and free delivery (28.9%) being the most important when
ordering online. After that, no payment fees and easy returns were ranked third and fourth
respectively and reliable customer service proved to be the least important to customers. This
confirms the previous finding from (Morard and Simonin, 2016) that the customers want to minimise
risks when shopping online so it is important for them to have a reliable delivery.
Additionally, a rating of website features was provided, and the results showed that the top three
most important features for customers when shopping online are detailed product information, an
easy to navigate website and good quality product pictures. Thus, the online experience of buying
wine should be as close to in-person one as possible, including detailed product descriptions and
realistic product pictures, with options for a fast and free delivery and a variety of payment methods
that will not be charged extra.
Looking into more specific details, the preferred delivery method for most of the respondents (85.6%)
is to have a package sent to their personal address as a parcel, and the maximum acceptable delivery
time would be between 2 and 5 days for 87,3% of the respondents. Additionally, the preferred
payment method of 47% of consumers is iDEAL and 22.1% would opt for a credit card payment. All
these specifics need to be taken into consideration when setting up the logistics of an online store.
The SM preferences of the respondents show that 79% of consumers use Instagram and 61.4% use
Facebook the most, with 60% of respondents spending 2-4 hours on SM daily. The consumers were
asked how likely it is for them to purchase a food or beverage product they saw on a SM
advertisement and an average of 3.7 out of 5 shows that they are still hesitant about ordering such
products online, which links with previous findings from Ghelber (2020) stating that the promotional
images and videos should be as authentic as and personalised possible, in order to instigate
trustworthiness.
 4.3 Attitude towards Vinum Vitae

The survey respondents were presented with a description of a sample service from the case
company Vinum Vitae – tasting boxes of three 750ml wines, which will include a tasting sheet and a
QR code leading to a video of tasting techniques, to help create a genuine at-home tasting
experience. The majority of the respondents (80.3%) stated that they would be generally interested in
such a service and out of those 70% are likely to purchase the tasting box from Vinum Vitae
specifically. 22.9% were neutral on their decision to buy from Vinum Vitae in particular, which could
be owed to them not having all the information about the service such as what wine it is exactly, how
it can be combined with dishes and what the price of it would be. This links to findings by Ghelber
(2020) stating that customers want to first do research and read reviews from various sources before
making a purchasing decision.
Lastly, 43.3% of respondents agreed that a reasonable price for such a service would be 40 to 49
EUR and 33.1% believe 30 to 39 EUR is the most they would spend on it. This should be taken into
consideration by Vinum Vitae when introducing the service, as a price above 50 EUR would not be
reasonable for the target market.

4.4 Customer segmentation

To identify customer profiles of the target market, the age of the respondents was used as a
segmentation criterium. Since the two largest groups were the 18 to 24 and 25- to 34-year-olds,
those were kept as separate profiles and the respondents who are 35 years or older were grouped
together to avoid too insignificant segments in the 45-54 and 55-64 age groups. Each age group’s
results are shown after the general analysis in App. 1.2.
18- to 24-year-olds

Figure 5: Sample customer profile 18- to 24-year-old consumers

These customers form the majority of the survey respondents (173), are mostly female and live with 2
or 3 adults. They mostly buy white wine for personal consumption in the price range of 5 to 9 EUR, but
they never buy it online. This could be linked with the findings from Ramful and Zhao (2008) stating
that current wine marketing is not focused on the younger generation and their needs as much and
there is still a need for promotional messages that relate to the younger audience. Generally, they
prefer to shop online through their smartphones and value a website that is easy to navigate, with a
lot of detailed product information and good customer service to support them in the buying process.
When making a purchase online they expect a free and fast delivery to their home, however 50% of
the respondents would be willing to wait up to 5 days for an order. More than half of the respondents
(52%) uses Instagram as their preferred SM, for about 2 to 3 hours a day and would be willing to buy
a food/ beverage product they see on an ad there. Most of the respondents (78%) would like to have
an at-home tasting experience, however they are unsure if they would order from Vinum Vitae
specifically and would pay between 30 and 39 EUR for a box of 3 full-sized wine bottles. This makes
them the lowest spending segment that focuses more on the seamless and personalised shopping
experience rather than buying premium products.

25- to 34-year-olds

Figure 6: Sample customer profile 25- to 34-year-old consumers

This segment is the smallest one of the three with 94 respondents but is still significant enough to
form a customer profile. Most of the respondents in this age group are female and live in a 2-person
household and they occasionally buy wine online once a year. Mostly, they purchase red wine for
personal consumption and are prepared to spend between 15 and 19 EUR per bottle. They would be
willing to spend more on a bottle if it were for a special occasion or a gift. This group uses both their
computers and smartphones when shopping online and prefer websites that have detailed product
descriptions and aesthetic overview and pictures, and they also expect a free and fast delivery to their
home. Around 40% of this group use both Instagram and Facebook for about 2 to 4 hours a day and
are highly likely to purchase a food/ beverage product they saw online. This group is also interested in
an at-home tasting and is very likely to purchase from Vinum Vitae for an even higher price of 40 to
49 EUR per box, thus making them an attractive market to promote more premium products to.
35- to 64-year-olds

Figure 7: Sample customer profile 35- to 64-year-old consumers

Lastly, this is the combined segment of all the remaining age groups as it will make it more feasible
for a start-up company to market until they get a feel for their actual customers. This group represents
133 of the respondents and even though the majority are female, there is a bigger representation of
male respondents in this group compared to the previous two. This segment also represents the
highest percentage of wine drinkers between the ages of 50 and 54 (Ramful and Zhao, 2008; Melo et
al., 2010; Silva et al., 2017) who are also the most experienced wine consumers. They live in a 2-
adult persons household and buy wine online once a year, mostly for personal consumption. Their
preferred wine type is white, and they would spend 15 to 19 EUR on a bottle. They expect an easy to
navigate website that offers a free and fast delivery. They mostly use Facebook as their SM of choice,
for about 2 to 4 hours daily and would be willing to purchase a food/ beverage product from SM. Like
the previous target market, they are interested in an at-home tasting and would pay up to 49 EUR for
a tasting box from Vinum Vitae. Therefore, a similar marketing approach could be applied to this
customer segment by promoting the more exclusive products to them as their expenditure matches
the 25- to 34-year-old group.
 5. Conclusion

The following chapter aims to answer the Main Research Question formulated before – ‘What is the
buying behaviour of the 20- to 65-year-old Dutch buyers that Vinum Vitae can target in order to
convert them as customers?’
Vinum Vitae’s potential consumers are still in the beginning phase of shifting from in-person wine
buying experience to an online one and the main competition for e-retailers remain the physical
stores, as they provide the most personalised experience those customers look for. Furthermore, the
Dutch consumers prefer to have their parcels delivered at home and like to use their debit cards as a
payment method, same way they would at a physical store. Moreover, the consumers do not like to
pay a lot on delivery fees or wait long when ordering wine online which is another main reason why
those consumers are still sceptical about buying wine online. However, when they do shop online, the
customers seek detailed product information and realistic, high-quality product pictures. This,
together with a good level of personalisation, fast and inexpensive delivery would make the online
buying experience more authentic and convincing.
Over the past years, the Dutch wine consumers’ spending power has increased, which is also
reflected on their willingness to spend up to 19 EUR for a bottle of wine for daily consumption and
even more if it were for a special occasion or as a gift. Therefore, they could be interested in more
exclusive bottles if they were promoted as a ‘perfect match’ for a specific occasion or including
special packaging for gifts. Regarding the wine variety, Vinum Vitae’s potential customers equally like
red and white wine with the occasional glass of rosé. What is interesting is that recently the Dutch
consumers have ventured into trying out new grape varieties and regions and have a growing interest
in wines from not-so-well-known wines countries like Slovenia, Romania and Bulgaria. Thus, Vinum
Vitae could greatly benefit from this newfound interest and educate their customers even more about
Bulgarian wine.
A good way to do so would be with wine tasting boxes, including detailed wine descriptions and videos
about tasting techniques. Most of the Dutch customers would be interested in such a service from
Vinum Vitae for the price of 30 to 39 EUR; however, as these customers need more information from
various sources before making a purchasing decision, Vinum Vitae needs to ensure they meet those
expectations by providing a lot of details and ensuring trustworthiness.
With regards to the different target groups, only the preferences and spending behaviour of the 18- to
24-year-old consumers significantly differ from the other groups. Whereas most customers would
spend between 15 and 19 EUR on a bottle, this group would not be very likely to spend more than 9
EUR and expects a very personalised and authentic experience when shopping online. Currently there
is a lack of promotional messages towards this younger audience and therefore it is crucial to
differentiate the marketing approach between this age group and the 25 to 34 and 35 and older
customer segments.
 6. Recommendation

The information from this research report should be used for the business plan of the case company
Vinum Vitae. The conclusions about the consumers’ behaviour and their preferences and needs can
be used when designing the marketing plan and promotional materials for the company. All three
target markets should be implemented in the target market chapter of the business plan and a visual
representation of those consumers should be created in the form of customer profiles. What is more,
when designing the web store, Vinum Vitae should take into consideration the mobile-friendliness and
ease of navigation for its customers and provide very detailed product information and realistic, high
quality product pictures. Also, Vinum Vitae should strive to offer a fast and reliable delivery, preferably
free in some areas of the Netherlands. The main SM platforms promoted in should be Facebook and
Instagram and there should be separate advertising for audience of the ages between 18 and 24 as
their needs and preferences differ. There should be an equal offering of mostly red and white wine,
and some rosé and sparkling wine. The company can make use of holidays and celebrations to
promote more expensive bottles and the tasting boxes as a social event idea. Lastly, the given
information about the expenditure per bottle or box will help make the financial planning of the
business plan more accurate.
Additionally, this market research did not have sufficient respondents in the age groups of 35 and
over and therefore specific and more detailed characteristics of the age groups within that segment
could not be identified. This will lead to using the same marketing approach towards that group which
could possibly lead to missing out on opportunities of personalising the shopping experience for those
customers. Therefore, it is recommended that this research is performed regularly with the existing
customers once the company is operating.
 PART 2:
Business Plan
Executive summary

The following Business Plan was created for the start-up wine eCommerce company Vinum Vitae.
Vinum Vitae Wines is a wine distribution and retail business for imported wines from Bulgaria,
founded in The Netherlands by two Hotelschool The Hague students – Isabel Mateman and me, Petya
Kalendzhieva. We are dedicated to offering unique wines to our customers, based on their taste
preferences, while encouraging them to learn more about viticulture and cherish special moments
with their friends and family. When developing our selection, we ensured that each wine has a
distinctive taste, story and origin and we work closely with the wine producers to guarantee highest
quality in every bottle.
Currently Vinum Vitae is under the ownership of Blauwe Ara Medical Consultancy, as a subsidiary
company and as such my partner and I were hired to develop the concept for the new business.
However, we still take full responsibility of all the business processes and financial decisions upon
consultation with the investors from Blauwe Ara.
Vinum Vitae operates mainly in the Dutch wine and eCommerce sector and will be selling the products
directly through the eCommerce platform Shopify. As such, Vinum Vitae will be able to capitalise on
trends such as introducing unknown wines to the Dutch market and educating the customers on wine
and wine production.
The competitive set of Vinum Vitae consists of direct and indirect competitors, all of which have
similarities to Vinum Vitae’s services offered but none of them have the same concept of combining
individual wine sales and personalised tasting boxes of Bulgarian wines yet. Thus, Vinum Vitae can be
ahead of the competitors and differentiate themselves.
The target market of Vinum Vitae is represented by Dutch consumers between the ages of 18-to 65-
years old that enjoy wine and want to educate themselves about it further. Amongst this age group,
three main target markets were outlined – 18–24-year-olds, 25–34-year-olds and 35–64-year-olds.
Customer profiles were created and a marketing strategy to target them through Facebook and
Instagram was outlined.
Lastly, the initial investment for Vinum Vitae will be paid out after the first year of sales and the
financial overview of Vinum Vitae below for the upcoming 5 years shows promising growth in revenue
and with a growing net profit margin of 24% by the end of year 5, Vinum Vitae is confident in their
financial health.

Year 1 Year 2 Year 3 Year 4 Year 5

Income Statement
Net Profit 30,646.19 254,739.07 479,263.42 698,592.12 910,789.81
Balance Sheet
Net Worth 30,646.19 285,385.26 764,648.69 1,463,240.80 2,374,030.61
Cash Flow Statement

Operating Cash Flow 22,363.59 128,933.16 261,416.82 649,921.86 903,146.60

Investing Cash Flow (1,849.00) - - - -

Total Cash Flows 20,514.59 149,447.76 410,864.58 1,060,786.44 1,963,933.04

 1. Company
1.1 The Business Idea

Vinum Vitae Wines is a wine distribution and retail business founded in The Netherlands by two
Hotelschool The Hague students – Isabel Mateman and me, Petya Kalendzhieva. Vinum Vitae is set
up as an online eCommerce platform for individual sales (B2C), where rare, imported wines are
offered and will also be partnering with various wine shops and restaurants/ bars within the
Netherlands for business sales (B2B). The wines will be initially brought in from Bulgaria, with a
potential to expand to other countries such as Italy, Spain, and France. When developing our
selection, we ensured that each wine has a distinctive taste, story and origin and we work closely with
the wine producers to guarantee highest quality in every bottle.
Vinum Vitae focuses on selling unique wines at an affordable price while also giving the customers
the opportunity to explore the diverse world of wine. The website will have various interactive
features, aiming not only at maximising sales but also educating the customers about winemaking,
health benefits of wine consumption and more. Thus, an all-around experience will be created for the
online customers, by offering them unique wines, full transparency about the winemaking and the
producers involved and excellent customer service to help them choose the perfect wine match.
The name for the company ‘Vinum Vitae’ derives from Latin and stands for ‘wine of life’. We wanted to
refer to wine in Latin in some way, in relation to old winemaking techniques dating from Roman times,
thus we researched various synonyms for wine and came across the French ‘eau de vie’, term used
for spirit drinks, which translates to ‘water of life’. Therefore, we made a reference to it and the name
‘Vinum Vitae’ was created and fortunately for us was available to register in the Dutch Chamber of
Commerce.
As it is just my business partner and I creating this company, we need to both have all-around
experience and knowledge such as accounting, finance, marketing, and customer service. Therefore,
we need to face the challenges of embarking on this journey together and learn continuously if we
want to achieve high rewards in the end. This business plan will focus on the B2C aspect of the
company and my partner will investigate the B2B interactions.

1.2 The Entrepreneurs

The company is run by my partner Isabel and me and as such we have the shared responsibility of all
the operations within the business. In order to ensure smooth communication between the two, my
partner and I made an overview of each of our strengths and weaknesses using the Entrepreneurial
qualities guide by Roel Grit (Grit, 2015) which can be found in App.1.3.
My strengths lie within adaptability, flexibility, immunity to stress, good customer orientation and
communication skills which are balanced with my partner’s strongest skills and are all crucial for
establishing a new business and successfully running it.
My weakest points as an entrepreneur are the sector knowledge, decisiveness, and financial insight.
As Vinum Vitae operates in the Dutch wine industry, we needed a lot of industry-specific knowledge
which we continuously improve upon daily through research, the creation of the business plan and
investigating our main competitors. I tend to be quite indecisive when it comes to important matters
so I will seek continuous support from my partner and ensure I have all the information needed to
make decisions. Lastly, as we both lack in-depth financial insight skills, we will make use of the
support provided by our coach and our company mentor to help us both improve our financial
knowledge.
 1.3 Mission and goals

VISION
Vinum Vitae aims to become the leading distributor for exclusive wines in the Netherlands. We
want the customers to be educated on sustainability, wine production and the health benefits of
wine consumptions.

MISSION
Vinum Vitae is dedicated to offering unique wines to the customers, based on their taste
preferences, while encouraging them to learn more about viticulture and cherish special moments
with their friends and family.

VALUES
RARITY EDUCATION QUALITY

We offer RARE and unique Bulgarian wines so our customers can always explore new flavours.
We want to EDUCATE our customers on wine and viticulture, as many of them are interested in wine
but do not have sufficient knowledge about it yet.
We put high importance on the QUALITY of the products, so we represent Bulgarian wine the best way
possible and exceed our customers’ expectations.

1.4 Business premises

There were several options for establishing the premises of Vinum Vitae: operating home-based,
renting out an office space or a physical wine store in Rotterdam/ The Hague.
A physical store was initially considered before finalising the business concept; however, it would
require too high of an investment and a long process of finding a suitable location. Also, while the
company is not that well-known it would be harder to increase visibility and stand out from big
competitors like Gall&Gall and grapedisctrict. Thus, the business was established as an e-commerce
platform and the option of renting out an office space was considered. However, at this point of the
company’s development it is not necessary to rent out and additional space as both my partner and I
have good enough premises at home to execute most of the tasks needed, and hence we decided to
operate home-based. We currently only make use of a small storage space as it allows for a better
overview of the stock and storage at a lower temperature than a house. Once the company is
launched and the sales start increasing, we would need to rent out an office space and a bigger
storage unit for the wines.
 1.5 Legal form

Currently Vinum Vitae is under the ownership of Blauwe Ara Medical Consultancy, as a subsidiary
company and as such my partner and I were hired to develop the concept for the new business.
However, we still take full responsibility of all the business processes and financial decisions upon
consultation with the investors from Blauwe Ara. Once the internship contracts expire, we will take
over the company as owners and enter into a general partnership – Vennootschap onder firma (KVK,
2021). This entails a partnership where the company is the property of multiple people with shared
responsibility and liability, so at that point a general partnership contract can be drawn up with a
notary between the two owners to help resolve any future conflict, make agreements about the
contribution of goods, the profit distribution etc. (Ibid)
After the general partnership has been registered with the Chamber of Commerce, as partners we will
receive a message from the tax authorities. When business activities are subject to VAT, the general
partnership also receives a VAT ID and a sales tax number from the tax authorities. For VAT, an online
declaration must be made every quarter, or monthly at one’s own request (KVK, 2021).

1.6 Authorities

Vinum Vitae expects to regularly receive wine orders from Bulgaria. Normally, an extra tax on some
alcoholic beverages and tobacco is applied in the EU – that is called excise tax. Wine is not an excise
good in Bulgaria, but it is in the Netherlands and therefore a permit is to be obtained for the import of
such products that is called a Registered Business Authorisation (Belastingdienst, 2021). Following
the receipt of the excise goods, the company should file a weekly excise return no later than the
Friday of the week following the receipt of the goods, where the excise is paid (Ibid). Furthermore, no
additional permits are required for the business.
 2. Market
2.1 Trade sector analysis

Vinum Vitae operates mainly in the Dutch wine sector, which reached the value of €4.67 million in
2019 and is expected to grow annually with 6,8% (CAGR 2020-2025) (Statista, 2020c). This creates
good prospects for Vinum Vitae to venture into that sector, as the demand will continuously grow.
Additionally, the net sales in 2018 for the Dutch eCommerce equalled to €10.7 billion with a
compound annual growth rate of 8% (CAGR 2018-2023) (Statista, 2020b). Next to this, the COVID-19
pandemic has led many people worldwide to significantly limit physical contacts, due to risk of
contagion with the virus. This, together with the strict governmental measures has shifted shopping
behaviour towards online purchases rather than the traditional face-to-face retail, at least temporarily
(OECD, 2020). This further creates an opportunity for Vinum Vitae to allocate its resources towards
online retail as a start, focusing on individual customers, and gradually move into partnering with
restaurants and hotels once the company is better established.

2.2 Competitors analysis

The direct and indirect competitors of Vinum Vitae were analysed through several criteria and their
strong and weak points were outlined. All competitors offer wines through online stores and provide
delivery within the Netherlands. The following positioning matrix was created, based on whether they
sell Bulgarian wine (thus making them direct competitors) and if they only make individual sales or
offer tasting boxes as well. The full competitor analysis can be found in App.1.4.

Figure.1: Competitor positioning matrix

 2.3 Supplier analysis

In order to supply the Bulgarian wines, Vinum Vitae works with several wineries from Bulgaria and a
transportation company that will help with the logistics of the wine supply. The following table gives an
overview of the main suppliers, their price range, their reliability, and their flexibility (Grit, 2015).
The level of flexibility is based on how easily they can supply the business with new products –
smaller wineries have less flexibility due to their limited quantities and vice versa. The transportation
company has a lot of options for different delivery sizes and prices and therefore was rated high.
Reliability was determined based on communication with the wineries and their responsiveness and
level of professionalism – the least reliable supplier is Magura winery, as they are usually delayed
with communication.

Supplier Price range (per bottle) Reliability Flexibility

Bratanov Winery 2,75 – 15,00 EUR High Medium

Midalidare Estate 4,85 – 22,25 EUR High High

Villa Melnik 2,99 – 17,00 EUR High High

Magura Winery 3,40 – 9,20 EUR Medium Low

Zaara Estate 5,90 – 13,50 EUR Medium Medium

ADL Transportation 2 boxes (of 6 wines each) – 100 EUR Medium High
Company 1 palette (40 boxes) – 210 EUR
Table.1: Supplier Analysis

2.4 Customer analysis

Vinum Vitae focuses on the Dutch consumer market of 20- to 65-year-old persons, who live in
households with children with limited income, well-to-do households with children as well as on
couples with a double or a single income and singles. The age range of 20 to 65 represents the
highest percentage of the total Dutch population, hence this choice of target market gives an
opportunity to reach a broad potential customer base. Previous market research was completed to
analyse the potential market of Vinum Vitae (see pt.1 of this document) and the following conclusion
was drawn based on a survey conducted amongst the 20- to 65-year-old Dutch consumers.
Vinum Vitae’s potential consumers are still in the beginning phase of shifting from in-person wine
buying experience to an online one and the main competition for e-retailers remain the physical
stores. When ordering online, the Dutch consumers prefer to have their parcels delivered at home
and like to use their debit cards as a payment method, same way they would at a physical store.
Moreover, the consumers do not like to pay a lot on delivery fees or wait long when ordering wine
online which is another main reason why those consumers are still sceptical about buying wine online.
However, when they do shop online, the customers seek detailed product information and realistic,
high-quality product pictures. This, together with a good level of personalisation, fast and inexpensive
delivery would make the online buying experience more authentic and convincing.
Over the past years, the Dutch wine consumers’ spending power has increased, which is also
reflected on their willingness to spend up to 19 EUR for a bottle of wine for daily consumption and
even more if it were for a special occasion or as a gift. Therefore, they could be interested in more
exclusive bottles if they were promoted as a ‘perfect match’ for a specific occasion or including
special packaging for gifts. What is interesting is that recently the Dutch consumers have ventured
into trying out new grape varieties and regions and have a growing interest in wines from not-so-well-
known wines countries like Slovenia, Romania and Bulgaria. Thus, Vinum Vitae could greatly benefit
from this newfound interest and educate their customers even more about Bulgarian wine.
A good way to do so would be with wine tasting boxes, including detailed wine descriptions and videos
about tasting techniques. Most of the Dutch customers would be interested in such a service from
Vinum Vitae for the price of 30 to 39 EUR; however, Vinum Vitae needs to ensure they meet the
customers’ expectations by providing a lot of details and ensuring trustworthiness.

2.5 Marketing strategy

As a steppingstone for the marketing plan, a SWOT (Strengths, Weaknesses, Opportunities and
Threats) analysis was performed for Vinum Vitae in relation to its external environment, competitors,
and its unique selling points.

Figure.2: SWOT Analysis

Following the SWOT of Vinum Vitae, a marketing strategy was established following the framework of
Lauterborn’s 4Cs: Customer, Cost, Convenience and Communication (B. Lauterborn, 1990). The full
marketing plan can be found in App.1.5.

Customer

Communication Cost

Convenience

Figure.3: Lauterborn’s 4Cs

The model explains that the Customer’s needs and wants are more important than the product
available and that the offering should be adapted to each individual consumer. Thus, the consumer
needs have been outlined – a personalised wine delivery service of unique wines with captivating
storytelling.
The Cost the customers will have to pay is based on the quality of the wines offered and the
competition’s average prices (see App.1.5.). The end price was created based on the cost price
including a 30% profit margin, as this will satisfy the primary needs of the business. The at-home
delivery is convenient for the customers and the online store allows them to browse products without
having to leave the comfort of their homes.
Lastly, the communication with the customers will take place in various forms, before and after
launching the business. Email marketing will help inform the already existing email subscribers of the
upcoming launch and will help spread the news through word-of-mouth. Rotterdam & The Hague
residents will be attracted to order from Vinum Vitae through brochures distributed, which will include
small discount for the first 50 customers. Social media will be used for targeted advertising and
reaching out to wine influencers to help promote the business.
 3. Promotion
3.1 Target groups

After performing a market research amongst Vinum Vitae’s target group (see pt.1 of this document)
three main target groups were outlined – 18- to 24-year-olds, 25- to 34-year-olds and 35 years or
older. The following fictional customer profiles were created based on the findings and conclusions
drawn in part 1 of this document (see Market research, Ch.4.4) and these will serve as a basis for the
promotion strategy, as each group has specific needs and wants.

Figure.4: 18- to 24-year-old customers

Figure.5: 25- to 34-year-old customers

Figure.6: 35- to 64-year-old customers

3.2 House style

The house style refers to the way a company represents itself to the outside world such as through
their logo, promotional materials, business card and colours used for social media and their website.
The design is an important part of the business identity as it is a way for the customers to associate
the company with certain fonts, colours and patterns (Grit, 2015). App.1.6 Shows an overview of all
promotional materials that Vinum Vitae uses.

With the logo, we wanted to convey simplicity, luxury, and an antiquated and traditional look, which is
way we chose dark red and brown as the main colours and the font ‘Antic Didone’. Additionally, the
two V’s were positioned next to each other in the full-sized logo to give the allusion of the letter W for
wine. The same fonts and colours were used throughout the social media channels, the promotional
materials and the website for consistency (see App.1.7).
 3.3 Website, Social media, and Promotion plan

In order to gain brand awareness and broaden the reach of the company, Vinum Vitae will make use
of the following channels for promotion:

Facebook Instagram Email Shopify Website

Newsletters

Largely, the promotional campaigns will be set up with Facebook and Instagram, as those platforms
offer plenty of insight into the audience size, basic demographic statistics and customer
segmentation and have the benefit of cross platform campaigns between the two channels
(Facebook, 2021). Additionally, when the advertisements are running, one can track the performance
and adjust the campaign for better outcomes, if need be, through the Ads Manager provided (Ibid).
What is more, Shopify’s Search Engine Optimisation will be utilised for better positioning of the
website in the various search engines. The allocated budget for the overall promotion is 300EUR
yearly, as most of these campaigns are free of charge and can be performed by my business partner
and me.
The following table gives an overview of the promotion plan for Vinum Vitae in the following weeks
and the steps to be taken right before and after the launch of the company.
Channel Facebook Instagram Email
Timing
2 weeks Giveaway for a bottle of wine to two Send out newsletters
before launch people
Contact wine influencers for potential
collaborations

1 week before Post pictures of Set up Instagram Send out promotional emails suggesting
launch wines that will be shopping & ads for a launch-day offer
featured.
Set up ads
Day before Pre-launch hype
launch Send wine to wine influencers
Launch day JUST LAUNCHED JUST LAUNCHED JUST LAUNCHED
posts and stories posts and stories Send emails for 15% off for the first 20
customers
Day after Ask feedback on stories. Send email reminders for 15% off for the
launch Reply to comments. first 20 customers
Start ads campaign
1 week after Evaluate how the promotion campaign is Send short survey to customers to ask
launch going and adjust if necessary about their experience with shopping.
Remind of 15% off offer (if not used up
yet)
2 weeks after Start promotion of tasting boxes. Send out promotional emails about
launch Use polls to figure out preferences tasting boxes
Table.2: Promotion plan
 4. Organisation
4.1 Personnel and qualifications

For the setup of the company there are various functions needed to be performed and those will be
divided amongst Isabel and myself. The table below gives an overview of the functions and who is
responsible for each of them. Generally, she will take care of the communication with the Dutch
authorities and Dutch customers and I will look after the communication with the wineries, the
transportation company, and English-speaking consumers. We both take care of marketing and
documentation. Since Vinum Vitae is a subsidiary, overall accounting is currently outsourced by the
accountant office for Blauwe Ara, the parent company and only basic overview of orders and invoices
will be updated by Isabel and me (see App.1.8). The delivery is done by Isabel with her personal
vehicle. Once the company develops and gets more orders, the delivery can be outsourced through a
delivery company such as PostNL or DPD.
Function Who
Making order lists Both
Placing orders with wineries Me
Communication with Bulgarian wineries Me
Communication with transportation company from Me
Bulgaria to the Netherlands
Communication with the customs office Isabel
Perform a stock count & adjust Both
Payment of excise duty Isabel
Sorting documentation on a weekly basis Both
Communication with clients Both
Updates on website Both
Updates on Social media Both
Communication with accountant Isabel
Packaging orders Both
Making deliveries Isabel
Creating invoices Both
Handling returns Isabel/ Both
Table.3: Functions overview
 4.2 Production process and logistics

As previously established, Vinum Vitae will order the wines from several wineries in Bulgaria and re-
sell them in the Netherlands. Therefore, the company is not involved in the production process of the
wine. Once it has arrived in the Netherlands, the order will be checked for breakages and/ or missing
items and it will be deposited in a storage space with a volume of around 10 European pallets (40
boxes of 6 wines). Then the stock will be updated according to documentation and product numbers
will be recorded. Afterwards, when an order is placed, the wine will be packaged accordingly in wine
boxes of 1 or more and brand stickers and thank-you cards will be added. The flowchart below
illustrates the process of delivery to the customer.

Figure.7: Delivery process flowchart

4.3 Information and Communication Technology

To run the business efficiently, my partner and I will make use of computers, mobile phones, and a
printer for the customer invoices. The products will be sold through Shopify, an online e-commerce
platform for building your own website, that offers various features to personalise the design and
overall outlook of the web shop. It also provides secure payments with iDEAL, Pay Pal, Credit cards
and Apple Pay, which Vinum Vitae will make use of (Shopify, 2021).
After a supplier order is received, Vinum Vitae must pay excise to the Dutch tax authorities, for which
a secure software provided by them will be used. Cloud computing will be used in the form of Google
Drive and Google Docs for when collaboration between the two entrepreneurs is needed. Lastly, all
important documentation will be stored on an external hard drive disk for better security of data.
 5. Finances
5.1 Financial plan

As part of Vinum Vitae’s financial plan, financial statements have been prepared for a 5-year periods
and can all be found in the appendices as follows: income statement, balance sheet and cash flow
(see App.1.9). Attached to the business plan is an excel sheet that gives more detailed information on
the assumptions used and the sources of those assumptions.

5.2 Risk assessment

The subsequent risk assessment was created based on possible future occurrences that might
disturb the business process or become threats to the current concept of Vinum Vitae. Those risks
were rated on a scale of 1 to 5, with 1 being the lowest and 5 – the highest.
Risk Importance Likelihood Consequence Action
Pricing is too 4 2 3 A new research will be conducted amongst
high for the the (potential) customer base, to better
target market understand their spending behaviour are
willingness to spend on a bottle wine.
Post COVID-19 5 4 4 If the consumer behaviour of the target
customer market changes and the online wine sales
behaviour decline, the focus of Vinum Vitae will be
change shifted more towards the B2B side of the
business.
Competition 4 2 5 Vinum Vitae will stay up to date on the
takeover newest trends to keep up with the
competition and take into account constant
customer feedback in order to differentiate
the products and offer invaluable
personalised experience.
Table.4: Risk assessment

5.3 Forecast

The following outcomes for the upcoming years have been predicted, based on the aforementioned
financial statements:

Year 1 Year 2 Year 3 Year 4 Year 5

Income Statement
Net Profit 30,646.19 254,739.07 479,263.42 698,592.12 910,789.81
Balance Sheet
Net Worth 30,646.19 285,385.26 764,648.69 1,463,240.80 2,374,030.61
Cash Flow Statement

Operating Cash Flow 22,363.59 128,933.16 261,416.82 649,921.86 903,146.60

Investing Cash Flow (1,849.00) - - - -

Total Cash Flows 20,514.59 149,447.76 410,864.58 1,060,786.44 1,963,933.04

Table.5: Financial statements forecast
Appendices
1.1 Survey design
 1.2 Survey results
Codebook SPSS:
RQ1: What is the target market’s wine buying behaviour?
How often do you buy wine online?
All respondents:

35-64:
How often do you buy wine online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Never 25 18.8 18.8 18.8
Once a month 24 18.0 18.0 36.8
Once a year 44 33.1 33.1 69.9
Once every few 32 24.1 24.1 94.0
months
Several times a 8 6.0 6.0 100.0
month
Total 133 100.0 100.0
25-34:
How often do you buy wine online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Never 30 31.9 31.9 31.9
Once a month 8 8.5 8.5 40.4
Once a year 30 31.9 31.9 72.3
Once every few 19 20.2 20.2 92.6
months
Several times a 7 7.4 7.4 100.0
month
Total 94 100.0 100.0
18-24:
How often do you buy wine online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Never 97 56.1 56.1 56.1
Once a month 21 12.1 12.1 68.2
Once a year 13 7.5 7.5 75.7
Once every few 19 11.0 11.0 86.7
months
Several times a 23 13.3 13.3 100.0
month
Total 173 100.0 100.0

What occasion do you usually buy wine for?

All respondents:

35-64:

What occasion do you buy wine for?

Valid Cumulative
Frequency Percent Percent Percent
Valid As a gift 24 18.0 18.0 18.0
Personal consumption 93 69.9 69.9 88.0
Special occasion/ 16 12.0 12.0 100.0
Celebration
Total 133 100.0 100.0
25-34:
What occasion do you buy wine for?
Valid Cumulative
Frequency Percent Percent Percent
Valid As a gift 9 9.6 9.6 9.6
Personal consumption 75 79.8 79.8 89.4
Special occasion/ 10 10.6 10.6 100.0
Celebration
 Total 94 100.0 100.0

18-24:
What occasion do you buy wine for?
Valid Cumulative
Frequency Percent Percent Percent
Valid As a gift 36 20.8 20.8 20.8
Personal consumption 99 57.2 57.2 78.0
Special occasion/ 38 22.0 22.0 100.0
Celebration
Total 173 100.0 100.0
In which price range do you usually buy wine?
All:

35-64:
In which price range do you buy wine?
Valid Cumulative
Frequency Percent Percent Percent
Valid 10-14 EUR 35 26.3 26.3 26.3
15-19 EUR 60 45.1 45.1 71.4
20-24 EUR 13 9.8 9.8 81.2
25 EUR or 5 3.8 3.8 85.0
more
5-9 EUR 20 15.0 15.0 100.0
Total 133 100.0 100.0
25-34:

In which price range do you buy wine?

Valid Cumulative
Frequency Percent Percent Percent
Valid 10-14 EUR 26 27.7 27.7 27.7
15-19 EUR 36 38.3 38.3 66.0
20-24 EUR 7 7.4 7.4 73.4
25 EUR or 1 1.1 1.1 74.5
more
5-9 EUR 24 25.5 25.5 100.0
Total 94 100.0 100.0
18-24:
In which price range do you buy wine?
Valid Cumulative
Frequency Percent Percent Percent
Valid 10-14 EUR 54 31.2 31.2 31.2
15-19 EUR 29 16.8 16.8 48.0
20-24 EUR 5 2.9 2.9 50.9
25 EUR or 6 3.5 3.5 54.3
more
5-9 EUR 79 45.7 45.7 100.0
Total 173 100.0 100.0
Under which of the following conditions would you be willing to spend more
than previously stated?
All respondents:

35-64:
$Spendmore Frequencies
Responses Percent of
N Percent Cases
Under which condition Special Occasion 77 26.9% 57.9%
would spend more a
As a gift 74 25.9% 55.6%
A special vintage 51 17.8% 38.3%
An appealing 40 14.0% 30.1%
packaging
A unique grape variety 18 6.3% 13.5%
Wine with many 9 3.1% 6.8%
awards
Brand with good 17 5.9% 12.8%
storytelling
Total 286 100.0% 215.0%
25-34:
$Spendmore Frequencies
Responses Percent of
N Percent Cases
Under which condition Special Occasion 66 26.5% 70.2%
would spend morea As a gift 58 23.3% 61.7%
A special vintage 28 11.2% 29.8%
An appealing 43 17.3% 45.7%
packaging
A unique grape variety 22 8.8% 23.4%
Wine with many 10 4.0% 10.6%
awards
Brand with good 22 8.8% 23.4%
storytelling
Total 249 100.0% 264.9%

18-24:
$Spendmore Frequencies
Responses Percent of
N Percent Cases
Under which condition Special Occasion 132 29.2% 76.3%
would spend more As a gift 121 26.8% 69.9%
A special vintage 46 10.2% 26.6%
Appealing packaging 43 9.5% 24.9%
Unique grape variety 34 7.5% 19.7%
A wine with many 35 7.7% 20.2%
awards
A brand with good 41 9.1% 23.7%
storytelling
Total 452 100.0% 261.3%
What is your preferred wine type?
All respondents:

35-64:
$Preferredwine Frequencies
Responses Percent of
N Percent Cases
What is your preferred Red 69 33.8% 51.9%
type of wine Rose 50 24.5% 37.6%
White 74 36.3% 55.6%
Sparkling 11 5.4% 8.3%
Total 204 100.0% 153.4%

25-34:

$Preferredwine Frequencies
Responses Percent of
N Percent Cases
What is your preferred Red 64 41.3% 68.1%
type of wine Rose 24 15.5% 25.5%
White 58 37.4% 61.7%
Sparkling 9 5.8% 9.6%
Total 155 100.0% 164.9%
18-24:
$Preferredwine Frequencies
Responses Percent of
N Percent Cases
What is your preferred Red 61 25.0% 35.3%
wine type Rose 64 26.2% 37.0%
White 90 36.9% 52.0%
Sparkling 29 11.9% 16.8%
Total 244 100.0% 141.0%

How likely are you to try out a new wine brand/ grape variety?
All respondents:

35-64:
How likely are you to try out a new brand/ grape variety?
Valid Cumulative
Frequency Percent Percent Percent
Valid Unlikely 2 1.5 1.5 1.5
Neutral 9 6.8 6.8 8.3
Likely 26 19.5 19.5 27.8
Very 96 72.2 72.2 100.0
Likely
Total 133 100.0 100.0
25-34:
How likely are you to try out a new brand/ grape variety?
Valid Cumulative
Frequency Percent Percent Percent
Valid Very 1 1.1 1.1 1.1
Unlikely
Unlikely 1 1.1 1.1 2.1
Neutral 3 3.2 3.2 5.3
Likely 19 20.2 20.2 25.5
Very Likely 70 74.5 74.5 100.0
Total 94 100.0 100.0
18-24:
How likely are you to try out a new brand/ grape variety?
Valid Cumulative
Frequency Percent Percent Percent
Valid Very 4 2.3 2.3 2.3
Unlikely
Unlikely 11 6.4 6.4 8.7
Neutral 18 10.4 10.4 19.1
Likely 55 31.8 31.8 50.9
Very Likely 85 49.1 49.1 100.0
Total 173 100.0 100.0
RQ2: What is the target market’s online buying behaviour?
What is your preferred device when shopping online?
All respondents:
35-64:
What is your preferred device when shopping online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Laptop 60 45.1 45.1 45.1
Smartphone 73 54.9 54.9 100.0
Total 133 100.0 100.0

25-34:
What is your preferred device when shopping online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Laptop 47 50.0 50.0 50.0
Smartphone 47 50.0 50.0 100.0
Total 94 100.0 100.0
18-24:
What is your preferred device when shopping online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Laptop 63 36.4 36.4 36.4
Smartphone 110 63.6 63.6 100.0
Total 173 100.0 100.0
What is the most important aspect of shopping online?
All respondents:
35-64:
What is the most important aspect of shopping online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Easy returns 2 1.5 1.5 1.5
Fast delivery 73 54.9 54.9 56.4
Free delivery 36 27.1 27.1 83.5
No payment fees 11 8.3 8.3 91.7
Reliable customer 11 8.3 8.3 100.0
service
Total 133 100.0 100.0
25-34:
What is the most important aspect of shopping online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Easy returns 7 7.4 7.4 7.4
Fast delivery 54 57.4 57.4 64.9
Free delivery 20 21.3 21.3 86.2
No payment fees 5 5.3 5.3 91.5
Reliable customer 8 8.5 8.5 100.0
service
Total 94 100.0 100.0
18-24:
What is the most important aspect of shopping online?
Valid Cumulative
Frequency Percent Percent Percent
Valid Easy returns 7 4.0 4.0 4.0
Fast delivery 44 25.4 25.4 29.5
Free delivery 61 35.3 35.3 64.7
No payment fees 30 17.3 17.3 82.1
Reliable customer 31 17.9 17.9 100.0
service
Total 173 100.0 100.0
Rating of importance of various website features when deciding which online
store to shop from (1-least important, 5-most important)
All respondents:

35-64:
Visible Reviews
Frequenc Valid Cumulative
y Percent Percent Percent
Valid Least 9 6.8 6.8 6.8
important
4th choice 48 36.1 36.4 43.2
3rd choice 22 16.5 16.7 59.8
2nd choice 23 17.3 17.4 77.3
Most 30 22.6 22.7 100.0
important
 Total 132 99.2 100.0
Missing System 1 .8
Total 133 100.0
Aesthetic pictures/ website
Frequenc Valid Cumulative
y Percent Percent Percent
Valid Least 8 6.0 6.2 6.2
important
4th choice 11 8.3 8.5 14.6
3rd choice 14 10.5 10.8 25.4
4th choice 44 33.1 33.8 59.2
Most 53 39.8 40.8 100.0
important
Total 130 97.7 100.0
Missing System 3 2.3
Total 133 100.0
Detailed product information
Frequenc Valid Cumulative
y Percent Percent Percent
Valid Least 12 9.0 9.3 9.3
important
4th choice 7 5.3 5.4 14.7
3rd choice 7 5.3 5.4 20.2
4th choice 36 27.1 27.9 48.1
Most important 67 50.4 51.9 100.0
Total 129 97.0 100.0
Missing System 4 3.0
Total 133 100.0
Easy to navigate
Frequenc Valid Cumulative
y Percent Percent Percent
Valid Least 12 9.0 9.3 9.3
important
4th choice 10 7.5 7.8 17.1
3rd choice 8 6.0 6.2 23.3
2nd choice 36 27.1 27.9 51.2
Most 63 47.4 48.8 100.0
important
Total 129 97.0 100.0
Missing System 4 3.0
Total 133 100.0
 Mobile friendly
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 5 3.8 3.9 3.9
important
4th choice 30 22.6 23.6 27.6
3rd choice 24 18.0 18.9 46.5
2nd choice 32 24.1 25.2 71.7
Most 36 27.1 28.3 100.0
important
Total 127 95.5 100.0
Missing System 6 4.5
Total 133 100.0

25-34:

Visible Reviews
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 3 3.2 3.2 3.2
important
4th choice 28 29.8 29.8 33.0
3rd choice 17 18.1 18.1 51.1
2nd choice 23 24.5 24.5 75.5
Most 23 24.5 24.5 100.0
important
Total 94 100.0 100.0

Aesthetic pictures/ website

Valid Cumulative
Frequency Percent Percent Percent
Valid Least 1 1.1 1.1 1.1
important
4th choice 4 4.3 4.3 5.3
3rd choice 5 5.3 5.3 10.6
2nd choice 28 29.8 29.8 40.4
Most 56 59.6 59.6 100.0
important
Total 94 100.0 100.0
 Detailed product information
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 4 4.3 4.3 4.3
important
4th choice 2 2.1 2.1 6.4
3rd choice 4 4.3 4.3 10.6
2nd choice 22 23.4 23.4 34.0
Most 62 66.0 66.0 100.0
important
Total 94 100.0 100.0
Easy to navigate
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 3 3.2 3.2 3.2
important
4th choice 7 7.4 7.5 10.8
3rd choice 14 14.9 15.1 25.8
2nd choice 21 22.3 22.6 48.4
Most 48 51.1 51.6 100.0
important
Total 93 98.9 100.0
Missing System 1 1.1
Total 94 100.0

Mobile friendly
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 8 8.5 8.7 8.7
important
4th choice 26 27.7 28.3 37.0
3rd choice 18 19.1 19.6 56.5
2nd choice 18 19.1 19.6 76.1
Most 22 23.4 23.9 100.0
important
Total 92 97.9 100.0
Missing System 2 2.1
Total 94 100.0
18-24:

Visible Reviews
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 6 3.5 3.5 3.5
important
4th choice 8 4.6 4.6 8.1
3rd choice 36 20.8 20.8 28.9
2nd choice 58 33.5 33.5 62.4
Most 65 37.6 37.6 100.0
important
Total 173 100.0 100.0
Aesthetic pictures/ website
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 1 .6 .6 .6
important
4th choice 9 5.2 5.2 5.8
3rd choice 27 15.6 15.6 21.4
2nd choice 57 32.9 32.9 54.3
Most 79 45.7 45.7 100.0
important
Total 173 100.0 100.0
Detailed product information
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 2 1.2 1.2 1.2
important
4th choice 8 4.6 4.6 5.8
3rd choice 24 13.9 13.9 19.7
2nd choice 51 29.5 29.5 49.1
Most 88 50.9 50.9 100.0
important
Total 173 100.0 100.0
Easy to navigate
Frequenc Valid Cumulative
y Percent Percent Percent
Valid Least 5 2.9 2.9 2.9
important
4th choice 11 6.4 6.4 9.3
 3rd choice 34 19.7 19.8 29.1
2nd choice 56 32.4 32.6 61.6
Most 66 38.2 38.4 100.0
important
Total 172 99.4 100.0
Missing System 1 .6
Total 173 100.0
Mobile friendly
Valid Cumulative
Frequency Percent Percent Percent
Valid Least 12 6.9 6.9 6.9
important
4th choice 15 8.7 8.7 15.6
3rd choice 43 24.9 24.9 40.5
2nd choice 45 26.0 26.0 66.5
Most 58 33.5 33.5 100.0
important
Total 173 100.0 100.0
What is your preferred delivery method?
All respondents:

35-64:
What is your preferred delivery method?
Valid Cumulative
Frequency Percent Percent Percent
Valid Pick up from a parcel 12 9.0 9.0 9.0
shop
Pick up from store 6 4.5 4.5 13.5
location/ storage
Send to address as a 115 86.5 86.5 100.0
parcel
Total 133 100.0 100.0
25-34:
What is your preferred delivery method?
Valid Cumulative
Frequency Percent Percent Percent
Valid Pick up from a parcel 5 5.3 5.3 5.3
shop
Pick up from store 5 5.3 5.3 10.6
location/ storage
Send to address as a 84 89.4 89.4 100.0
parcel
Total 94 100.0 100.0

18-24:
What is your preferred delivery method?
Valid Cumulative
Frequency Percent Percent Percent
Valid Pick up from a parcel 18 10.4 10.4 10.4
shop
Pick up from store 12 6.9 6.9 17.3
location/ storage
Send to address as a 143 82.7 82.7 100.0
parcel
Total 173 100.0 100.0

What would be the maximum acceptable delivery time for you?

All respondents:
35-64:
What is the maximum acceptable delivery time for you?
Valid Cumulative
Frequency Percent Percent Percent
Valid 1 day 10 7.5 7.5 7.5
2 weeks 11 8.3 8.3 15.8
2-3 days 37 27.8 27.8 43.6
3-5 days 75 56.4 56.4 100.0
Total 133 100.0 100.0

25-34:
What is the maximum acceptable delivery time for you?
Valid Cumulative
Frequency Percent Percent Percent
Valid 1 day 2 2.1 2.1 2.1
2 weeks 3 3.2 3.2 5.3
2-3 days 27 28.7 28.7 34.0
3-5 days 62 66.0 66.0 100.0
Total 94 100.0 100.0

18-24:
What is the maximum acceptable delivery time for you?
Valid Cumulative
Frequency Percent Percent Percent
Valid 1 day 9 5.2 5.2 5.2
2 weeks 16 9.2 9.2 14.5
2-3 days 61 35.3 35.3 49.7
3-5 days 87 50.3 50.3 100.0
Total 173 100.0 100.0
What is your preferred payment method when shopping online?
All respondents:

35-64:
What is your preferred payment method?
Valid Cumulative
Frequency Percent Percent Percent
Valid After pay 8 6.0 6.0 6.0
Apple Pay 11 8.3 8.3 14.3
Credit 22 16.5 16.5 30.8
Card
iDEAL 80 60.2 60.2 91.0
PayPal 12 9.0 9.0 100.0
Total 133 100.0 100.0
25-34:
What is your preferred payment method?
Valid Cumulative
Frequency Percent Percent Percent
Valid After pay 2 2.1 2.1 2.1
Apple Pay 12 12.8 12.8 14.9
Credit 20 21.3 21.3 36.2
Card
iDEAL 51 54.3 54.3 90.4
PayPal 9 9.6 9.6 100.0
Total 94 100.0 100.0

18-24:
What is your preferred payment method?
 Valid Cumulative
Frequency Percent Percent Percent
Valid After pay 14 8.1 8.1 8.1
Apple Pay 22 12.7 12.7 20.8
Credit 45 26.0 26.0 46.8
Card
iDEAL 58 33.5 33.5 80.3
PayPal 34 19.7 19.7 100.0
Total 173 100.0 100.0
What is your preferred SM platform?
All respondents:

35-64:
$SMuse Frequencies
Responses Percent of
N Percent Cases
Which SM platform do Facebook 105 43.0% 78.9%
you use Instagram 80 32.8% 60.2%
LinkedIn 27 11.1% 20.3%
Twitter 8 3.3% 6.0%
TikTok 17 7.0% 12.8%
DontUseSM 7 2.9% 5.3%
Total 244 100.0% 183.5%
25-34:
$SMuse Frequencies
Responses Percent of
N Percent Cases
Which SM platforms do Facebook 71 39.7% 76.3%
you use Instagram 82 45.8% 88.2%
LinkedIn 12 6.7% 12.9%
TikTok 14 7.8% 15.1%
Total 179 100.0% 192.5%
18-24:
$SMuse Frequencies
Responses Percent of
N Percent Cases
Which SM platforms do Facebook 69 23.2% 41.1%
you use Instagram 156 52.3% 92.9%
Linkedin 27 9.1% 16.1%
Twitter 15 5.0% 8.9%
Tiktok 31 10.4% 18.5%
Total 298 100.0% 177.4%

On average, how many hours a day do you spend on SM?

All respondents:

35-64:

How many hours do you usually spend on SM?

Valid Cumulative
Frequency Percent Percent Percent
Valid 7 5.3 5.3 5.3
1-2 33 24.8 24.8 30.1
2-3 41 30.8 30.8 60.9
3-4 40 30.1 30.1 91.0
Less than 1 10 7.5 7.5 98.5
More than 4 2 1.5 1.5 100.0
Total 133 100.0 100.0
25-34:
How many hours do you usually spend on SM?
Valid Cumulative
Frequency Percent Percent Percent
Valid Less than 1 7 7.4 7.4 7.4
1-2 15 16.0 16.0 23.4
2-3 35 37.2 37.2 60.6
3-4 32 34.0 34.0 94.7
More than 4 5 5.3 5.3 100.0
Total 94 100.0 100.0

18-24:
How many hours do you usually spend on SM?
Valid Cumulative
Frequency Percent Percent Percent
Valid Less than 1 9 5.2 5.4 5.4
1-2 39 22.5 23.2 28.6
2-3 61 35.3 36.3 64.9
3-4 32 18.5 19.0 83.9
More than 4 27 15.6 16.1 100.0
Total 168 97.1 100.0
Missing System 5 2.9
Total 173 100.0
How likely are you to purchase a food/ beverage product you saw on a SM
advertisement?
All respondents:
35-64:
How likely are you to purchase a food/ beverage item you saw
on a SM ad?
Valid Cumulative
Frequency Percent Percent Percent
Valid Very Unlikely 6 4.5 4.8 4.8
Unlikely 10 7.5 7.9 12.7
Neutral 18 13.5 14.3 27.0
Likely 18 13.5 14.3 41.3
Very Likely 74 55.6 58.7 100.0
Total 126 94.7 100.0
Missing System 7 5.3
Total 133 100.0
25-34:
How likely are you to purchase a food/ beverage item you
saw on a SM ad?
Valid Cumulative
Frequency Percent Percent Percent
Valid Very Unlikely 5 5.3 5.3 5.3
Unlikely 12 12.8 12.8 18.1
Neutral 19 20.2 20.2 38.3
Likely 9 9.6 9.6 47.9
Very Likely 49 52.1 52.1 100.0
Total 94 100.0 100.0
18-24:
How likely are you to purchase a food/ beverage item you saw
on a SM ad?
Valid Cumulative
Frequency Percent Percent Percent
Valid Very Unlikely 14 8.1 8.3 8.3
Unlikely 21 12.1 12.5 20.8
Neutral 53 30.6 31.5 52.4
Likely 59 34.1 35.1 87.5
Very Likely 21 12.1 12.5 100.0
Total 168 97.1 100.0
Missing System 5 2.9
Total 173 100.0
RQ3: What is the target market’s attitude towards Vinum Vitae’s concept?
Are you interested in having an at-home tasting experience?
All respondents:

35-64:
Are you interested in having an at-home wine tasting
experience?
Valid Cumulative
Frequency Percent Percent Percent
Valid Yes 110 82.7 82.7 82.7
No 23 17.3 17.3 100.0
Total 133 100.0 100.0

25-34:
Are you interested in having an at-home wine tasting
experience?
Valid Cumulative
Frequency Percent Percent Percent
Valid Yes 76 80.9 80.9 80.9
No 18 19.1 19.1 100.0
Total 94 100.0 100.0
18-24:
Are you interested in having an at-home wine tasting
experience?
Valid Cumulative
Frequency Percent Percent Percent
Valid Yes 135 78.0 78.0 78.0
No 38 22.0 22.0 100.0
Total 173 100.0 100.0
How likely are you to purchase a tasting box from Vinum Vitae?
All respondents:

35-64:
How likely are you to purchase a tasting box from VV?
Valid Cumulative
Frequency Percent Percent Percent
Valid Unlikely 3 2.3 2.7 2.7
Neutral 17 12.8 15.5 18.2
Likely 11 8.3 10.0 28.2
Very Likely 79 59.4 71.8 100.0
Total 110 82.7 100.0
Missing System 23 17.3
Total 133 100.0

25-34:
How likely are you to purchase a tasting box from VV?
Valid Cumulative
Frequency Percent Percent Percent
Valid Unlikely 4 4.3 5.3 5.3
Neutral 12 12.8 15.8 21.1
Likely 12 12.8 15.8 36.8
Very Likely 48 51.1 63.2 100.0
Total 76 80.9 100.0
Missing System 18 19.1
Total 94 100.0
18-24:
How likely are you to purchase a tasting box from VV?
Valid Cumulative
Frequency Percent Percent Percent
Valid Very Unlikely 2 1.2 1.5 1.5
Unlikely 10 5.8 7.4 8.9
Neutral 45 26.0 33.3 42.2
Likely 45 26.0 33.3 75.6
Very Likely 33 19.1 24.4 100.0
Total 135 78.0 100.0
Missing System 38 22.0
Total 173 100.0
What is a reasonable price for a tasting box of 3, 750ml bottles?
All respondents:

35-64:
What is an acceptable price for one box?
Valid Cumulative
Frequency Percent Percent Percent
Valid 23 17.3 17.3 17.3
<30 EUR 12 9.0 9.0 26.3
>60 EUR 1 .8 .8 27.1
30-39 EUR 30 22.6 22.6 49.6
40-49 EUR 64 48.1 48.1 97.7
50-59 EUR 3 2.3 2.3 100.0
Total 133 100.0 100.0

25-34:
 What is an acceptable price for one box?
Valid Cumulative
Frequency Percent Percent Percent
Valid <30 EUR 15 16.0 19.7 19.7
30-39 EUR 14 14.9 18.4 38.2
40-49 EUR 44 46.8 57.9 96.1
50-59 EUR 3 3.2 3.9 100.0
Total 76 80.9 100.0
Missing 5 18 19.1
Total 94 100.0
18-24:
What is an acceptable price for one box?
Valid Cumulative
Frequency Percent Percent Percent
Valid <30 EUR 31 17.9 23.0 23.0
30-39 EUR 63 36.4 46.7 69.6
40-49 EUR 32 18.5 23.7 93.3
50-59 EUR 7 4.0 5.2 98.5
>60 EUR 2 1.2 1.5 100.0
Total 135 78.0 100.0
Missing 6 38 22.0
Total 173 100.0
RQ4: What are the target market’s demographic and socio-cultural characteristics?
What is your age?
All respondents:

What is your gender?

All respondents:
35-64:

What is your gender?

Valid Cumulative
Frequency Percent Percent Percent
Valid Female 92 69.2 69.2 69.2
I prefer not to 1 .8 .8 69.9
say
Male 37 27.8 27.8 97.7
Other 3 2.3 2.3 100.0
Total 133 100.0 100.0
25-34:
What is your gender?
Valid Cumulative
Frequency Percent Percent Percent
Valid Female 71 75.5 75.5 75.5
I prefer not to 1 1.1 1.1 76.6
say
Male 21 22.3 22.3 98.9
Other 1 1.1 1.1 100.0
Total 94 100.0 100.0
18-24:
What is your gender?
Valid Cumulative
Frequency Percent Percent Percent
Valid Male 29 16.8 16.8 16.8
Female 142 82.1 82.1 98.8
I Prefer Not to 2 1.2 1.2 100.0
Say
Total 173 100.0 100.0
How many adults does your household comprise of?

All respondents:
35-64:
How many adults does your household comprise of?
Cumulative
Frequency Percent Valid Percent Percent
Valid 1 adult 6 4.5 4.7 4.7
2 adults 98 73.7 76.6 81.3
3 adults 24 18.0 18.8 100.0
Total 128 96.2 100.0
Missing System 5 3.8
Total 133 100.0

25-34:
How many adults does your household comprise of?
Valid Cumulative
Frequency Percent Percent Percent
Valid 1 adult 10 10.6 10.6 10.6
2 adults 55 58.5 58.5 69.1
3 adults 23 24.5 24.5 93.6
4 or more 6 6.4 6.4 100.0
adults
Total 94 100.0 100.0

18-24:
How many adults does your household comprise of?
Valid Cumulative
Frequency Percent Percent Percent
Valid 1 adult 19 11.0 11.0 11.0
2 adults 64 37.0 37.0 48.0
3 adults 50 28.9 28.9 76.9
4 or more 40 23.1 23.1 100.0
adults
Total 173 100.0 100.0
 1.3 Entrepreneurship qualities

Quality Good Mediocre Poor

Entrepreneurship
Perseverance/drive
Energy and fitness
Hard-working (> 50 hours/week)
Self-reliance
Goal orientation (effective)
Goal orientation (efficient)
Result orientation
Decisiveness
Independence
Adaptability
Creativity
Resourcefulness
Inquisitiveness
Action-taking
Market orientation
Customer orientation
Professional knowledge
Sector knowledge
Daring
Flexibility
Quality orientation
Realistic attitude
Initiative
Organizational skills
Financial insight
Reliability in agreements
Self-discipline
Self-control
Listening skills
Empathy
Communication skills
Powers of persuasion
Decisiveness
Immunity to stress
Leadership skills
Inspiring
Support from surroundings
Invulnerability to insecurity
1.4 Competitor Analysis
 1.5 Marketing strategy
What Why How When How much Who
Customer Personalised wines Wine offering is currently too Unique Bulgarian wines From June onwards the Expected customers in Dutch consumers
service extensive, and it is hard to will be offered. business will launch and year 1 are around 1566. aged 18 to 65
Unique wines choose which wine would suit At-home tasting start with at-home wine
Brand storytelling one’s taste without much experience will be created tasting offering
wine knowledge
Cost Similar or slightly higher The potential customers are Prices are set based on Price lists have been created Expected revenue for the Prices will be the
prices than competition. willing to pay a higher price previous research, with a for the launch of the first year is around 721 same for all
Average price per bottle for a personalised, high- 30% profit margin added company; afterwards they will 500 EUR based on 1565 customers
around 18 EUR quality wine service and do after buying from be adjusted quarterly customers, an average
Prices include shipping, not want to pay extra for suppliers and covering according to demand and price per bottle of 18.44
VAT and excise paid delivery transportation and excise yearly with inflation and average wine
costs consumption per year 25
bottles per person.

Convenience Wine delivered at the Many consumers have
customer’s door shortly switched to online shopping
after ordering. during the COVID-19
Packages can also be pandemic; Dutch customers
picked up from storage have been educating
location for Rotterdam themselves more and more
locals. on wine and its production
Easy-to-navigate website and have been incorporating
makes it effortless to it more into their daily lives
browse for wines
Communication Brochures in mail (when Rotterdam & The Hague
launching). residents will be attracted to
Email promotion. order from Vinum Vitae
Social media. through brochures (will
Word of mouth. include small discount for the
Wine influencers first 50 customers); Social
media allows for targeted
advertising for utmost
personalisation. People trust
established influencers and
their friends/ family
A small storage space at Deliveries will be made every The storage space will Delivery for less
one of the owners’ houses day between 9:00 and 18:00 cost 15EUR per month than 6 bottles will
will be used where the and the costs for gas firstly be available
wine will be packaged, would be around 6.01 in North and
and the deliveries will be EUR per customer South Holland
made with Vinum Vitae’s only, slowly
own transportation expanding to the
whole
Netherlands
Distribute brochures in Brochures will be sent out Social media set up: free. Brochures:
mail. shortly after launching; Email Social media ads: 300 Rotterdam and
Create email campaigns campaigns will start 1-2 EUR yearly The Hague
and send them out to weeks before the launch; Word of mouth: free residents.
existing email Social media promotion has Wine influencers: cost of Email, Social
subscribers. already begun; Wine a few wine bottles media etc.: all
Set up social media page influencers will be contacted Email promotion: free consumers
and take product pictures. 1-2 weeks after launching Brochures in mail: cost of
Contact social media printing (around 0.20 EUR
influencers and offer per brochure)
partnership;
 1.6 Promotional materials

Business cards: Thank you cards:

Brochure:
1.7 Website and Social media
 1.8 Documentation overview

Supplier deliveries overview for excise:

Customer orders overview for VAT:

Supplier transactions overview:

Invoice payments overview:

Invoice overview:

Supplier invoice overview:

Excise payment overview:

Bank transactions overview:

 1.9 Financial statements

VINUM VITAE
INCOME STATEMENT

Year 1 Year 2 Year 3 Year 4 Year 5

Sales 721,534.35 1,492,242.70 2,238,364.05 2,984,485.40 3,730,606.75

Opening inventory - (26,411.78) (24,383.20) (22,882.96) (24,395.92)

Purchases (459,269.89) (896,264.09) (1,340,043.78) (1,793,187.49) (2,252,231.86)
Closing inventory 26,411.78 24,383.20 22,882.96 24,395.92 25,363.74
TOTAL COST OF SALES (432,858.11) (898,292.67) (1,341,544.01) (1,791,674.53) (2,251,264.04)

Gross Margin 288,676.23 593,950.03 896,820.04 1,192,810.87 1,479,342.71

Gross Margin % 0.40 0.40 0.40 0.40 0.40

Expenses

Rent (180.00) (182.48) (185.00) (187.56) (190.14)

Internet (360.00) (364.97) (370.00) (375.11) (380.29)
Depreciation (369.80) (369.80) (369.80) (369.80) (369.80)
Telecommunications (186.00) (188.57) (191.17) (193.81) (196.48)
Website (298.00) (302.11) (306.28) (310.51) (314.79)
Wages (12,000.00) (12,165.60) (12,333.49) (12,503.69) (12,676.24)
Professional expenses (1,931.25) (1,957.90) (1,984.92) (2,012.31) (2,040.08)
Transportation in Netherlands (235,216.38) (238,462.36) (241,753.14) (245,089.33) (248,471.57)
Marketing & Promotion (300.00) (304.14) (308.34) (312.59) (316.91)

Total Operating Expenses (250,841.43) (254,297.93) (257,802.14) (261,354.71) (264,956.30)

Profit Before Interest and Taxes
EBITDA 37,834.81 339,652.09 639,017.90 931,456.16 1,214,386.41
Interest Expense -
Income tax (7,188.61) (84,913.02) (159,754.47) (232,864.04) (303,596.60)
Net Profit 30,646.19 254,739.07 479,263.42 698,592.12 910,789.81

Net Profit/Sales 4.25% 17.07% 21.41% 23.41% 24.41%

VINUM VITAE
BALANCE SHEET

Particulars Year 1 Year 2 Year 3 Year 4 Year 5

Assets
Current Assets
Cash 20,514.60 149,447.76 410,864.58 1,060,786.44 1,963,933.04
Receivables 50,507.40 304,188.66 684,710.55 893,624.53 968,236.66
Inventory 26,411.78 24,383.20 22,882.96 24,395.92 25,363.74
TOTAL CURRENT ASSETS 97,433.78 478,019.62 1,118,458.10 1,978,806.89 2,957,533.45
Laptop 999.00 999.00 999.00 999.00 999.00
Phone 850.00 850.00 850.00 850.00 850.00
Accumulated Depreciation - laptop (199.80) (399.60) (599.40) (799.20) (999.00)
Accumulated Depreciation - Phone (170.00) (340.00) (510.00) (680.00) (850.00)

TOTAL LONG-TERM ASSETS 1,479.20 1,109.40 739.60 369.80 -

TOTAL ASSETS 98,912.98 479,129.02 1,119,197.70 1,979,176.69 2,957,533.45

Liabilities and Capital

Current Liabilities
Accounts Payable 68,266.78 193,743.76 354,549.01 515,935.88 583,502.84
Current Borrowing -
Other Current Liabilities -
SUBTOTAL CURRENT LIABILITIES 68,266.78 193,743.76 354,549.01 515,935.88 583,502.84
Long-term Liabilities -
TOTAL LIABILITIES 68,266.78 193,743.76 354,549.01 515,935.88 583,502.84
Owner Equity -
Retained Earnings 30,646.19 285,385.26 764,648.69 1,463,240.80 2,374,030.61
Earnings -
TOTAL CAPITAL 30,646.19 285,385.26 764,648.69 1,463,240.80 2,374,030.61

TOTAL LIABILITIES AND CAPITAL 98,912.98 479,129.02 1,119,197.70 1,979,176.69 2,957,533.45

VINUM VITAE
CASHFLOW STATEMENT

Year 1 Year 2 Year 3 Year 4 Year 5

CASHFLOW FROM OPERATING ACTIVITIES

Profit before tax 37,834.81 339,652.09 639,017.90 931,456.16 1,214,386.41
Add: Depreciation 369.80 369.80 369.80 369.80 369.80
Cashflow before working capital changes 38,204.61 340,021.89 639,387.70 931,825.96 1,214,756.21

Working capital changes

Increase in accounts receivables (50,507.40) (253,681.26) (380,521.89) (208,913.98) (74,612.13)
Increase in inventory (26,411.78) 2,028.58 1,500.24 (1,512.96) (967.82)
Increase in suppliers' balances 68,266.78 125,476.97 160,805.25 161,386.87 67,566.96

Cashflow after working capital changes 29,552.21 213,846.19 421,171.30 882,785.89 1,206,743.21
Income tax paid (7,188.61) (84,913.02) (159,754.47) (232,864.04) (303,596.60)

Cash generated from operating activities (A) 22,363.59 128,933.16 261,416.82 649,921.86 903,146.60

CASHFLOW FROM INVESTING ACTIVITIES

Purchase of laptop (999.00) 0 0 0 0
Purchase of phone (850.00) 0 0 0 0

Cash used in investing activities (B) (1,849.00) - - - -

Sum of (A) and (B) 20,514.59 128,933.16 261,416.82 649,921.86 903,146.60

Opening cash - 20,514.60 149,447.76 410,864.58 1,060,786.44

Closing cash 20,514.59 149,447.76 410,864.58 1,060,786.44 1,963,933.04

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Proof of Proposal approval & Data set upload

As informed by LYCAR office earlier this week, the SPSS file could not be submitted, hence why I have
submitted my Excel data sets.
Proof of wordcount

Market research: 7312 words + 495 in figures and tables = 7807 words
Business plan: 3823 words + 301 in figures and tables = 4124 words

TOTAL: 7,807+4,124= 11,931 words