marketing plan proposal

Weakness

· Statewide

· Limited human resources

· Multiple Competitors

· Limited Profit Margin

Strengths

· High-Quality Products

· Unique homemade Products

· Same day delivery within the city

· E-commerce

External Factors FdlfkjsdlkfjsdFfsfsdlfkjsdlkfjskdlfjFactors

Opportunities

· Ecological Environment

· Societal Changes

· Multiculturalism

· Economic Environment

Threats

· New Competitor

· New Regulations

· Increase Trade Barriers

As a small-size company, International Artisanal Handicraft favor internally are its strengths: an experienced management team and CEO, high-quality and unique products that fits most budgets, and strong supplier and distribution system to serve target markets. Favorable external factors include the (opportunities) include the gaining consumer appreciation of eco-friendly products, creating image of responsible business, the strength of the social environment; internal social, which straightforwardly the customs, beliefs, practices, and behaviors within the limits of the business, external social, enthusiastic aware of the society’s social preferences concerning its demands and desires.

Amid unfavorable factors, the primary weakness is the multiple competitors with similar products who offer lower prices, limited market expansion and limited human resources due to limited profit margin. Threats include the new regulations in which handicraft/Art material imported into U.S. may by subject to more than one regulation/standard. The LHAMA regulation involve review by a Board-Certified Toxicologist for compliance with ASTM D4336. And the increase Trade tariffs that government can employ such as specific tariffs which can vary according to the type of goods imported, Ad Valorem tariffs which is levied on a good based on a percentage of the good’s value and the import Quotas which is based on the amount of a particular good that can be imported.

Industry Analysis: Trends in making Handicraft and buying Handicraft

Making handicraft. According to gathered website some trends for 2021 are: Tik Tok, Instagram, You-tube has become a hub for makers to share behind the scenes footage of their craft process. At-home pottery delivery kits. TV tutorials shows such as The Great British sewing Bee. The IBISWorld analysis –Online Hobby & Craft Supplies Sales Industry in the US-, the sales industry revenue for 2020 increase 9.2 % amid the COVID-19 (coronavirus) pandemic.

Buying Handicraft. Although, many people love to make handmade other prefer to buy handmade for many reason – some strongly believe that handicraft are special and unique because there is no comparison and most of all are free-animal product and green product

Competitors in the Handicraft Market

The Handicrafts market represents a value of US $ 718 Billion in 2020. On average, consumers from ages 35 to 54 spent an average of 62.12 U.S. dollars monthly. The Hobby Lobby products fall into groups: jewelry, and jewelry-making, wall decorations paper craft items (50 percent of sales), yarn & needle Art supplies (30 – 50 percent of sales). Study show that consumers purchase most products from Hobby Lobby and Michaels. The study concludes that both retails have their pros and cons. However, even though Hobby Lobby sells more than Michaels consumers prefer Michaels for the everyday art supplies.

Customer Analysis

The key descriptive facts include in the customer analysis are customer characteristics which includes. (1) characteristics of customers to buy International Artisanal Handicraft and (2) Psychographic and (3) Sociographic.

Customer Characteristics: Demographically, handicraft products commonly are purchased by consumers representing a great variety of culturally backgrounds. International Artisanal Handicraft offers a variety of products with different prices which makes affordable for all type of incomes.

The household buying International Artisanal Handicraft involves a variety of people. Recent Pew survey revealed that 22% of U.S. adult purchased a handmade product online, which in women are almost twice as likely as men to buy handmade goods – 29% of women and 15% for men. Also, the survey revealed that the most likely to purchase handmade good are college-educated and young in the U.S. Furthermore, the survey revealed that most likely household income to purchase handmade is $75,000.00.

Since International Artisanal Handicraft offers a variety of product with different prices, affordable for all type of income. women being the predominantly buyers’ range in age from 18 to 65+ in US.

Psychographic and Sociographic. Range from lifestyles and value of purchasing handmade goods. A study conducted by the American Marketing Association revealed participants favored handmade items when purchasing gift to their loved one, and willing to pay up to 17% more for handmade items. Indeed, people prefer and valued handmade products as they believe that the product cannot be duplicated and was made with love, unique and they can identify and connect a product with their loved one beliefs and desires.

Market-Product Focus

Marketing and Product Objectives

International Artisanal Handicraft marketing intent is to become establish in the handicraft industry by taking lead of its brand potential while maintaining a higher level of customer services as well affordable and competitive prices. Those detailed will be presented in four areas below:

· Current markets. Current market will be grown promoting brand and items distribution at the retail level. Furthermore, will increase sales for all stores location by improving consumer awareness for all product that has been on the market for a long time or about product that people purchase most.

· New markets. By the end of Year 5, International Artisanal Handicraft will be expanded to a total of 3 rural area and 2 metropolitan area.

· Products. Products sales will include Textiles, woodcraft, papercraft, pottery, ceramic, glass craft, jeweler and metal craft. Sales are expected to reach $500,000 by the end of Year 3 and $1 million by the end of Year 5.

· New products. International Artisanal Handicraft will be introducing a new product each of the section by consumer demand. This will be accomplished through a consumer survey concept screening in Year 1 to identify a new potential product. New products will be brought to market in Years 2 and 3.

Target Markets

The primary target market for International Artisanal Handicraft products is household’s income above $35,000 per year. These households are more likely to be experience, educated and artistic consumers of handmade products.

Point of Difference

The “points of difference” - characteristics that make International Artisanal Handicraft unique compare to their competitors – are divided into three main areas:

· Unique products and a large variety of products. Other competitors advertise products out of stock and unable to fulfilled consumer demand.

· Quality trends. All products are high-quality and long lasting, all products come with a 120 days product guarantee.

· Premium packaging and labeling. All product packaging and labels convey the appropriate product material, high-quality and each product comes with a respective culture background.

Positioning

Previously, International Artisanal Handicraft have sales and coupons, but not both. Pairs these tow desirable characteristics during the holidays to obtain a positioning in consumer’s minds as valued consumers products that are affordable.

Marketing Program

Product Strategy

The product line has been carefully priorities, will be presented in three areas.

Product Line. International Artisanal Handicraft, retailing their products as follow

· Textiles – from $20 and up

· Woodcraft – from $45 and up

· Papercraft – from $2 and up

· Pottery – from $30 and up

· Ceramic – from $30 and up

· glass craft- from $15 and up

· jeweler -form $10 and up

· metal craft – from $45 and up

Unique Product quality. The unique selling preposition (USP) of the product is company’s policy of no animals-based product; clothing is 100% cotton, artesian are handmade. Each product comes with a respective culture background.

Packaging and labeling. With the latest marketing strategy of its producers, International Artisanal Handicraft develops their own packaging and labeling in accordance with the laws and regulations the FDA.

Price Strategy. International Artisanal Handicraft strategic pricing model is based on the handicraft market and how their product compares to competitors and the demand for it. Implementing the penetration pricing strategy to offer low-priced solution to capture as much maker share as possible.

Promotion Strategy. Sales revenues for International Artisanal Handicraft

Organization