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CORPORATE IMAGE STRATEGY:
Regina’s corporate goal is to be become one of the most modern and unique lines of Purse offered to the various markets in Bangladesh. In addition to that, Regina wants to bring a sense of unity and pride among Bangladeshi people through a representation of the brand with famous worldwide renowned celebrities around the country, charity organizations, special promotions, public relations, etc. It is a society pulled in two directions, trying to blend in and be part of this country while remaining true and proud to their unique heritage. They have become a huge and strong market in Bangladesh since they represent almost 16% of the entire population and a big influence in this country’s everyday life.
By being introduced to this new line of purses, people across the country will start to follow this new trend that offers a meaningful concept to them. Regina wants their future customers to know that they will be provided with beautiful and unique designs of handbags, purses, clutches and wallets offered with various features.
In order to start this new trend successfully, Regina will start building new customers by implementing unique strategies of advertisements, sales promotions, public relations and sponsorships. The fact that Regina will be donating part of its sales to charity organizations will attract consumers to buy our products. This will allow Regina to help build and maintain a strong image in the market place as well as brand awareness.
Even though these strategies will help this brand to become one the most modern and unique lines of purse brand with its meaningful business concept; there are certain obstacles that might have to be overcome.
2.2 BRAND DEVELOPMENT STRATEGY:
The brand name “REGINA” was selected because it comes from the word “REGINA” which is a Germen-French word which means “QUEEN’’. The brand is trying to communicate primarily with the high class and upper middle class market and by using this rare and exquisite word; future customers will eventually feel amazed and will evoke positive feelings from the brand name and its concept.
Tag Line: “Feel like a QUEEN”
Brand Mantra: “A Promise to provide carrier full of Promises”
The name “REGINA” will be a successful word that has a high level of stimulus capability because it has a meaning and cultural concept behind the word. The brand name will be easily recognized in advertisements and it will immediately grab the attention to its main target market. Each design will be built with the REGINA symbol in order to make this shape recognizable in every purse. Since the word is famous and communicates with an aristocratic vibe, the brand will be able to sell its products through the use of this word.
The word ‘’REGINA’’ represents QUEEN. Here we have used the purple color to symbolize the Femininity of the brand. The black aristocratic designer border here signifies the royalty and sophistication of our Brand. It completely brings out the classic aura of our exquisite products.
2.3 BRAND POSITIONING STRATEGY:
REGINA is positioned based on its attributes and price-quality relationship. It wants to position itself in consumers mind as a modern and unique PURSE brand that not only represents a beautiful fashion statement, but a cultural meaning within the brand. Regina wants to build an effective positioning strategy so that the firm can expand itself into new markets in the future. REGINA wants to establish long-term relationships with both, consumers and distribution partners.
The quality and elegance of the purse collection will be positioned in the consumer’s mind as a beautiful bag to carry and to feel proud of carrying it. In contrast to its major competitors, we will offer an affordable price with a good value for attractive purse designs appealing to a wide public. Most purse brands limit their main target marketing by offering designs only to females. On the other hand, Regina will offer multiple designs females, males and children.
By carrying REGINA, people of Bangladesh will feel proud of their heritage. They will be able to represent their cultural background with a universal word that offers elegance. There are many occasions like: birthdays, Christmas, Eid, Puja, Father’s day, Mother’s day, etc. Any occasion will be perfect to buy these purses – a unique cultural symbol and a unique and beautiful fashion statement.
REGINA is more than a brand; it is a business concept that wants to incorporate sports, successful worldwide famous celebrities, charity organizations, tourism and art of fashionable purses. By donating part of its sales to charity organizations; REGINA will attract consumers to buy our products.
We will also establish a strong brand reputation through sponsorship events and campaigns that will inform the audience on how they can change someone’s life by buying our products and becoming part of the REGINA spirit.
2.4 PUBLIC RELATIONS STRAREGY:
REGINA will hire an external PR consultant to handle our press and make our information newsworthy. The consultant will be part of a PR agency; they will be in charge of monitoring internal and external publics and provide positive information about our company.
We have to work hard on informing our consultant about our business concept and company background. Otherwise, the audience will think this is just like every other purse brand. We have to make sure to provide successful information about our unique strategy that is being developed as part of this brand.
Our primary strategy is to maintain a consistent image of community involvement within the Metropolitan people living in big cities like – Dhaka, Chittagong, Sylhet, etc. We will generate positive publicity by informing the audience about our unique brand that wants to bring a sense of unity among all besides the beautiful purses we will be offering. The fact that REGINA will be donating part of our profits to charity organizations will put a positive image into the consumers mind.
We will also establish a strong brand reputation through sponsorship events and campaigns that will inform the audience on how they can change someone’s life by buying our products and becoming part of the REGINA spirit.
The position analysis will be measured by the end of the year. Our Marketing Director and the rest of the consulting team will evaluate this. The analysis will allow us to know if the right positioning was projected. The results will let us adjust our main goals and objectives for the next year.
The advertising campaign will be evaluated by conducting an advertising impact study. The information provided from this study will allow us to know how efficient and influential our campaign has been. We want to know if we are reaching the main target market and if they are getting the concept of the brand and the meaning of the word “REGINA” through our advertisements. All this information will be available through attitude and opinion tests.
Our consumer promotions’ effectiveness will be evaluated by measuring the amount of customers that bought our products by utilizing gift cards that were sent through direct mail. This will be determined by information that will be kept from purchases made online or at a retail store. This evaluation is also part of the direct mail program. This will allow us to see the impact of the direct mailing. DS Innovation media will be in charge of evaluating the effectiveness of these efforts.
To evaluate the distribution component we will utilize various methods of evaluation. We will analyze the impact of our advertising to our members of the distribution channel. This will consist of a large study conducted internally and externally. The evaluation will include an analysis of the personal selling aspect and trade promotions.
Personal selling will be a very important aspect of our evaluation. It will be done during festive seasons. We want to find if the satisfaction level of our distribution channel members is what we projected. This will consist of an examination that will determine the overall satisfaction of our business customers.
Trade promotions will also be part of our evaluation since we are utilizing this method to push our products through the channel. We will examine the effectiveness of the promotions we used previously and how it impacted sales. According the results on the effectiveness we will later determine what will remain consistent or what needs to change from the previous trade promotions.
Internet marketing, or online marketing, refers to advertising and marketing efforts that use the Web and email to drive direct sales via electronic commerce, in addition to sales leads from Web sites or emails. Internet marketing and online advertising efforts are typically used in conjunction with traditional types of advertising such as radio, television, newspapers and magazines. For our product Regina websites will help a lot in order to do promotional activities as well as online shopping. For promotional and selling purposes of Regina we will be using these following marketing methods :-
1) Web marketing includes e-commerce Web sites, affiliate marketing Web sites, promotional or informative Web sites, online advertising on search engines, and organic search engine results via search engine optimization (SEO).
2) Email marketing involves both advertising and promotional marketing efforts via e-mail messages to current and prospective customers.
3) Social media marketing involves both advertising and marketing (including viral marketing) efforts via social networking sites like Facebook, Twitter, YouTube and Digg.
4) E-Commerce: The provision of an electronic storefront and/or other forms of electronic commerce is one way of implementing your marketing strategy.
5) Interactive Marketing: Interactive marketing means addressing customers, absorbing their input, and reaching out to them again to make it clear you have paid attention. Whereas interactive marketing is not necessarily online marketing, the collection of customer information and subsequent communication is facilitated by the Internet. An excellent example of the use of interactive marketing is Amazon.com, which collects user information to make purchase recommendations.
6) Online Advertising: This typically takes the form of banner advertisements on Web sites. These can be highly targeted, based on the online habits and interests of consumers. Such ads can be purchased directly from the owners of the Web sites on which you wish to advertise, or through brokers who purchase online advertising for specific target markets. For small, local businesses with a Web site, it may be possible to work in partnership with other companies that sell complementary products to create “click-through” opportunities for their customers to visit your site, and vice versa. This type of advertising includes pay-per-click (PPC), wherein firms bid on keywords that they would expect their potential customers to use to search for their type of goods and services, so that they can appear in the search return results as “sponsored ads” and thus become considerably more visible. With this type of advertising, you only pay when someone clicks on your ad.
7) Brand Spiraling: Integrating a company’s conventional offline branding strategy with its Internet strategy can be accomplished through brand spiraling, which is the term for businesses using conventional approaches through print and broadcast media to drive traffic to their online sites. Once customers are guided to those sites, the companies take advantage of Internet interactivity and learn more about them. This knowledge is used to further refine sales and marketing tactics. They also can use e-mail addresses and other information to reach customers in additional ways. The brand spiral is a continuous learning and changing process for a firm that assists in reaching and influencing customers through both online and offline tactics.
8) Blogs: A blog is a journal that appears on the Internet periodically and is intended for the public. Blogosphere is the collective term used for all the blogs on the Internet. Businesses provide blogs, often written by their owners, to create a personal connection with customers. These are only effective if the information is kept interesting and timely, and customers are led to the sites by other promotions.
Opportunities
The global market for accessories, including handbags, is incessantly rising since recession and is further expected to be a highly growing and profitable market for the next couple of years. This growth is largely driven by rise in disposable income, expanding middle class, growing preference for branded products and rising number of wealthy consumers worldwide. Moreover, the handbag market encompasses dynamic players and an expanding consumer base, which is expected to flourish due to increasing demand from emerging markets and strong performances by the international luxury brands.
Escalation in the handbags market worldwide can be observed as a result of aggressive presence on social media and fashion shows. Other principal trends of the respective market include enhancing demand for small and medium silhouette handbags and cross bodies, brand strengthening efforts by majority of leading companies and insurance of handbags.
The key factors driving growth of the global handbags industry include rising number of high net worth individuals, increasing working women population, accelerating online sales trend, improvement in global economic growth, and increasing potential of emerging markets. However, the growth of handbag industry is hindered by the risk of counterfeiting and strict regulatory issues on premium handbags.
An analysis of the high-end bags market as well as the regular market shows several opportunities for REGINA bags. These opportunities will reveal the plan REGINA wants to pursue for consumers and distribution.
Consumers
• Regina has the powerful opportunity to build a strong brand image by targeting to the middle to upper class Market in Bangladesh. This market is a huge and dominant one. This allows REGINA to establish itself as a powerful bag brand in Bangladesh. The fact that REGINA is targeting to this specific market also gives the opportunity to expand to different markets in the future in order to grow and become a high-end bag brand.
• Bangladeshis have a high rate of consumption in the bag market. This is why Regina will have the opportunity to develop brand awareness as well as to establish itself in this powerful market because consumers will have a new and unique brand available with a meaningful message tailored to them.
• Our unique marketing approach will allow us to enhance the firm image. Consumers will feel proud to bear REGINA bags because of its meaningful concept and the unity it wants to bring among Bangladeshi market and the fact that part of the sales will be donated to bag weavers around the country.
Distribution
• Regina will have the opportunity to increase market share through a selective distribution. Its products will be sold to specific middle to high-level retailers in Bangladesh. By doing so, we will be able to better infiltrate into the bag market and to better reach our main target market.
• Regina will have the opportunity to increase sales volume by distributing its products in different geographic locations in Bangladesh. They will be determined according to those states where there is high concentration of population like Chittagong, Sylhet, Narayangonj etc.
Through new channels of direct distribution, REGINA will have the opportunity to build customer traffic. Sales through the Internet and catalogs will be the two main channels that will allow the traffic growth.
3.1.3 Target Markets
Target markets are often carefully specified as part of the market segmentation process. Customers There are three types of customers that should be taken into consideration:
1. Current company customers.
2. The competition’s customers.
3. Potential new customers.
REGINA has been targeted towards the middle to upper class individual who seek status and quality products. They have a keen eye for fashion trends as well as expensive quality products. Bags for University students, bags for office going ladies, exclusive bags for modern upper class society all are designed to made a wide product line to cater every segment's wants.
REGINA’s target market will be Bangladeshis who is looking for modern and high-quality bags. The target is a person who will be highly influenced by other Bangladeshis and who will be able to follow this new trend by wearing REGINA's bags and feel proud of their roots.
The target will also be someone who has a passion for fashionable bags and are the
typical trend followers. Someone who is willing to spend money in order to satisfy their wants and feel with a unique and modern look.
Our marketing campaign focuses on two target segments:
1. Youth Target: Young females between the ages of 18-35 with a total annual family income of Tk. 75,000 and up who represent middle to high-class status and can afford to buy finely finished bags
2. Independent Ladies Target: Females between the ages of 35-50 with a total annual family income of Tk.75,000 who represent middle to high-class status and can afford to buy designer bags.
• Males are also considered to be part of the two target segments not only because there will be a few designs offered to them; also because they are the ones who are considered to be buying bags for their spouse, fiancée or daughter on special occasions.
Customers Analysis
REGINA will focus on a special kind of customer:
the kind of person who is proud to be a Bangladeshi living anywhere inside or out of Bangladesh and who likes to carry fine bags. The psychographics will allow us to determine the different consumer segments that will feel satisfied by buying REGINA products.
• Bangladeshi Pride: This group will include Bangladeshi who are proud of their heritage and live home and abroad, trying to blend in and be part of this country. These customers will feel proud to carry REGINA not only because of its modern and unique look but also because of its unique business concept.
• Fashionable Bag Lovers: These are the typical customers who love to carry nice bags on a daily basis. Bangladeshis have a high purchasing power in the bag industry; this is why this segment includes fashion lovers who are ambitious and who are willing to pay more for high quality designer bag.
Product Positioning
Positioning is the perception created in the consumer’s mind regarding the nature of a company and its products relative to the competition. Positioning is created by:
• The quality of products being sold
• Prices being charged
• Methods of distribution
• Image
• Communication tactics