Business Marketing plan ..... due Sunday...... Please read

Marketing Plan

Richard Lara

Executive Summary

November 29, 2020

Master Jewelry

Marketing Plan

Executive Summary

Company Description

Master Jewelry is a highly distinguished business entity from within and outside the United States specialized in the Jewelry sector. The business enjoys extensive experience in the industry and continues to embrace emerging challenges and technology as well. Initially founded as a family business entity, Master Jewelry has established exclusive partnerships with other notable business actors both in production and marketing portfolios. The company is currently based in Redmond, Washington with a number of subsidiaries within the United States and other parts of the world. With a labor force of 30 employees, the company’s main products include watches, earrings, necklaces and other types of jewelry. Its key competitors include Tiny Jewel Box, Market Street Diamonds and Adore Jewelry. The company’s annual revenue is estimated at $4.5 billion.

Target Segment

The company’s target customers include the more prosperous members of the societies along with the middle class especially those with annual income of above $45,000. The rich have sufficient financial resources at their disposal to purchase lovely and high quality stuff the company specializes on. Their desire to differentiate themselves with unique and finer objects serves as the company’s key consumers. The middle class also has that craving for magnificent pieces of jewelry to elevate their standards hence a potential customer base. The company targets both men and women in terms of its products and services with a slight preference for the male consumers.

Competitive Advantage

Through its immense experience in the industry, the company has succeeded in establishing strong customer base within and outside the country. Majority of its products are designed and purely hand-crafted within the customers’ preferences. To achieve this, the company has established adequate platforms through which customers place their orders and specifications. Through collaboration with its key partners, the company has worked diligently to establish strong bonds with its customers and preferably retain more referrals.

Positioning Statement

“Your Order will be the Masterpiece of Jewelry by Master!!!”

This is designed to attract more customers through customization of products and the ability to acquire satisfaction on the basis of the customers’ specifications and preferences.

Marketing Plan Objectives

Market share: - The Company aspires to amplify its dominance with both the national and international markets. In a continued effort to capture sustainable market share, the company fosters to encourage more referrals from its existing and emerging customers and attract further recommendations as regards to product design and development.

Sales: - The Company has established significant distribution channels that include retailers within the city aimed at selling to the national market. Approximately 75 percent of the sales are exclusively carried out within its headquarters with the distribution channels projected to assist in increasing its market share and attracting more customer base within the national market. Through other platforms not limited to online and social media outlets, the company aims at extending its market share to international markets by encouraging order placement and delivery where possible.

Profits: - The Company’s estimated annual revenue is $4.5 billion with plans to supplement net profits through increased customized products and services as well.