Course Written Project
-
date post
21-Oct-2014 -
Category
Business
-
view
206 -
download
0
description
Transcript of Course Written Project
Course Written Project
By: Morgan Baldwin, Kevin Burdiek, Jennifer Cox,
Dier Liu and Maia Ashley Eusebio
BackgroundFounder -Grace Brown Mitchell
Launching an online clothing store
Venture Creation
Idea Action
Started in 2011
Small Business Award from Topeka Chamber of Commerce.
SWOT AnalysisStrengthLow cost. Easily accessible. Uniqueness of the goods. Fashionable styling. Physical location.
WeaknessHigh priced. Low brand awareness. Lack of promotions. More physical location needed.
Opportunity Online clothing industries are rising sharply. Growing demand. Online and Offline marketing strategies.
ThreatsToo many competitors. Economic downturn.
Competitors Analysis Overviewshopgracieb.com
Strengths Weakness
Easier to select goods. Targeted marketing Unique products Highly involved in social media Great quality of products
Expensive Delivery Lack of chooses Lack of traditional marketing Lack of physical locations Less variety of styles Lack of immediate customer care, like online
chatting. Lack of customer ratings
urbanoutfitters.com
Strengths Weakness
More chooses of goods Famous designer Mass marketing Great brand awareness Various price ranges Many physical locations Faster and cheaper delivery Online chatting service
Consumer hard to find the product that they want, when there is too many choose.
Low quality in some of their products.
What can We Learn from Competitors Analysis?Customer Review
What can We Learn from Competitors Analysis?
Source: online at e-tailing website, 2013 Merchant Survey Results http://www.e-tailing.com/content/wp-content/uploads/2013/04/etaildetail_merchantsurvey2013.pdf
95% of consumer find product ratings are helpful in accessing the product
Urban Outfitter utilized YouTube very well
Grace B on the other hand did not incorporate YouTube a lot
Branding Personality
Brands Are Like People
Distinctive Image
Product Identity
Competitive Advantages
Identify what Gracie B does well
Distinctive Competency
Differential Benefit
Branding Strategies Visual Courtesy of Google
To be successful we must consider many different aspects of our branding strategy, to create a relationship with our consumers that will bring benefit to all whom are involved in a business transaction. Above are a few to keep in mind!
Awareness
Interest
Evaluation
Trial
Adoption
Confirmation
Marketing Objective
The objective is to make consumers on Washburn University’s campus aware of Gracie B’s collection and persuade them to adopt her style for all seasons of the year.
Adop
tion
Pyra
mid
Awareness• Airbods• Facebook• Washburn Review
Interest• Pinterest pin it to win it• Seasonal/Holiday sales• Free Shipping
Evaluation• Online ratings/reviews• Pictures present confidence in style
Trial• Fashion Show• Look Book• Sorority house visits
Adoption• The Hub• Shopgracieb.com
Confirmation• Compliments• Trending
Sales
Profits
In clothing retail stores like Gracie B, the product life cycle is never ending.
Identification of the Target Market
Target Marketing Process
Positioning
Targeting StrategyConcentrated Marketing Strategy
Marketing Tools and Strategies
Traditional Media
Newspaper (Washburn Review)
1,500 printed newspapers/week
Radio (AirBods)
Social Media
Twitter326 followers at the
beginning of the semester601 followers currently
185% Increase
5,500 Total Facebook Members
400 likes at the beginning of the semester630 likes currently
167% Increase
Marketing Strategy Process