Marketing Capstone

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My wife and I have developed a marketing plan for the opening of a new antique store in our neighborhood. There are three reasons we believe this will be a profitable opportunity. First, we both love antiques, and have learned a great deal about authenticating, pricing and conserving the value of these pieces. Next, we have business experience from our venture in consulting work. And thirdly, one of the major antique stores in our area has ceased operations. Develop a marketing plan for business We have completed our project in the city of Ashland, Kentucky. If our marketing research is favorable we will opt for a storefront building in the old downtown section of South Ashland. The reasons of the importance of this project were to allow us to have a formal plan to follow which will enhance our ability to make a profit from the antiques that we love to be around. But, also it is important to be able to serve our community and market with authentic antiques at reasonable prices. Another reason for our project was to secure a plan to attract other individuals in the community to sell their antiques at our store on a consignment basis. This will permit us to have a much greater offering while investing less in inventory. Our project was to design a workable marketing plan for the purpose of achieving maximum profit from our venture. We hope to be able to grow this business into a source of substantial income to supplement our retirement income. There were several things to consider; competition from existing antique store being the most important. We live in a small metropolitan area, in three adjoining states. We identified twenty stores in this area who sell antiques. Although antiques are a niche market, we believe that retail stores in general have certain criteria to be successful. These include traffic, pleasant layout, visibility and available parking.

Project Goals and Objectives
The goals and of our project were as follows:
1.Develop a mission statement for our business.
2.Work with area groups like “Mainstreet Committee” to obtain information about local business environment. 3.Conduct traffic research for the purpose of determining the best location for our business. To be successful, we must obtain a lease on a suitable property with good pedestrian traffic, parking and pleasant surroundings. 4.Gain sales data on other antique stores in our area.

5.Develop a line of specialties within the general antiques products. 6.Develop an action plan of strategies and tactics to be implemented.
Rationale/Needs Assessment
The need for the project was twofold. First, there was a need to determine the feasibility of another antique store in our community. Second, we needed to develop a marketing plan which will guide us through the necessary steps toward a successful operation. Our rationale for completing the project is to be able to achieve the goals stated above. If our antique store is to prosper, it is necessary to have a formal marketing plan to follow. We knew that our chances of failure are much greater without following a formal plan.

Timeline

Description of Goal/Objective/MeasureStartCompletePersonnel Start project develop and finalize goals and objectives. The measure is a list of goals/objectives.9/2/20079/9/2007 Project Manager, Ernest Madden and Antique Appraiser, Beverly Madden Determine resources needed to complete the project.9/9/20079/30/2007Project Manager, Ernest Madden and Antique Appraiser, Beverly Madden Obtain a copy of the latest business study conducted by “Operation Mainstreet”9/12/20079/15/2007Project Manager, Ernest Madden Develop a mission statement for our business.10/2/200710/9/2007Project Manager, Ernest Madden and Antique Appraiser, Beverly Madden Contact Ashland Mainstreet Committee to solicit information and assistance in opening our business10/8/200710/28/2007Project Manager, Ernest Madden...
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