Entrep Chap 3.docx

III. Company Background LOGO

A. Company Profile Timber Treasure – Ethnic wooden jewelry line is established on February 2019. It offers different kinds of handmade wooden jewelry. The product’s quality and price will surely fit the fashion trends of those who are fashion forward even if on a budget. We have decided to sell our product online through social media platforms, such as Facebook and Instagram since technology places a big part of today’s society and we wanted to use that advantage. We will also display and sell our products during product bazars in malls and conventions held around Iloilo City. The business focuses to produce unique and one of-a-kind jewelries compared to the competitors of Timber Treasure. Our products are 100% handmade thus, the uniqueness of each of our products are guaranteed and that no jewelry is the same. The business solely depends on the innovation and natural beauty of wood.

Mission Timber Treasure is dedicated to creating happy and stylish clients by merging craftmanship, beauty, and nature in our statement jewelry line. We always strive to be a positive, driving force in the community one statement piece at a time. We celebrate life, beauty, and nature. Vision Timber Treasure is a traditional wooden jewelry store that wants to make a positive difference every day in the lives of our clients, our staff, our community and the world one statement piece at a time. To bring to the world a line of handmade wooden jewelry that anticipate and satisfy people’s needs and desires. To create mutual and enduring value with customers and suppliers. To contribute to a more sustainable planet.

B. Current Position of the Company/Brand in the Market Timber Treasure is new in the market and our brand is still in the process of development and innovation of our product and service on our way to make a statement in the jewelry and wood craft industry.

C. Company/Brand Strengths and Weaknesses Analysis Strengths Product

Our products are 100% handmade using various craftmanship methods and is uniquely designed and we are open to provide custom pieces for our customers. Price Our products offer low prices due to cheap labor rates that results to competitive prices. Place We will be selling online through our official account in various social media platforms as well as sell though physical store/booth during product bazars held all year round in various venues in Iloilo City. Promotion Our brand has official accounts in various social media platforms and that serves as a way for us to promote our products as well as to connect with our customers and to encourage more customers to purchase our products.

Weaknesses Product Our brand is still new in the market and we have limited time and budget to market our company and struggles to constantly create new designs. We may possibly have the inability to meet the demand of our product due to the small size of our company and limited production. There is also the tendency for us to have difficulties in penetrating our target market to buy our products due to their product loyalty to our competitors.

Price Since our company is still new to the market, we are unable to price our product in a rate that we can gain a large profit. Place There are a few jewelry lines already established here in the society and can be found in malls and kiosk found all around the city so we are unsure if a lot of buyers will choose to purchase our products Promotion Having poor advertising strategies such as in TV and radio commercials where people are easy to attracts and connect with.

D. Brand Customer Profile 1. Identified Market Segment Our product is 100% handmade with wood and stylish. Our target markets are both in rural and urban areas. People of all ages can wear our product. In terms of gender, we consider both male and female can purchase our products. Our products are made affordable and available for everyone to wear, from low to high income generating market that are in to ethic and wooden jewelry line. 2. Market Needs Being Addressed

The products that we made is addressed to the people who are in to unique and ethnic fashion of all ages and gender, as well as to nature loving folks since our jewelry line is specifically made of wood and 100% handmade.

3. Buying Patterns As season changes, trends in fashion also changes throughout the year as well as the demand and production for our product especially for seasonal designed jewelry line. During summer, buyers opt for brighter and more colorful designed jewelry. During Christmas and New year holidays, buyers opt for a more seasonal and festive design. While in February also known as the month of love, men and women usually are in search for their perfect love-themed jewelry as gifts for their partners or for personal use. But new consumer that are looking or trying out new looks and fashion trends can be penetrated all throughout the year. 4. Usage Habit When buying our products from our jewelry line, our customers can wear/pair it with what ever their outfit of the day is. They can wear it with in a casual look or they can also pair with something more formal and elegant look. Our customers must also keep it in the pouch it come with when purchased to avoid wearing down the product and to ensure longevity and to preserve the product.

E. Present Marketing Strategy 1. Segmentation, Targeting, Positioning

Segmentation We segment our market in a broad sense since all ages of men and women can use our product. Targeting We target a group of lower class, middle class, and upper class that have various income generation. 2. Marketing Mix (Four P’s) Product Our products are various handmade jewelry made with wood. The main material used is wood. Wood is a durable material for handicrafts and can be easily sourced locally. Wood is naturally beautiful and aesthetically pleasing thus creates a unique and natural look to our product. The production and processing of wood uses much less energy than most other materials, giving wood products a significantly lower carbon footprint, which also gives us another reason for us to use wood as our main material for our product because we care for the environment. Wood price range is also cheaper, that makes our products more affordable for our customers. Wood used as a material for our jewelry line creates more depth and meaning to our products. Handmade wooden jewelries are individually unique because no two products are the same. Even with a pair of earrings, one may look different due to the different part of the wood cut. Thus, we guarantee that our customers purchase a one-of-a-kind jewelry. Our jewelry line is also made and decorated by hand which ensures the quality of our products sold to the market. Place

We will sell our jewelry line in stalls during product bazars held locally so that buyers can physically see and feel our products being sold. Our products will also be available online through our company’s accounts in various social media platform so that we can also sell our product not only locally, but we can also ship our products to those who purchased online nationwide. Price Since our main material used is wood, the price range of our jewelry line is affordable and that ensures that many of our customers specially students and to those who are earning minimum wages who have limited budget can afford our products. We believe that quality products do not have to be expensive and that we can provide that demand to our customers. Affordability is one of our perspective as a brand which would ensure that our products are “pang-masa”. Promotion Social Media as our main way of connecting with out customers, also serves as our platform for the promotion of our jewelry line. We will promote our products through Facebook, Instagram, and other social media sites. Knowing that social media is no stranger to the society today, social media is one of the widely used medium of various companies to promote their products and our company makes us one of them. Through social media we can we can share our information and details about our company and our products being sold to the public. Online advertising is an efficient method to promote our jewelry line since a large percentage of the society are using social media as a mean of communication. We may also coordinate with the Panay News Organization for us to be engaged in Print Advertisement for locals in Iloilo City.

3. Competitive Strategies Employed Our product strategies can help the company grow and will also help lift the market sales and shares by providing quality and unique jewelry line for our customers. With the combination of nature’s beauty and craftmanship, our company can attract more people to buy our products and appreciate the natural beauty of wood. With the use of social media, we can easily connect with the society and easily sell our products that can help with the recognition of our brand.