Contemporary Ti Design
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Contemporary Ti Design is a start-up company operating out of the owner's home. Marketing will be key to raise visibility and awareness of Contemporary Ti Design and their products. The basic market need is for unusual pieces of art jewelry crafted out of titanium. Titanium is used because of its hypoallergenic qualities (ideal for necklaces and earrings that touch the skin), its incredible strength, and light weight.
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Contemporary Ti Design has a lot of information regarding the market and attributes concerning their target customers. This information will be leveraged to continually determine who the customer is, their specific needs, and how Contemporary Ti Design can best communicate with them.
Contemporary Ti Design is providing its customers with innovative, creative, handmade jewelry. It will provide the following benefits to their customers:
The market trend within the jewelry industry is a movement toward custom, unique pieces as well as limited production items. This trend is in response to the climate of the industry in the mid-nineties where the jewelry market was flooded with thousands of identical pieces of jewelry. Within a few years, people were running into others who had the same piece of jewelry. This element of commonality or "run of the mill-ness" fueled demand for artistic jewelry that was in low production and unique, not something that you would see very often.
Customers are using similar pieces of jewelry as a way of creating distinction from the common population, a way to stand out. This desire is part of a broader desire to be different. Contemporary Ti Design has leveraged this trend by creating unique pieces that are distinct.
The artistic jewelry segment of the larger jewelry industry is growing at a healthy 9%. This growth can be attributed to the value that people place on having distinctive, unique pieces of jewelry.
Another factor that is supporting the growth is the blending of art and jewelry. Traditionally jewelry was ornate pieces made out of precious metals. The nice pieces were a symbol of wealth or status. As long as the piece was made out of a precious metal, there was value attributed to the piece just by virtue of what it was made out of, regardless of the creativity of the actual piece. The younger population that recognizes the aesthetic value of art work is now demanding jewelry to have artistic elements. In essence it is art that you wear. These trends are helping the industry grow.
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing Contemporary Ti Design.
As previously stated the jewelry industry is composed of thousand upon thousands of people. Some work and distribute locally, others have national distribution systems set up. Some artists will design products for larger companies to manufacture, others will design and make the pieces themselves. This plan will have an abridged competition section. This is because of the very large and distributed nature of artisan jewelry design, the market is entirely too dispersed to have a complete catalog of the competition.
Competition takes the following forms:
The buying patterns of consumers fall typically into two types. Gifts and impulse purchases. A gift purchase occurs when the buyer is looking for a gift for someone, sees the art piece, and then purchases it. In this case the plan is to make a purchase, it is just not known what or where that purchase will be made. The other buying pattern is an impulse purchase. Someone will be shopping, they are not in need of anything, will see the item and have to have it, buying it on the spot. One last pattern, that occurs less frequently is if someone was looking for an "accessory" that would match an outfit and happens to come across the piece of jewelry and buys it.
Contemporary Ti Design manufactures titanium jewelry. The jewelry takes the form of pendants, earrings, and pins. All of the jewelry is made out of titanium. All of the products are designed and made by Steve.
Steve has chosen titanium because of its unique characteristics. It is stronger than steel, yet similar in weight to aluminum. It is inert and hypoallergenic.
Most of the jewelry is left unfinished. The gray of the titanium by itself looks quite nice. Some of the pieces are anodized. Anodizing adds a broad range colors to the titanium. Anodizing occurs by immersing the titanium in electrically charged water or hooking up the titanium to a electrical power source. When charged with electricity, a light film or oxide will form on the surface of the titanium and this produces color.
Contemporary Ti Design's pieces are constructed out of titanium sheets. The material is cut using a saw blade. The interior of the pieces are cut by piercing a small hole through the interior and inserting a saw blade. All pieces are made form several pieces of titanium. The pieces are held together by rivets. Small holes are drilled through the different pieces and a small wire (rivet) is inserted through. The head and end of the rivet is tapped with a hammer and that enlarges the end holding the pieces together. In addition to the utility of the rivet, it is aesthetically pleasing in terms of the overall look of the piece.
Contemporary Ti Design is still in the speculative stage as a start-up venture. Its critical issues include continuing to take a modest fiscal approach, expanding at a reasonable rate, not for the sake of expansion in itself, but because it is economically wise to. Contemporary Ti Design will continue to build brand awareness to assure growth in the customer and gallery base.
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