Mahogany Western Wear's goal is to provide apparel to the under served market of the African-American cowboy community.The major western apparel retailers have left a hole in this market by not providing a larger assortment of sizes.
Our intention is to gain 80% of this market share by focusing on our niche positioning, neighborhood location, brand that we sell, southern hospitality and special promotions.
Our marketing strategy will focus heavily on sales promotion, niche positioning in the market and customer service with loyalty and retention in sales.
Mahogany Western Wear will maintain a flexible pricing strategy. We base the product lines that we carry on their reputation and quality as western wear apparel. Most of our lines come with a suggested retail price that we will follow. We will also utilize the standard practice of keystoning as well.
Mahogany Western Wear will follow an aggressive yet creative promotional plan. This will allow us to focus directly on our target customer while still being conservative with our advertising dollars.
Our retail location will be the foundation of building our customer base. We will also manage a direct mail program that will focus on our top 50% customers spotlighting any in-house sales and promotions.
Our marketing programs will consist of the distribution of 5,000 color flyers two weeks prior to our grand opening event.
For the more full-bodied individual seeking western apparel, Mahogany Western Wear will offer name brand western wear in a larger assortment of styles and sizes that aren't always readily available in the mass western apparel retailers.
The following table and chart give a highlight on forecasted sales. We expect sales to start off conservatively and increase extensively during the Christmas holiday shopping season and during the months of The Houston Livestock Show and Rodeo.
Mahogany Western Wear has planned for a rate of growth at 15% for the first year as we build name recognition and status in the community. In the second and third year we look to see an increase of revenue of 20% as we gain a larger percentage of the market share and increase our customer base beyond the southwest part of the city.
The accompanying milestone chart highlights our plan with specific dates. This schedule reflects our strong committment to organization and detail.