Академический Документы
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Daniel Illingworth
Jacqueline Giler
Jefferson Franco
09/07/2015
Instagram account, followed accounts in the same niche and started following
people who liked or commented on their photos (obviously as an additional to
mouth-to-mouth).
The follower base grew slowly at first, but steadily and eventually potential
customers were following them with no other provocation than having heard of
them, their products and their quotes.
Create an integrated marketing program that delivers superior value
There are four aspects that make Suit Up Ec special.
Name: For those who have seen How I Met Your Mother, the expression
Suit Up has a special place in their hearts.
Quality of the products: Whatever the owners dont like, they dont sell.
With phrases like these pocket squares are too thin, crooked, etc, they
discard the products that dont hold up to the companys standards.
Pricing: The prices are ALWAYS the same. You wont pay a cent over the
stated price. Free delivery applies anywhere in the country so customers
always know how much they have to pay for their products.
Personal delivery (in Guayaquil and Samborondn): Deliveries are
handled by the owners, who meet up with the customer and make sure
theyre satisfied with their product and know how to handle it.
Innovative
High market growth potential
Various products related to the same niche
Amazing customer support
Customer driven
Fixed price
Weaknesses:
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Lack of employees
Opportunities:
Threats:
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We chose people who need to use a suit everyday, people who eventually
use a suit, and women because they can buy our products as a gift and this
represents a niche too.
We tried to understand our potential costumers, asking about ties and
bowties, if they could use them, what kind of idea they have about the cost
of the product, if they could like to buy these products produced in the
country, if the prefer social media or a specific place to find this kind of
products and other kind of gentleman accessories that they could buy.
First group (people who use suit every day)
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To have an idea about the use of accessories for our possible costumers we did
surveys and we include women from the same range because occasionally
women buy our products as a gift and this mean income for us too.
Attainable/Achievable Can we get it done in the proposed time frame with the
resources and support we have available?
Currently our stock is imported, but in a future vision plan we want to make our
products in the country. This would be due with own investment by the partners.
RelevantWill this objective have an effect on the desired goal or strategy?
The goal is to start participating in events such as El Mercadito, El Bazar and
similars, in order to achieve greater penetration of the products of our company.
5.0 Target Audience Barriers, Benefits, the Competition and Influential
Others
Among the target barriers we can find things like accessories for gentlemen still
is too small, not all the people know about different styles of ties and bow ties.
The principal benefit is that is a new market with few competitors and we can
develop the brand to obtain an important niche.
Among the principal competitors we have: Dansaab, Bassil but their principal
product is to offer suits and cloth.
6.0 Positioning Statement
How we want the target audience to see the targeted behavior,
highlighting unique benefits and the value proposition
They identified several potential customer groups:
Law students
Professionals
LGBT
Socially active people with a lot of marriages on their way.
Eccentrics
What they all had in common was the need to find high quality accessories for a
reasonable price which portrayed their actual selves (allowed them to express
their personality) while still looking fancy as hell.
09/07/2015
7.0. Marketing Mix Strategies (4Ps)
7.1. Product
The core product is an opportunity for gentlemen to express themselves even
when they have to wear formal clothing, which is done by purchasing and
wearing the accessories we offer. (Suresh, Salunke, & Srivastava, 2012).
The actual product is the wide variety of accessories we offer. There are many
options for each of the products: theres tied and untied bowties; regular, skinny
and knitted ties; pocket squares; flower pins; and, every type of accessory also
comes in different colors, textures and designs (for example: polka dots, squared
designs, plain colors, floral, etc.).
The augmented product consists mostly on the additional services we provide.
(Ismail, 2008). Any purchase made, regardless of how much the consumer has
spent, has free door-to-door delivery and we also teach whoever needs it how to
tie their ties or bowties without any additional cost.
7.2 Price
The pricing strategy is market-oriented, which means that after researching the
target market and competitor prices, a consensus was reached for a lower price
to be set, while still offering a premium product and brand image. (Sung-Joon &
Sung-Ho, 2005).
As for the costs, theyre always being monitored because of how important that
is for keeping track of how well the business is progressing. The inventory
system also works as an accounting template so that all monetary costs are
accounted for and profits can be calculated.
The physical and psychological efforts are actually the most important costs
because of time being the most non-renewable resource there is. (Hurley & Hult,
2009). Managing their social media presence, taking care of the sales and
customer satisfaction, personal deliveries, appearances and interviews,
developing strategic relations with the media and other companies, it takes time
and mostly psychological effort. (Skadeedle, 2010). Keeping calm and not
making any impossible promises the how the image is maintained but
sometimes time is short and the stress builds up.
09/07/2015
The one thing all the owners share is that they love what they do, so lack of
pleasure is not an influential cost for them. Even when the tasks are a little bit
annoying, seeing their baby grow is enough of a reward for them to do them with
the same passion as they do everything else.
That said, and knowing how prices are set in a market-oriented manner, there
are certain tactics in place to help people agree with the prices even before they
have tried the product because once they do theres just no going back. Some of
them are:
7.3 Place
The products and services offered can be found in the Internet, making them
available for pretty much anybody with who is interested in them. People find
out about the brand and its products mostly via Instagram, an image-oriented
social networking application in which the products are displayed and people
can communicate with the owners and require the full catalog, ask for the
products, etc.
One of the greatest things about Instagram is the ability use Calls to Action, for
example, asking people to tag whoever you think this bowtie would look great
on! and therefore, expanding the audience and interest in the products.
They are exploring the possibility of opening up an establishment in the next
few years, once they know that people are aware of their product and the
quality, thus ensuring the investment is not wasted.
As for distribution channels, there are partnerships on the way with websites like
LaBahia with a huge audience and a wide variety of products, although not in
the accessories for gentlemen category; and also with physical stores like
Paulson, which is a really well known shop, big in the niche.
09/07/2015
7.4 Promotion
The main channel of communication, as discussed earlier, is Instagram. Using
Calls-to-Action, the company puts the content out there and then the audience
shares it, making it really personal.
The description of the products features is not that important, at the moment,
because of how image-oriented Instagram is. The products are clearly shown and
the quality is well complimented by consumers.
A very helpful way of targeting new audiences and getting brand exposure are
the interviews and segments on magazines (TAM, 2008), like Viva
Samborondn and TV shows like Una Forma de Vivir, in which the products are
presented and the owners talk about the company, how it started, its goals, the
prices, instructions on how to tie the bowties and neckties, etc.
There are also user tags, on Instagram. The people who purchase the products
take pictures using them and upload them, tagging @suit_up_ec so other people
who like what they see can check them out. One of those people is the famous
lawyer Hector Vanegas, who has quite a following on Instagram and is always
looking out for Suit Up Ec out of sheer love for the products. He often gives
shout-outs for his friends at Suit Up Ec and the amazing products they sell.
Also, the products shots are not the only attractions on the Instagram account.
There are motivational and inspiration quotes posted in between product shots to
make people feel empowered and prime them into thinking Suit Up Ec and its
accessories are great, they make them feel good and they look amazing.
8.0 Plan for Monitoring and Evaluation
8.1 Purpose and audience for monitoring progress and evaluating final
results
The owners are frequently meeting and they are the ones who will monitor de
development of the company and ensure the goals are being accomplished as
they come.
8.2 What will be measured: inputs, outputs, outcomes (from Step 4),
and (potentially) impact and return on investment (ROI)
Everything is measurable:
Inputs
A stand in El Mercadito costs $400 and a many products will need to be
displayed, etc. Lets say 150 products in inventory.
$400 + (150 * cost) = value of inputs
09/07/2015
Value of inputs * 2 (because we want to be on it twice a year) = total inputs
Outcomes
The amount of sales we get on those days, from the stand in the events and also
the exposure we get which will be talked about in the impact section.
As for revenue, thats easily quantifiable. We expect to sell at least 100 out of the
150~ products in display, which is worth around $2500 in revenue.
Impact
Brand exposure and how much of an impact it has on sales along the year
cannot be measured immediately but seeing as we would be monitoring this
data throughout the year, as long as sales increment by at last 20% after we
have attended the events wed say weve been successful.
ROI
The return on investment figures will not be shown in this paper but calculating
them is easy.
(Revenue - (Total inputs leftover inputs)) + excess revenue from increase in
sales after attending the events = ROI
8.3 How and when measures will be taken
Immediate and non-immediate measure will be taken, which means that from
the moment we attend the event, we will be keeping track of the sales and the
revenue obtained in order to make the ROI calculations daily for as long as the
events last.
After that, every month we will track the increase in sales and attribute them to
attending the events as long as no other big promotions have been made
available.
9.0 BUDGET
9.1 Costs of implementing the marketing plan, including additional
research and monitoring/evaluation plan
The costs are none other than what we plan to spend on El Mercadito so around
$900 since inventory will be sold, not given away and that means that no
additional costs will be incurred in because of that.
09/07/2015
9.2 Any anticipated incremental revenues, cost savings, or partner
contributions
As for cost savings, we plan on getting a better deal on packaging which costs
around $1.80 per product at the moment. We want at least a 16% decrease in
price (getting it to $1.50 tops).
Bibliografy
Hurley, R., & Hult, T. (2009). Innovation, Market Orientation Organizational
Learning Integration and Empire Examination. Retrieved from
http://iic.wiki.fgv.br/file/view/innovation,+market+orientation.pdf.
Ismail, A. (2008). The concept of the augmented product: Canon. Retrieved from
http://es.scribd.com/doc/80941569/The-Concept-of-the-AugmentedProduct-Canon.
Skadeedle. (2010). The definitive guide to social media marketing. Retrieved
from http://skadeedle.com/wp-content/uploads/2013/05/definitive-guideto-social-media-marketing.pdf.
Sung-Joon, Y., & Sung-Ho, L. (2005). Market-Oriented Culture and Strategy: Are
They Synergistic? Marketing Bulletin, Retrieved from http://marketingbulletin.massey.ac.nz/v16/mb_v16_a4_yoon.pdf.
Suresh, S., Salunke, T., & Srivastava, R. (2012). The impact of core product and
core application on Product launch and its success in an Industrial Market.
09/07/2015
Retrieved from http://basicresearchjournals.org/education/pdf/Salunke
%20and%20Srivastava.pdf.
TAM. (2008). Target marketing and prospecting methods. Retrieved from
https://www.theamericancollege.edu/assets/pdfs/fa-201-class1.pdf.
09/07/2015
Annexes
Marc
a
1. Cuantos das a la
temp semana debe vestir
oral
formal.
8/12/
2015
9:01:
09
0
8/14/
2015
13:15
:27
5
8/14/
2015
13:16
:06
5
8/14/
2015
23:07
:11
5
8/17/
2015
1:06:
40
1
8/17/
2015
1:09:
35
5
8/17/
2015
8:44:
08
5
8/17/
2015
9:05:
33
5
8/17/
2015
9:19:
44
5
2.
Utiliz
a
corb
ata?
3.
Cuanta
s
corbata
s tiene?
4. Estaria
dispuesto a
utilizar
corbata?
NO
2 SI
SI
25 SI
5. Cuanto
pagara por
adquirir una
corbata?
6. Estara
dispuesto a
usar un
corbatn?
20 SI
$11 - $20
25 SI
$11 - $20
NO
SI
8 SI
$31 - $45
SI
SI
15 SI
30 SI
$21 - $30
$21 - $30
Lapel,
mancuerna,
25 tirantes
SI
gemelos
SI
Reloj
pauelo
SI
cinturon
SI
SI
NO
SI
SI
7. Cuanto
pagara por
adquirir un
corbatn?
SI
SI
$21 - $30
$11 - $20
$11 - $20
SI
12 SI
$31 - $45
SI
$31 - $45
Flores de lapel
SI
12 SI
$21 - $30
SI
$11 - $20
panuelo
SI
17 SI
$21 - $30
NO
$1 - $10
panuelo
Revistas, peridicos,
medios similares
NO
09/07/2015
8/17/
2015
9:20:
41
8/17/
2015
9:25:
18
8/17/
2015
9:28:
10
8/17/
2015
9:55:
19
8/17/
2015
10:00
:26
8/17/
2015
11:21
:03
8/17/
2015
11:37
:50
8/17/
2015
11:57
:46
8/17/
2015
13:21
:56
8/18/
2015
10:19
:38
6 SI
18 SI
$21 - $30
SI
$11 - $20
corbatin
1 SI
21 SI
$1 - $10
SI
$1 - $10
Camiseta
$11 - $20
SI
$11 - $20
Pauelo
Revistas, peridicos,
medios similares
$31 - $45
NO
0 NO
4 das
Depende el trabajo,
y a los lugared que
vayas dentro de la
semana
SI
NO
4 SI
4 NO
Todos
SI
3 NO
16 SI
Cero
Gafas
SI
SI
NO
SI
$11 - $20
SI
$11 - $20
Camisas
8 SI
$21 - $30
SI
$1 - $10
Perfume
Revistas, peridicos,
medios similares
SI
portafolio
SI
portafolio
SI
Medias
SI
pauelo
SI
20 SI
SI
1 SI
NO
$21 - $30
$11 - $20
$31 - $45
$21 - $30
NO
SI
NO
NO
$11 - $20
$1 - $10
$21 - $30
SI
09/07/2015
Marc
a
temp
oral
8/12/
2015
9:02:
38
8/14/
2015
12:4
1:41
8/14/
2015
12:5
0:41
8/14/
2015
13:3
7:30
8/14/
2015
13:3
7:49
8/14/
2015
13:3
9:48
8/14/
2015
13:4
4:15
8/14/
2015
13:4
6:19
8/14/
2015
14:0
8:49
8/16/
1. Cuando
viste
formal,
utiliza
corbata?
NO
2.
Cuanta
s
corbata
s
tiene?
3. Estaria
dispuesto
a utilizar
corbata?
4. Cuanto
pagara por
adquirir una
corbata?
NO
5. Estara
dispuesto
a usar un
corbatn?
6. Cuanto
pagara por
adquirir un
corbatn?
$11 - $20
SI
8. Preferira que
el producto fuese
elaborado dentro
del pas?
SI
Manciermas
SI
Revistas, peridicos,
medios similares
SI
Mancuernas
SI
NO
corbata
SI
Local comercial
(presencia fsica del
20 producto)
20 SI
SI
$1 - $10
NO
SI
$21 - $30
NO
NO
SI
$11 - $20
NO
Revistas, peridicos,
medios similares
SI
saco
NO
SI
$11 - $20
NO
Revistas, peridicos,
medios similares
SI
saco
NO
SI
NO
SI
Sombreros
casuales
SI
SI
SI
arete
SI
Local comercial
(presencia fsica del
producto)
Internet (e-mail, redes
NO
SI
anillos
SI
NO
SI
SI
SI
SI
NO
4 SI
0 SI
3 NO
$11 - $20
$11 - $20
$11 - $20
$11 - $20
SI
NO
$1 - $10
$11 - $20
$1 - $10
SI
SI
09/07/2015
2015
13:2
8:59
8/17/
2015
1:07:
55
8/17/
2015
8:43:
27
8/17/
2015
9:13:
26
8/17/
2015
9:18:
42
8/17/
2015
9:24:
14
8/17/
2015
9:24:
18
8/17/
2015
9:27:
23
8/17/
2015
9:28:
58
8/17/
2015
9:58:
21
8/17/
2015
11:19
:54
SI
SI
SI
NO
SI
SI
SI
SI
NO
SI
5 SI
8 SI
16 SI
20 SI
20 SI
4 SI
SI
6 SI
$1 - $10
$31 - $45
NO
SI
$11 - $20
NO
$11 - $20
SI
$1 - $10
SI
$1 - $10
SI
cinturon
SI
$31 - $45
SI
Flores de lapel
SI
Local comercial
(presencia fsica del
producto)
NO
cinturon
SI
$11 - $20
Revistas, peridicos,
medios similares
SI
cinturon
SI
$1 - $10
SI
Camiseta
NO
SI
Camiseta
NO
$1 - $10
SI
$1 - $10
$11 - $20
SI
$11 - $20
Revistas, peridicos,
medios similares
SI
Pauelo
SI
$1 - $10
Local comercial
(presencia fsica del
producto)
SI
Medias
SI
$11 - $20
SI
Blazers
SI
$11 - $20
Local comercial
(presencia fsica del
producto)
SI
Zapatos
SI
$11 - $20
$11 - $20
$21 - $30
NO
SI
NO
09/07/2015
8/17/
2015
11:31
:20
8/18/
2015
10:1
8:14 NO
Marc
a
temp
oral
8/12/
2015
9:19:
50
8/14/
2015
12:27
:28
8/14/
2015
14:26
:26
8/14/
2015
16:04
:32
8/16/
2015
15:33
:44
8/17/
2015
0:24:
40
8/17/
2015
1:08:
42
1. Le gusta
que los
hombres
vistan
formal?
SI
SI
SI
SI
SI
SI
SI
SI
NO
2 Regalara
una
corbata a
un
hombre?
SI
SI
SI
SI
SI
SI
SI
$1 - $10
Local comercial
(presencia fsica del
producto)
NO
portafolio
SI
$21 - $30
SI
billetera
NO
3. Cuanto
pagara por
adquirir una
corbata?
$20
$21 - $30
$21 - $30
$21 - $30
$1 - $10
$21 - $30
$21 - $30
NO
4.
Regala
ra un
corbat
n?
SI
NO
NO
SI
SI
NO
SI
$21 - $30
5. Cuanto
pagara por
adquirir un
corbatn?
8. Preferira que el
producto fuese
elaborado dentro
del pas?
SI
SI
Billetera,
Gemelos o
Mancuernas,
colonia
SI
NO
$1 - $10
Gemelos
Local comercial
(presencia fsica del
producto)
SI
NO
$11 - $20
Mancuernas
/gemelos
SI
SI
mancuernas
Local comercial
(presencia fsica del
producto)
SI
NO
billetera
Local comercial
(presencia fsica del
producto)
NO
SI
gorra
SI
NO
$15
$1 - $10
$1 - $10
$11 - $20
$11 - $20
09/07/2015
8/17/
2015
8:42:
32
8/17/
2015
9:07:
39
8/17/
2015
9:14:
12
8/17/
2015
9:14:
55
8/17/
2015
9:16:
25
8/17/
2015
9:17:
10
8/17/
2015
9:17:
46
8/17/
2015
9:27:
14
8/17/
2015
9:54:
35
8/17/
2015
9:54:
44
8/17/
2015
9:57:
SI
SI
SI
NO
NO
SI
SI
SI
NO
NO
$31 - $45
$1 - $10
$11 - $20
$1 - $10
$1 - $10
SI
SI
SI
NO
NO
$31 - $45
$1 - $10
$1 - $10
$1 - $10
$1 - $10
Flores de lapel
SI
SI
Camiseta
SI
NO
gorra
SI
SI
camiseta
Local comercial
(presencia fsica del
producto)
SI
NO
gorra
NO
NO
NO
SI
SI
SI
$21 - $30
SI
$21 - $30
panuelo
SI
SI
$11 - $20
NO
$11 - $20
cinturon
Revistas, peridicos,
medios similares
SI
SI
Reloj
Local comercial
(presencia fsica del
producto)
SI
SI
Reloj
NO
SI
NO
SI
SI
SI
NO
SI
SI
NO
NO
SI
SI
NO
$1 - $10
$21 - $30
$21 - $30
$21 - $30
SI
NO
NO
NO
$1 - $10
$1 - $10
$1 - $10
$11 - $20
Reloj
Zapatos
09/07/2015
04
8/17/
2015
10:32
:21
8/17/
2015
11:18
:47
8/17/
2015
11:25
:51
8/17/
2015
11:43
:31
8/18/
2015
10:16
:20
SI
SI
SI
SI
SI
SI
SI
SI
SI
SI
$21 - $30
$11 - $20
$21 - $30
$21 - $30
$21 - $30
SI
NO
$11 - $20
SI
SI
$1 - $10
Perfumenes
SI
SI
reloj
SI
SI
portafolio
SI
SI
billetera
SI
SI
NO
NO
NO
$11 - $20
$21 - $30