Designing to a consumer without the help of intermediaries.

Designing the
Marketing Mix Programme (Place) –  Irfan

 

Target Audience

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At our current age of time, everything is online. Many consumers prefer to shop online as it is
more convenient and hassle free. This is because consumer is to sit at home, find their size, colour, and
style without having to worry about the stock and then it’s delivered to their front
door. There is high demand for
the brand, with only limited stock so as to maintain its exclusivity.

Therefore, looking for this brand online would be more convenient as it is more
steadily available.

 

Marketing Channel

We have chosen internet
marketing channel as it is the most ideal channel for our customers.

A unique feature of these channels
is that they create value for consumers by combining

electronic and traditional
intermediaries to create time, place, form, and possession utility for buyers.

Our marketing intermediaries would be just retailers hence we have opted to use both direct and indirect
channels.

 

A direct channel of distribution describes a situation in which the
producer sells a product directly to a consumer without the help of intermediaries. This would be done through Acronym’s
official website. This is an advantage as we are able to showcase our customer
service as well as get feedback to improve the product. As Acronym does not
have a physical store, this is especially important as it is the only outlet
where customers can interact with us.

 

Indirect channel would be from producer to our selected virtual
retailers which specializes in high end streetwear. Due to our product being in
the niche market and is set at a premium price, our product is not for the everyday
person. Therefore, the type of retailers that we have chosen for our product would
be retailers that sells luxury streetwear. Our retailers would buy sufficient quantities
which would be more cost effective for us to deal with only a few retail intermediaries.

 

Number of
intermediaries use

Websites such as hbx.com, Endclothing.com and Haveshop.ca are relatively
known by the streetwear culture community therefore it would be easy for them
to find the product. By having online retailers, we are able to reduce the
chance of our website from crashing due to high traffic during the releases of
our products.  By limiting our retailers
to a few websites, it helps to build a good relationship with our retailers and
also help maintain the exclusivity of our products. Nowadays some consumer uses
bots to cheat their way to get a product as soon as it releases due to the
websites “first come, first serve” nature. Website such as Endclothing.com tackle
this problem by organizing an online raffle to ensure that our customers has
fair chance in purchasing our limited products, which is similar to a lucky
draw.

 

Trade Incentives

There are 2 trades incentives programs that we would offer to our
retailers which is Target Based Scheme and Trade contest.

 

Firstly, Target based scheme are
promotions that would be executed between Acronym and its retailers. These
schemes would help increases the sales of our product by increasing our retailer’s
interest in selling our product. Retailers have limited space to display all
their products. Hence, it’s in the retailer’s best interest to give more
visibility to brands running target based scheme as this will help them
achieving the targets, and earn more. As Acronym is more online based, the
retailers may want to put our products on the “Coming Soon” section of their
website before it goes for sale to alert potential prospects as well as on the “HOT/BRAND
NEW” section of their website when it is releases. These schemes incentive can
be in the form of cash discount, domestic & international tours, FOC
products (free of cost), electronics products, etc.

 

Next, we can also have a trade
contest between the retailers. For examples, the retailer that has the most
number of sales in a specific amount of time would receive a great prize. This
will motivate our retailers to be more competitive with each other. For
example, they can provide incentives for the customers such as free shipping to
expedite their sales.

 

These schemes incentive can be in
the form of cash discount, domestic & international tours, FOC products
(free of cost), electronics products, etc.

 

 

 

Promotion –  Irfan

 

 Public relations – New Release

Acronym can promote the idea of their
new product and tech-ware to the public through popular magazines in Singapore
such as Men’s Health, the Peak, Juice and Harper Bazaar. Many Singaporeans are
not aware of the existence of tech-ware hence advertising in these magazines
would create awareness and introduce them to the emergence of the tech-wear
industry. Therefore, where we advertise and feature our brand, or products, is
especially important as getting this right is paramount to have successful
branding. This would enable us to have a strong brand identity that resonates
throughout the target market as well as connect the consumer to the brand on an
emotional level. Hence, the news release can also be advertised on popular fashion
streetwear websites such as Hypebeast and Highsnobiety. The content of the
articles should include features such as design and functionality of the
product. Due to its unique design, it requires a learning curve for Acronym’s
apparels, therefore, it is critical that the articles explain clearly what the
product is and what the product is able to do. This would enable the consumer
to have a better understanding and eventually make a purchasing decision. In
short, this would help gain interest of public so that they have an idea on
what to expect when the product is launched in the market.

 

Personal Selling Process

Stage 1: Prospecting

Our customer are usually
individuals who wants and are able to afford the products. Hence, they are
considered as qualified prospects. Due to our premium prices, many would shy
away from the products therefore we aim those has the financial power to purchase.

Through advertisement, it will notify tech-wear enthusiast about the release of
our new product. As one of leading company in tech-wear, customers that are
familiar with the industry, would easily recognized the brand and have
confidence in a new product due to our consistent quality in its previous
releases.

 

Stage 2: Pre-approach

Acronym can focus on finding as
much available information about the views and a person’s needs as much as possible
before communicating with the potential customer. The marketing team has to
find out the customer’s disposable income, buying criteria, and also the
platform of purchase. In addition, Acronym has to decide on the best time to
sell their products preferably based on the season at that point of time. For
example, it will make more sense to introduce their jackets during Autumn or
Winter as it is much more colder at that time of the year as compared to Spring
or Summer.

 

Stage 3: Approach

First impression is especially
important for Acronym because the first impressions we give to a customer will
set the tone for our future business relationship. We want Acronym to be viewed
as a respectable and professional brand. As it is relatively new take towards
fashion, our consumers certainly would have a lot of questions. Therefore, the
sales team would need to predict certain questions beforehand as well as familiarise
themselves with the products. This in turn would enable them to answer any
question with clarity and confidence.

 

Stage 4: Presentation

Acronym is best suited to be
represented in a stimulus-response format. With many functions from the design
of our apparel, consumers reap not only the benefit of the integrated
technologies such as the Jacketsling, Gravity pocket or Sound Forcelock, but the
increased functionality that these technologies as well. Moreover, our sales
team can also engage in suggestive selling as our apparel is designed to fit
with each piece of the collection to create an entire look envisioned by our
design team while on the flip side, still being an article of clothing which
stands by itself.

 

Stage 5: Close

Due to high demand but limited
stock produced by Acronym, most of its product sold out extremely quickly. In
this case, the sales team can use the urgency close technique. This would
encourage the prospect to commit to the purchase quickly. Furthermore, Acronym
would not re-release its product hence it would be the only chance for the
customer to purchase the product while stock last.

 

Stage 6: Follow-up

Follow-up after a sale is really important for a
number of reasons. This includes improving our business’s credibility. Ultimately,
the goal of a follow-up after a sale is to generate more sales. The follow-up gives
us the opportunity to build a relationship with the customer as well as feedbacks
to enable us to improve our product. Furthermore, it adds value to the service
and product purchased by the customer. In addition, this could lead to additional
sales from the same consumer and they may also make referrals to more potential
customers. Apple
is a good example for great service, the products from Apple are not cheap
however the excellent service that they provide makes it more worth it. Moreover, customers are far more likely to
purchase from someone they trust who acknowledges their support especially one
which go an extra mile for them.