Simplistic Labyrinth Design Studio
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Simplistic Labyrinth Design Studio has begun operations and has been well received. Marketing is now critical for success and future profitability. The studio offers a wide range of prototyping services for outdoor products. The basic market need is a flexible design studio to generate fresh, new product designs.
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Simplistic Labyrinth possesses good information about the market and knows a great deal about the common attributes of our most prized and loyal customers. Simplistic Labyrinth will leverage this information to better understand who is served, their specific needs, and how Simplistic Labyrinth can better communicate with them.
The profile for Simplistic Labyrinth customers consists of the following geographic and demographic factors:
Simplistic Labyrinth is providing customers with a flexible prototyping design studio. Simplistic seeks to fulfill the following benefits that are important to their customers:
The market trend for outdoor product manufacturers is outsourcing design and production work. This trend is in response to the need to reduce overhead and up-front capital costs. This trend can be successful if the company is careful in choosing a quality design studio to design their product. Additionally, the company must be very watchful with the contacted producer to ensure that the goods are being made at the desired specifications.
By following the trend of outsourcing, companies are able to have a larger product offering without the traditional capital costs associated with the larger product line.
In 1999, the national outdoor product industry generated over $687 million dollars in sales. Sales are estimated to grow at 5% for the next three years. This growth can be attributed to a couple different factors.
The first factor is America's newfound proclivity to exercise. The new habit has fueled the outdoor industry as many people choose the woods as their venue for exercise.
An additional factor that is fueling growth is the general increase in popularity of outdoor activities such as hiking. Most retailers have seen a 15% increase in sales for hiking-related products. While a correlation to some other variable might be difficult to make for an explanation of the increase, the increase is nonetheless occurring.
The following SWOT analysis captures key strengths and weaknesses within the company and describe the threats facing Simplistic Labyrinth.
The competition includes the following:
Simplistic Labyrinth Design Studio is a full-service design studio for outdoor gear. Simplistic Labyrinth creates designs as per specifications given to them by a manufacturer as well as designs that were created independently of a request.
Some of Simplistic Labyrinth's designs have included a simple velcro watch band that is far more secure than traditional bands yet low profile, and insulated wine/beer bag that maintains the internal temperature made out of 1000 denier Cordura fabric for durability, simple shoe bags for securing and separating footwear within suitcases for travel, a water hydration pack for ultramarathon running, a bag for bicycling that mounts on top of a rear rack and is completely waterproof, a strap system for securing trekking poles together, bicycling messenger bags, and a slim line padded laptop computer case/envelope. The design of the product is only limited by the clients willingness to pay.
Simplistic Labyrinth derives their revenue from license fees and prototyping fees. The license fees will be the cost charged to the company to use the product for production. This differs from a royalty because a license fee will be a one time fee for a set number of items in production. A royalty is typically a per item fee. The prototyping fees are the fees charged for the production of a prototype or working model.
Some of the items designed and produced by Simplistic Labyrinth will be patented, but only if 1) the design is novel enough to receive intelectual property protection, and 2) if the design is unique enough so that the patent is not easily avoided by changing a relatively insignificant part of the design.
Simplistic Labyrinth Design Studio is still in the speculative stage as a service provider. Its critical issues are to continue to take a modest fiscal approach; expand at a reasonable rate, not for the sake of expansion itself, but because it is economically wise to. It also needs to continue to build brand awareness which will develop the customer base.
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