My potential business will be a (CLOTHING BOUTIQUE) in Southfield Michigan. Plea
ID: 348214 • Letter: M
Question
My potential business will be a (CLOTHING BOUTIQUE) in Southfield Michigan. Please I need help me with this assignment.
The Market Analysis is a required piece of the Final Business Plan. You will build your business plan module by module. In Module 12, you will assemble all the sections to form a complete business plan. Be sure to put your best effort in now to potentially reduce the number of modifications you will have to make before submitting the final business plan Respond to each of the following writing prompts to characterize your target market writing in fully developed complete sentences that stand on their own without the writing prompt 1. Identify the size of the available market in terms of annual revenue a number of potential customers. Note: You may need to access census data for your chosen geographic area. You can do this by visiting the US Census Bureau's website. Cite your sources by providing the links to websites utilized. (3 points) 2. Develop a profile of your typical customer by describing them in relevant demographic terms including: age, gender, income, marital status, education, religion, profession, and geographic area. Note: If you are targeting other businesses, describe the business in terms of size (number of employees and / or annual revenue), type of business, and geographic area. (4 points) 3. To gain additional insight into your target market, describe your customers in terms of their values and beliefs. What matters most to them? (4 points) 4. How will you apply your understanding of your target market to adapt your business to fulfill customer wants and needs? (4 points)Explanation / Answer
Lets look upon gathered facts once.
Population per square mile – 175
Total Population
Michgan - 9 mil
US - 325 mil
People under 5 yrs
Michigan- 5.8 %
US - 6.2 %
under 18
22 %
over 65
18%
Females
51 %
Per household income – 10 Million in a year
Median Income 50800 $, 15 % poverty
Per capita income – 28,000
Diversity -
80% white
60% civilian labour
Answering your Question
Case – Clothing Boutique in South Michigan
1. Considering the population and the per capita income, a general booutique with the normal
priced clothing range would be the target product for the business (not high end) as the median income is
less. Thu it would cover the 70 % population, starting from age 10 to 45 or 50.Thus total
Market size as per number of customer comes to be around 7 million approx in whole
michigan. If we are planning a big chain. But considering the begenning we will focus on
the area of 50 square miles for beginning covered by one boutique thus target population is
8750. Conidering a 70 % population buys from the store once a year with the average
clothing price to be around 100 $. Annual revenue comes to be 600,000 USD approx per
year.
2. Typical Profile of customers would consist of people over 10 years of age auto 45 years of
age. Major Focus would be on Female population as they consist of 51 % of population and
females are fond of shopping. Another segment would be the teenage and young
professional who are very much aware of the new trends are they give priority to clothes and
appearance. Around 35-40 5 of the focused customers are expected to be unmarried.
Spending power will be moderate.Number of employee required would be around 0-3
person.
3. As a owner of Boutique , with the changing new trends everyday and new fashion coming every single day, our customers want themselves to feel confident about themselves and face
the world, usiung the vast array of clothes and custom designs we would help them gain the
personality they want to build in themselves and thus would empower them and boost their
image and appearance as well to stand out and shine in the crowd.
4. To cater the wide segment of customers we would have segments for regular clothes as well
to continue generating regular income, along with it the new and recent trends would be the
key and interesting aspect of the boutique.The amalgamation of the new fashion in the
regular clothing will makes our regular clothes also look exceptionally good to general
crowd which would be the USP of the Boutique.
Please check if any spelling errors are not there before submissions
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.