Market Strategy
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The document outlines the luxury marketing strategy for a luxury backpack over 4 quarters in 2015 and the first 3 quarters of 2016. The product was a round top backpack made of luxury materials. It was originally priced at $119 but the preferred price was $70. It was distributed through direct sales, fashion boutiques, department stores, and online discounts. Promotion included social media, fashion magazines, blogs, and later financial magazines. Over time, distribution channels and promotional outlets were expanded or changed while the product and price mostly remained the same. By the end, the strategy resulted in a gross profit of $10,214.80 and net profit of $7,744.80, with 35% of the overall market share and
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To function as a buyer, planner and merchandiser To plan, buy and assort the business of your choice using the merchandising concepts learned in class during the semester.
To distribute your buy to stores and fixtures based on the parameters of your business.
To create a pricing and promotional plan that will attract the customer to your business.
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1 Pick a department or category of merchandise that you would like to be the merchant for. Keep in mind that you will need to represent your department visually using fashion websites, magazines sketches, etc.
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2 Break down your department into classifications. You must have at least 5 classifications representing distinct differences within the department. Be specific.
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4. Think about what you want your department to look like and layout a floor plan. Draw the fixtures (t-stands, 4-ways, tables, wall presentations)
(Your department should not have less than 10 fixtures or more than 20.)
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1 You will be making your buy for 10 stores. You will assign a cost and retail to each item in your department. When you are done you will total up the buy, by vendor, on purchase orders. If you have 5 vendors than you will need 5 separate purchase orders. You will have TWO clusters for this buy. It will be your decision on how many stores will be in each cluster and the differences in Customer base. This must be documented in your projects.
2 Total up your purchases by classification. How much does each classification represent to the total department. Include key items.
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1. The target market for Absolut vodka is men and women aged 21-35 from urban areas of higher socioeconomic status who socialize with friends on weekends.
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Market Strategy
- 1. Luxury Marketing Strategy Andrew Conway Burk Meyrose Connor Laramore Joel Repoley
- 2. The 4 P’s Product - Luxury Backpack Production cost $46.00 Price - $119.00 Prefered price $70.00 Distribution - Direct, Fashion Boutique, Department Store, Online Discount, High End Outdoor Promo - Social Media, Fashion Magazine, Fashion Blog, Financial magazine
- 3. Quarter 1, 2015 Product - Round Top, Wide Padded straps, Designer tag, Luxury material, Black Price - $119.00 Distribution - Worked through Direct, Fashion Boutique, and Online Promo - Social Media, Fashion Magazine, Celebrity Gossip Blog Price
- 4. Quarter 2, 2015 Product - Changed the color to tan because luxury target market didn’t particular like the black. Price - $119.00 Distribution - Added the department store as a distributor Promo - Same promotional outlets
- 5. Quarter 3, 2015 Product - No changes Price - $119.00 Distribution - No changes Promo - Removed Celebrity Gossip Blog Marketing Costs
- 6. Quarter 4, 2015 Product - No changes Price - $119.00 Distribution - Invested in Fashion Boutique Promo - No changes
- 7. Quarter 1, 2016 Product - No changes Price - $119.00 Distribution - No changes Promo - Added financial magazine to go after more commuter market.
- 8. Quarter 2, 2016 Product - No changes Price - $119.00 Distribution - Started a sales promotion through direct store Promo - No changes
- 9. Quarter 3, 2016 Product - No changes Price - $119.00 Distribution - Added High End Outdoor distributor to just get into the market and take away some market share away from outdoor backpack competition. Promo - Continued with Fashion Magazine, Financial Journal promotion, and removed Social media.
- 10. Overall Ended with $10,214.80 in Gross Profit Cost of goods sold $26,818 Net Profit of $7,744.80 35% of overall Market Share 90% of Luxury Market Share Net Profit
Editor's Notes
- Joel Assumed most companies would go after larger market. Risk going after small market larger price. Strategy was price skimming. Add promos along the way.
- Joel No direct competition. Lost money first quarter.
- Burk Explain color change and how we wanted to please are largest market segment. Began making a profit because we added the department distributor.
- Burk Began taking market share from Luxury and commuter. Stayed relatively consistent with marketing cost till the end.
- Connor Why we invested.
- Connor
- Connor Why we did sales promo.
- Andrew Why we didn’t want to but in the end did anyways. Customers don’t always do what they say.
- Andrew