As part of the accessories industry, Queen Bee Barrette Company has a plethora of existing research available in order to help them understand the competitive landscape and the industry as a whole. It is hypothesized that this handcrafted barrette and hair clip line will establish a niche market in the industry. As a result, market research related to the accessories industry will need to be vetted in order to only review the most applicable information sources. The company provides an assortment of themed and multi-functional options, solving the problem of hair clip variety for consumers. Its target market is young girls who appreciate a variety of styling options when it comes to hair accessories. The handmade element also adds to the brand's image and conveys an organic appeal. The brand's competitive landscape is slippery, and they've yet to elicit an emotional response from customers that would ensure brand loyalty. It is relatively new to the market and does not claim any special functionality besides aesthetic features. Competitors offer similar styles and colors at comparative prices in addition to added functionality. For example, the “No Slippy Hair Clippy”, guarantees the barrettes are as sturdy as they are pretty (Lee, 2013).
Queen Bee will need to develop and expound on its features in order to compete with brands that offer more than just pretty barrettes. Statistics show that hair accessory sales totaled about one billion dollars in 2012 and are expected to grow (Martin, 2013). In order to increase its share of the purchasing pie, the company must continue to develop its offering and communicate it to the customer effectively. This can be done by incorporating a value-based pricing perspective to increase engagement (Smith, n.d). Venkateshwar (2001) advises that when brands fail to compete on functionality and communicate its essential value to the customer, marketing plan efforts will go flat. Based on this data, Queen Bee must make significant gains in order to become established as a significant niche market in the hair accessories industry.
Lee, K. (2013). Becoming an industry leader: Annie Salyer and no slippy hair clippy. The Giggle Guide. Retrieved from http://thegiggleguide.com/behind-brand/2013-09/becoming-industry-leader-annie-salyer-and-no-slippy-hair-clippy
Martin, A. (2013). Hair Care Market - Global Industry Size, Share, Trends, Analysis, And Forecasts 2012 – 2018. Academia.
Smith, G., Hogan, J., Nagle, T. (n.d). A value-based pricing perspective on value communication. Retrieved from https://www2.bc.edu/~smithgg/VBP_&_Value_Comm.pdf
Venkateshwar K. Eric M. and Stanley F. (2001). When marketing efforts go flat. American Marketing Association, www.marketingpower.com/content21161C5850S2