Satchel. MADE IN SAVANNAH GEORGIA
TABLE OF CONTENTS 1 Company Profile 2 Marking Objectives 3 S.W.O.T Analysis 4 Competitors 6 Target Market 10 Marketing Mix Product Promotion Placement Price 15 Implementation
HISTORY
COMPANY PROFILE
Satchel first carried a variety of other small high end lines of leather goods before soon finding out that customers were willing to pay for luxury good with a unique factor. This prompted them to turn their store into a design house where the owner and her team of fabulous designers make everything in the shop. Now customers have the option to customize an already existing designer or design a brand new bag from scratch as well as the option to purchase already made designs in shop.
MISSION Satchel is a hybrid studio and store. Providing customers with handmade luxury leather goods already completed designs, and custom-made specialty bags that you cant find anywhere else.
SCOPE & SIZE - 1 boutique store in Savannah, Georgia, - Men’s and Women’s accessories, leather goods, jewelry, and luggage. -Brick and mortar, and online.
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MARKETING OBJECTIVES
1. Our objective is to efficiently stimulate sales across all distribution channels by reaching a wider range of customers between fall 2014 and fall 2016 by consumer knowledge.
2. Our objective is to promote sales effectively by catering to specific consumer shopping venues including emails, catalogues, and advertisements.
3. Our objective is to communicate through social media by increasing our following by 50% from 680 in 2014 to 1,360 in 2015.
4. Our objective is to further maximize sales through visual merchandising, compared to October 2006 to June 1,2014 through new location opportunities we strive to capitalize on the location.
5. Our objective is to strengthen our public relations field by capitalizing on advertisements, social media, and our public image compared to 2013 and 2014.
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S.W.O.T ANALYSIS
STRENGTHS
WEAKNESSES
- Custom made/ one of a kind pieces - Made in house - Customers can design own accessories - Purchase bags in shop or already made accessories - High level of customer service
- Everything made in house - Small team / slower assembly time - Low selection of leathers - No online presence/orders - Too much customization
OPPORTUNITIES
THREATS
- Expand/open more stores - Sell products online/ecommerce - Expand social media platform - Grow clientele - Partnerships with over brands - Product expansion into footwear, watches, glasses, fragrances - Product expansion into men’s accessories
- Other luxury handbag companies (Coach, Prada etc.) - Location of other companies - Price of merchandise - Fashion trends forever changing - Strong competition
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COMPETITORS
CUSTOM MADE MARKET
LUXURY ACCESSORIES MARKET
Laudi Vidni Sterling & Hyde Wink & Winn
Marc Jacobs Michael Kors Coach
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HIGH
PRICE LOW LOW
QUALITY Satchel | 5
HIGH
TARGET MARKET
By reflecting on their products, whom their customer is, and their striving customer, Satchel’s target market can easily be recognized. The perfect target market for Satchel would be any female or male with an interest in fashion and the desire to stand out and be unique. Their customer would love the opportunity to custom make any accessory specifically for their needs to accompany their everyday activities. The Satchel customer loves to find small shops, they yearn at the opportunity to support local business and artists work.
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Name: Johanna Preston Age: 18 Location: Austin, TX Johanna is the girl who stands out from the rest, she loves the thrill of thrift-ing knowing that she’ll find one-of-a kind pieces, but she also loves a good designer deal. She is a girl who fiercely represents the millennial generation; she is an 18-year-old aspiring graphic design student from Austin Texas, who spends her down time working as a sales associate and her local downtown clothing boutique. While she’s not working, you’ll probably find her at a local coffee shop behind her computer, designing, blogging, or pinning away. She’s the girl who can be found watching the latest episode of Girls, and always updating her social media followers. Johanna is the girl on the move, and no ones’ stopping her anytime soon. Satchel | 7
Name: Veronica Preston Age: 32 Location: Atlanta, Georgia Picture the girl all of your friends love to be around, a woman who loves to craft, and a do it yourself enthusiast enter, this woman is Veronica. A 32 year old stay at home wife who lives and prospers in a small community in Atlanta, Georgia. When her husbands away she can most likely be found on Pinterest, looking up the newest recipes, crafts, and decoration ideas for her lifestyle. Not only does she put these into play for her family, but she loves hosting and throwing a good party, whether it be for her book club, or her football Sunday. She’s always on the look out for the newest trend to fit her unique and quirky aesthetic. Veronica is the woman with a thousand and one things on her plate, but knows it is important to always find time for herself.
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Name: Nikolas Decker Age: 26 Location: New York City, NY Meet Nikolas, the boy from a small town in Savannah, Georgia who recently relocated to the big apple -New York City, New York. An aspiring film student, fresh out of college, Nikolas is yearning to start his new job at an up and coming film agency. When he’s not busing working he’s either at home binge watching Breaking Bad on Netflix or seen out supporting the local breweries and restaurants in downtown Brooklyn. When he has the time, he can be found at any of the great music festivals, Coachella, Lollapalooza you name it he’s there. He finds his inspiration from these festivals, fellow street artists, and the everyday New York person. Nikolas is the sophisticated hipster whose creative perspective on the world is enticing. Satchel | 9
MARKETING MIX
PRODUCT Satchel is an exclusive private brand, which produces tangible custom made, one of a kind handbags’, and other personal accessories. A consumer, shopping product meant to satisfy the individuals personal wants. Packaging through their brand name bags offers protection, a different way of promotion, and a way to easily facilitate storage and convenience. This provides informational labeling which easily helps the customers make proper selections.
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PROMOTION Satchel, being a specialty store, can capitalize on using advertising, through non-traditional media such as websites, blogs, and emails to reach their customers, as well as traditional advertising with magazines, and newspapers. Through social media, like blogs, micro blogs, and many other social networks this will allow satchel to manage the brand image, engage with consumers, and well as increase the interest in the company from the target audience. With the use of Interpersonal communication or mass communication Satchel can capitalize on these two major categories to directly and largely communicate to their consumers. Through non traditional, Internet and social media advertising, Satchel can be personal, and have direct communication with their customers. This kind of advertising gratifies instant feedback and noticeable communication.
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SOCIAL MEDIA Because Satchel is a small company sales promotion and social media would be best. These elements provide Satchel with anything from indirect to direct face-to-face modes of communication with their customers. While providing a range from moderate to large amount of feedback as well as almost instant feedback from the customer, Satchel will increase their brand upon knowing what the customer wants. By capitalizing on either one of these elements Satchel can either use a fast speed of communication, such as sales promotion, or social media to reach their target audience. With sales promotion Satchel can send the same message to varied target consumers and with social media they can capitalize on some of the most targeted opportunities of this generation.
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PLACEMENT Satchel’s location is in the heart of downtown Savannah, Georgia around a few great homegrown shops, catering to both gathering tourist, and Savannah locals. Opened Monday through Saturday from 10am until 6pm Satchel is a freestanding store, which provides the best for serving customers with visibility, parking, entrance and exit, accessibility, and safety features. A merchant wholesaler would serve as a great channel intermediary for Satchel whom takes titles to the goods sold. The perfect market channel for Satchel would be either direct channel or the retailer channel. They have either straight producer to consumer connection or a producer to the retailer, and finally to the consumer connection. Through either selective or exclusive intensity levels Satchel can choose to work with several selected intermediaries, catering to shopping and specialty goods.
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PRICE A fitting price range to base Satchel’s custom made, luxury items at is anywhere between $55 for a small pouch, $100-$110 for a wristlet size pouch, $155-$185 for clutches and messenger bags, and $285$325 for their luxury small and large tote bags. These prices are based on fabric used, size of the accessory, and the hardware needed for the accessories.
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IMPLEMENTATION
To have a prospering and effective implementation strategy for your business you must have a full and active executive support, active communication, complete employee involvement, and thorough organizational planning. Establishing a clear vision for the implementation process, and focus on where the organization will end up and the anticipated outcomes for Satchel to be effective. By correcting actions that do not help the company reach its objectives Satchel can achieve their goals of their marketing plan. We will have a sixmonth follow up with Satchel to make sure they put these rules into action.
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Ericka McGriff Principles of Marketing Summer Quarter 2014 Prfessor Ron Williams