Question 1: Does Waxman try to compete with Wal-Mart or Linens ‘N Things on the basis of price? How does Wax market its product?
Answer 1: Wax does not try to compete with Wal-Mart or Linens ‘N Things as far as price is concerned. Wax keeps strong with expensive candles doing everything in his power to keep people interested and intrigue “candle freaks”. If you bring in your favorite shaped container, they can make it into a candle, with many different colors, textures, and scents to choose from. Custom made candles, and just going to a specialty store probably makes true candle lovers interested as well as browsers.
Question 2: Discuss Werts’ background and experiences since he started making candles in 1970. Is he a “typical” entrepreneur? What characteristics do you think it takes to start and succeed in your own business? How does an entrepreneur figure out what kind of products, services or company to create?
Question 4: How would you characterize the typical Waxman customer? How do they differ from those who buy candles at Wal-Mart? Why is it important that a company like Waxman understand not only its competition but also its customers along with trends in the industry and economy? Explain.
Answer 3: The primary demographic amongst the candle buying public consists of the post hippie baby boom generation. Waxman makes profit from candles for that specific group rather than the general public shopping at retail stores. Waxman candles in a good way. They are candle enthusiasts Waxman had to face many challenges over the year; retail stores now outsell small candle businesses and have lower prices than the specialty stores. Retailers candle sales amplified nearly a million dollars from years 1996 to 2000. Waxman Candles has a good approach for making profit, despite the competition and many obstacles upheld by the industry. They devote their whol
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