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Marketing Plan for an Existing Business

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Marketing Plan for an Existing Business

Executive Summary

Dragonfly Designs already offers custom-made items and now we would like to expand our product lines and offer do-it-yourself items. Our existing location can be renovated to add the space needed for this service. We would also like to build a new facility with a larger work area for the do-it-yourself projects and kilns in the back area. The back area would be large enough to hold the inventory for both store locations. To accomplish these objectives, land needs to be found and purchased for the new facility. Bank financing is necessary for the building of this new facility but not needed for the renovations at our existing location.

Dragonfly Designs would also like to begin delivering our own goods locally. We already own two cargo vans for this purpose. However, a full-time driver will need to be hired for each facility. By incorporating the above mentioned services and products, we can increase our revenue, customer base, and create a new image for ourselves.

Marketing Objectives

We want to reach another target market by adding our hand-made objects to our product line. Our image now is crafted for our custom-made products and our name is synonymous with quality and status. This will help sell our new line to different customers.

The market we will be trying to reach will be of lower income than that of our custom-made projects. We will also only be marketing to local customers for our do-it-yourself items. All of these efforts are done in an attempt to increase our annual revenue by 15%.

Goods or Services

The items we will sell in our do-it-yourself product line will be made from clay. We will purchase these unfinished items and resale them for decoration within our facility. Some examples are bowls of various sizes, vases, mugs, pitchers, and plates. We will also carry many types of decoration for these items. Paints, stained glass pieces, porcelain tiles, beads, and other items will be available. Kiln-firing will be done at an additional cost. These new services will benefit customers who want custom-made products.

Resources Needed

For our new facility we will need several types of resources. Land for the new building and financing for the construction, new employees, and new equipment are paramount. The costs for these resources will cost Dragonfly Designs approximately $107,400 plus the cost of land. Depending upon the location and condition, the property will run $24,000-$35,000.

Renovations to our downtown store will not require as many resources. We will need more employees, money for the construction, and inventory for both stores. These costs will amount to approximately $31,800.

Projected Outcomes

Dragonfly Designs plans to use existing funds to handle the cost of renovating our downtown location. By doing this, we should profit monthly above expenses enough to pay for costs in just a few months.

Our new building should open after our downtown location is finished by several

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