marketing and branding plan for a fictional high end bridal wear brand iim ahmedabad insight 2012
DESCRIPTION
This is a Marketing and Branding Plan for a fictional High End Bridal Wear brand called Vidhi . I , along with two of my partners made this ppt as a part of a B-school competition at-IIM Ahmedabad Insight 2012.We won 2nd Prize for the same.TRANSCRIPT
BRAND NAME AND LOGO
An exclusive designer Wear Store featuring ‘Bridal Wear’ for bride of every Indian community and for all the ‘occasions and festivals’ that follow her wedding as ‘each and every occasion in a woman’s life is marked by an outfit that goes with it ‘Segmentation: SEC-A, Urban women, Age:21+, Annual Family Income = 20-50 lacsTargeting: Young , stylish, independent woman, working in an MNC as an AVP, wears a solitaire given by her fiancé ,is looking to get married this November and is open to newer fashion trends and designs Differentiation: Not just designer wear but an opportunity to create customer’s ‘own label’ (Co-Creation)Positioning: A brand not just catering to a woman’s pre-wedding and bridal phase but which goes a step ahead by taking care of all the occasions following thereafter,(especially during the honeymoon year) as all the festivities are celebrated in her new home with her new family (i.e. in-laws)
Meaning: Vidhi is the Goddess of Destiny. It also means a Holy Process, Ritual or a Ceremony like Marriage, Birthday etc.
Tagline: “MARK THE OCCASION”
Mumbai
• Avg. spending on Apparels is 19% more in Mumbai than All- India spending
• Highest potential for luxury consumption in India (~375,000 households)
• 100,000 millionaire households
• Increasing no. of middle class with disposable income and aspirations to have the best
• Cosmopolitan city thus equal importance given to all festivals offering more potential for occasion wear
• Influence of Bollywood and High End(themed) Parties
Chandigarh
• Highest Per capita income in India
• The city is full of bureaucrats, politicians, home to many film stars and sportspersons
• A mini-metro in which desire to experience Luxury is percolating
• Luxury brands widely preferred across most category; fashion apparel being one of them
• People (Punjabis) known for having high end lavish grand weddings involving numerous functions and celebrations
GEOGRAPHICAL LOCATION Will be launched in the cities of Mumbai and Chandigarh with one store in each city. The rationale for the same is as
under:
• Vidhi will be launched as an exclusive store Located at the Khar linking road stretch in Mumbai Suburb and Sector 17 in Chandigarh.
Why Exclusive Store?• We believe in establishing ‘VIDHI’ as a ‘standalone brand’ emerging as a place where the customer
finds the best designer wear for the all important experiences and occasions in her life• Early alliances with other players may dilute our Brand Equity and affect our marginsOnline option:
• A creatively designed website with information about designers would be provided to help users to browse through the collections and also to customize and order them online
• A website with Social Media Integration will enable users to share their opinions, ideas with their friends and families
ENTERING THE MARKET
Year 1
• Creating a pool of talented fashion designers; existing and potential (graduates from NIFT, Raffles etc.)
• Creating brand awareness through different media platforms (Print ,Online, Social Media)
• Creating a positive brand experience by providing a personalized shopping experience to all and forging relationships at the end of every transactions
• Achieving a turn over of Rs.2.25 Crore in the first year (see slide on financial feasibility)
Year 2• Strategic tie-ups with Wedding Planners, Stylists and
Community marriage bureaus. Marriage bureaus can help in getting customer database enabling us to send direct mailers for appropriate occasions
Year 3• Alliances with high end Fashion Designers to showcase
their masterpiece / limited edition outfits • At this point of time, Vidhi can widen its product reach
(like occasion/festive wear) through partnerships with multi-brand fashion retailers and increase revenues
Year 4
• Introducing Accessories such as jewelry ,footwear where the customer gets a matching unique designer piece for every outfit she buys.
• Customized Gift Packages suiting every occasion as it approaches
Year 5• Expanding to newer markets like Delhi ,Ahmedabad and
Gurgaon depending upon feasibility and demand• Expanding into international markets with high NRI
concentrations can be considered. E.g. South Hall (UK)
GROWTH STRATEGY FOR THE NEXT 5 YEARS
VISUAL MERCHANDISING- DESIGNER COLLECTION
Bridal Wear
Occasion Wear
VISUAL MERCHANDISING- DESIGNER COLLECTION
VISUAL MERCHANDISING- STORE LAYOUT
ADVERTISING1. Print Ads-Initially invitation cards in the vicinity of Khar West and Sector 17 for grand opening of the shops
-Break your video ads on YouTube and Facebook
-Graduate to newspaper ads prior to Wedding Season/Festivals/Occasions
2.Facebook Campaigns and Competitions before festivals to keep fans engaged
• Unique visual displays in storefront on a weekly basis
• ‘Creatively crafted’ Direct mail -Wedding card shaped envelope-Envelope with ‘phooljhadis’ inside(Diwali) -With Gulaal inside(Holi)
• Co-Creation opportunities (Design your Own Label)
• Personal selling and word of mouth via networks of friends, stylists and customers
• Strategic alliances with Spas, stylists & fashion designing institutes
• Loyalty programs encouraging referrals by offering discounts;
• Participation in Trade-shows & Exhibitions like Wedding Asia, Delhi
SALES PROMOTION STRATEGY
INVENTORY MANAGEMENTA.)Sourcing: We can source our outfits from the following 4 categories of designers: 1. Cream Designers – These include Manish Malhotra, Tarun Tahiliani and the like. This will not be our look out as these designers have their own boutique and have reservation from HNIs and film fraternity.Since we envision Vidhi as an aspirational brand, we suggest that at launch stage it should source outfits from the following sources:2. Dream Designers - These are the designers who are not well known but not as much as the trying to make a mark in the fashion industry. 3. Private Labels - From the freshly passed out designers from NIFT, Raffles etc, giving them an opportunity to showcase their talent. Also this would be much cost effective and enable greater margins.4. Limited Edition Couture - Alliance with cream designers to source their exclusive designs to us. (Year 5)
B) Stock keeping: The stores will keep a stock of 70% Wedding Wear and 30% Occasion based wear.
Stock details Units
Initial Opening Stock 3000 UNITS
Projected Replenishment for 1st six months 50%
Obsolete Stock @end of six months 10%
Balance 40% (1350)
Add: New Stock 150
FINANCIAL FEASIBILITY Since no fixed budget is mentioned in the case, the feasibility of the project is as under:Initial aim is to attract a certain % of customer through initial offerings and stressing a lot on customer engagement and co creation. This would involve their inputs on designing the outfit. With this the average time spent at the store per customer would be around 30mins
Particulars Value
No. of footfalls expected per day 40
No. of the above footfalls converting into prospects 25
Prospects turning customers and making a purchase 5
Average Monetary Value of the Purchase INR 50,000
Average revenue per day INR 2,50,000
Turnover for year 1 (Assuming sales made for 100 days in year 1) INR 2,25,00,000
Divya SanilContact: [email protected] Background: B.M.S.Work Ex: Netscribes; Assistant Manager; Pre-Sales Intelligence for IT clientsSummer Internship: Amul, Study of Amul Fresh Product Line (Lassee and Dahi)Interests: Reading, Candle Making
Dhanvi KapadiaContact: [email protected] Background: B.M.SWork Ex: PriceWaterhouse Coopers; Analyst; Transfer Pricing Division Summer Internship: Abbott Healthcare, Brand Life Cycle ManagementInterests: Reading, Travelling
Anup PawaskarContact: [email protected] Background: B.E.ComputersWork Ex: FresherSummer Internship: Nielsen, Mystery ShoppingInterests: Quiz Contests, Elocution Competitions
Institute: Welingkar Institute of Management, MumbaiRegistration Id: [email protected]
APPENDIXKey Insights:
A small survey conducted amongst young women in the age of 24 + gave the following insights:
Mothers remain the first choice for bridal wear shopping companion followed by close friends.
Delzeen Mirza a 26 year old woman says “Apart from my mom I would also take the opinion of my best friends, as they know what looks best on me.
Nidhi Verma, a bride-to-be, says “Shopping for my wedding trousseau would start atleast 3-4 months before the wedding day.
“I generally buy clothes before Diwali, Navratri and before my bithday” says Priyanka Thaker, a 27 year old resident of Andheri.
APPENDIXDetails of Respondents:
Delzeen MirzaContact: 9820945829Email: [email protected]
Nidhi VermaContact: 8879485290Email: [email protected]
Priyanka ThakerContact: 8879151744Email: [email protected]
APPENDIX
References:
Marketing Whitebook 2013
http://www.bangalorebest.com/Archives/Millionaire_homes%20.asp
http://www.rediff.com/money/2004/jul/14rich.htm
http://www.technopak.com/Images/India%20Luxury%20Trends-2011-12.p
df
www.imagesbazaar.com
www.wikipedia.com