Recommendation Report Final Draft (2)

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University of Nebraska, Lincoln *

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Feb 20, 2024

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Rough Draft Author’s Note: 1. Topic: Recommendation to open a new location of Erwin's Jewelers in Lincoln. 2: Steps Taken: The first step that we took was to find a way to communicate with each other. We decided to make a group chat and use that to get updates and remind each other of upcoming deadlines that are due. Then, we met in class on the 28th of October and broke up the main topics that we were going to go over by the next class period on the 4th of November. On November 4th we broke down the sections in finer detail. We wrote out all of the sections on a google doc and then discussed who was going to do what section. We based it on who got the sources for the topic and who has to do charts for their topic. We decided to have all of the work done for our rough draft by the end of November 8th. Finally, we ran it through Grammarly and finalized our draft. 3. Strategies used: In this paper, we used the demographics of different groups of people to determine if the market should move Erwin’s Jewelers to Lincoln. We also used population statistics to determine if Lincoln will be a good fit. The final strategy we used was to discover an area that would be profitable for Erwin’s Jewelers. We did this by looking at the spots in Lincoln that have successful companies and found an area that is not packed with competition but still in a populated area. 4. Feedback desired: We encourage all feedback. Citing our sources is one of the things we would love a little bit of help with. We would also like to check the flow of the writing. 5. Members and Contributions: ➢ Kyle Davidson: Completed the Author's note and Target Market section. Kyle found the company and helped plan out who was going to do what part. ➢ Abby Flaugh: Completed the Recommendation, Rationalization, Summary, and References sections. Abby did a lot with the organization and the fine-tuning of the project. ➢ Owen Wolstenholm: Completed the Competition section. Owen did a lot of the source gathering and helped out with planning. ➢ Morgan Phillipp: Completed the Title page, Introduction, and Future Outlook sections. Morgan helped out with the organization of the project. Final Draft Author’s Note: Topic: Recommendation to open a new location of Erwin's Jewelers in Lincoln. 1

Steps Taken: To future develop this draft we took in consideration of the comments that were posted. We first read all of the feedback that was related to our section. We then reviewed the information with our group members to get another set of eyes on it. Then we corrected the mistakes that were made and read it out loud to ensure the flow of the paper was ideal. Finally we ran it through grammarly one last time to fix all of the grammar errors that we made and completed the draft. Group Assessment: Our group has improved the flow of the paper. We are very proud of how much we improved our flow of the writing. We also improved our word choice of our paper to make it less stale and more interesting. The part of the draft that we can improve on is our citations. Some of our group members found it hard to do the citations for their part. Feedback Desired: We are welcome to all feedback. We would like help with our citations. We would also like feedback with grammar of our paper. We ran it through grammarly but it is not perfect. Members and Contributions: ➢ Kyle Davidson: Completed the Author's note and Target Market section. Kyle found the company and helped plan out who was going to do what part. ➢ Abby Flaugh: Completed the Recommendation, Rationalization, Summary, and References sections. Abby did a lot with the organization and the fine-tuning of the project. ➢ Owen Wolstenholm: Completed the Competition section. Owen did a lot of the source gathering and helped out with planning. ➢ Morgan Phillipp: Completed the Title page, Introduction, and Future Outlook sections. Morgan helped out with the organization of the project. 2

Erwin’s Jewelers Co. Abby Flaugh, Kyle Davidson, Owen Wolstenholm, Morgan Phillipp Submitted to Erwin’s Jewelers Company Executives November 16, 2022 Table of Contents: Introduction 5 Recommendation 6 Rationale 6 Competition 7 Target Market 9 Future Outlook 9 3

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Summary 10 References 11 Introduction: Erwin’s Jewelers specializes in diamond, bridal, and stone jewelry. Started in Bellevue, Nebraska, they carry an assortment of quality gifts for all types of occasions and have been successful since its creation. The company specializes in providing the finest jewelry and going the extra mile to take care of our customers and is looking to expand to another location in Nebraska. Lincoln is the capital of Nebraska and Lincoln provides creativity, innovation, and economic growth. The population and workforce are continuing to grow annually in Lincoln. Additionally, the University of Nebraska-Lincoln brings a ton of people to Lincoln. Not only does Lincoln have college students, but it also is a place for families and a variety of different communities which makes Lincoln a successful place for business. Our team (Abby Flaugh, Owen Wolstenholm, Kyle Davidson, and Morgan Phillipp) are current students enrolled in the College of Business at the University of Nebraska-Lincoln. We have conducted educational research as students and residents of the city and gathered useful information on the economic status of Lincoln. Abby is a first-year Accounting major with a minor in Management. She has held multiple leadership positions and jobs that have given her extensive experience in leadership, communication, and 4

perseverance. These traits allow her to be a successful businesswoman and her experience will be vital to the profitable planting of the new Erwin’s Jewelers location. Kyle is a third-year Management major. He has 10 years of experience dealing with all sorts of different clients. He has had multiple years of leadership experience in the workplace and is experienced at solving work-related problems. He is a strong communicator and is strong in belief for the cause. These traits and experiences allowed him to be a valuable member of the team and do an ample job for Erwin’s Jewelers. Owen is a second-year Marketing and Management major. He has held multiple leadership positions within his Greek organization as well in the professional world. He is very adaptable with a strong sense of communication and teamwork. These traits have allowed him to excel in the professional world and qualify him to do a stellar job for Erwin’s Jewelers. Morgan is a second-year Marketing major with a minor in Management. She has held multiple leadership positions and has worked successfully in teams. She is an excellent communicator and listener which allows her to succeed in the workplace. These traits allow her to be an essential team member and make successful contributions to Erwin’s Jewelers. Our team recommends Erwin Jewelers place a new location in downtown Lincoln. Through our research, we developed a recommendation report that contains a rationale, competition, target market, and future outlook and explains our decision. Recommendation: After extensive research, our team recommends Erwin’s Jewels plant a new location in the downtown area of Lincoln. Based on the many statistics found through our market research, we believe that Lincoln’s economic conditions and the strong business practices exhibited by Erwin’s Jewelers would allow for a successful location in the downtown Lincoln area. The basis of our recommendation comes from the following information: 1.) Lincoln offers a uniquely helpful environment for new business start-ups through its many advisement and training programs, specifically designed for new entrepreneurs and businesses 2.) The demographics and location of downtown Lincoln would provide steady streams of revenue, sales, and staffing and would ensure the success of the business Rationale: Lincoln is an excellent location for Erwin’s Jewelers for a variety of reasons. To begin with, the area of downtown Lincoln is only a few blocks away from campus, which will provide Erwin’s Jewelers with many opportunities. College students are a great resource for a business to hire and retain cheap labor and with an excellent College of Business near the heart of downtown Lincoln, many 5

students looking for internships or management experience would ensure the company keeps a steady workforce and stable staffing numbers for years to come (Chang, 2019). In addition, the population of Lincoln has been and is currently growing by around 2% annually and more than 16% of the population falls between the ages of 25 and 34 (Uphaus, 2021). These statistics suggest that downtown Lincoln would provide a healthy and competitive market for Erwin’s Jewelers, as a good portion of the city’s population sits in the company’s target market. In addition, the constantly growing population would provide the company with increasing streams of revenue each year. Economically, Lincoln is a good fit for Erwin’s Jewelers. Based on statistics provided by the Bureau of Business Research, new businesses seem to show a high survival rate in their first few years of operation in the Lincoln area (Lincoln Partnership for Economic Development, n.d.). Not only does this seem to suggest Erwin’s Jewelers will thrive in downtown Lincoln, but the many resources available to new and growing businesses will help support the new location. Lincoln is home to several organizations which advise and train new entrepreneurs, which will be a good resource to support the growth and development of Erwin’s Jewelers. In addition, the Lincoln area provides a broad market of industrial specializations, which include industries producing both goods and services (Lincoln Partnership for Economic Development, n.d.). Because of this, planting a new location in Lincoln will offer Erwin’s Jewelers a competitive and varied market, supporting business and allowing the opportunity for expansion within the business structure. Competition: Our main competitor is Lincoln Jewelry Co. With a strong community of over 30 years of tradition, they have the advantage of longevity (Lincoln Jewelry Co., n.d.). However, Ewin’s Jewelers offers competitive hours and has the opportunity to make more revenue in the several extra hours it is open each weekday. Lincoln Jewelry Co. is also located in the heart of downtown, giving Erwin’s Jewelers strong competition. Erwins does have more fair pricing, but Lincoln Jewelry offers many different fitting and watch services. To combat these market advantages, we should consider adding such services to our business plan going forward. Nebraska Diamond is another competitor to consider. They do only have one location in Lincoln but it is also directly downtown. They also are open on Sunday, which is something we should consider for the success of the business (Nebraska Diamond, 2022). However, our financial plan is more efficient and on average, we spend less on shipping and lease costs, making our company more affordable. Sartor Hamann Jewelers is also a respected Jewelry chain throughout Nebraska. They have two locations in Lincoln and one in Grand Island. They have one Location downtown and one a little bit further south and have been selling jewelry in Lincoln for over 100 years (Sartor Hamann Jewelers, n.d.). However, success against this competitor is certain, as we have the opportunity to make more revenue due to the extended hours our business runs each day. Helzberg Diamonds is a giant Jewelry chain throughout the U.S. with 200 plus locations (Helzberg Diamonds, n.d.). They are our only competitor that is not located directly downtown and they are an extremely well-known name with the biggest variety of products on the market. However, we are more affordable, personable, and attentive than them because we do have a much smaller customer base, which will play to our advantage. Overall, our main advantages include our affordability, consistent late hours, sense of exclusivity, and attentiveness to our customers.With its many demographic, population, and financial strengths, Lincoln is 6

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a great stepping stone for the company to grow even further in the future. Additionally, we could bring a sense of affordability to those newlywed college students looking to tie the knot on a budget. Erwin’s Jewelry Lincoln Jewelry Co. Nebraska Diamond Sartor Hamann Jewelers Helzberg Diamonds Product Variety (Scale of 1, least, to 5 most) 2 3 (offers many different services) 3 4 5 Price Range (Scale of 1, Least, to 5, Most) 2 3 2 (willing to work with budget) 3 4 Global Locations 1 1 1 3 200 Plus Locations in Lincoln 0 1 1 2 1 Standard Weekday Hours TWF- 10am- 6pm TH- 10am- 6pm M-F- 10am- 5pm MTWF- 10am- 5pm TH- 10am- 8pm M-F- 10am- 5pm M-F- 11am- 8pm 7

Standard Weekend Hours Sat- 9am-3pm Sat- 10am- 2pm Sat- 10am-5pm Sun- 12pm- 5pm Sat- 10am- 3pm Sat- 11am-8pm Sun- 12pm- 6pm Target Market: Erwin's Jewelry has a diverse inventory of rings, necklaces, clocks, and trinkets. The inventory caters to a variety of people, from those interested in jewelry to people who are looking to decorate their houses. Lincoln has a 49.81% female population, which is around 142,000 people (Economic Development, n.d.). The majority are above 20, the primary demographic that tends to buy Jewelry. This group of females above 20 and house owners will be our target market. We understand that online patronizing is a part of the world, and unfortunately, it happens. However, we believe that it likely won't happen to Erwins, due to the excellent personal service that Erwins provides. Erwin's does not use pushy sales tactics. Instead, they know how good their product is and let it do the talking. The ideal customer for Erwin's Jewelers varies, serving both higher-end and middle-class clients. This includes spouses looking for a gift for an anniversary or someone looking for an engagement ring. It can also include a woman looking for gifts for friends or a mother looking for nicknacks for her kids. The ideal customer may also have a taste for the finer things in life—someone who is not shy of spoiling their significant other. Ideally, someone who is not scared of spending the national average of $ 136.33 on a gift for their friend or significant other (Jewelry Market in U.S., 2021). The variety of possible target markets allows Erwin’s Jewelers to be extremely profitable. Demographic of Lincoln Nebraska 8

Information from (World population 2022) This graph represents the ages of a certain population in Lincoln Nebraska that fits our Ideal Consumer. On the vertical asses is the population and the horizontal assess is the age range. This graph helps demonstrate the people we want to buy from our store. Future Outlook: We strongly recommend Lincoln as a location to open Erwin’s Jewelers. Due to the population growing 10.8%, the workforce growing 9.4% annually, and affordable commercial real estate, our business would succeed (City of Lincoln, 2022). In order to successfully open the business in Lincoln we will follow a specific schedule. In December 2022 we will choose a favorable location. The particular location of our business in Lincoln would be downtown Lincoln due to small businesses thriving in Lincoln. Our location would be about a 10-minute walk from campus, located in the Haymarket District. Lincoln also provides excellent transportation access due to State Route 65 (City of Lincoln, 2022). We will start construction in March 2023. We will finish in May 2023 and start promoting our business and hiring employees. We will open in June 2023. Once open, we will successfully reach our target audience by promoting our business on social media and with the help of other businesses in Lincoln. The Haymarket District is our ideal location due to support from other businesses. It is not uncommon for other businesses to keep business cards that lead you to another business to help build shopper loyalty within the district (Kzum, 2021). We will create loyalty with other businesses at the Haymarket for our business to succeed. We will also provide our jewelry at the local farmers market each Saturday. Due to the support from local businesses and customer loyalty, Erwin’s Jewelers will succeed in Lincoln. Summary: 9

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With the information presented in this report, we believe downtown Lincoln to be a promising and favorable location for Erwin’s Jewelers. The demographics and location of the city would help the business reach its target market successfully and would ensure the business has a steady revenue stream and enough staff to run efficiently. Additionally, the many resources available to help the business thrive in its initial stages will be a valuable resource and the variety in our clients and target market will help the company reach its potential. The cheap transportation available and affordable real estate in the Lincoln area will help the business cut down on costs and the few competitors in the area will allow the business to flourish. Although we do recommend starting a location of Erwin’s Jewelers in Lincoln, we suggest delaying the move for a few years, until the economy recovers slightly from the effects of the Pandemic. However, the growing population, relatively low competition, and abundance in our target market ensure a successful business and as such, we strongly recommended downtown Lincoln to be a top consideration. References: Helzberg Diamonds. (n.d.). Retrieved November 4, 2022, from https://www.helzberg.com/? gclid=CjwKCAjw8JKbBhBYEiwAs3sxNw8Dgqr1Stkm8zug_aUpwXpgp5fzhfrBt8Mfrb14ZSEc82M Avl-gWhoCnwAQAvD_BwE Chang, X., & Li, J. (2019). Business performance prediction in location-based social commerce. Expert Systems with Applications, 126, 112–123. https://doi-org.libproxy.unl.edu/10.1016/j.eswa.2019.01.086 Economic development. (n.d.). Retrieved November 4, 2022, from https://www.lincolnca.gov/en/business- and-development/economic-development.aspx#Growing-Population-and-Work-Force Sartor Hamann Jewelers. (n.d.). Retrieved November 4, 2022, from https://sartorhamann.com/ Jewelry market in the U.S. (2021). Statista. Retrieved from https://www-statista-com.libproxy.unl.edu/study/68962/jewelry-market-in-the-us/ Kzum. (2021, April 13). Small businesses in the Haymarket find support from the community - KZUM 89.3 FM – local radio in Lincoln, Nebraska: Music, arts, Culture and Community. KZUM 89.3 FM – Local Radio in Lincoln, Nebraska | Music, Arts, Culture and Community. Retrieved November 8, 2022, from https://kzum.org/small-businesses-in-the-haymarket-find-support-from-the-community/ Lincoln Jewelry Co. (n.d.). Retrieved November 4, 2022, from http://www.lincolnjewelry.com/ Lincoln Partnership for Economic Development. (n.d.). Detailed Lincoln, Nebraska Data. LPED Research and Reports. Retrieved October 28, 2022, from https://d3r4ad4mbc5lrs.cloudfront.net/e59d- 29002667-Detailed%20Lincoln%20DataOct2019.pdf? versionId=4wQnq.VsA9pynJK7tavN.bULiHL_J.pA 10

National Survey of Grocery Shoppers - National Grocers Association. Retrieved from https://www.nationalgrocers.org/consumer-trends-research/ Nebraska Diamond. (2022, October 26). Retrieved November 4, 2022, from https://nediamond.com/ Uphaus, P., Beringer, B., Siemens, K., Ehlers, A., & Rau, H. (2021). Location-based services – the market: success factors and emerging trends from an exploratory approach. Journal of Location Based Services, 15(1), 1–26. https://doi-org.libproxy.unl.edu/10.1080/17489725.2020.1868587 Lincoln Nebraska Population . Lincoln, Nebraska Population 2022. (n.d.). Retrieved November 16, 2022, from https://worldpopulationreview.com/us-cities/lincoln-ne-population 11

Recommendation Report Final Draft (2)

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