TARGET MARKET:
Jean must target the bridal market, and those couples, which are looking for the non-expensive weddings, couples those are looking for the theme weddings with packages of the same theme. Jean also target diverse culture weddings such as South Asians. Jean also target young women aging from 18 to 35 years. As these women are seeking adventure for fun and Jean could create jewelry that would be used during adventures.
MARKETING MIX:
a) Product:
In marketing mix product is offered to customers in terms of tangible asset that brings the satisfaction with it and offers that satisfaction to customers with respect to their needs. Jean is producing the products into three categories such as Necklace at higher prices, which is $19.5, Necklace at lower prices which is $11 and Earnings which is $3.90. These products contribute in terms of cost at the $30 per hour.
Refer the excel sheet for calculation and Exhibit 1.
b) Price:
Jean has targeted the customer segment that is price sensitive and offering the product at lower cost and this segment has responded well to Jean. The markup that Jean is charging from a retailer is 100%, which is double that is prices such as $38, $22, and $7.80 respectively.
c) Place:
Place in the marketing mix for the Jean is that, which gives its customer the convenience to purchase from the retailer's stores. The retail store that Jean is used for her product distribution are local and these stores stocking her products. These stores are very convenient for Jean’s customers to purchase the jewelry.
d) Promotion:
Currently Jean is promoting her products through word of mouth strategy or impulse purchase strategy as promotion within these retail stores or in the private parties by herself.
BREAK-EVEN ANALYSIS:
Jean must sell its jewelry in terms of unit that is 1,378 and this is the minimum unit that must be sold by the Jean for gaining the breakeven point where cost and profit would be equal. At this unit sale, Jean would not be able to generate marketing plan, but Jean would sell more than 1,378 units than she would create the marketing plan for attracting more customers to its customer base and that would also incorporate her profits as she already is charging the price which is 100% doubled such as $38, $22 and $7.80 for A category Necklace, by category Necklace and Earnings respectively.
CONCLUSIONS AND RECOMMENDATIONS:
To conclude the Jean’s analysis, it would be concluded that, Jean must create the proper formal business plan of her business and also develop the marketing plan for the expansion of her business operations as well as her customer base. Furthermore, Jean must go along with this business as considering this the life time opportunity and career. The business operation with customized products and variant style should be continued by Jean as it already creates the attractiveness to customers to purchase from Eden Creations...................................
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