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Description
The goal of this project is to gain market research insight into the handcrafted goods industry and apply this knowledge towards a business plan for a small crafts business: Creations by Songbird. We accomplish this goal by conducting primary and secondary research on the crafts selling industry to see who the target customer is and what their habits are. First, we conduct a literature review looking into the background of some known crafts sales platforms. We discover several consistent trends in product differentiation, retail price calculation, and search engine optimization that we will apply to our business plan. Next, we conduct primary market research in the form of observations, customer and business owner interviews, and surveys. We learn that Instagram is a widely used marketing tool and that Etsy and crafts shows are popular sales channels. Using the results of our research we conclude that the our target customers are women ages 18-24 and 50-59 who attend crafts shows several times per year and occasionally browse Etsy. Many of these women enjoy objects that are vintage style and on average they spend less than $50 per item. Applying the industry and market knowledge gleaned from our research we create a business plan that outlines a price/cost breakdown, marketing plan, and sales plan for Creations by Songbird. We plan to utilize Instagram as our main marketing tool and will sell records via crafts shows and Etsy. Based on our estimates, we conclude that Creations by Songbird will be a profitable business.
ContributorsWood, Sara (Co-author) / Ehmann, Victoria (Co-author) / Gray, Nancy (Thesis director) / Trujillo, Rhett (Committee member) / Department of Supply Chain Management (Contributor) / Department of Information Systems (Contributor) / W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
After traveling to both Germany and Austria and attending traditional festivals such as Oktoberfest in Munich and the famous Christkindl Markets in Salzburg and Innsbruck, we were both inspired by our cultural and culinary experience. This also fostered confusion as to why German and Bavarian cuisine was an underrepresented food category in the U.S.
We completed in depth secondary research, focusing on environmental trends (social, economic, technological, political/legal, and natural) that affect the business environment in America, as well as produced a current market analysis of the American restaurant industry. This market analysis includes the discovery and evaluation of the history of the American restaurant industry, its evolution, its forecasted trends, and more specifically, taking a closer look at the nearly visible presence German cuisine establishments currently represent in America’s marketplace. By uncovering forecasted trends and determining the important presence the restaurant industry holds in America’s economy, we confirmed that designing and opening a German inspired restaurant is a great investment in an industry that continues to grow and prosper.
Before settling on a concept, we tested three unique German inspired models. Option 1, Prost, uniquely resembles a bar. Prost is described as a very casual and spacious beer garden placing an emphasis on quality German beer and small shared plates or appetizers. In contrast, option 2, Geister Haus is described as an upscale sit down restaurant that not only provides a wide selection of beer, wine, and spirits, but also an extensive menu with traditional German plates. Geister Haus is meant to provide its consumers with the authentic German experience. Lastly, option 3, Das Good is a modern concept that creates a fusion of German and American culture by providing traditional German specialties with a twist.
After conducting a survey testing all three concepts, the feedback we received from our test subjects (41 individuals representing diverse demographics) confirmed that Das Good was the most interesting German inspired concept that they would most likely visit. However, Prost was a close second, and many respondents suggested a combination of the two concepts; that is how the finalized Das Good restaurant was formed. Das Good’s business plan includes:
Company mission and values centered around diversity, community, and celebration
Target consumer profile otherwise known as Jackson Nelson that represents the specific demographic and psychographic qualities of a potential consumer we intend to attract
Competitive analysis of three carefully selected primary competitors (The Yard at Culinary Dropout, Brat Haus, and Pedal Haus Brewery) located within the Valley
Beyond the details of our business plan, we placed an emphasis on the marketing campaigns and design aspects of Das Good. For example, we researched three specific locations in which we will consider to invest, and developed a full menu including item descriptions and prices. We focused on physical evidence of store blueprints including indoor seating and outdoor patio layout and explained the value of our community centered open floor plan. Finally, we crafted a two-fold marketing plan that integrates digital exposure via local influencers and customer engagement via prize-worthy games featured at music, arts, and food festivals.
We completed in depth secondary research, focusing on environmental trends (social, economic, technological, political/legal, and natural) that affect the business environment in America, as well as produced a current market analysis of the American restaurant industry. This market analysis includes the discovery and evaluation of the history of the American restaurant industry, its evolution, its forecasted trends, and more specifically, taking a closer look at the nearly visible presence German cuisine establishments currently represent in America’s marketplace. By uncovering forecasted trends and determining the important presence the restaurant industry holds in America’s economy, we confirmed that designing and opening a German inspired restaurant is a great investment in an industry that continues to grow and prosper.
Before settling on a concept, we tested three unique German inspired models. Option 1, Prost, uniquely resembles a bar. Prost is described as a very casual and spacious beer garden placing an emphasis on quality German beer and small shared plates or appetizers. In contrast, option 2, Geister Haus is described as an upscale sit down restaurant that not only provides a wide selection of beer, wine, and spirits, but also an extensive menu with traditional German plates. Geister Haus is meant to provide its consumers with the authentic German experience. Lastly, option 3, Das Good is a modern concept that creates a fusion of German and American culture by providing traditional German specialties with a twist.
After conducting a survey testing all three concepts, the feedback we received from our test subjects (41 individuals representing diverse demographics) confirmed that Das Good was the most interesting German inspired concept that they would most likely visit. However, Prost was a close second, and many respondents suggested a combination of the two concepts; that is how the finalized Das Good restaurant was formed. Das Good’s business plan includes:
Company mission and values centered around diversity, community, and celebration
Target consumer profile otherwise known as Jackson Nelson that represents the specific demographic and psychographic qualities of a potential consumer we intend to attract
Competitive analysis of three carefully selected primary competitors (The Yard at Culinary Dropout, Brat Haus, and Pedal Haus Brewery) located within the Valley
Beyond the details of our business plan, we placed an emphasis on the marketing campaigns and design aspects of Das Good. For example, we researched three specific locations in which we will consider to invest, and developed a full menu including item descriptions and prices. We focused on physical evidence of store blueprints including indoor seating and outdoor patio layout and explained the value of our community centered open floor plan. Finally, we crafted a two-fold marketing plan that integrates digital exposure via local influencers and customer engagement via prize-worthy games featured at music, arts, and food festivals.
ContributorsWillett, Sydney (Co-author) / Doloresco, Sophia (Co-author) / Trujillo, Rhett (Thesis director) / Schlacter, John (Committee member) / Department of Marketing (Contributor) / Department of Management and Entrepreneurship (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05