Yesterday I presented my proposal to the workshop group; I feel that it was well received. I was given a sheet will ‘PowerPoint slide guide’ topics to be included.
Today’s blog will therefore encapsulate these requirements, I will provide a sentence for each, explaining how I intend to fulfil these objectives. Please see below:
PowerPoint Slide Guide.
- Product.
Is there a market for your product/service.
So far research has taught me that, due to the recession, people are looking to buy quality footwear, and not cheaper items – as they are aware that they will not get as much wear out of these.
With a Wellington boot, this is very different, as a Wellington is a practical item anyway – there is always a need for it, it is not a fashion statement. However, I have put a twist on this that should intensity the sales of this ‘necessary’ item, by making it a boot specifically for festival occasion. Festivals take place year on year; therefore I have a constant market.
Obviously Wellington boots are already in the market, yet my specific boot is a new addition. Not much explanation will be needed; its name is pretty much self explanatory ‘Signature Boot’.
With regards to promotion, the endorsement of Glastonbury festival will increase the hype surrounding the event.
The product is prevailing over its competitors. When teens are shopping for wellies, it is for the festival they are attending. The Glastonbury Signature Boots are the only wellies on the market that offer the wearer the opportunity to personalise them, acting as a mini chronicle of the festival attended.
The product is a pair of wellington boots, made from reclaimed plastic, and produced specifically for festival occasions. The boots have a clip-on pen attached, to encourage the wearer to get ‘festival friends’ to sign them with quirky messages, Facebook details, and mobile contact numbers etc. The Wellington would have a coloured tread in correlation to the colour of the festival wristband that year, with a serrated number representing the year of the festival, for example: 09, 10, 11. A transparent pouch on the side of the boot will provide a safe place for the festivalgoer to slot in their ticket.
2. Price
The price will be £24.99, this is the same price as other Wellingtons that River Island sell – no matter how elaborate or complex the design is.
This price is slightly higher than other High street retailers, for example Topshop and Newlook, yet it is the brand recognition that the customers are paying for.
Topshop wellies range from £15.00 - £60.00. The £60.00 is a Hunter concession in the store.
At present Newlook are not selling any Wellington boots to compare the price with.
The product isn’t limited edition, yet it is ‘special’ edition, in the respect that it is made specifically for festival occasions, and endorsed by Glastonbury.
There will be no external factors influencing the price of my product.
3. Place
People will buy the product from River Island stores. The would also be a stall at Glastonbury for people to buy them one they are there.
It will also be available online from both the River Island website and the Glastonbury festival website.
It can be delivered to you through mail order if brought from the website.
4. Promotion
A website should be used, alongside Facebook and social networking circles – e.g. twitter, to allow promotion.
Advertising would be placed in specialist press – to be confirmed.
My communication objectives are to establish credibility and to intensify sales.
5. People
River Island staff would be involved in the launch of the product. The sales assistant in the Greeting Zone of the River Island Store would welcome customers – inviting them to sign her Wellingtons. As the rota rotates a different person (with unsigned wellies) would be in this zone, encouraging new customers to sign his/her boots and so on and so forth.
With festival fever around, the excitement to get the latest gear would be immeasurable. The staff would dress in stereotypical ‘hippy’ gear, wearing outlandish headbands, ditsy dresses and leggings to complement the boots.
6. Persuasion
This is about creating an image, and giving the customers a snapshot of what the product looks like in situ. By creating interaction between customers/product/people/ the likelihood of sales would be intensified.
A further trading ploy is to offer the customers a service whereby if they were to trade last year’s Wellingtons in for recycling, they would receive a 20% discount off this year’s Wellington. This would guarantee sales, year on year.
My product would be predominantly focussed on penetrating the teenage demographic, who fall into socio economic group E. This is those who are reliant on the state, however, my primary customer would be students with subsidy from Student Loan Company (SLC) and Education Maintence Allowance (EMA), therefore my customer has disposable income to spend on Glastonbury, and consequently the Glastonbury Signature Boots.
7. Format
I must then consider the format of this, to include an introduction to market context, the main body of information, a basic SWOT analysis, conclusion to include a summary and reference to future development, include visuals, where appropriate to enhance the overall effect.
I must also try to include references to support my claims.
What next?
I will update the blog entry as I start to piece together my PowerPoint.
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