It is our intention to provide women with the largest selection of top quality merchandise at bargain prices. Furthermore, during the start-up phase of this project, Château Chic, Inc. secured a $300,000 business loan. In addition to this, …show more content…
core values are to focus on customer needs. Listed is the specific goals to achieve during the next 12 months to three years. The fulfillment of these goals is critical to the growing brand and the success of the company.
• Employee Engagement: Château Chic will attract the best and brightest individuals. We will support our employees by providing opportunities to succeed personally and professionally in an encouraging working environment.
• Supply Chain Stewardship: Château Chic will collaborate with our material suppliers and manufacturing partners through social audits, unannounced visits, and training facilities to ensure that the products and materials that are being developed have the highest labor standards.
• Château Chic needs to gain at least a 50% market share of competitor Dooney & Bourke, Inc. in the United States. We need to conduct market research in the urban and higher income demographic areas that have not been targeted. The company must reinforce the brand image through polling customer needs and wants. We need to have more promotional events to market our accessories, appeal, and beauty that is a global luxury lifestyle brand to new and existing …show more content…
retail locations and our company websites generating revenue.
• Expand Château Chic, Inc. brand offerings to release new products each quarter for the first three years.
2.3 Company’s core competency
It is Château Chic, Inc.’s desire to use its core competencies to have a competi-tive advantage. The company has the brand reputation like Coach and Prada. The company produces and design women 's ready to wear clothing, handbags, small leather goods, accessories, fine jewelry and cosmetics. Customers have unlimited choices when it comes to our product offerings. Furthermore, the company developed a set of core competencies that will help us to achieve our goals:
1. The company will continue to develop a reputation among customers for our superior product quality and durability.
2. The business will keep costs low and affordable for consumers.
3. The company will continue to have its involvement within the communi-ty.
2.4 State of the Industry
The retail industry that is leading the pack is big businesses such as Coach, Kate Spade, and Prada. Of these competitors, Coach is the largest, with ap-proximately 35.18% market share. Last year, Coach reported sales of approx-imately $4.8 billion whereas Kate Spade and Prade each reported around 2 to 3.59 billion. Each of these giants has excellent marketing strategies that attract new and existing