Handbag_Obession
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Handbag_Obession
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Handbag_Obession
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- Our bags offer a look of glamour and sophistication to every need that fits your everyday routines from, work/career, vacation, and evening as well. Handbags keep us organized and are an asset for any woman who carries essentials to several locations. Different types of handbags are based on the individual’s need.
- Handbag Obsessions is the wholesale company that was formed by four college students who had an idea for developing and promoting their designer handbags and found their revenues would increase with proper marketing and a solid business plan that promotes their motto of a lifetime warranty of the products they sell. The organized and highly motivated women created a name and logo that would be a unique symbol of their product. The logo was patented which will make it difficult for knock-off and counterfeit replicas of their products. This company operates under the value of the “5 – R’s”, which are: Right Product, Right Store, Right Condition, Right Time, Right Price.
- Recently, the women entrepreneurs have explored the potential of Handbag Obsessions and reviewed expanding the line to include a variety of handbags to conform to the younger and older generations in addition to their focus on the twenty to forty year women. A child’s line and “Purple Hat” society line are thoughts that are being reviewed for expansion. It is our goal to establish a reputable name for our company and to further develop the business, business infrastructure, internal systems, product and service development, and extensive marketing and geographic positioning.
- By focusing on its strengths, its key customers, and the underlying values they need. This business plan leads the way. It renews our vision and strategic focus: adding value to our target market segments, the small business and high-end house wife, in our market. It also provides the step-by-step plan for improving our sales, gross margin, and profitability.
- The primary purpose for the situation analysis section of a marketing plan is to describe what is happening in the markets, in which the company competes, and the company's product and distribution trends. Market Summary and Demographics , which presents information on trends for demographic, economic, technological, political, social, cultural, material supply, etc., that impact on the company Competitive Situation , which provides a description of major competitors with size, goals, market share, product quality comparisons, marketing strategies, marketing spending, etc.
- Product Situation , which includes sales, prices, and contribution margins; net profits of each company product line are shown
- Strengths: Motivated business owners prepared to enter wholesale club to energize the handbag market Each handbag has a name, an identity, that customers can quickly connect with Handbags will range from elegant, glamorous and sophisticated to everyday, practical and professional Placing product in established wholesale club increases customer accessibility Promoting handbags for sale in an established wholesale club will increase customer convenience in viewing products Anticipated demand for handbags at a wholesale price- most women purchase at least one The 5 established designs of handbags have a variety of colors and shades to match outfits Weaknesses: Product appeals to 50% of the population b) Need to set price for each item c) Set up webpage to promote wholesale club and for online sales d) Need to source suppliers for handbags to keep costs at a minimum to sell at wholesale price and maximize profits to owners e) Need to define sales and advertising for wholesale club f) 5 business owners in wholesale club to make decisions at each stage g) Need to define market position and who our customers will be (High, Middle, Low end)
- Many businesses which claim to offer "designer handbags" do not back their products up with a lifetime warranty. Our closest competitors are local pre-manufactured handbag retailers, other handbag-selling websites, and the market of knock-offs and counterfeit replicas of our products. However, none of these competitors offers the combination of factors which define our company. Retailers, both local and national via websites, offering handbags do not offer the versatility of being able to purchase a handbag for everyday use and for a more glamorous look. Many handbag companies offer either or but not both extremes. Our wholesale company only sells handbags for women. Other companies will sell knock-offs, handbags just like name brands, but with their name on it. While this store has a huge selection, the quality of the handbags leaves a lot to be desired. While the handbags are often good copies of famous brands, the execution is sometimes off. Many of the handbags are made out of less quality cheaper material, giving it a tacky appearance.
- Profit is the result of each sale above BEP.
- Handbag Obsession should not only provide the best service to our customers but set the benchmark for our competitors and other products within the wholesale club.
- People are spending less money on items for themselves and are starting to save more in anticipation of the economy getting worse yet. This report is through to age 29 and our market would be affected by these statistics as we would with the 30 plus years. However, this is the age group that tends to put more funds away during hard times and therefore statistically this chart may be the more accurate information for our customers during these hard times. When averaging all the age groups from this report; on average the consumer is spending 2.9% of their budget on apparel items and if we were to take a poll on the percentage of apparel items that are handbags, unfortunately the percentage would be even lower. It will be critical that we present our product in a manner that allows the consumer to realize this in a good investment for their hard earned dollars and worth the investment even through a difficult economy because the quality of the product is designed to last for years.
- Our bags offer a look of glamour and sophistication for all your needs; from your everyday routines to work/career, vacation, and evening as well. We showcase quality and well-constructed fashions from prominent designers We are here to assist women in learning the style of bag that will best apply to their unique personalities and their needs. We offer exclusive services so each customer knows they’ve purchased an elite product that can’t be bought in just any department store.
- To offer home party services on a more personal level, this would make the focus totally on our handbags. This method is preferred because there is no competition with other products and brand names that the consumer sees throughout the department stores. For our repeat customers who have purchased several of our handbags the opportunity to select a matching wallet free or a monetary discount coupon to apply toward their fifth purchase after every fourth purchase of a handbag, as our appreciation for their continued support of our company. We would offer gift packaging and delivery services to that someone special for any occasion the buyer selects. To offer online purchasing services and to provide quarterly catalogs online, this would indicate the new products that will be coming available with the date of availability.
- A marketing plan is a road map that Handbag Obsessions uses to accomplish a focused marketing goal. Several objectives are contained within the marketing plan that include goals for personnel utilization and market expansion. One set of marketing plan objectives that all business owners keep a close eye on are the financial objectives that determine the return on the marketing plan and its overall profitability. A revenue objective has not been developed for Handbags Obsessions, but it may be that the company intends to generate $100,000 in sales during a predetermined time frame that the marketing plan is in effect. The objective of the marketing plan is to track these costs and find ways of lowering them to make the product more price competitive in the marketplace. One element in the SWOT analysis identified the need to finalize where the product would be manufactured. Although Made in U.S.A. would be patriot, manufacturer overseas would increase profits for the business. It would be appropriate to make this decision before pricing each handbag as it will effect the final cost of the product. The business owners would also need to decide on materials for each product. This is not necessarily always a search for the lowest product costs. It may be determine that the costs of certain materials to make each handbag are higher than comparable materials, but the quality is higher. The financial objective with costs is to find that balance which will create a product that meets the owners standards, but does so at the best possible price. Finally, sourcing overseas manufacturers is a cost in itself. Quantity for an initial order will be a factor to reducing costs. It is possible that a small orders may result in demand exceeding supply and loss of revenue while waiting for more handbags to arrive from overseas. Locally made handbags will require less costs in sourcing manufacturers and order times for new stock.
- Marketing plans not only map out advertising strategies, they also monitor advertising costs to try and find the best value possible for marketing campaigns.
- Prices are constantly altered and changed in various target markets until the projected profit margin is attained.
- Products: Pax: large bag Pucker: classy evening Keri: medium bag Race case: Business bag Leisure: an anytime bag for any occasion Price: In addition, Handbag Obsessions will be offering other services such as purse parties which will also be low in cost to compete with the market.
- Handbag Obsessions utilizes mainly word of mouth to get products known. Handbag Obsessions are distributing thousands of brochures for creating customer awareness for our products in trade shows, fashion organizations where our sales representatives are participating.
- The business will need to identify sales per month targets and monitor to ensure projected are meet.
- EFFICIENCY cont. Advertisement effective Promotional sales, discounts, returned merchandise
- PROFITS –DETERNIME WAYS TO MAXIMIZE PROFIT MARGINS. DISTRIBUTION- ENSURE DELIVERY OF PRODUCTS ARE IN A TIMELY MATTER BY REDUCING COST. COMPETITION – RESEARCH COMPETIORS PRICES. BUDGET- STAYING WITHIN THE GUIDELINES OF NEXT YEAR PROJECTIONS. ANALYSIS PRODUCTS TO ENSURE PROFITABILITY REVIEW SWOT REVIEW AND ANALYSIS MARKETING TACTICS EFFECTIVENESS