MARKETING RESEARCH SHAYOMA DILHARA SANTHIYAGO BA FASHION
WEST LONDON COLLEGE
Table of Contents I.
Executive Summary ............................................................................................... 2 Mission Statement
II.
Company Profile .................................................................................................... 3
III.
Brand & Logo ........................................................................................................ 4 Market Analysis & Target Market Top Characteristics of Target market Earning Power of the Target market Advertising and Promotion Marketing Objectives
IV.
Silhouette and Fabric ............................................................................................ 8
V.
Customer Profile .................................................................................................... 9 Demographic Psychographics
VI.
Competitors and Strength and Weaknesses ........................................................ 10
VII. SWOT Analysis ..................................................................................................... 11 VIII. Store and Packing ................................................................................................. 12 IX.
VIBES Store .......................................................................................................... 13
X.
Budget................................................................................................................... 14
XI.
Cost Sheet ............................................................................................................. 15
XII. Bibliography ......................................................................................................... 16
Executive Summary The main objective of this marketing plan is to introduce VIBES designer brand to the market and provide women everywhere with a variety of unique and beautiful designs. VIBES, a start-up designer brand which will carry ready to wear (RTW) designer products for working class women. VIBES will offer its customers a wide range of premium garments to choose from. Furthermore VIBES will market women tops, skirts, jackets and hooded tops and it aims to create trendy, fashionable clothing with a youthful edge.
Mission Statement Become the leading fashion design provider for working women
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Company Profile VIBES is a start-up design brand which was found in 2015 Target market is based in London, England VIBES targets high class people who have good jobs and, are willing to spend a considerable amount for garments VIBES offer its customers a wide range of garments such as trousers, tops, hoodies, skirts and jackets All VIBES designs have a simple silhouette but lots of cut work, and combination of fabric plied with two or three fabric together VIBES plan is to launch three design sets per year with combination of different fabrics VIBES plan is also to target the online consumer market by publishing the entire design collection on a nicely designed website with a payment gateway Marketing for VIBES will be done through signage, flyers, coupons, direct mail, billboards, strategic business relationships, Internet and social media
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Brand & Logo The VIBES brand is represented by a white feather which is inspired from the White Feather poem. The designer has taken the sensation of the poem and related the idea to a sensational logo design. For the brand identity, all the garments are pinned with a white feather.
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Market Analysis & Target Market When we talk about fashion, most of it related to women. Even though men love fashion they have very low purchasing power than women. So VIBES garments target the female fashion market. Aged between 25 to 35 and, its products are youthful and full of creativity. Employed in different working segments, they are the fast growing fragment of today’s workforce Creative Independent Fashion conscious Shop online Looking for well designed, high quality fashion essential
Top Characteristics of Target market Independent thinker – The free thinker is central to the rise of the skilled worker class. They are a highly imaginative individuals that like to express diversity of their life in an out-of-the-box way. These individual have their own designs in mind as they seek the fulfillment of discovering new, more off-beat communities. Forerunners – The forerunners are two steps ahead, checking out twitter and Instagram. These individuals are very curious and enthusiastically discover the latest trends. This segment of people are not shy and they live to actively share their opinion, gaining satisfaction from being in the known and making a difference. Connectors – The connectors thrives on crowd and love to participate in the hubbub
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Earning Power of the Target market
The above chart describes the annual net salary of the target audience. The women population between 25 – 35 get £ 80000 – £120000 annual income.
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Advertising and Promotion As we see and use social media almost everywhere, social media platforms are a big part of our everyday lives. People start their day with Facebook, Twitter, Instagram, Pinterest, Tumblr, and Myspace and religiously end their day on all these platforms. Through social media VIBES will be able to advertise and spread the word of its unique designs to its customer base regularly without any limitations. Through social media VIBES will create a buzz about up-and-coming unique designs and remind its customers of new updates and promotions. Other than these social media’s VIBES is planning to put weekly updates on Blogger sites where customers can give their comments and feedback according to their preference.
Marketing Objectives Increase positive brand awareness and recognition by 25% over 1 year Expand Ecommerce to increase online sales by 5% Increase market share by 1% within 2 years
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Silhouette and Fabric All the VIBES designs have a simple silhouette but the garments have lots of cut works and some of the garments have used the combination of fabrics. VIBES has used a new print, organdy fabric and a newly invented fabric for their garments. All the fabric being used for VIBES have a high quality and are recommended for long term use. The combination of the quality fabrics give them a rich and elegant look.
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Customer Profile Demographic Age: Marital Status: Education: Income: Location: Race:
29 Single BSc in Mechanical Engineering ÂŁ 40000 - 100000 England English
Psychographics Personality: Values: Opinion about Fashion: Attitudes: Interests: Life Style:
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Active, Well Organized and Open minded Integrity, Moral, Sense of Duty Details, Quality of fabrics, Charm Colours Patience Sky Diving, Bungee Jumping Simple
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Competitors and Strength and Weaknesses VIBES have a stiff local and international competition with many famous brands. DKNY, Christian Dior and Giorgio Armani are considered the main competitors for VIBES. The following is a comparatively analysis of identified brands.
Company
Strengths Worldwide branch network (China, Canada, Dubai)
Weaknesses The breakthrough in the international market is not as widespread as other brands
Has their own loyal customers
Fake imitations affecting brand sales
Well established brand Online shopping facility
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Strong luxury brand name and image Strong presence over numerous luxury avenues across the world Excellent branding and advertising strategy
Presence in a limited market
Unique & personality based designing provided the best in the world Unique cut or some design helping to differentiate from crowd Brand recognition in the market
PETA activists were against the brand hence caused a bad image
Low brand recognition among men Vertical integration
Limited global presence as compared to a few other international apparel brands Limited global presence as compared to a few other international apparel brands
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SWOT Analysis Strengths
Updated modern style fashions Excellent branding and powerful advertising Unique designed garments Directly operated store
Weaknesses
Has to maintain VIBES’s brand image Market is open only for women Targeting only a limited age category
Opportunities
Can target the youth with stylish designs Target different markets like Asia and Europe Social media availability for free advertising and branding (Facebook, Instagram, Pinterest, twitter)
Threats
Extremely competitive Product substitution is easily available
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Store and Packing Now, packing has become itself a sales promotion tool for the organizations. The Consumer's buying behavior is also stimulated by the packing quality, colour, wrapper and other characteristics of packaging. Packaging is a whole package that becomes an ultimate selling proposition, which stimulates impulse buying behavior VIBES has identified the importance to have good quality packing by considering below factors, Physical protection – protection from rain and temperature Information transmission – package and label communication: how to use, transport, if its recyclable and ect Security – reduce the security risk of shipment Marketing – use to encourage potential buyers to purchase the product Convenience – add convenience in distribution, handling, stacking, display, scale, opening, reclosing and recycling
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VIBES Store Many business strategic and customer related decisions are made at the stage that require specific actions in subsequent phases. Customer service is a clear vision to attract customers to the business and increase reputation within the industry. Hence VIBES will deliver excellent customer service to the consumers who are interested in buying the product or visiting the store. The customer service team will be very friendly, elegant and full of knowledge of the latest fashion trends. VIBES store is designed with white background and a classical look to make it more attractive to its consumers.
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Budget VIBES's will be introducing a new clothing collection using the budget provided from the first year, of £ 150,000. This will include the cost for new promotions for the collection and the production of the line, as well as place. Commercial - £5000 Fashion show - £ 20,000 Catalog- £2000 New receipts- £3000 Emails/ Direct mails- £ 15,000
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Cost Sheet Product Style no:
COST SHEET Women 10
Buyer: GSM/width
ABC
Yarn dyed feeder stripes
Fabric Details
Fabric Costing Yarn Price as per Zipper cost Elastic Cost: Garment costing Avg. Fabric Stitching: Cutting: Finishing: Packaging:
New print Organdie Newly Invented Amount
1 1 2 Meters -
£1.00 £1.50 £3.00
11 Meters £20.00 £2.50 £6.00 £4.50
£75.00
£33.00
Sub Total Overhead cost Margin (after overhead) Ratio/Rejection Charges for On Board Total price
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£113.50
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Bibliography http://issuu.com/samanthagrala/docs/victoriasecret http://staceandco.com.au/2010/09/20/writing-a-business-plan-for-yourfashion-label/ https://dianajoines.files.wordpress.com/2009/09/final-term-paper-hm-vszara-marketing-strategies.pdf http://www.business2community.com/fashion-beauty/top-5-fashionbrands-using-social-media-key-strategy-0950789#517CjjmEohbVd7kF.99 http://www.ukessays.com/essays/marketing/donna-karan-swott-analysismarketing-essay.php
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