STEP. INSTITUTE OF PROFESSIONAL DEVELOPMENT AND MANAGEMENT.
NAME: HAMZA SIDDIQUE. Unit:Business of FashionSession: Top Up YearAssignment Name: Launching a New Brand in the Market Submitted to: ATTA-ur-REHMAN
TABLE OF CONTENTS. INTRODUCTION. THE PRODUCT. PRODUCT DEMAND ANALYSIS. AGE GROUP ANALYSIS. COSTING ANALYSIS. TARGET MARKET. RAW MATERIAL. ADVERTISING. RESEARCH ON FABRIC. RESEARCH ON PRODUCT. COSTING METHOD.
REPORT. DESIGNER/FINANCER REPORT.
PRODUCT: CAPS AND BELTS.
TO: THE FINANCER. FROM HAMZA SIDDIQUE. SUBJECT:PRODUCT PLAN AND STRATEGY.
This report contains details about the product that I have decided to design along with a detailed plan. Including the stages of production that is to deal in areas like pricing and expected yield from the product or goods.
THE PRODUCT: My product is caps and belts. For both men n women wear. These two products always make a garment in a different look and the good. There would be a range of different designs with different colors. I will choose 2 themes and I have made a plan and the design is based on the following research activities. I will do some sketches and models and rendered them to get a clear picture. 1)Product demand analysis: I will search different market and analyze the trends , colors and what people demand and is that product is worth full for longer period. Is that product will be long lasting and will be demand in future. 2)Age Group Analysis. I have deicded that I will design this product for all age group people. 3)Costing Analysis. I will search different markets from where I could get the best fabric and the cheap one. I will keep in mind about few general points that is :
Market survey. Raw material. Sellers. Overheads. Labour. Stitching unit. TARGET MARKET: The caps and belts aimed for every age .These men and women might be a student, work in office e.t.c. The caps always give a good look and more decent. As the caps were always in for the parties and any occasion caps is the product which everyone look for. The caps and belts will be target for both upper class and middle class. I want that product should be used by middle class people because these days they never get the trendy things. I will make different sections but there will be no compromise on quality, design and colors. The caps always change a person personality. I want the life of a product to be long lasting.
RAW MATERIAL : There will be no compromise on quality and stitching of the product. I have decided to use as many fabrics as I get different kind of shapes and I will do some experiment with the fabric. But at the end the quality will be good because I want that the product should be last and satisfy the customer. By this the brand image will be more popular. If I need I will get the fabrics from outside country to make a product more good. The pricing will be kept in mind. Quality should be maintained. I will used different buttons, printing, dying. The brand image will be compete with international markets by providing the best quality. Fabric selection is always important for a product to give a good look. ADVERTISING: Advertising is main thing used to cover all the methods of transmitting a sales message. The media includes newspaper, magazines, television, radio, billboards, displays. Advertisement department must choose the media to reach the specific target market which is very much helpful for our brand. We can put several ads usually placed in different media to support eachother and strengthen the campaign. The television advertising is growing in popularity as the general public watching more and reading less so I will put ads on television because this medium also offers the advantage of being able to show that how the product might fit into a real life situation.
ADVERTISING: Advertising is main thing used to cover all the methods of transmitting a sales message. The media includes newspaper, magazines, television, radio, billboards, displays. Advertisement department must choose the media to reach the specific target market which is very much helpful for our brand. We can put several ads usually placed in different media to support eachother and strengthen the campaign. The television advertising is growing in popularity as the general public watching more and reading less so I will put ads on television because this medium also offers the advantage of being able to show that how the product might fit into a real life situation. The product should be launch on those places where you can get the more customers. The easy way to approach the market.
COSTING METHOD: (PRICING). COST OF MATERIAL OF ONE CAP. FABRICS USED: LEATHER, COTTON, WOOL, SILK: 100-150.RS. BUTTONS, PRINTING, DYING: 50 RS. COST OF STITCHING: 25 -50RS. OVERHEADS: 50 RS. TOTAL COST PRICE:200 -250 PROFIT MARGIN:100 PERCENT. RETAIL PRICE : 400-600.
TARGET MARKET: Target market is, the market segment to which a particular product is marketed. It's often defined by age, gender, socio –economic grouping. For more specific information on your prospective customer group, you will need to either hire a marketing research firm to conduct formal surveys for you, or you'll need to learn how to do it yourself. Since marketing research firms are rather expensive, most small owners will opt to conduct the research themselves. While the research you gather may not be as structured or in-depth as that of a research firm, you can get sufficient information to identify your customer base at a fraction of the cost of what you would spend otherwise. The most important objective of conducting market research is to find out what markets your competitors are currently serving, where market opportunities exist, and which markets will be most profitable for your business.
Targeting strategy or targeting is the selection of the customers you wish to service. The decisions involved in targeting strategy include:
which segments to targeting
how many products to offer
which products to offer in which segments.
There are three steps to targeting:
Targeting strategy decisions are influenced by:
diversity of buyers' needs and preferences
strength of the competition
the volume of sales required for profitability
The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective. Target marketing provides a focus to all of your marketing activities. In order to market your product or service, it is imperative that you tailor your marketing and sales efforts to specifically reach the segment of population that will most likely buy your product or service. It is critical that you first determine or clearly identify your primary market. Targeting your market is simply defining who your primary customer will be. The market should be measurable, sufficiently large and reachable. Once your target market is defined through your knowledge of product appeals and market analysis, and can be measured, you should determine whether that target market is large enough to sustain your business on an ongoing basis. In addition, your target market needs to be reachable. There must be ways of talking to your target audience.
REPORT ON MARIEMEKKO. BRIEF HISTORY. VISION,OBJECTIVES AND STRATEGY. FINANCIAL OBJECTIVES. ETHICS. FREEDOM OF CREATIVITY, COURAGE AND RESPONSIBILITY. ENTHUSIASM COMMITMENT AND GOAL-ORIENTATION. POSTIVE AESTHESISAM.
HISTORY Marimekko was founded in 1951 by Armi and Viljoratia, when Armi asked some artist friends to apply their graphic designs to textiles. In order to show how the fabric could be used the company then designed and sold a line of simple dresses using their fabric.Viljo had been involved in an unsuccessful oilcloth factory, which they converted into a clothing fabric factory.Marimekko was first introduced to the United States by the architect Bnejamin C. Thompson, who featured them heavily in his design research stores. They were made famous in the united States by Jacqueline Kennedy, who bought eight Marimekko dresses which she wore throughout the 1960s US Presidential campaign.In the mid 1960s Crate and Barrel began a relationship with Marimekko, which continues to this day utilizing their designs on textiles sold in their stores.
By 1965 the company employed over 400, and the company was in every aspect of final design from fabrics to toys ,dinnerware, even completely equipped small houses. Marimekko was more than just a brand, it was a lifestyle and point of view. In the beginning of the 1990 Marimekko was in a bad financial condition and was considered ready for the bankruptcy. IN 2007 Marimekko began opening individually owned Marimekko concept stores in the United States and Canada. Currently there are stores in Cambridge , Oxford Mississippi, Miami, Florida, Washington DC.
Marimekko is finish company based in Helsinki that has made important contributions to fashion especially in the 1960s and 1970s. . Cotton and linen fabrics printed at the company own textile printing factory form the basis of Marimekko interior collections. In addition to the fabrics, the collection include a wide range of ready made products such as table setting textiles, kitchen accessories , bed linen, terry towels, bathrobes. The interior decoration line also features a special collection of contract furnishing fabrics that are suitable for curtains, tablecloth, bedspreads. Miami is a full concept lifestyle showroom featuring the finish design house iconic, bold and classics design. We carry women, men and kids fashions, home accessories, towels, bed linen , cotton and upholstery fabrics, furniture and books.
Vision, Objectives and Strategy: Marimekko’s vision is to be the most acclaimed print designer in the world and one of the most appealing design-based consumer brands. The company's objective is to grow and succeed in the international arena as a Finnish design company that has a strong identity. Business development primarily focuses on controlled organic growth in Finland and selected export markets. Objectives • Highlight colorful print design as a differentiating factor.• Enhance global awareness of Marimekko as a unique design-based consumer brand.• Generate added value for the Marimekko brand by means of developing the product, store and distribution concepts.• Maintain a strong market position in Finland.• Increase exports and international operations by slightly over one-fifth annually compared with the previous year.• Expand the distribution network, primarily by increasing the number of concept stores and shop-in-shops.
Financial objectives Ensuring profitable growth• annual growth in consolidated net sales over 10%• operating profit as a share of net sales 10%• return on equity over 15%• equity ratio 60%A stable dividends policy• the objective is to distribute dividends each year• dividends represent at least 50% of earnings per share. Strategic cornerstones • Developing Marimekko as an increasingly international brand, building on Marimekko’s unique expertise in color and print design.• Maintaining first-class, innovative design expertise and developing it further as a competitive edge factor.• Developing more customer-oriented product, store and distribution concepts.• Seeking growth from new customer groups and product innovations; controlled expansion of the distribution network primarily by increasing the number of concept stores and shop-in-shops.• Enhancing efficiency, consistency and coordination in all business areas.• Reinforcing employee competence and fostering a corporate culture that values creativity and encourages internal entrepreneurship.
Marimekko's core values Ethics Ethics means respecting the individuality of different cultures and people as well as bearing the social, financial and cultural responsibilities of the company. Business thinking always involves emotions and caring as well. Genuineness and honesty All of Marimekko’s business operations – its products, services and corporate communications alike – must clearly be identified with Marimekko’s core values. Freedom of creativity, courage and responsibility Marimekko’s strength and the cornerstone of its success is creative design. Free rein has been given to creativity – but everyone must always be aware of their responsibilities, too. The ideas that are realized must have a clear connection to business realities and objectives.
Enthusiasm, commitment and goal-orientation Enthusiasm is the desire to improve oneself and create something new. Commitment means making consistent progress towards objectives and shouldering one’s responsibilities in the achievement of objectives. Positivity, aestheticism The basic philosophy informing Marimekko’s business operations includes a positive attitude to life and the sensitivity to seeing and expressing beauty