Market Analysis

Analysis of Target Market

The people I would like to target to come into my business are girl
teenagers from the ages fifteen to nineteen, women from the ages of twenty to
forty-five, and parents that love to shop for their little girls. Another group that I
would like to target to come to my business are women that live around the
Adrian, Minnesota area, due to my business being located there. My business is
more of a saturated market because I own a boutique and mainly women would
want to shop there so it is mainly only targeting a small group of people.

Analysis of the Competition

My business has many different competitors due to there being many

different boutiques near me. For example there is business in Adrian called
Closet to Closet. They are a second hand clothing store but they also have a
boutique inside of their building. Our businesses are quite similar because both
businesses are selling clothing. I also have many other competitors in
surrounding towns like Luverne, Minnesota and Worthington, Minnesota. In
Luverne there is a place called Tyanna's Boutique and they are a very well put
together business. Both of our businesses sell clothing from a boutique but our
boutiques are located in different towns. Some other competitors from Luverne
are Firefly Boutique, The Dragonfly and Sassy Seconds. The Dragonfly and
Firefly boutique are a bit different than mine because they sell other things than
just clothing. Another business that is a competitor for me is called Sassy
Seconds in Luverne. At Sassy Seconds they sell second hand clothing but by
name brand items. Our businesses are alike because both of us sell clothing
items. I also have a bigger competitor in Worthington. Maurices is a bigger and
well put together company. The major differences between us are that they are a
bigger company and have stores all around and they also have an online store.
Our business also has things in common like selling clothing, jewelry, and shoes.
I think that all of my competitors are very successful and one day I hope to have
the success that they did.
The Outlook of the Industry

In the future I hope that my business will expand to places all around areas near
Minnesota. I say that because many places around the country more than likely
won't wear the clothing that I will be selling. I would love to have my business be
the store that everyone loves to shop at. To expand my business I would like to
have many different forms of advertisement. The forms of advertisement that I
would like to use are by posting on social media, newspaper, television ads, and
just by spreading the word to family members and friends.

Owner’s Personal Strengths

I am a very good person and I think that I am a good person to start this business
because I have many strengths.
The many strengths that I have are:

- Responsibility
- Respectful
- Outgoing
- Good with money
- Smart with money
- Encouraging
- Creative
- Determined
- Patient
- Dedication
- Enthusiastic
- Trustworthy

These strengths are good for me as a person because they help me in the world,
my business, creating friendships, and they are just a good thing to have overall.
My strengths will help me with my business because I have to be encouraging,
creative, and respectful to help someone pick out an outfit that they will fall in
love with. I also have to be smart and good with the money that I receive to keep
my business going and make my business competitive. To keep my business
running I will be determined and have lots of dedication towards Bumble Bee
Boutique.