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Market Analysis: Hobby Lobby US

803 Words4 Pages

MARKET ANALYSIS CUSTOMERS Company Country Products offered Art Pol Poland Hobby Lobby United States Multicraft Canada Raffia Pacini Trade Italy Craftime Unlimited Corporation is a Philippine-based company which specializes on making handicrafts such as holiday décorations, Angel figurines, Burlap, Sinamay, Raffia, Abaca scrunch, Shells, Placemats, baskets, easter decorations, Halloween decors, capiz and sisal. From these product offerings it was discovered that the handicrafts that are of high demand are Raffia, Sinamay, Abaca Scrunch, Angel Figurines, and Paper Mache. These handicrafts are made to promote the Filipino-made products. From the design creation up to its production, the locals of our country are the ones who made every step …show more content…

Mr. and Mrs. Green started making miniature picture frames and know Hobby Lobby have more than 750 stores, 32,000 employees which operation in forty-seven states. Hobby Lobby offers numerous selection of arts and crafts including hobbies, picture framing, jewelry making, fabrics, floral and wedding supplies, cards and party ware, baskets, wearable art, home accents and holiday merchandise. Furthermore, Affiliated companies include Hemispheres, carrying unique home furnishings and accessories from around the world, and Mardel Christian and Education Supply, offering books, Bibles, gifts, church and education supplies as well as homeschooling curriculum. Hobby Lobby also maintains offices in Hong Kong, Shenzhen, and Yiwu, …show more content…

Founded by Rick Kumar, who grew up in an entrepreneurial family environment who’s actively involved in the craft industry, he realized that several products in the market are being sold at a higher price which is quite expensive for the average crafter’s budget. Due to these high costs, a part of the market would rather not buy these craft items. Mr. Kumar saw this as a great opportunity to start a business where crafters can purchase craft items at a reasonable and affordable price. He strategized on buying products in larger volumes which drives to decrease. Multicraft will then enhance, improve and develop the design, production and distribution methods of these fine craft items. Around the world, multicraft collaborates with over 140 factory partners. One of these is Craft time unlimited corporation in the Philippines. Multicraft offers a wide array of products for their customers, from General & Kids Crafts, Decorative Painting, Paper Crafting, Beading & Jewelry, to Home Décor, and much more. They offer these products at a lower price range

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