Marketing Plan Samantha Franco V. Principles of Marketing
A B O U T
“She is a Native heart, she is a neon light,she is a love child; she is a WILDFOX” Wildfox is a vintage-inspired women’s knitwear brand based in Los Angeles. Originally co-created “by two women inspired by a love for vintage tee shirts and their friendship, the brand continues this legacy under the Creative Direction of founding partner Kimberley Gordon. Together with musician Jimmy Sommers as CEO and President of Wildfox, the brand was officially established in 2007. Known for its iconic campaigns, dreamlike quality, and clothes that tell a story, Wildfox has grown to include a full range of tops, bottoms, dresses, and skirts, while the White Label collection offers a range of luxuriously soft sweater knits, laces, chiffons, velour, and sequins. Wildfox Kids, the “little sister” adaptation of the women’s line, launched in 2009. Today, Wildfox continues to develop its lifestyle brand with a wide range of Intimates, Swim, Sun, Denim and accessories. The brand can be found in better retail boutiques nationwide including Ron Herman, Planet Blue, Akira, and Shopbop, along with select department stores such as Bloomingdale’s, Saks Fifth Avenue, Nordstrom and Neiman Marcus. But, the largest selection of Wildfox can be found at Wildfox.com. Internationally, Wildfox is distributed in over 30 countries worldwide including the U.K., France, Spain, Germany, Brazil, Japan, South Korea, Australia, Russia, and Taiwan and can be found in such stores as Selfridges, Harvey Nichols, Harrods, and TSUM.”
BUSINESS MISSION STATEMENT
e h t o t s r e t a c e r u t u o C X WILDFO g in r u t p a c y b n io t a r e n e g r u o f o youth d n a ic s s la c f o l a e p p a l a ic s whim y f m o c h g u o r h t e ir t t a e g vinta d n a e g a t in v r o f e v o L r. a e w lounge e h t p e e k s m a e r d d n a ip h s d n life, frie . e r o m r o f g in iv r t s d n a g in o g y n a comp
S w O T A N A L Y S I S
Strengths - Distinctive & Strong aesthetic -Has many options and styles ( Brand extensions) -Large consumer loyalty with millennial consumers -Knows how to capture millenial customer attention through ads -Their product is sold in over 605 different retailers and through their online store.
Opportunities -Add shoe line (The shoe market in US is expected to grow 35.1% in 2017.) -Online retail sales will be 30% of th -Large events (trunk shows, runway shows, parties) to have the target market experience the Wildfox spirit in physical.
Weaknesses
-They are a new company, they have only been established for 6 years. -Only eight people work for the company -They are limited to clothing and accessories because they don’t have any employees that know about footwear etc. - One of the lead designers recently left the company. - They do not have a physical store. Customers do not get to experience the brand Threats -The company was established when the recession began - They have competitors such as ASOS, TopShop. - Spending large amount of money on luxury items is a small niche market.
MARKETING OBJECTIVES - Make the winter/fall collection more attainable to the consumer through trunk shows, fashion show and events in order to increase sales - Have promotions that involve the produts and social media ( such as photo competition on instagram) during the next collection to not only increase advertisement but sales. Have a promotion that includes a price of travel to increase advertisement for more exposure of the products. - Incorporate public figures from the entertainment business in the next ad campaign - Film a fashion film, as they are getting more and more attention recently. In addition, the feel can incorporate the companies philosophy and can transmit it to the public.
Curent Marketing Position
TARGET MARKET Psychographic: the millenial customer is more focused on the future then the present making them idealist. consequently they are technology driven.. they rely on technology for almost every aspect of their life such as work , relationships and leisure. Other phychograhic characteristic of the millennial consumer is that they are exprience driven, in addition to crown surfing which means they take into account other opinions and reviews. Behavior: millennials tend to own and purchase multiple technological devices such as laptops, tablets and smartphones among many others. They use social media to express their opinions and feeling. (ex. Facebook) they also use websites such as tumblr and instagram more than actual fashion magazine and websites to learn about trends. they are also 52% more likely to make an impulse purchase than any other generation.
CONSUMER PROFILE Average Consumer - Female - Age 16-25. - The millenium customer : generation Y makes up for 25% of the US population. Around 80 million people fall into this category. Have a medium income with around 3,000 dollars to spend. - Vary from student to well established working women. (due to the price and exclusivity of their products). -Mostly found in the West coast as they are located in LA, but can be found all around the world.
Vanessa Hudgens Age: 25 Location : LA Occupation: Actor Net Worth: 5 million Style: Boho Chic Vanessa is a extremly busy girl who is always on the run and has to attend multiple meeting a day. She is always looking for clothes that she can look stylish and professional in but can be comfortable in
Olivia Boo Age: 21 Location: Savannah Ga Occupation: Student (Fashion Design) Income: Style: It changes everyday. Avg she spends of item of clothing is $200.00 Liv is a dedicated student at SCAD, who is studying fashion design. This is one of the most rigurous majors at SCAD so she has to endure long hours at the fashion building where she is expected to look nice. Wildfox Couture is perfect for her because she is comfotable as she sews and draps her projects but looks presentable just incase she runs into somebody important.
Marketing Mix Price Retail price: $30.00$500.00
Promotion Advertsiement: Wildfox Couture does not have ads in magazine or billboards what the company does instead is create a lookbook for every collection. These lookbooks are creative and are shown on their website. They also show them on their instagram account which also features the sales that are going on, trunk show dates etc. Sale: On going sales online from previous collection and seasonal items. They also send weekley emails to their subscribers to let the know about the sales that are going on.
Brand Name: Wildfox Couture Kinds of Products:Tops, Bottoms, sweatshirts, dresses, jeans, swimwear, inmimates, accessories and childrens wear. Fucntionality: Styling: Comfortable loungewear. Day wear items. Quality: High end fabrics and finishishings. Packaging: Product comes in wildfox couture boxes and wrapped with custome bag and paper. Services: As a company they only offer online services.
Place Stores: They do not have a physical store themselves but they do have their products in different stores such as Nordstroms. They have an online store that delivers world wide and there products are found on multiple online stores as well. Some websites include Amazon, PeopleRevolving and Shopbop
Implementation / Evaluation -See if number of followers increase on instagram and other social media pages. -Put up a survey on the website to see how they respond to the new face of Wildfox. -Monitor increase of sales due to the trunk shows and fashion shows.
- Deligate responsability to various people in the company in order to maximize efficiency. - Start publicicing events (marketing objectives) on social media such as instagram. - Start looking for a celebrity that would fit into the Wildfox Couture brand.