Market Analysis, Business Plan Example

The industry serves a moderate quantity of customers and with the growth of the industry with an anticipation of an increase in sales. The growth of the market segment is a rapid one with the advancement and technology in the segment meant to speed the growth further (Sherwood and Dunn 60). The segment is a continuous sector with sales every single day of the year and a projection of an increase in the segment progress. The store stocks all types of merchandise to cover the different seasons of the year and satisfy the needs of its customers’ regardless of the weather conditions. The store stocks merchandise to cover any occasion as per the customer’s desires.

The targeted market ranges from individuals who desire luxury merchandise to those who want to look unique. The target customers, in this case, are celebrities and wealthy socialites aged from 35 to 55. The buying habits of the current customers depict a larger market for the merchandise. The frequency and diversity of the current customers shows a steady increase in the number of individuals to the shop. The segmentation of the market relies on the spending ability of customers and the needs of the customers. The estimated customers to the shop stand at an average of five individuals daily. Based on the purchasing of the current customers the projected customer base is triple the current number and the store aims at increasing the number of customers.

There is a competitive environment of the products offered due to the ever-changing needs and the rapidly growing industry (Winston et al. 54). The availability of other personalities who offer the same products is also rife. According to Burgemeister (8), the environment allows for competition, and the desire is to retain the current customers while attracting new customers focuses at the expansion of the store.  The market structure of the business requires a strategic plan to maneuver through these competitors and succeed. The strategy here is to engage in a product differentiation policy to make the store unique at the same time make it stand out. The customer expectations are essential in the development of these strategies.

The strengths of the store are that it stocks a wide variety of products including famous designer products and the availability of a tailor for custom designs on demand. The diverse markets are also a plus for the store as it increases the customer base for its products. In addition to this, there are more opportunities in the industry trough advertisements to improve sales and expansion to incorporate a wider range of products and a larger coverage. The opportunities can be harnessed trough expansion of the store to include branches and increase the goods and services offered. On the other hand, there exist challenges in the progression of the store trough the building of a relevant personality in the interaction with diverse customers, which is a challenge since the store cannot focus on a single line and must overcome the challenges of diversity. (Wrigley 230). The threat of the store is the ever-growing competition in the sector, and the aim of staying on top of the competition is always essential. The competitors of the store offer the same products and the market share relies on the services offered.

Works cited

Burgemeister, Sandra. Market analysis. GRIN Verlag, 2003.

Sherwood, Philip and Dunn J.,  Market Opportunity Analysis: Text and Cases. New York: Routledge, 2006.

Winston, William, Robert E Stevens, Sherwood Philip K, and Dunn John Paul. Market Analysis: Assessing Your Business Opportunities. New York: Routledge, 2003.

Wrigley, Neil and Economic and Social Research Council (Great Britain). Store Choice, Store Location, and Market Analysis. Taylor & Francis, 2008.