Marketing Plan - Mosaic Buttons
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The following market plan is an actual plan written by a woman-owned business. Names of some businesses and cities have been fictionalized at the owner's request.
Technically, the mission statement is in the opening of the entire Business Plan, of which the Marketing Plan is a part. It's included here for the reader's information
Mosaic intends to
Mosaic's Marketing Plan
HISTORY & DESCRIPTION
Mosaic is a specialty retail store offering a collection of antique, contemporary and hand-crafted buttons from around the world. These buttons are distinguished from those available in the marketplace by the quality of materials, workmanship and design.
A very simple need which Mosaic addresses is the need to have fun! Buttons are wonderfully expressive objects that add unexpected vitality to clothing. Apparel manufacturers are witnessing a competitive advantage to using fun and distinctive buttons. Mosaic makes such buttons available to home sewers and others involved in the needle arts. Providers of interior design services are also served by Mosaic in their efforts to create custom bedding, slip covers and window treatments.
With growth, Mosaic will also establish a working studio for the surface design of fabric. Workshops for the painting, dyeing and printing of fabric will be offered throughout the year. These will be conducted by the sole proprietor of Mosaic and by guest artists with particular expertise.
Mosaic opened for
Organizations and businesses served include:
Funding for the company has come from the personal income of the sole proprietor and from the income generated by sales. Additional funding is sought for the expansion of inventory and for advertising.
PRODUCT OR SERVICE DESCRIPTION
Mosaic offers hand-crafted and manufactured apparel buttons in a range of materials and finishes. A high percentage of these buttons are made of natural materials such as horn, bone, wood, glass and clay. These buttons are hand-crafted by artisans throughout the world and are of original design. Manufactured metal and synthetic buttons are also offered, together with a collection of vintage and antique buttons.
All garments benefit from buttons that contribute to their character. Mosaic offers an opportunity to reinvent ready-made clothing and engages people in a creative process. Buttons are a form of ornament. They allow people to express their personal style in a novel manner.
'Makers' of garments who have invested a great deal of time and energy are unwilling to use buttons with nothing to offer but an attractive price. These people are looking for the perfect button for their creation. Mosaic helps people accomplish this and brings the entire process to a satisfying conclusion.
The charm of buttons is increasingly evidenced in the home, where they are used as a design element on pillows, bedding and window treatments.
Buttons are often purchased not for reasons of utility, but simply for their beauty. Collections of antique buttons represent a significant investment and historically rise in value.
Mosaic is located
Mosaic is currently
located in a second floor suite in the
According to the American Home Sewing and Craft Association, the home sewing industry contributes $3.5 billion in retail sales to the national economy. In the five years from 1987-1992, first-time buyers of sewing machines increased from 30 percent to 50 percent. In the last five years (1991-1996), membership in the American Sewing Guild has doubled in size with a 55 percent increase in the number of local chapters. Thirty million people in this country are serious sewing hobbyists.
The availability of the serger may account for these increases. This machine seams, overcasts and trims all in one motion, cutting sewing time in half. Also, today's sewing is technologically advanced, eliminating the need to thread needles and trim excess thread. Computer memories have also enhanced the creative potential of the sewing machine.
Sewing is one of several creative industries served by Mosaic. As this country reassesses its priorities, home oriented leisure activities enjoy increased levels of interest. Gallop Organization's 1990 report on leisure trends indicated that sewing/knitting ranks fourth in activities pursued by the general public.
The Target Market
The home sewer's profile, as reported by the American Home Sewing and Craft Association, looks like:
This profile is supported by direct observation of Mosaic's customers.
People who pursue the creative industries value objects made by hand and purchase them for themselves, their friends and their families. They are deeply involved in home-based leisure activities such as reading, gardening and exploring the culinary arts.
Altamount-Fairhills-Levine DMA, 23 percent of households sew and 20 percent
practice a form of needlework. This is slightly above the national average and
compares favorably to the City of
A larger percentage
of people from the Altamount-Fairhills-Levine DMA attend cultural events and
patronize fine art and antique galleries than from
Mosaic also serves design businesses that focus on residential interiors. Buttons are used increasingly in the home as an element of interest and design.
exist in three nearby cities. They are The Threadminder, a supplier of designer
knitting and weaving yarns in
The Threadminder offers a limited selection of unusual buttons purchased from the same suppliers as Mosaic for the same price. They offer one-stop shopping for the knitting and weaving community, but buttons are not their focus. Unless shoppers were looking for yarn, they would not know that buttons were available at the Threadbender. Mosaic will compete by focusing on buttons and by offering a broader and more exciting selection.
The Threadminder develops their market by offering classes in knitting and weaving. Participants who love fiber and the textile arts will be open to exploring other avenues of expression. Mosaic will offer instruction in those areas.
Mosaic will also compete on the basis of location. It is centrally located with easy access from all parts of the city.
The Fabric Alley in
Buttons are displayed prominently at Mosaic in a manner consistent with their quality and character. Again, Mosaic will compete by focusing on buttons. The company will also compete on the basis of location. Those whose needs are met by the local fabric stores and who may be unwilling or unable to travel across the state will depend on Mosaic for distinctive buttons.
Twelve Buttons and
Renewal Buttons offer a product impressive in its range of quality, price and
character. They are both centrally located in the metropolitan
Mosaic will entice
fans away from the
Indirect competition comes from the local chain stores: Northeast Fabrics, Wisconsin Fabrics, Joan's Fabrics and Fieger's Fabrics. Mosaic offers buttons which cannot be found in these stores and which are priced generally higher. Mosaic will attract customers who may be willing to spend more on buttons than on fabric to achieve a higher level of style and expression.
PROMOTIONAL OBJECTIVES AND STRATEGIES
One of the greatest challenges facing Mosaic in its first year of operation is lack of community awareness. At this time, the customer base is 90 people. The company's goal is to double this number over the months of June through October for an overall goal of 180 customers.
Strategies for achieving this goal include:
Another goal which Mosaic needs to address is that of building inventory. Summer months will allow a greater portion of the company's resources to be directed toward augmenting inventory.
Three categories of buttons are purchased by Mosaic for resale. They are hand-crafted buttons, manufactured buttons and vintage buttons. The standard industry mark-up is 100 percent.
The average retail price of hand-crafted and vintage buttons is $4.25. Manufactured buttons range in price from $1.45 to $2.00, depending on what material is used. Buttons of natural materials are more expensive.
In the eight months Mosaic has been in business, the best selling button has been a natural corozzo nut button that sells for $1.20.
Mosaic currently accepts cash and personal checks in the amount of the purchase. With growth, the company will establish credit card acceptance.
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