Jewelry For You Marketing Plan
“We customize quality and brand jewelry”
Jewelry For You aims to offer the clients customized jewelry for the affordable price and in the timely manner. The firm will use different mediums to reach its clients and offer their products as per the requests made. The company aims to prove that they are the best in the jewelry market. The services of the firm incorporate all employees as way of ensuring the unity prevails. Jewelry For You is an international company that operates with branded jewelry from the United States. The management of the organization will be executed by Startham Barazel as the Chief Executive Officer. The Vice President will be Estella Mary-Ann. All members of the organization will share the responsibilities on a daily basis to reach their set objective in the industry.
The firm will be in operation throughout the year so as to attend to their clients’ needs. The working periods will entail 24/7 for the weekdays and twelve hours shift for the weekends and holidays. The scheduled time frame will create appropriate results for the firm. Based on the fact that the company intends to use the social media and the television for the major marketing campaign, the primary targets are the young people, their friends, family members and the older generation. Fundamentally, the target market for Jewelry For You includes ladies from seventeen to fifty years old as the major jewelry clients.
The firm will put into consideration the use of the social media and the television as the primary platforms to reach their potential clients. The current market calls for use of the social media for marketing. For the first three years, the firm intends to use $2,000, $1,500,000 and $1000,000 on advertisement. A loan will be attained through a three year planning from the Loan Bank at 7% interest rate. Furthermore, the Vice President and Chief Executive Officer will contribute $300,000 and $500,000 that will be added up to the loan.
Jewelry For You will be operating a jewelry store and sell branded and non-branded jewelry at the affordable prices. The collections aim to meet the needs of the customers. The jewelries will range from coated, non-coated with silver, bronze and gold. Furthermore, original jewelries made of gold, silver and bronze will be available in the store (Berry, 13-17). Significantly, the products sold by Jewelry For You organization will be initially located in the United Sates. Eventually, the company aims to open up a store in the international market.
The target market, customers and size
Jewelry For You aims at reaching the youth, teens and adult women, whose age range from 17 to 50 years old. The target market presents opportunity, as individuals may receive jewelry as presents from their partners, parents and guardians in addition to buying it. Furthermore, the majority of the target market representatives are the users of the Internet and the television. Thus, they will be reached faster, leading to a possibility to increase the market share effectively. The target aged 25 to 50 years are either engaged or married and, hence, they desire to surprise their partners with jewelry as a form of appreciation (Chan, 89-91). Thus, the market size has sufficient size, because the majority of the American citizens are within the age bracket of 15 to 50 years old. Fundamentally, the implication is that a selected target market is likely to bring the significant financial results.
The primary competitive advantage lies in the ability to brand the jewelry and customize anything as per the needs of the client. The customization will be done within a few hours, which means that the clients will not have to wait until the following day as is the case with the competitors. Furthermore, Jewelry For You will provide a range of cheap and expensive jewelry in order to meet the needs of all clients irrespective of their financial status. Additionally, the presence of jewelries that are coated with gold, silver and bronze can satisfy the high-end clients (Loughran, 23-27). The approach of selling jewelries that contain or made of original gold, silver, and bronze, as well as original pearls will ensure that clients get what they desire.
Moreover, the company aims to offer discounts of 3% to clients who purchase jewelries in bulk that are worth $100,000 and above and offer packaging of their choice. Clearly, the competitive advantage will contribute because the company offers the best selection. It is the reason for the tag line “We customize quality and brand jewelry”. Targeting the users of the Internet is another competitive advantage that will enable Jewelry For You to attain the set priority in the market (Covello & Hazelgren, 40-43). Essentially, the company is the only brand that offers both original and customizable jewelry at the same store and provides customization within hours.
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Barriers to entry of competitors
The possible barriers to entry are security and absence of genuineness. Security is a barrier because of the nature of storing the product. The modern thug is aware of what jewelry is worth and, hence, there is a possibility of theft being witnessed. In order to overcome the barrier, the competitors require serious investment as a way of countering the issue. Furthermore, employees are also likely to take some of the jewelry, especially when cleaning them (Berry, 32-36). Thus, the issue of investing in measures like security guards and camera circuit televisions might be too costly at the start of the business.
The other form of barrier is genuineness of sold wrong products and customizing the wrong material for the clients. Furthermore, hiring the right employees is expensive. Additionally, some of the funds needed for the organization may not be approved, which may significantly decrease the chances of success (Loughran, 11-15). The barriers need to be taken care of as soon as possible to undertake the business appropriately.
Estimated technical challenges to overcome
The technical steps include commercialization and the use of the media for marketing. The social media, including Facebook, Twitter, Pinterest, Google plus and Snapchat, will be a strong point of the marketing strategy. The television networks that will be considered are Comcast Corporation, Time Warner, Viacom Inc and The Walt Disney Company. The advertising on the Internet will cost $24.00 for 100 clicks on an advert to be shown or pay $24.00 for the advert to be shown 36364 times to the potential clients. Furthermore, the company allocates $110,000 for a prime time spot to be shown on the television to reach the set target. On the other hand, a charge of $10.00 will be initiated every time an advert runs on the television (Covello & Hazelgren, 20-23). Therefore, the budget allocates the process for a period of three years, which will cost the organization 2,000,000, 1,500,000 and 1000,000 for advertising and promotion in the first, second and third year respectively.
The technical steps enumerate that commercialization by Jewelry For You is not dependent on outside contingencies as they are reserved in terms of initiating their business. The firm will take the initiative to hire professional information technology experts to ensure that commercialization is done in the best way possible. The types of regulatory approval process that needs to be navigated are concerned with starting a business, complying with the safety regulations, and taxation (Golan, n. p.). The risks of failure lies in the area of defining the organizational structure and hiring qualified employees. It is paramount to do everything as per the rules and regulations of business in the United States. Thus, it is likely to take some time for the approval of the business.
The primary founders of Jewelry For You are Startham Barazel, who performs the duties of the Chief Executive Officer, and the Vice President, Estella Mary-Ann. The two will act as the key managers because they have a better background of business operations. They are trained mangers with an experience of minimum ten years, which entails that their leadership will create significant results. Startham Barazel and Estella Mary-Ann have PhDs in business management and business administration respectively.
An advisory board will be established to ensure that Jewelry For You succeeds. The board will comprise of experienced community leaders and professionals. The primary intention of the advisory board will meet every six months to discuss the ways that can be incorporated to improve the services of the company. Therefore, the members of the board include
- Anita Elizabeth – 2013-2014 Association of Jewelry Sales person in Los Angeles
- Olive Nafula – Counselor at Los Angeles Business Development Center
- Rose Dumitru – Gold Rich Jewelry Founder and Chief Executive Officer
- Andrew Kennedy – Director of Modern Jewelry Foundation in Los Angeles
Estimated time to commercialization/profitability
The time frame needed to undertake the services is crucial, as the company intends to ensure the best service delivery in the market. The firm plans to hire employees within a period of three months and the business plan will be enacted within a period of six months. Furthermore, the working hours for employees will be 24/7 for the weekdays on the shifts basis, so as to ensure that clients get the needed products on time. The working time frame for weekends and holidays will be twelve hours a day. The firm is expected to start making profits within their first six months of working (Covello & Hazelgren, 56-59). The rationale for the perspective is based on the fact business plan defines the objectives and time frame for the success of the business.
Three years of estimated revenues and net income
The plan makes use of the following assumptions: the owners of the organization, i.e. the primary Chief Executive Officer and the Vice president are offering $500,000 and $300,000 cash equity investment in the business. The company also aims to secure a loan via the Loan Fund of 7% interest for a period of three years. The start-up will equip a custom-built fully furnished storage in the organization. Advertising expense is planned to be $200,000, $1,500,000 and $100,000 respectively for the three years. Furthermore, Jewelry For You aims at hiring the following individuals:
- 100 Master Jewelers with 10 plus years of custom jewelry experience to undertake the manufacturing tasks;
- A full workforce of over 200 individuals accountable for shinning finished jewelry;
- A warehouse of 500,000 SQ FT, which will be used to store both raw materials and finished jewelry;
- Software engineers that are in charge of building and maintaining our website on what needs to be upgraded and evaluated.
The above proposed approach is expected to generate revenue for the firm in as the company plans to attain its objective in six months’ time. Furthermore, the use of legal resources in the formal legal, accounting and insurance advice will be initiated as a way of complying with business regulations in the United States.
|Year 2016 2017 2018|
|Sources and uses of funds Owners Loan Total|
|Total Current assets||$1,800,000||0||$1,800,000|
|Advertisement||$200,000||$1,500, 000||$, 100,000|
|Total fixed assets||$1,000,000||$5,750,000||$1,700,000|
The above financial table enumerates on how the Jewelry For You is expected to perform for the next three years. Based on the fact that it has clearly set goals, the expected time frame is dedicated to attaining the set objectives. The business plan is relevant as aspects needed have been evaluated to ensure that the services in the business proposal are implemented. Thus, the market approach in Jewelry For You is bound to be successful due to effective advertisement through the source of media and television. Fundamentally, the business plan defines crucial service delivery approach, product definitions, HR practice and basic financials for three years period.