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Strategy of Coriolan Memories bracelet

Strategy of Coriolan Memories bracelet






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Strategy of Coriolan Memories bracelet Strategy of Coriolan Memories bracelet Presentation Transcript

  • About the company
    • Coriolan – biggest wedding rings and jewlery producer in Romania
    • 3 well placed stores in Iasi – 70 distributors in Romania
    • Average consumer profile:
        • Young people 25- 40
        • People that want to buy wedding rings / gifts
    • Need for a single Coriolan branded product
  • Market overview
    • Jewelry produced in Romania: 1,5 -2,2 tons/year which represents 10-15% percent of the entire sales on jewelry market
    • Imported jewelry : 80% of the total imported jewelry come from Turkey
    • Jewelry sold in pawn shops
    • Jewelry sold on the black market: the sales on the black market are 3 times higher than the entire national production (75% of the total sales)
  • Jewelry sales - Products
  • Market overview
    • The total value of the market is estimated at 500 millions of Euro. There is 1 ton of gold jewelry sold every month.
    • The growth potential: PBR estimates an annual increase sales rate of 10%-20%.
    • Per capita consumption: 1,4 grams/inhabitant
    • Typical promotional activity: radio, magazines, flyers, catalogues and internet
    • Distribution: Malls or own shops, online
  • Core value statement
    • For the parents that want to buy a special gift to their daughters, Coriolan Beautiful Memories Bracelet is the perfect option, by offering an unique personalized product.
  • Memories bracelet
    • Memories bracelet - similar to a “charm bracelet”
    • At 18 th birthday (age of maturity) tradition is for parents to give “valuable” presents, mostly golden jewelry or other things that the person will keep all its life.
    • Something a parent (a mother) would buy at the birth of her baby girl and give it as a present on its 18th birthday
    • It has pendants that are relevant for the events in the person’s life till that particular moment
  • Evolution of the product
    • When it is bought, it is a simple bracelet made out of flat golden links that hook together
    • With time, parents can buy and add different symbols to it :
          • a dancing shoe pendant - for first dancing lesson
          • a book pendant for the first day of school
          • camera pendant – if it has photography at a hobby
    • The symbols are bought separately whenever the parent feels the need
    • All the pendants can be personalized or engraved on demand
  • The product
  • Consumers of Beautiful memories bracelet
    • Primary target market
    • Business woman with age over 29
    • Mothers of baby girls
    • Active women with lots of responsibilities
    • They are very organized and plan carefully their life
    • They don’t like mainstream products and search for unique ones
    • Secondary target market
    • Well educated people that want to buy a special gift
    • Income above average
  • Marketing objectives (6 months)
    • Within 3 months 70% from the target audience will be aware of the existence of the product
    • Within 6 months 10% of the decision takers (mothers) will buy a Beautiful Memories Bracelet
    • Increase the overall awareness on the Coriolan brand with 10%
  • Marketing strategies
    • Product strategy
    • Packaging - dark red velvet box with satin inside
    • Each pendant bought will come in a small different box.
    • The box will include: certificate of warranty, a guide on how to proper take care of the product, small catalogue, restrictions about proper use age
    • Ensure a constant demand on the product
    • Price (depending on the gold market)
    • Unique product with a higher price
    • Discounts after the 3rd pendant bought by the same person
    • Loyalty card that can gather points
  • Distribution
    • Traditional distribution
    • Distributed in 3 their own stores ( Piata Unirii, Moldova Mall and Nicolina) – monitor if the product is being accepted by the market
    • S eparate part of the stores, specially designed and decorated with pop displays and other materials.
    • In the stores outside Iasi there will be promotional materials
    • Online distribution
    • Online store with information about the product
    • Designed for people from another city or that don’t have time
  • Promotion
    • Role:
    • increase awareness on the product in order to increase the volume of sales
    • Key benefits transmitted:
    • Best way to store the memory of special events – it never lets you down
    • Special gift from a mother or parent to its daughter
    • Communications channels
    • Media: Ziarul d e Iasi, Kiss FM, IS24FUN or Oops media
    • Online: banners
    • Inside companies – product presentation
    • Events: Tara lui Piticot , Kidsland ( the ones that involve children with parents)
  • Print
  • Budget Element Cost per insertion ($) Number of insertions Expenses ($) Video production 30 000 Media space 5000
    • Pro tv / Local
    100 50 5000 Public space rent 40/day 7200 / 6 months Print production (24 magazine prints and 9 outdoors) 30 000 Contracts with the magazines 1780
    • Ziarul de Iasi
    150 6 900
    • Cityscape
    70/spread 6 420
    • IS24FUN
    70/spread 6 420 Samplings 3000 In-store displays 1920
    • Malls /ppl stoppers & prints
    50 / week 24 1200
    • Restaurants/ Bars Restroom
    30 / week 24 720 Total Expenses 78900
  • Measuring objectives
    • The main things that need to be tested after the 6 months
    • Do people from the target market know about the product?
    • Have they ever bought the product?
    • What is the recognition of the brand?
    • Methods
    • Questionnaire, brand recall test
    • Feedback through the website – cost effective
    • Thank you for your
    • attention!