Essay on Mighty Recyclable Wallets

4638 Words Jul 1st, 2014 19 Pages

Marketing Plan:
Mighty Recyclable Wallets

Team Name: Extraparadigm
Hailey Chang
Hyoju Bae
Tien Tran
Minting B Chan

Marketing Plan: Mighty Recyclable Wallets
1. Executive Summary
Wallets accounts for 8% of the total personal apparel and accessories market. The US market for the items is currently served by about 470 businesses with operations across the country but with concentration in Florida, New York, Loss Angeles and Texas. The market was faced economic challenges that resulted to its decline in 2008 to 2009 during the great recession. However, the market is currently recovering and has registered a 1.2% growth from the year 2009 to 2013. Further,
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In that respect, the mission statement is as stated.
“To apply technological innovation in designing, manufacturing and distribution of the highest quality recyclable wallets in the US market”
Competitive advantages
As a new business, Mighty wallet will seek to enhance its competitiveness in design; manufacture and distribution of Mighty recyclable wallets. That will be done by ensuring the company will have necessary skills and application of innovation in its operations. In that view the company’s competitiveness will be defined by the following advantages.
Skilled employees: The Company will hire skilled and experienced employees who have worked in the personal accessories and wallets industry. In addition, the company will hire well qualified personnel in the field of technology and design as well as business and information system management. With the skills, the business will be able to effectively compete with existing brands in the pocket wallets market. (Keller, 2012)
Adequate finance: The Company has raised adequate finances to support the Mighty recyclable wallet concept’s design, development and distribution in the market. In that respect, the company has raised its finance through equity funding hence bears minimum capital costs in a market that is currently experiencing high finance costs. Thus, the company can effectively develop suitable systems to address

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