Strategy of Coriolan Memories bracelet

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Information about Strategy of Coriolan Memories bracelet

Published on January 27, 2008

Author: raluca

Source: slideshare.net

 

About the company Coriolan – biggest wedding rings and jewlery producer in Romania 3 well placed stores in Iasi – 70 distributors in Romania Average consumer profile: Young people 25- 40 People that want to buy wedding rings / gifts Need for a single Coriolan branded product

Coriolan – biggest wedding rings and jewlery producer in Romania

3 well placed stores in Iasi – 70 distributors in Romania

Average consumer profile:

Young people 25- 40

People that want to buy wedding rings / gifts

Need for a single Coriolan branded product

Market overview Jewelry produced in Romania: 1,5 -2,2 tons/year which represents 10-15% percent of the entire sales on jewelry market Imported jewelry : 80% of the total imported jewelry come from Turkey Jewelry sold in pawn shops Jewelry sold on the black market: the sales on the black market are 3 times higher than the entire national production (75% of the total sales)

Jewelry produced in Romania: 1,5 -2,2 tons/year which represents 10-15% percent of the entire sales on jewelry market

Imported jewelry : 80% of the total imported jewelry come from Turkey

Jewelry sold in pawn shops

Jewelry sold on the black market: the sales on the black market are 3 times higher than the entire national production (75% of the total sales)

Jewelry sales - Products

Market overview The total value of the market is estimated at 500 millions of Euro. There is 1 ton of gold jewelry sold every month. The growth potential: PBR estimates an annual increase sales rate of 10%-20%. Per capita consumption: 1,4 grams/inhabitant Typical promotional activity: radio, magazines, flyers, catalogues and internet Distribution: Malls or own shops, online

The total value of the market is estimated at 500 millions of Euro. There is 1 ton of gold jewelry sold every month.

The growth potential: PBR estimates an annual increase sales rate of 10%-20%.

Per capita consumption: 1,4 grams/inhabitant

Typical promotional activity: radio, magazines, flyers, catalogues and internet

Distribution: Malls or own shops, online

Core value statement For the parents that want to buy a special gift to their daughters, Coriolan Beautiful Memories Bracelet is the perfect option, by offering an unique personalized product.

For the parents that want to buy a special gift to their daughters, Coriolan Beautiful Memories Bracelet is the perfect option, by offering an unique personalized product.

Memories bracelet Memories bracelet - similar to a “charm bracelet” At 18 th birthday (age of maturity) tradition is for parents to give “valuable” presents, mostly golden jewelry or other things that the person will keep all its life. Something a parent (a mother) would buy at the birth of her baby girl and give it as a present on its 18th birthday It has pendants that are relevant for the events in the person’s life till that particular moment

Memories bracelet - similar to a “charm bracelet”

At 18 th birthday (age of maturity) tradition is for parents to give “valuable” presents, mostly golden jewelry or other things that the person will keep all its life.

Something a parent (a mother) would buy at the birth of her baby girl and give it as a present on its 18th birthday

It has pendants that are relevant for the events in the person’s life till that particular moment

Evolution of the product When it is bought, it is a simple bracelet made out of flat golden links that hook together With time, parents can buy and add different symbols to it : a dancing shoe pendant - for first dancing lesson a book pendant for the first day of school camera pendant – if it has photography at a hobby The symbols are bought separately whenever the parent feels the need All the pendants can be personalized or engraved on demand

When it is bought, it is a simple bracelet made out of flat golden links that hook together

With time, parents can buy and add different symbols to it :

a dancing shoe pendant - for first dancing lesson

a book pendant for the first day of school

camera pendant – if it has photography at a hobby

The symbols are bought separately whenever the parent feels the need

All the pendants can be personalized or engraved on demand

The product

Consumers of Beautiful memories bracelet Primary target market Business woman with age over 29 Mothers of baby girls Active women with lots of responsibilities They are very organized and plan carefully their life They don’t like mainstream products and search for unique ones Secondary target market Well educated people that want to buy a special gift Income above average

Primary target market

Business woman with age over 29

Mothers of baby girls

Active women with lots of responsibilities

They are very organized and plan carefully their life

They don’t like mainstream products and search for unique ones

Secondary target market

Well educated people that want to buy a special gift

Income above average

Marketing objectives (6 months) Within 3 months 70% from the target audience will be aware of the existence of the product Within 6 months 10% of the decision takers (mothers) will buy a Beautiful Memories Bracelet Increase the overall awareness on the Coriolan brand with 10%

Within 3 months 70% from the target audience will be aware of the existence of the product

Within 6 months 10% of the decision takers (mothers) will buy a Beautiful Memories Bracelet

Increase the overall awareness on the Coriolan brand with 10%

Marketing strategies Product strategy Packaging - dark red velvet box with satin inside Each pendant bought will come in a small different box. The box will include: certificate of warranty, a guide on how to proper take care of the product, small catalogue, restrictions about proper use age Ensure a constant demand on the product Price (depending on the gold market) Unique product with a higher price Discounts after the 3rd pendant bought by the same person Loyalty card that can gather points

Product strategy

Packaging - dark red velvet box with satin inside

Each pendant bought will come in a small different box.

The box will include: certificate of warranty, a guide on how to proper take care of the product, small catalogue, restrictions about proper use age

Ensure a constant demand on the product

Price (depending on the gold market)

Unique product with a higher price

Discounts after the 3rd pendant bought by the same person

Loyalty card that can gather points

Distribution Traditional distribution Distributed in 3 their own stores ( Piata Unirii, Moldova Mall and Nicolina) – monitor if the product is being accepted by the market S eparate part of the stores, specially designed and decorated with pop displays and other materials. In the stores outside Iasi there will be promotional materials Online distribution Online store with information about the product Designed for people from another city or that don’t have time

Traditional distribution

Distributed in 3 their own stores ( Piata Unirii, Moldova Mall and Nicolina) – monitor if the product is being accepted by the market

S eparate part of the stores, specially designed and decorated with pop displays and other materials.

In the stores outside Iasi there will be promotional materials

Online distribution

Online store with information about the product

Designed for people from another city or that don’t have time

Promotion Role: increase awareness on the product in order to increase the volume of sales Key benefits transmitted: Best way to store the memory of special events – it never lets you down Special gift from a mother or parent to its daughter Communications channels Media: Ziarul d e Iasi, Kiss FM, IS24FUN or Oops media Online: banners Inside companies – product presentation Events: Tara lui Piticot , Kidsland ( the ones that involve children with parents)

Role:

increase awareness on the product in order to increase the volume of sales

Key benefits transmitted:

Best way to store the memory of special events – it never lets you down

Special gift from a mother or parent to its daughter

Communications channels

Media: Ziarul d e Iasi, Kiss FM, IS24FUN or Oops media

Online: banners

Inside companies – product presentation

Events: Tara lui Piticot , Kidsland ( the ones that involve children with parents)

Print

Budget Element Cost per insertion ($) Number of insertions Expenses ($) Video production 30 000 Media space 5000 Pro tv / Local 100 50 5000 Public space rent 40/day 7200 / 6 months Print production (24 magazine prints and 9 outdoors) 30 000 Contracts with the magazines 1780 Ziarul de Iasi 150 6 900 Cityscape 70/spread 6 420 IS24FUN 70/spread 6 420 Samplings 3000 In-store displays 1920 Malls /ppl stoppers & prints 50 / week 24 1200 Restaurants/ Bars Restroom 30 / week 24 720 Total Expenses 78900

Pro tv / Local

Ziarul de Iasi

Cityscape

IS24FUN

Malls /ppl stoppers & prints

Restaurants/ Bars Restroom

Measuring objectives The main things that need to be tested after the 6 months Do people from the target market know about the product? Have they ever bought the product? What is the recognition of the brand? Methods Questionnaire, brand recall test Feedback through the website – cost effective

The main things that need to be tested after the 6 months

Do people from the target market know about the product?

Have they ever bought the product?

What is the recognition of the brand?

Methods

Questionnaire, brand recall test

Feedback through the website – cost effective

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