Abstract
In July 2009, Mia Pezzi started a new silver jewelry line: TZEN Boutique. The TZEN line was created in response to the recessionary market and consumer demand in a high-income, metropolitan area of Chicago. This new silver line focuses on quality sterling silver jewelry that uses quality semi-precious stones and unique designs. As a newly launched jewelry line, TZEN was looking to build its brand name and establish its business positioning in a highly fragmented and competitive market. There are numerous challenges and hurdles to starting a new business especially during an economic downturn, however, there are also opportunities for specialty retailers to gain market share. Consumers are more discerning and apt to engage in research prior to making a purchase decision. This provides new businesses with enormous opportunities to enter the market and fulfill demand that the traditional retailers do not meet. In July of 2009, entrepreneur Julie Liu decided to leave her hedge fund manager position and concentrate on building a retail jewelry business. Pursuing what she has been passionate about since childhood, she began to start a retail jewelry store in the metropolitan area of Chicago. Ultimately, Liu has ambitions to distribute her creations nationally but first she needed to establish a clear brand position and strategic focus. Liu and her publicist, Victoria Haubergh, will have to determine the unique position for the new TZEN Boutique brand that would allow the brand to compete and differentiate itself from other jewelry companies. As a small business with limited resources, Liu and Haubergh must be creative and develop a marketing strategy that is effective but realistic. Starting a business during a recession presents both opportunities and challenges. However, there are numerous challenges and hurdles to start any new businesses especially during a recession. The start of a specialty jewelry designer retail store needs to devise a well planned business strategy to succeed in a competitive landscape dominated by well established brand names. Managing customer loyalty and satisfaction become more important with each purchase and contact with the customers. Satisfying the customer involves making a personal connection during the selling process attempting to fulfill the unique needs of its customers and offering them a memorable consumption experience. [PUBLICATION ABSTRACT]