1.0 Executive Summary
The Jewelry Store Kiosk, which is to be located in the Westfield Montgomery Mall in Bethesda, Maryland, is a new business. We will offer a great selection of gemstone jewelry in various designs, colors and sizes. Our jewelry will include bracelets, necklaces, earrings and rings. All of the pieces will be designed and created by the owner. The kiosk will stock a wide selection of jewelry and will offer a service to make custom pieces for shoppers while they wait or shop in the mall. All sales for the business will be through this mall kiosk. After approximately eight months of operations the owner plans to hire a sales representative to handle customer interaction and some marketing.
The purpose of this business plan is to develop a blueprint of the company's vision and strategy and then use this plan to as a guide to develop and grow the business. This business plan will also be used to align the various elements of the company to create a coherent system of sustainable customer satisfaction and profitability.
The U.S. jewelry retail industry consists of approximately 28,000 specialty stores with combined annual revenue of about $30 billion. The jewelry retail industry is highly fragmented with the top 50 jewelry chains generating less than half of revenue.
The Jewelry Store Kiosk will focus on one primary market, women. We will concentrate our marketing efforts on professional women, as well as those who like to dress up when going out for the evening. We will sell to these customers by suggesting color combinations and styles for various outfits and occasions demonstrating our knowledge of fashion design and customer service targeted at individual shoppers.
In this industry trends are in our favor. Gemstones are popular because of their unique natural colors and features; they are affordable yet ideally suited for business attire and both informal and informal occasions. Gemstones complement and can dress up any outfit on a woman.
1.1 Business Objectives
The primary objectives of the business plan for The Jewelry Store Kiosk are below:
- To create a product-based kiosk whose goal is to exceed customer's expectations in design styles, quality and customer service.
- To develop a sustainable merchandising unit that sells gemstones and customized jewelry to meet the needs of the professional and outgoing woman.
- To increase the number of products sold by 20% each year.
- To introduce a minimum of three new designs weekly.
1.2 Mission Statement
The Jewelry Store Kiosk's mission is to design, make and sell high quality fashionable jewelry designed primarily around gemstones. The Jewelry Store Kiosk will offer an exceptional level of customer service and personalized fashion recommendations tailored to the individual customer. We exist to attract and maintain customers through our unique combination of designs, quality, and customer service and fashion recommendations.
1.3 Guiding Principles
- Passion - We will always have, and show, our passion for using jewelry as a component of an entire outfit focusing on the combination which best fits the person, their clothes, personality and occasion.
- Happiness – By showing our feelings of happiness and well being at all times through our ‘always smiling’ appearance and upbeat conversations our happiness will be contagious to our customers.
- Fairness – Be fair to all; offer exceptional service and products at fair prices, respect and accommodate customer’s wants and needs, and be fair in all business practices both internal and external to the Jewelry Store Kiosk.
1.4 Keys to Success
In order to succeed in the jewelry industry the Jewelry Store Kiosk must:
- Showcase an assortment of sizes, colors and designs to fit the needs of our target customer base.
- Provide customers with high quality personalized customer service.
- Provide relevant fashion design recommendations to our customers.
- Continuously review our inventory and sales and adjust our inventory levels accordingly.
- Provide for the satisfaction of 100% of our customers and employees. Both are very valuable to us and we will design a customer care plan to manage complaints, implement employee and customer feedback, manage supplier accounts, and predict potential conflicts.
- Create a visible, accessible and welcoming mall kiosk to position us as the premier choice for our products within the mall.
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