SITUATION ANALYSIS INDUSTRY ANALYSIS
Recent phenomena suggest that the Philippine popular culture has a sudden increase of interest on authenticating their stylistic taste through sporting accessories such as watches, bracelets, and the like. Success on the other hand, is more likely to be associated with personalized products. An evident example would be businesses with rising popularity in handmade clay/resin accessories, shoelace bracelets, and loom bands. It seems that offered goods that are high in factors of uniqueness and originality make the masses more receptive and inclined to buy. SALES ANALYSIS
Since the watch business just started last September 2014, the sales count are not yet enough for a fair judgment. In more than one month of running the business, it has finished 11 orders , and 6 remaining orders yet to be made. This could be a good start but the product’s longevity can’t be determined as of yet, especially with the absence of a marketing communication plan. COMPETITIVE ANALYSIS
The product is unique, and there are no known business competitors that produce the exact same product locally. Its closest competitors are retail watch brands as well as online resellers of watches, while indirect competitors would include handcrafted accessories such as clay necklaces and earrings, and loom band bracelets. One specific competitor of Batik is another kind of bracelet watch that is sold in different shops including Girl Shoppe, with a price that ranges from Php350-1000. The straps used are made of leather combined with vintage charms and beads which match the bronze frames. Businesses that sell bracelet watches with woven straps are usually found in other countries. Some of these allow shipping through the Philippines wherein products cost Php 450- 1500.
Since communications are limited to Facebook and by word of mouth, What makes the product distinctive from other accessories is that it offers a functional watch with
a unique decorative strap that highlights your sense of individual style. Straps are made from organic thread fibers, which are safe for the skin. Customers are primarily friends and acquaintances of the owner through social media. However, there have been referrals to third party buyers as well as repeat purchases, which shows potential for the product. SWOT ANALYSIS STRENGTHS
Bracelet watches that use decorative woven straps as used in Batik are not common in the Philippines which makes the product unique and have less competitors. Since this is an online business, the owner can take orders and deliver products to the customers in a convenient way which avoids idle time at a physical store, thus providing more time to attend to other tasks. Online businesses can also cut down expenses since they don’t need to pay for shop premises or rental spaces, bills, and staffs. WEAKNESSES
The business is single-handedly run by the owner that’s why it cannot produce much products as of now. The founder, Andrea, is also juggling her time with college that’s why she decided not to cater to a larger group of customers yet. The market might think of it as expensive compared to other bracelet watches that are mass produced. Some people prefer to browse and try items in person before purchasing. Being an online business, customers do not have the chance to try before buying a certain product.
Since, it is a distinct, new and customized product, it has the opportunity to capture the attention of the masses. These designs can either be chosen or given by the customer according to its us and preferences (e.g personal watch, couple’s watches, friendship watches, etc). Despite similar products being available internationally, it’s the first of its kind to be produced and sold in the local market. The business is already based online, so other online resources can also be utilized aside from Facebook. The products can likewise be sold in...
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