"A target market is a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges." (MKTG p 23) Choc has effectively figured just who our target market is. We're selling an all natural beauty product that uses the best organic ingredients. We have a high retail market price that puts us in the luxury beauty product category. “Any market segment that is targeted must be fully described. Demographics, psychographics, and buyer behavior should be assessed.”- Our clientel are women of all ages, Choc is not tinted but adds shine so it is used by young girls and older women. These are health conscious women who eat a healthy diet and shop at stores like Whole Food, they do not mind spending extra for a premium product. "Competitive advantage a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition". Choc is a unique product that is the first of its kind meaning we hold a competitive advantage. Products use chocolate flavorings at Choc we use the real thing creating a far superior product.
Thursday, September 22, 2016
SWOT Analysis
“SWOT analysis identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)” (MKTG, 9th Edition, 22). A SWOT analysis will help tell you how your product holds up, what it is amazing at and what it is lacking and can improve upon. The strengths of Choc is that its the first of its kind. There are many different chocolate flavored lip balms and lipstick but none with the actual ingredient in high quantity. Choc provides something no other brand can, natural authenticity.
"When examining internal strengths and weaknesses, the marketing manager should focus on organizational resources such as production costs, marketing skills, financial resources, company or brand image, employee capabilities, and available technology."(MKTG, 9th Edition, 23). Choc is in the luxury high fashion industry so our marketing and advertising reflects such meaning we tend to have high production costs, this could potentially be our biggest weakness although it depends on the R.O.I of the ad. We are also a new brand which is another big weakness as we do not have brand recognition yet.
“When examining external opportunities and threats, marketing managers must analyze aspects of the marketing environment.” (MKTG Page 22) This is also a strength that we have at Choc we know exactly who our target market is and know how to market to them to get them excited over the brand.
"When examining internal strengths and weaknesses, the marketing manager should focus on organizational resources such as production costs, marketing skills, financial resources, company or brand image, employee capabilities, and available technology."(MKTG, 9th Edition, 23). Choc is in the luxury high fashion industry so our marketing and advertising reflects such meaning we tend to have high production costs, this could potentially be our biggest weakness although it depends on the R.O.I of the ad. We are also a new brand which is another big weakness as we do not have brand recognition yet.
“When examining external opportunities and threats, marketing managers must analyze aspects of the marketing environment.” (MKTG Page 22) This is also a strength that we have at Choc we know exactly who our target market is and know how to market to them to get them excited over the brand.
Business Objectives
“Carefully specified objectives serve several functions. First, they communicate marketing management philosophies and provide direction for lower-level marketing managers so that marketing efforts are integrated and pointed in a consistent direction. Objectives also serve as motivators by creating something for employees to strive for.”(MKTG, 9th Edition, 26). The objectives of any business are a crucial component to have a successful business. Your objectives tell the consumer what your business is trying to accomplish this should be done thoughtfully as the point is to not confuse the consumer but blatantly saying what your business does
“By specifying objectives and defining the actions required to attain them, you can provide in a marketing plan the basis by which actual and expected performance can be compared." (MKTG, 9th Edition, 20) Choc's main objective is to provide a quality natural product that helps to combat skin cancer and promote good health. We hope to establish ourselves as a brand that is set apart from the rest of the beauty products that try to mimic what we do but fail to do so.
“First, it is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. Second, marketing is an organization function and a set of processes used to implement this philosophy.”(MKTG, 9th Edition, 21)
At the end of the day the most crucial and simple of objectives that we stand for is customer satisfaction. The consumer obviously needs to be satisfied with the product in order for it to sell so the goal is always to keep that customer happy and insure that they keep coming back to us.
“By specifying objectives and defining the actions required to attain them, you can provide in a marketing plan the basis by which actual and expected performance can be compared." (MKTG, 9th Edition, 20) Choc's main objective is to provide a quality natural product that helps to combat skin cancer and promote good health. We hope to establish ourselves as a brand that is set apart from the rest of the beauty products that try to mimic what we do but fail to do so.
“First, it is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. Second, marketing is an organization function and a set of processes used to implement this philosophy.”(MKTG, 9th Edition, 21)
At the end of the day the most crucial and simple of objectives that we stand for is customer satisfaction. The consumer obviously needs to be satisfied with the product in order for it to sell so the goal is always to keep that customer happy and insure that they keep coming back to us.
Business Mission Statement
A mission statement is a crucial component to any successful business. According to the book, my mission statement "should focus on the market or markets the organization is attempting to serve rather than on the good or service offered."(MKTG, 9th Edition, 21) and establish "...boundaries for all subsequent decisions, objectives, and strategies."(MKTG, 9th Edition, 21) With that said, our mission statement is as follows; Here at Choc our number one priority is supplying an all natural and effective sun resistant lip balm that not only protects but also tastes as good as it smells. Skin cancer effects thousands of people everyday we have made it our goal to help combat that fight by making a product that block out the rays while retaining moisture in your lips.
The Pitch
Ladies, you start your day and are doing your daily makeup routine you put on your primer first to protect your skin which probably is SPF15 to help block the suns harmful rays. You rub it all over your face including your lips and have to endure the god awful chemical filled taste. There has to be a solution to this right? Some sort of natural product perhaps? Good news We have created such a product. Introducing Choc. the first ever Chocolate lip balm. That is right chocolate, REAL naturally made with wholesome ingredients, chocolate. And not just used as a flavoring! For the first time we are giving chocolate the sun block duty! Chocolate is actually a natural sun block, rated at SPF 15 naturally with out adding anything else. We infused chocolate into our vegan friendly natural lip balm. We only use the best organic ingredients to create an organic beauty product you must try to believe! gone are the days of tasting awful make up as you use all natural chemical free Choc lip balm.
Week 6 EOC: Me x3
Dedicated, reliable, and honest are the 3 things that i would say set me apart the most. I'm dedicated to my craft, my love for fashion has turned from affair to a marriage, I am 100% committed to it. I first moved to Las Vegas to attend UNLV where I was studying to get my B.A. in Criminal Justice, I had always dreamed of being a lawyer when I was younger so I thought that was the path for me. I got into fashion to help put me through school and became addicted with its entire world. I wanted to dive in and do it all; design, style, create, you name it I wanted to do it all. I transferred from UNLV to AI and dedicated my future to it. I dedicated my heart, mind, body, and soul into this industry because I believe in the future of it and plan to be apart of it. Reliable people in this day are hard to come by. Especially living in Las Vegas do we see on a daily bases the flakes and empty promise givers. This is something I have never had an issue with, follow through. I can be depended on fully as I always give my best in everything I do. I believe my word is bond so if I say I am going to do something I really mean it. Lastly I am honest, not only to others but with myself. I know my limits and I know what I am capable of. I like to be challenged but I know what I can handle and which occasions I rise to. I think these 3 qualities together are what makes me unique.
Week 5 EOC: This is What has my Interest
The article that interests me the most right now was, " Marc Jacobs: I Have The Word Shameless Tattooed to my Chest" It was an eye opening one on one with Marc Jacobs as he discusses the struggles of maintaining a growing brand that is still relevant. It highlights his can-do attitude ans shows the dedication it takes into making a successful clothing brand. It was a relate-able article that takes a fashion legend and shows that everyone struggles to get there even the greats.
The second article that interests me most right now,"What 3D Printing Means for Fashion" captures my interest because as we move into the new age of technology, we are also able to progress our understanding of what fashion can be and look like. For example, as the article demonstrates the use of 3d printing is bring use in the fashion industry to develop forms and garments we could only ever dream of. It allows us to expand our understanding of how garment can look, flow, even feel.
Finally the third article that grabbed my attention most was, "India’s fashion industry finally gets real about how Indians look." Captivating article that discusses the rising fashion industry of India and how they are innovating their business model to better match the needs of their consumers. They have not let media control the size of models that they use on the runway, plus size models will walk in shows that are not "Pus Size" but in shows that will be casted with REAL women's bodies in mind. Definitely a fresh perspective that the fashion world needs to open up to more. India is seeing booming results as now more women feel like they are embodying the brand that they are wearing.
The second article that interests me most right now,"What 3D Printing Means for Fashion" captures my interest because as we move into the new age of technology, we are also able to progress our understanding of what fashion can be and look like. For example, as the article demonstrates the use of 3d printing is bring use in the fashion industry to develop forms and garments we could only ever dream of. It allows us to expand our understanding of how garment can look, flow, even feel.
Finally the third article that grabbed my attention most was, "India’s fashion industry finally gets real about how Indians look." Captivating article that discusses the rising fashion industry of India and how they are innovating their business model to better match the needs of their consumers. They have not let media control the size of models that they use on the runway, plus size models will walk in shows that are not "Pus Size" but in shows that will be casted with REAL women's bodies in mind. Definitely a fresh perspective that the fashion world needs to open up to more. India is seeing booming results as now more women feel like they are embodying the brand that they are wearing.
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