A Feasibility Study on the Establishment of Locket Charmin Quirino Highway Cor. Maligaya Drive, Novaliches, Quezon City

Abstract

Locket Charm is a proposed jewelry business that mainly offers lockets. In order to know the acceptance of the target market for the proposed business, the researchers prepared and administered a survey to 100 respondents within proposed location, Fairview Terraces, Maligaya Drive, Novaliches, Quezon City. The main objective of the survey is to determine the respondents’ acceptability of the 4P’s (Product, Price, Place and Promotion). Results show that 84% of the respondents demonstrated acceptance of the proposed locket jewelry with free photograph that they could insert in it. Eighty-three (83%) of the respondents also favored the proposed location of the business. Majority of the respondents expressed that they can afford the cheapest prices of Locket Charm products. In terms of promotion, 32% of the respondents said that the best platform to introduce the proposed Locket Charm business to the market is via social media. The concept of the business including its proposed location at a mall, pricing strategy using the mark up costing and various promotional strategies will give Locket Charm its chance to be known in the jewelry business. However, limiting the proposed business to silver as its only raw material and lockets as its only theme may also limit the number of prospect customers. With this in mind, the researchers recommended to produce other designs particularly those in trend and use other raw materials aside from silver to give prospect customers more options to choose from.