BASIC MARKETING 3010
SPRING SEMESTER 2014
Mighty Recyclable Wallets
Team Name: Extraparadigm
Minting B Chan
Marketing Plan: Mighty Recyclable Wallets
Wallets accounts for 8% of the total personal apparel and accessories market. The US market for the items is currently served by about 470 businesses with operations across the country but with concentration in Florida, New York, Loss Angeles and Texas. The market was faced economic challenges that resulted to its decline in 2008 to 2009 during the great recession. However, the market is currently recovering and has registered a 1.2% growth from the year 2009 to 2013. Further, the market is served by manufacturers and sellers of leather and plastic made wallets produced in US. However, the high cost of production has resulted to the businesses being mainly dependent on exports from cheap labor economies like India and China.
In view of the challenges and considering technological advance that makes design innovation much easier, Mighty wallets is a new company seeking to apply technological innovation to introduce a new concept of Mighty recyclable wallets in the US. The business is a limited liability company to be located in New York with a mission to apply technology and innovation to deliver the highest quality wallets to the US market. To achieve the goal, the business will introduce Mighty recyclable wallet which is a standard size pocket bifold wallet that is made from Tyvek material. In that respect, the product is recyclable and durable as it is tear resistant as well as waterproof. With that concept, the business will seek to offer a differentiated product that will offer added value to customers.
The product's introduction has some objectives including achieving a market reach of 55%,