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Option #3 Product or Service
Transcript of Option #3 Product or Service
I will have different advertisements for different occasions, such as:
Summer and Winter themes
Product: ANY Design Jewelry
For this assignment, instead of creating a new product or service, I decided to change it a little and build it around the business that I plan to have in the future, ANY Design Jewelry
Why Choose Target Population?
They live in the vicinity of the storefront
There is a decent amount of money in Scottsdale
Scottsdale, especially Old Town, is a big tourist spot during the winter
There is a lot of jewelry store competition, but I feel like my product could be unique enough to stand out
Jewelry is 100% handmade
It will be a local, "family owned" store
It is part of my family's heritage, as my grandma is part Native American, and she taught me traditional Native bead work, which adds an interesting background and history to my work
Drawbacks or Limitations
I am the only one making the product, so it could be hard to keep up with demand, especially during the holidays and tourist season
If I do need to hire more help, it could be risky. I don't want to end up creating my own competition
If I have my younger sister help me, I may end up relying on her. In the future this could conflict with what she wants to do, and her future plans. It would be helpful as a temporary fix, but in the end I would be left with the same problem
There is a lot of competition
Rent for a storefront in Old Town Scottsdale would be high
I may have to start online first and expand to a brick and mortar store later
Since summer isn't really a big time in Scottsdale for tourists, I made this advertisement to get people to go online and order. This will help sustain business when I may not be getting a lot of traffic at the physical storefront.
This advertisement will likely be published in print media such as a magazine.
Fall is when tourist season really picks up. So I have another advertisement to draw in customers. This one follows the same layout as the previous one, to give it a sense of unity and so that it might be recognized. I used the shape of leaves to showcase some of the necklaces, and fall colors in the background. This one will also be in print media, such as magazines.
My target audience is Scottsdale residents, as well as seasonal tourists. There is a broad age range for my products, which ranges from inexpensive children's jewelry and party favors to high quality specialty pieces. There will be a variety of choices for which are affordable for different income levels.
I will also have to research how many children are in the area and their ages, as well as the average income, and how many people are married and unmarried. This will help me to create more advertisements that target specific groups of people, and will make them more relevant as well.
I plan on conducting a survey that looks at:
Current buying habits
Current opinions of existing products
Approximate amount of money spent on jewelry in the target area
What kind of jewelry is being purchased
Opinion of competitors' prices, quality, variety, and durability of products
I would need to find out what kind of demand there is for my jewelry, and whether or not there is a place for it in the competitive market.
As I mentioned, I may have to start with my store online first to save up money for an actual store front. Here is a layout of what my site might look like if I decide to go this route:
Benefits of Product - What Makes it Different?
It is all hand made
It is Made in America
The business is Family Owned
It is a small, local business
There is a high degree of customization options, and pieces can be made to order
The products are high in quality
I will be able to do repairs or make adjustments in store or at home, thus having a fairly quick turnaround time
I believe my product is different than existing jewelry stores, and that will aid in setting it apart.