Low heeled shoesThe shoes Nichole Brewer will offer are going to be a high quality, low heeled shoe that’s specifically for, but not limited to, tall women with larger shoe sizes.May enter into other product markets in the futureDepending on the growth of the company after the beginning years, Nichole Brewer may decide to offer other products.
Since Nichole Brewer will be based solely online, her brand image and the way people perceive the brand is of utmost importance. Nichole Brewer’s goal is to be perceived as a company that provides high quality and affordable shoes but are just as good as other higher priced products. Furthermore, Nichole Brewer wants to offer a wide selection to consumers and to try and have something for everyone.
These age segments are all areas that Nichole Brewer would like to pursue. Based on these numbers, there is a large potential market which gives Nichole Brewer a better chance at obtaining some of the market share.
In order to finance all the costs that will accrue to get the business going, Nichole Brewer has a few options which she may pursue. However, her own personal funds will most likely not be enough to cover all of her expenses, so she will have to choose another option in order to get some initial capital.
Market growthCreate awarenessBuild a strong customer baseThe current market that the company will take a part of is taller women with bigger feet. This particular market is growing rapidly since Americans are getting bigger and taller from generation to generation. In order to reach this market, the company will have a wide range of marketing programs and tactics in order to make potential customers aware of the company. These programs will lead to a strong customer base for the company. (The program ideas will be discussed in a few slides.)Market stabilityBuild a relationship with existing customersRetain customers for the long-termOnce the company has a strong customer base, they must focus on building a strong relationship with them in order to have a high retention rate through extended programs. The company will show that they are the best company in the industry to these customers so that they won’t want to shop anywhere else for their shoe needs. The company will have a customer-oriented focus on business through working with the employees and the overall customer experience. Through these things, the company will have superior customer service.Cost controlAfter the company is up and running, they must analyze their operations in order to figure out how to operate more efficiently with lower costs. The company expects to see a profit of $180,000 after the second year and higher returns each year thereafter. Some of the initial costs will be for the designer, factory, rent for the warehouse, shipping costs, and database and website design.Market exitThe company will review its business after 5 years of operation to see if they want to continue. If they do not want to continue, the owner will get out of business or the company can be bought at the price that they are worth at that time.
Target market objectivesAs said before, the company will mainly target taller women with larger shoe sizes. These women will be between the ages of 15 and 44 whose height is greater than 5’8” who want a professional shoe with a lower heel than traditional dress shoes. The largest group of women that the company has to target are those between the ages of 25 and 44.Promotional objectivesEach of the programs that the company plans on implementing can contribute any current promotions they may have.Channel objectivesThe company will market through many different channels in order to make sure they are reaching each and every potential customer through online campaigns, TV campaigns, magazine/print campaigns, etc.Market research objectivesThe company has already done some initial extensive research from online sources among others. They will want to consider performing more research as the company develops in order to optimize the company’s strategies.R&D objectivesThe company will initially have roughly 20 different designs and will develop more styles as the company develops. The company may also consider hiring more designers if there’s a demand.
CustomizationMonthly contests, blog features and other social media channels, as well as a viral online video would all be great ideas to keep customers excited about Nichole Brewer’s shoes as well as creating awareness for other potential customers.Size & styleColor options, shoe specifications, and shoe sizes are all ideas to convince potential customers to buy from Nichole Brewer.
Customer satisfaction & retentionTrack shipping, personal experiences, and shoe photographs are great ways to satisfy and retain customers.Continuous improvementA Wii board application, payment strategies, and having software to analyze the company’s programs are great ways for Nichole Brewer to improve her company as it grows.Campaigns & sponsorshipsThe company plans to contact women’s sports teams at the collegiate and professional levels to generate publicity through endorsements. Also, Nichole Brewer could decide to sponsor certain foundations and charities as she feels necessary in order to get some positive public relations.
Reaching our target marketAs said before, the target market will be taller women. The shoe market for these women is highly unfulfilled. Each of the previous programs will be utilized to attract the company’s target market.Product specificationsThe shoe will be attractive to our target market since they will only have a heel of 1 and ¼” height up to 2”. The company will initially focus on selling shoes for the beginning years, but will consider selling other products after the company progressively grows.Promotional aspectsIn order to attract and retain customers, the company will have appealing promotions. Some that are considered are “buy three pairs, get one half off” and “refer a friend, get 15% off your next purchase.”DistributionThe shoes will first be available in the US, then will consider expanding globally as the business grows. The company will have a rapid order and delivery process in place to keep customers satisfied. The distribution plan is to go from the manufacturer, to the warehouse and then to the customer.Pricing strategyThe company will price their shoes competitively, but will not be the lowest priced shoes in the market. The shoes will be of the best quality at a fair price. It is currently estimated that the shoes will cost, on average, about $40. The company plans to sell the shoes, on average, at about $80 to see an average profit of $40 per shoe sold.Additional considerationsCustomer support servicesThe company cannot risk having an unsatisfied customer at any point in its operations. If customers seek support, the company will help them through e-mail. An e-mail address will be provided on the website. Later on, the company may decide to have an 800 number that the customers can call to give them another channel of communication to receive support.
Mission<br />Nichole Brewer will offer quality low heeled shoes targeting women sizes 10-12 and taller women who struggle to find just the right height. Quality standards and customer satisfaction will be with you every step of the way.<br />Slogan:<br />“Not too tall , not too small, no more shoes hitting the wall, it’s easy to fall in love with my heels.”<br />
Products and Distribution<br />Low heeled shoes<br />May enter into other product markets in the future<br />View Nichole brewer shoes from all angles <br />Manufactured in Argentina<br />
Brand Image<br />Affordable<br />Priced between $60 - $100<br />Sophisticated<br />Wide Selection<br />High Quality<br />Argentina vs. China<br />
Age Segments<br />15-19 years old – 10 million<br />20-24 years old – 9 million<br />25-35 years old – 19.5 million<br />36-45 years old – 22 million<br />
No particular brand or idea in mind</li></li></ul><li>Behavior Change Objectives<br />Trackers<br />More difficult target<br />Needs to implement:<br />“Wowing” customer service<br />Convenient use of digital tools<br />Hunters<br />Easiest target for Nichole Brewer<br />
Gratitude's<br />Nichole Brewer<br />For allowing us to work with her business plan<br />Dominique Strom<br />For web development ideas.( Employed at eprize LLC) <br />Bob Mark<br />For providing inspiration<br />Cindy McColley<br />For organizing the class and providing guidance<br />Mari Buche<br />For providing IS/IT insight<br />Judges<br />For time involvement and future feedback<br />