Market Expansion Research

Closed
Standout Boutique
Vancouver, British Columbia, Canada
Parisa Padidar
Founder/Designer
(11)
3
Project
Academic experience
80 hours per Student
Student
Canada
Intermediate level

Project scope

Categories
Market research Competitive analysis Customer segmentation Market expansion Marketing analytics
Skills
demography project management target market research
Details

As a company, we currently exist in BC, AB & QC, but we believe we are ready to take our business to the next level and expand our scope of locations to other provinces within Canada and potentially the US Market. With your help, we hope to assess our customer landscape beyond the demographics we currently cater to by learning about their expectations and behaviours.

This will involve several different steps for the students, including:

  • Researching the target market in potential new locations including demographic data such as spending power, proximity, accessibility, and location appeal, and creating a weighted decision matrix to assign importance to each factor.
  • Creating a survey based on the location and demographic information above to be distributed by our company.
  • Analyzing survey data using the weighted decision matrix to decide on the best location options for us to expand to.
  • Compiling a report including the location analysis, and optimal location recommendations.
Deliverables

By the end of the project, students should complete the following list of activities.

  • Research our target market in new areas and create a weighted decision matrix.
  • Create a survey based on the appropriate location and demographic information.
  • Analyze survey data collected, using the weighted decision matrix they created to decide on the best location(s) to expand to.
  • Create a report including all research, survey data, and analysis with location recommendations based on the weighted decision matrix.

Final deliverables should include

  • A report including all research, survey data, and analysis with location recommendations based on the weighted decision matrix.
  • A slide deck to be presented to the project manager explaining the report including all choices made and location recommendations.
Mentorship

Students will connect directly with us for mentorship throughout the project. We will be able to provide answers to questions such as:

  • What do our present sales look like with respect to each location?
  • Who are our largest competitors? What products/services do they provide that are similar to ours?
  • Input on choices, problems or anything else the students might encounter.

About the company

Company
Vancouver, British Columbia, Canada
2 - 10 employees
Consumer goods & services

Our mission at Standout Boutique is to create timeless pieces of jewelry that celebrate individuality, beauty, and self-expression. We are committed to crafting high-quality, sustainable, and ethically-made jewelry that empowers our customers to feel confident and unique in their personal style.

Our passion for design and craftsmanship is reflected in every piece we create, whether it's a delicate necklace, a bold statement enamel ring, or a pair of elegant earrings. We strive to use only the finest materials, including 18-24K gold plated and 925 Sterling Silver and responsibly sourced gemstones, to ensure that each piece of jewelry is as beautiful as it is meaningful.

At Standout Boutique, we believe that jewelry is not just an accessory, but a reflection of our personalities and life experiences. That's why we are dedicated to creating pieces that enhance your style and tell your story. We are committed to providing exceptional customer service.

Website: http://www.standoutboutique.com
Instagram: https://instagram.com/standoutboutique