2. Product
• Our product are wireless earphones. This are in ear earphones rather than the commonly mistaken over
ear headphones.
• These are fashionable and innovative earphones and our branding will show this. It is vital that our
product is portrayed the way we want it.
• Any successful product is one that solves a problem, the problem that we are solving is that all the
earphones on the market have many wires attached to them and when people are on the go or
exercising then these wires can get in the way and get tangled up or caught on various things. Our
range of wireless earphones eliminates that problem completely. They are also very fashionable which
will attract a younger market as well as the market that are looking for convenient products.
• Because this product can be aimed at such a wide range of people, it gives us huge potential to market
and advertise this to the public. The main market for our product will be people aged 18-30, young
people looking for innovative, fashionable products.
3. Price
• We have decided to sell our range of wireless earphones at £59.99. Initially we had priced it slightly lower but
after much deliberation we decided that we needed to increase this because it is a high quality, luxury product
and the price needs to reflect this. We need the consumers to realise that this is a top end product that they
are purchasing and not any old pair of earphones hence the higher price tag.
• Pricing is a vital element of the marketing mix. This is ultimately what decides for consumers whether or not
they would purchase the product. It is whether or not the consumer believes they are paying too much for the
earphones, this will be our biggest challenge to see if consumers will be attracted enough to pay this price.
• The quality of the product will justify the price of the product. It is important that our branding and advertising
portrays this high quality.
• The high price is not only because of the quality of the product but the fact that we are looking to make a profit
means that we must charge this sort of price. This can be a problem for some companies charging high prices
to make a profit but we do not see this as an issue because there will be definite demand.
• This is also not a frequently purchased product such as milk and bread which is another reason that a higher
price can be justified.
• We are looking at a price skimming strategy to by setting a premium price for a premium product.
4. Branding
• Our brand name is called cloud sounds and we offer a wide range of wireless earphones.
• The brand name has been described as “cool”, “catchy” and “intriguing”. These are three adjectives
which we very much enjoy hearing about our brand name. It means that we have chosen a good
name which is a key step to any successful business.
• Our brand name clearly defines our product and the market of our product. Consumers know
immediately that our product is associated with music and sound.
• We have realised as a group that branding is vital to our whole campaign, it gives the product a
certain reputation, a symbol and a sign of quality in some respects.
• There are a number of brands associated with the music and earphone business for example beats
by Dr dre, Sennheiser and Bose. We hope that cloud sounds will be mentioned in the same
category as these one day. We have high aspirations for this product.
• Our current branding aims and objectives are to create awareness for cloud sounds , to increase
word of mouth which will ultimately be the catalyst for driving sales.
• As the brand starts to develop and grow in time, our aims and objectives will differ in the future. If all
goes to plan, then the future aspirations for this company would be to go global and become a big
name throughout the world.
5. Branding
...Continued
• This is a luxury product and we want everything about the brand to suggest that.
The price starts at £59.99 which should immediately put into the minds of the
consumers that this is a high quality product.
• There are many risks associated with products on the market, for example with
our cloud sounds there could be a financial risk, this is where the price paid is not
worth the value of the product. We are sure that this will not be a problem for us.
There is also the chance with some similar products of there being a physical risk
to the consumer. Poor quality earphones can cause damage to the eardrum of the
user but we assure you that this is not the case with our range of earphones. Only
the highest quality materials have been used.
• We realise that this is a competitive market to enter but we believe that with our
innovative and attractive designs that we will attract a huge percentage of the
current market.
• The term branding is fairly vague, near enough everything can be branded. Every
day items such as water and fruit can and have been branded. We are looking to
make cloud sounds the face of the music entertainment market.
• We believe that a positive perception surrounding our brand will go a long way to
driving sales. We will do this by sponsoring charities, sporting events and schools.
This will increase awareness and increase positive perception for cloud sounds.
6. Place
1) The retail outlets we have decided we want to have our products in are: pc
world/currys, Argos and even the apple store.
2) We are going to look at doing going to these retailers over a period of time
because it is not easy to get products in-store and one way we will look to
attract their attention is by doing pop-up stores to prove demand and show
that we can generate a relevant amount of sales with this product.
3) These are perfect locations because our competitors (samsung, JVC, sony
and beats by dre) all have their products in these stores and it could be the
perfect way to gain an advantage over them with this innovative product.
7. Promotion
1) Advertising time - between 5:30pm and 9pm on channels such as E4 because this is the
time that is the time shows such as Big Bang Theory and Hollyoaks are on and the target
market we have watches programmes like this.
2) Advertising on a channel like MTV during the 5:30pm-9:00pm time-slot would cost us £50
for advertising up to 30 seconds.
3) The time-slot we have chosen will cost us roughly £2,000 for every 30 seconds that our
advertisements lasts. We have decided that our advert is going to last for 60 seconds
which will set us back £2,500 from the £120,000 we were allocated.
4) We decided to advertise on these channels because these are two of the prime channels
that our target market watches and has interest in.
5) Advertising through social media (Facebook, Instagram) will be beneficial because it will
allow us to gain a wider customer base and the message can be spread a lot quicker
because there are so many people using social media these days.
6) The metro is a free newspaper that can be found on trains and buses and this benefits our
target market (18-30) because they do not come across as people who would go out and
buy newspapers but with the metro being free they can read it to pass time until they reach
their destination. If we were to put an advertisement in the metro then they would be likely
to come across it and be interested. To advertise in the metro would cost us a minimum of
£250 for a quarter of the page.
8. Communication Media Tools
Direct Marketing – Website/Blog (Club card),
Facebook/Instagram
Sales Promotion – Giveaway, 15% Sales after reaching
certain member points
Public Relation - Trade show
Advertising
10. Projected Sales
Population in UK 62m
Target market : approximately 1.9million UK customers
Total market size were 60 Million solely on Headphones. Based from
Mintel 2008
We are aiming for 0.3 percent of the market share within a year
Predicted 180000 units numbers of earphone will be sold in a year
Project sales will be approximately 1 million first year (180000 x
59.99)
