Sample Company History Summary
The primary target market for The Party Store consists of most of Kings County (excluding Cambridge, which is located close to The Ultimate Party Store in Richmond). The population for this area is 25,119, which accounts for 4.13% of the states total population. There are 9,719 households in this area with a median income of $37,645. The estimated annual growth for this area is 2.3%.
The target market for The Party Store will shop for wedding accessories or general party supplies.
· There are approximately 265 weddings and civil unions held each year within the target market area.
· There are 9,719 households in the target market area.
Target Market Segment Strategy
· Wedding Accessories: This group of customers is looking to purchase supplies for weddings and civil unions The Party Store will provide a variety of accessories in its retail store as well as allowing customers to order supplies that are not in stock.
· Party Supplies: This group of customers is looking to purchase party supplies for a variety of reasons including, but not exclusive to, birthdays, graduations, baby showers, anniversaries, holidays, and bridal showers. The Party Store will have a wide selection of party supplies available at its retail store. Customers requiring large amounts of party supplies will have the option to place an order for items that are not in stock.
Competition and Buying Patterns
There are two party supply stores within a 30-mile radius of The Party Store as well as various party supply stores online. While some customers will prefer the convenience of shopping online, or the larger selections that stores such as The Ultimate Party Store in Richmond has, The Party Store is confident that there is a need for a local, exclusive party supply store.
· The Ultimate Party Store in Richmond
This company provides 30,000 in stock party supply items to customers at their 15,000 square foot facility. They also offer items that The Party Store will not such as costumes and rentals. They are located 39 miles (a 1 hour drive) from The Party Store.
· Party Party in Jonesville
This company provides party supplies online and at 50 retail stores across the United States. They also offer items that The Party Store will not such as costumes. They are located 35 miles (a 50 minute drive) from The Party Store.