CODE

1. CODE

2. Patriots Rachael Coonce Rebecca McAllister Rebecca Riesinger Sarah Krebs

3. Mission • Assisting individuals in personalizing a professional dress code

4. Vision • Grow to be Seattle’s leading company in assisting business professionals to dress for success by providing consulting and personal shopping services

5. SWOT-Strengths • Strong understanding of industry standards for professional attire • Personalized attention for each customer • Friendly staff • High ethical standards • Provides flexible business hours, including weekends

6. SWoT-Weaknesses • Small start-up facility limits business capacity • A portion of limited funds devoted to start-up costs • High possibility of little to no profit as a start-up company • Employees are new to CODE’s standards and requirements so there may be some inconsistencies in dress code seminars among employees

7. SWOT-Opportunities • 73,997 registered firms in Seattle, WA provides ample opportunity for business • Ability to control the majority market share as there is little competition • Build new clientele via word-of-mouth and advertising • Of the 620,778 people in Seattle, WA 73.8% are between the ages of 19 and 64 • Set high market standards for new competition to live up to • There are currently very few dress code assistance companies in place • Helps corporations achieve dress code uniformity across local branches

8. Swot-Threats • Economic slow down • Free dress code information in books and on the internet • With a growing population Seattle, WA will attract more competitors • Large population may make it difficult for a small business to survive • The newer business concept for the area makes getting CODE’s name out there difficult • Consumers may not understand the need for CODE’s services and deem them unnecessary

9. Product Life Cycle • Market Growth • Beginning of the Market Growth Stage. Personal shopping services are still growing and expanding into new markets. • Sales and profits will be high, but with only 12 competitors people are still relatively uninformed with regard to this type of service.

10. Competitors • Purple Store • GoFetch4U LLC Concierge • Plaza 305 Assn. • Fund for Personal Liberty • Cami Anna Lynn- Wardrobe Styling • Errands R Us • D and T Opm • Side Show Variety • Wardrobe Makeovers • Your Faithful Shopper • Sunset West Co-Op • Lulu Jax • CODE’s Share of the Market: 1/12 or 8%

11. Objectives • Our Share of the Business Market Population: • Business market population x Our share = 4,095,032 x 0.08 = 327,603 • Our Share of the Recent Graduates Population: • Recent graduates x Our share = 1,389,744 x 0.08 = 111,179 • Our Share of the Seattle, WA and King County, WA Populations: • Expanding from Seattle to King County • Seattle pop. X Our share = 620,778 x 0.08 = 49,662 • King County pop. X Our share = 1,969,722 x 0.08 = 133,578 • 49,662/133,578 = 0.37 x 100 = 37% increase in customer base by expanding from Seattle to all of King County

12. Objectives Cont. • Our Share of the Seattle Population Based on Gender: • Male pop. x Our share = 310,394 x 0.08 = 24,832 • Female pop. x Our share = 310,394 x 0.08 = 24,832

13. Target Market • The target market includes all individuals in the professional environment adhering to a formal dress code within the Seattle, WA area.

14. Segmentation Strategy • All Customers’ Needs: • -The need for professional attire in the workplace • Generic Market: • -Individuals who are in the workforce, within the city of Seattle. • Broad Product Market: • -Individuals who adhere to a professional dress code. • Homogenous Product-Markets: • -Recent graduates (ages 20-34) • -Older business professionals who need their wardrobe updated • -Time sensitive professionals (ages 35-50) • -Returning to the workforce (former stay-at-home mothers)

15. Dimensions • Qualifying: • The homogeneous dimension in all submarkets is the need for dress code adhering clothes. • Determining: • Age • Specific needs • Income level • Family life cycle • Social status • Urban/Suburban

16. Our Market Based On Segmentation

17. Decision Making Process • Recognition and Problem Awareness • Information Search • Evaluation of Alternatives • Purchase Evaluation • Post-purchase Evaluation

18. Recognition and Problem Awareness • The need our business will fill is the need for professional attire in the workplace.

19. Information search • Extensive Problem Solving: • Consumers will put a lot of time into deciding what sources to go through. The consumer is satisfying an important need. This may also be the first time a customer has used this type of service.

20. Evaluation of alternatives • Customer will evaluate whether to choose a book, personal shopping service, or maybe just go shopping themselves. Our personal shopping service will provide knowledge about fashion and professional dress while also providing a personalized service.

21. Purchase evaluation • The customer then decides if we are the right solution to meet their needs.

22. Post-purchase evaluation • Customers will decide how they felt about our service and if they will use it again. If our service meets their expectations, they may purchase again and recommend our service to friends.

23. Marketing Mix • Product • Price • Place • Promotion

24. Product • Brand Positioning Statement: • Our personal shopping consultants are knowledgeable in the areas of fashion and professional dress. We offer high quality, personalized service at an affordable price.

25. Means end chain

26. Perceptual Map High Price Low Price

27. Price • Objectives: Sales Oriented • Keep our prices competitive with our market’s competitors • Increase market share from our current 8% • Discounts • Referral discount • First time customer discount • New grad discount, valid first six months after graduation

28. Place • Centrally located downtown location that is convenient for customers • Website advertising our services and location • Direct channel with no middleman

29. Promotion • AIDA: • Attention • - Yellow pages • -Internet • -Seminars at businesses • Interest • -Use advertising to remind customer of our service

30. Promotion Cont. • Desire • -Give out discount coupons at seminars • -Information brochures showing before and after photos • Action • -Promotion via yellow pages and internet • -Discounts for first time customers and recent grads

31. Sources • “King County, Washington.” U.S. Department of Commerce. U.S. Census Bureau, 2012. Web. 30 Oct. 2012. http://quickfacts.census.gov/qfd/states/53/53033.html • “Pierce County, Washington.” U.S. Department of Commerce. U.S. Census Bureau, 2012. Web. 30 Oct. 2012. http://quickfacts.census.gov/qfd/states/53/53053. html • “Population: 2011 Data Book.” Office of Financial Management, 2012. Web. 29 Oct. 2012. http://www.ofm.wa.gov/databook/pdf/population.pdf

32. Sources • “Seattle (city), Washington.” U.S. Department of Commerce. U.S. Census Bureau, • 2012. Web. 30 Oct. 2012http://quickfacts.census.gov/qfd/states/53/5363000.html • “Seattle Personal Shopping Service.” Seattle Yellow pages. Yellow Pages, 2012. Web. • 15 Nov. 2012. http://www.yellowpages.com/seattle-wa/personal-shopping- • service?g=Seattle%2C+WA&q=Personal+Shopping+Service • “Snohomish County, Washington.” U.S. Department of Commerce. U.S. Census Bureau, 2012. Web.30 Oct. 2012. http://quickfacts.census.gov/qfd/states/53/53061.html

33. Sources • “Washington.” U.S. Department of Commerce. U.S. Census Bureau, 2012. Web. 29 Oct. 2012. http://quickfacts.census.gov/qfd/states/53000.html