Business Expansion Plan

Topics: Marketing, Customer service, Target Pages: 18 (5336 words) Published: February 24, 2013
Situational Analysis:

J&J Trades is entering its third year of operations and its business is steadily expanding via word of mouth and referrals from within the community. However, in order to enter the next phase of expansion and growth, extensive marketing will be crucial to develop a strong and distinctive brand as well as create exposure and awareness. J&J Trades offers a variety of one-of-a-kind accessories as well as custom made designs and costumes.

Market Summary:

J&J has researched its niche target market and the viability of its product line. It is clear that there is ample demand for their products and room for expanding their line and offering more variety and choices to their customers. The popularity for costume clothing inspired by yesteryears is not a passing fad but a trend that influences mainstream fashion. Costume pieces can be incorporated into everyday wear and thus increase the usage and therefore the demand for their products. The challenge is to create awareness and to reach a wider audience that may be persuaded to purchase their products. By creating partnerships and collaborative efforts with others who sell similar or tangent items, J&J Trades can expand its reach and gain new customers.

Target Markets:

• Collectors
• ComicCon enthusiasts
• Renaissance Fair patrons
• Seasonal customers (Halloween)
• Theater

Market Demographics:

Typical J&J Trades customers generally fit the following profile:

• Geographic:

o Customers generally come from within the general Los Angeles area although they have also had customers from outside the area. By taking advantage of the wide reach of the Internet and delivery services, J&J Trades has been able to serve customers from Northern California and across the U.S. o A higher percentage of customers are male.

o No data has been collected regarding age groups, education level, or income.

• Behavior Factors:

o Majority of customers indicate that they will use/wear the product rather than simply display it. o Customers are apt to wear the product more than once and would like to add “matching” pieces to create a full ensemble.

Market Needs:

J&J Trades offers its customers various options for each of its products. Its goal is to meet its customer’s expectations in the following areas:

• Quality goods: Customers are expecting products made from quality materials, with superb stitching, embossing, and finishing touches. Products are expected to be durable and perform well under frequent use. • Unique handcrafts: Customers prefer to have unique items that are not easily duplicated or found at a mall. They are seeking a one-of-a-kind experience. • Accuracy: Anachronistic details are to be avoided as customers want to appear knowledgeable on period they are representing. Therefore, thorough research must be conducted to ensure historical accuracy. • Artistry: In order to differentiate itself from the competition, not only must items be functional and accurate, they must be visually appealing. • Customer service: Dependable and responsive service must be established to build and maintain good rapport and relationships with customers. This will help create a loyal customer base.

Viability and Market Trends:

J&J Trades is distinguishing itself by providing high quality, hand-crafted items that are of obviously superb craftsmanship. The leather-covered flasks and the hairpieces are especially popular year-round. The community seems to constantly grow with more and more youngsters finding a passion for period wear. Once a person embraces the community and discovers the many ways to actively participate, they are likely to remain enthusiasts for long. This is fortunate as it creates long-term...
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