4. Focus Group Try targeting the Army. Perhaps can have a charger pack or dock for long distance use? Especially for overseas markets.. Should be water resistant! If it were to be a writing surface, try including a pen holder. I would not buy it just for the mechanism, so it has to look nice. Strap must be firm and not slide off the shoulder easily. Must be easy to use and not bulky. I don’t carry my laptop everyday, so it has to look and carry like a normal bag when it does not contain a laptop. Executives want it sleek, simple and elegant,
5. People Opportunity Risks and Rewards People Business plan Their strengths Their weakneses Our game plan Countering competitor’s actions
6. Business Plan People Opportunity Risks and Rewards People Mentors Designers Marketers Edward Amanda Suzana Weijia Peiquan Isaac
7. Risks and Rewards Opportunity People Opportunity Who are our customers How do they make spending decisions Pricing strategy ( Blue ocean) Marketing strategy Brand equity Online medium Competitions Magazine reviews Distributors
8. Risks and Rewards Opportunity People Risks and Rewards Competitive landscape Against form: Against function:
9. Their Strengths They have the money design teams contacts factories established brand name Risks and Rewards Opportunity People
10. Their Weaknesses focused on one side of the spectrum only (form or function) Little progress in terms of design and function Risks and Rewards Opportunity People
11. Our Game Plan Create a blue ocean Constant stream of fresh designs Risks and Rewards Opportunity People
12. Release different products at different phases Intensive marketing campaign Risks and Rewards Opportunity People Counter Competitors’ Actions
We are targeting youths and young adults that are 13-30 years of age (students and young working adults)=>What would motivate our customers to buy our product: Looks good, designBrand imageCostFunction, ergonomic, must be different from the bags in the market todayPricing strategy: Offer bags that maximise consumer welfare. We will maximise profits by lowering costs of production.Marketing strategy: Our bag will be marketed as a fashionable yet functional bag. It not only looks good. It also solves some of the most common problems consumers have with their bags.We will start building our brand equity through online mediums like Ebay, Amazon, our own website or Yahoo adverts. We are going to give out free bags for celebrities and well known bloggers for their reviews.Enter design competitions such as the Reddot competition to gain fame Target youth and young adult market by publishing reviews on magazinesHand pick distributors . Assess them for their market penetration and the type of customers they cater to
We are targeting youths and young adults that are 13-30 years of age (students and young working adults)=>What would motivate our customers to buy our product: Looks good, designBrand imageCostFunction, ergonomic, must be different from the bags in the market todayPricing strategy: Offer bags that maximise consumer welfare. We will maximise profits by lowering costs of production.Marketing strategy: Our bag will be marketed as a fashionable yet functional bag. It not only looks good. It also solves some of the most common problems consumers have with their bags.We will start building our brand equity through online mediums like Ebay, Amazon, our own website or Yahoo adverts. We are going to give out free bags for celebrities and well known bloggers for their reviews.Enter design competitions such as the Reddot competition to gain fame Target youth and young adult market by publishing reviews on magazinesHand pick distributors . Assess them for their market penetration and the type of customers they cater to
-they have the money to advertise and strengthen their brand name-They have paid design teams to create new deisigns-They are established so they have a network of contacts-Factories to produce their goods-Alredy have a Brand
Either too focused on form or functionIn the recent years there has been no major breakthroughs in term of form of function
Create a blue ocean market. Very not many bags out their balance form with function. We will be exploiting the missing markeLike google, we will attempt to create a platform where fresh ideas are constantly generatedWe can host design events with the best entries and we can print these designs onto our bagswe can team up with art schools to tap into the most creative mindsTie ups with other people. For example we can tie up with devian art for the form aspect of the bag. to address function, tie up with people who can come up with new processesEncourage users to provide valued feedback.
Although competitors will try to imitate our products, they will always be lagging behind in the marketIntensive marketing campaign to solidify brand equity and to hold market share
Although competitors will try to imitate our products, they will always be lagging behind in the marketIntensive marketing campaign to solidify brand equity and to hold market share
