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1. Marketing Challenges Faced by Mikaila Stevens:
Mikaila Stevens' marketing challenges include:
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Digital Presence and Engagement
: Leveraging online platforms effectively while
retaining the personal connection inherent in her brand.
•
Budget Allocation
: Determining the optimal distribution of a limited marketing budget
across various platforms.
•
Product Placement
: Balancing online sales with the tactile experience offered by pop-up
markets.
•
Competitive Differentiation
: Standing out in a market with established players like
Claire's and Ardene and against local independent artists.
•
Customer Conversion
: Maximizing the conversion rate of foot traffic at pop-up markets
and online visitors into customers.
2. External Industry, Consumer, and Competitive Analysis:
•
Industry Trends
: The North American handicrafts market is growing, with a projected
CAGR of 9.9%. There's a surge in disposable incomes and a preference for handmade
and artisan products.
•
Consumer Behavior
: Consumers value convenience, leading to a rise in online
shopping, but also appreciate the personal touch in products, indicating a balance is
needed between online presence and physical marketplaces.
•
Competition
: Competitors range from large retailers to local artists. Large retailers have
extensive distribution and marketing budgets, while local artists offer a similar
authenticity to Flourish and Grow.
This information suggests Stevens should focus on creating an omnichannel presence that
combines her online platform with strategic physical appearances at pop-up markets. Her unique
selling proposition (USP) should highlight the authenticity and cultural connection of her
products.
3. Evaluation of Flourish and Grow's Internal Capabilities:
Flourish and Grow has strengths in product uniqueness and personal customer connections.
However, limitations in marketing budget and Stevens' personal capacity (as a sole proprietor)
pose challenges. Stevens' expertise in creating unique pieces is a significant capability, but
scaling this without losing authenticity or quality could be difficult.
4. Marketing Plan:
