Additional information to Company Introduction, Market Segmentation, and Product Positioning

Continuing to build a marketing plan, this will focus on product and service.
Discuss the type of product the company will offer and identify its primary characteristics.
Discuss the service component of the product and how it will be used to enhance the product.
Explain how the product could be expanded to a product line, and the depth and breadth of the line.
Determine how the core business may change in response to industry or market changes.

Treasures of Time Background
Company Description
The company Treasures of Time is a unique organization in that it resells antique, retro,
old, and unwanted furniture and household décor items, with a twist. The guiding rule for
buying and selling pieces is how easily the pieces or items can be refreshed with a twist, or a
new look. Even antiques are given a new look, whether with a coat of paint and a stenciled
design or with the addition of decorative shell, mother of pearl, or some other unique
embellishment. Though many buyers prefer antiques in their original state such pieces often sit
in second hand or antique shops for years taking up space. The point of the business is to
encourage buyers to consider older pieces of furniture given a new look or purpose, over buying
new pieces. Not only do buyers save money, but they save pieces from eventually ending up in
landfills. While some pieces are purchased from second hand and antique stores, others are
collected as unwanted, but in good condition, items intended for the trash bin.
Treasures of Time operates with a focus on reuse. For example, an old dresser in good
condition, but with broken drawers, may be given a new coat of paint, have the drawer slides
removed, and have painted or finished plywood shelves put in their place, to make a unique but
attractive TV entertainment stand that will also hold DVD player, cable box, gaming system, and
other accessories. An old bird wrought iron bird cage may be used as a base for an end table or
coffee table, with a wood top added. Any supplies purchased, such a glue, wood, paint, or
varnish, is stored and used for other projects as much as possible. The business also collects
unused paint from opened jars or cans, as long as it is still usable. The point of the business is to
help others add style to their homes on a limited budget, while considering the environment.
Sustainability is incorporated into the aim of offering green products. Any new supplies
purchased for re-purposing must come from organic or chemical free materials. The company
researches any new supply companies before purchasing products to ensure products are not
made using unfair labor practices.
Anyone who wants to redecorate their home can without spending thousands of dollars.
Many of the pieces get compliments from designers, homeowners, and collectors. The
organization began with a $500 budget and has grown to a net worth of $15,000 in 6
months time, combining profits and inventory. It is expected that the business will continue to
grow at the same rate and should attain a goal of $90,000 within 3 years. Though the company
operates in the U.S. it does buy some odds and ends from foreign dealers and sellers.
Mission Statement
It is the mission of Treasures of Time to promote greener and more sustainable living by
turning unwanted and unused items into attractive, decorative pieces for the home, that anyone
with a sense of design or style will appreciate, while showing consumers how they can give their
home interiors (and outdoor living spaces) a new look on a limited budget.
Foreign Markets
While the organization sometimes purchases items from foreign suppliers or dealers,
many countries have their own repurposing programs. Shipping items overseas is expensive
and uses more fossil fuels than shipping to countries on the same continent. Therefore, the
country the company has chosen to expand into is Canada. Toronto is less than 6 hours from the
business. Items can be sold at outdoor markets in Toronto or sold in consignment shops.
Eventually the company will select a business location and open a shop in the Toronto area.
Items for repurposing can be attained in Canada in the same manner as items in the U.S., which
will further reduce the use of fossil fuels for transport.
Canadians waste less that U.S. citizens, so consumers are likely to appreciate repurposed
items rather than new ones. Landfills in Canada are nearing or are at maximum capacity.
"Income and education have little impact on recycling behaviour; households with access to
recycling programs tend to use them equally" (Babooram & Wang, 2008). This means that
income is not a barrier in marketing products to consumers in Canada.
Marketing Plan
Potential Audiences
Market segments interested in repurposed household items can include all groups
interested in re-use of household items to save money and/or to avoid contributing to
landfill waste. Consumers in Canada need to stay focused on preventing excess landfill
waste. They need to feel they are contributing to the solution rather than the problem, which
occurs when new products are purchased and old ones are thrown away.
Marketing Segment and Target Market
Market segments are often divided and classified by characteristics. For promotion of
Treasures of Time products and concept, behavioral and psychographic segmentation are
necessary. Behavioral segmentation focuses on consumers segmented by benefit. In this
instance, benefits of saving money and contributing to green consumer practices are the desired
outcomes. Psychographic segmentation focuses on lifestyle (Goyat, 2011). Those who have
adopted or who wish to adopt greener practices of reducing landfill waste can begin or may have
already begun repurposing or reusing household items as a new way of life.
Target markets for Treasures of Time products will include those with various
demographic backgrounds. Those in the lower income brackets will be interested in decorating
their homes interiors on a limited budget, as a source of pride in ownership or to express artistic
style. Artistic style is a characteristic shared by those in other income brackets as well.
Consumers in higher income brackets have fewer needs and more basic objectives of preventing
landfill waste (Goyat, 2011). They are less budget conscious, but still have a need to contribute
to positive solutions to society's problems.
SWOT Analysis
Strengths

Treasures of Time has established many repeat buyers and continues to grow its U.S.
consumer base. In the process of expanding the business into Canada, the company can rely
on its current customer base to contact the company with any finds they believe may be
appealing, when visiting areas such as Toronto. The company may offer a discount to clients
that discover potential sources of product for repurposing, based on size and potential. The
company is expanding into a country that values reuse as a means of attaining a healthier
environment and achieving sustainable goals.
Wider potential consumer markets with broad tastes in style encourage the organization
to purchase items from many different eras in time, for a broader product offering that will
appeal to individual styles and tastes of consumers. There are fewer restrictions in offering
goods in Canada, due to the North American Free Trade Agreement (NAFTA). The internet
is available for the company to offer products to Canadian buyers. Pictures can be uploaded
into catalogs for customers to view and order.
Weaknesses
The company does not have brand awareness in Canada. Expanding into areas such as
Toronto requires members of the organization to gain a better understanding of the local flavor
and tastes of consumers (Grueneberg, 2011). There is a steep learning curve and members of
the organization must quickly develop an understanding of Canadian culture to understand how
to market items and select the most desired items. Members of the organization must learn how
to fill out customs forms properly or risk losing revenues for items not shipped in a timely
manner, leading to dissatisfied customers.
Opportunities
Treasures of Time has an opportunity to expand its markets and increase revenues, with
careful selection of market locations in Canada that maximize exposure to the products offered.
The company has an opportunity to become a part of the solution for overfilled landfills in
Canada, by highlighting how much waste has been diverted from U.S. landfills. Large and small
items purchased that appeared as junk prior to repurposing can be photographed before and after
the transformation, so that consumers can see the impact of landfill reduction.
By expanding into Canada, the company has an opportunity to show further examples to
potential U.S. customers, of how they can reduce landfill waste. Knowing what their Canadian
neighbors are doing in terms of reducing waste can trigger a sense of pride and encouragement to
consider repurposed product purchase. This will allow the organization to expand its promotions
efforts in the U.S. When U.S. buyers realize consumers in other countries desire the products
they are more likely to desire them as well.
Threats
Threats to Treasures in Time come from existing large corporate practices and from
smaller antique or second hand shops. Though many small shops do not put their energies into
repurposing or redesigning items consumers can purchase products at the same price as the
company and can avoid paying the new retail price for reconditioned products. The threat is
minimal as many consumers want to repurpose but lack the time, energy, and creativity. Large
corporations wanting to develop new green strategies may purchase items from the business to
show their business partners and visitors their commitment to green strategies. They may
demand lower prices for products (Birol, 2010). Any business conducted with large corporations
should avoid contracts or agreements for future purchase of items. Avoiding repetition in the
items selected from other resources will help reduce the likelihood of bulk purchase and demand.
Market Position
Among the categories: Visionary, leader, niche player, challenger, where does the company fit it? Why?
How is the company targeting consumers? Low cost, unique (value added) products, volume
This should give you an idea
http://www.marketingyoursmallbusiness.com/MarketPositioning2.htm

Analyzing the Market
5Cs, communication, cooperation, clarity, consistency, creativity. How does the expansion of the company related to these
http://www.practicalecommerce.com/articles/3893-The-5-C-s-of-Integrated-Marketing
STP segmentation, target markets, and positioning, already discussed, tie together

4Ps, price, product, place, promotion (marketing mix).
How are products priced? High to represent high quality, lower than retail store goods, or as value added (consider the repurpose/recondition process as adding value) if the pieces are unique.
Product- what does it represent to consumers
Promotion- How will products be marketed, what channels used
Place- where will products be promoted, ie: Ads, flyers, company website and catalog, open markets, etc.

Evaluate and target customer segments and positioning products within these segments.
As all products are different and unique, how will you target the low income segment versus the higher income segment?

References
Babooram, A. & Wang, J. (2008). Recycling in Canada. Retrieved from
http://www.statcan.gc.ca/pub/16-002-x/2007001/article/10174-eng.htm.
Birol, A. (2010). Three deadly threats against small business today. Small Business Trends.
Retrieved from http://smallbiztrends.com/2010/05/3-deadly-threats-against-small-
businesses-today.html.
Goyat, S. (2011). The basis of market segmentation: A critical review of literature. European
Journal of Business Management, 3(9). ISSN 2222-2839 (Online).
Grueneberg, (2011). Planes, trains, and automobiles: How franchise companies build brand awareness with
the travelling public. Retrieved from
http://www.swlaw.com/assets/pdf/news/2011/05/04/PlanesTrainsandAutomobiles_Grueneberg_WEB.
Pdf.