INTRODUCTION
Melissa Jean after graduating from Richard Ivey School of Business with the business administration specialization decided to start her own handmade jewelry business. During her university life Jean worked at Nicholas and Elizabeth Bridal as sales associates and being a sales associate Jean become familiar with the clientele and the bridal industry. The relationship with the clientele of bridal industry help the Jean to start up her own business and later on this good relations help the Jean further for generating profits. Jean also maintained a healthy relationship with the management of the company when she was working there.
Jean was disappointed with the limited style of jewelry offered by the Nicholas and Elizabeth Bridal and other Bridal stores and many customers were opted out of the stores and purchased jewelry elsewhere. This lack of confidence from customers for Nicholas and Elizabeth Bridal store, made Jean’s mind to start up her own business with the various and updated jewelry styles as Jean took this as an opportunity.
Jean believed that a good brand name would inspire the newly married couples to come and purchase the new style jewelry. She selected the Eden Creation for her company name considering the future expansion into other business operations.
CHALLENGE:
As Jean started her own business using her good relationship with the Bridal industry’s clientele and gained success in her business, she was considered to promote her business in the market and for that she needed a good marketing plan. The marketing plan would be used to continue her success in the Bridal market. The marketing plan was the challenge for her as she wanted to continue her post-graduation degree and before continue her education there must be a marketing plan so that her business runs smoothly.
ANALYSIS:
To develop the market plan Jean goes through in depth analysis of her company with respect to the market and competition she have. Further, sheevaluates her business strength and weakness, competitive analysis of the market and the competitors in the market. In addition to making decision Jean further analyzed what would be the target audiences to attract and what price should she offer. To conclude the pricing of the product Jean also analyzed the breakeven point at which she would be better off.
These analyses are performed individually and performed below.
INTERNAL ANALYSIS (STRENGTHS AND WEAKNESSES):
Jean was eager to understand its business core strength over its competitors and weaknesses about its business operations that she should improve to excel its business. She was strongly in believing that her company’s success is totally dependent upon the creation of strong brand image.
Strengths:
Furthermore, her business strength was the honor degree, she holds, and the experience gained from working in the Nicholas and Elizabeth Bridal and in jewelry making.She made good relationships with bridal stores and the clientele, and also with the management of the Nicholas and Elizabeth Bridal. Jean offered competitive price with the variety of styles in jewelry that was the differentiationfrom its competitors. Eden was offering the updated products, with customization in it on customers demand.
Weakness:
Jean was doing all the works by herself that was creating the backlog and doing so was creating problems for her education as well as her family life. Her existing retailers were not motivated to re-order, it was because she wasn’t having any marketing plan. She was not considering this business as her career and also expanding her business. She was not hired more employees as sales representatives to meet the rising demand.
Opportunity:
Eden Creation had the opportunity to create the non-bridal jewelry for the customers such as fashion houses, models and for parties. Jean can advertise its products into the bridal shows and could attract the new customers into its customer base. Eden Creations could also advertise and take orders online through creating the company’s website. Jean could use her jewelry into private parties. She has the opportunity to attract the university students and those students could be attracted if Jean could go for renting the booth in the university.
Threats:
Chain stores and departmental stores were existed largely in the market and those retail stores that were carrying the Eden jewelry were not re-ordering to Eden. Eden Creation was established without the formal business plan and Jean as the owner of the company was not taking this business as full time career and was not seriously established this company for the going concerns purpose. Jean was preferring her educational and personal life into her business.Giant company could enter into the market and could adopt Jean’s concept of doing business as she didn’t prepare the business plan of her business.
PEST ANALYSIS:
a) Political:
Jean was operating in the industry where weddings were mostly non-regulated and the country has the law for the same gender wedding. The same ......................
This is just a sample partial case solution. Please place the order on the website to order your own originally done case solution.
Related Case Solutions & Analyses:
Lyondell Chemical Company
Business of Golf: Islington Golf Club
RBC Financial Group–The Equator Principles in Qatargas II LNG Project
Mall of America (A)
Canada Wide Savings, Loan and Trust Company
Equity Valuation: The Walt Disney Company
Cittá di Forenna
Merced College
Identifying Firm Capital Structure, Spanish Version
Matrix Capital Management (C)
