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New Product Proposal Ash Grewal, Cody Burkhardt, Yasmin Lin, Cam Coutin, Natalia Williams. Table of Content. Brand Overview. POPs: high-end eyewear, accessory, UV protection, fashion, lenses. PODs: pioneer, unisex, stylish sun-protection. Brand Mantra: Emotional, Descriptive, Category. - PowerPoint PPT Presentation
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New Product Proposal
Ash Grewal, Cody Burkhardt, Yasmin Lin, Cam Coutin, Natalia Williams
Table of ContentBrand Overview
• Based on prior Brand Audit, key findings are listed such as product category, target market, and positioning.
Opportunity Identification• Product Opportunity Gap model & Brand Audit findings were utilized to identify opportunities based
on social, technological, and economic factors.
Concept Generation• Developed three new product ideas based on market gaps/needs: Ray-Ban Pro, Earth, and Icons.
Concept Evaluation• 3&4 Factor Model, Purchase Intent Model, Value Opportunity Chart, and market research(2 focus
groups + survey) employed to evaluate success of each product.
Recommendations• Ray-Ban Pro in need of further research• Ray-Ban Earth continue with development• Ray-Ban Icons do not continue
Brand Overview
Classic-American Functional Sunglasses
Positioning Statement: Ray-Ban is the only unisex high-end sunglasses brand that fuses Classic-American style with UV protection, targeting 18-25 year olds.
Brand Mantra: Emotional, Descriptive, Category
Ray-Ban
Wayfarer
Young
American
Classic
Style
Red
Badass
Mental Map Perceptual Map
POPs: high-end eyewear, accessory, UV protection, fashion, lenses
PODs: pioneer, unisex, stylish sun-protection
Ray-BanChanel
Generic Oakley
Func
tiona
lity
Style
Concept 1: Ray-Ban Pro
Product Opportunity Gap
Increased snowboarding popularity
Customized products trend
Increased spending on Extreme sports
Go-Pro
Consistently improving snowboard technology
Social
Economic
Technological
http://www.youtube.com/watch?feature=player_embedded&v=A3PDXmYoF5U
Product Opportunity Gap
Action Adventu
re
FunOriginal
Sports
Cutting-Edge
Go-Pro
Established
American
Badass/Rebel
Classic
Style
Young
Ray-Ban
Ray-Ban
Stylish
Wayfarer
Badass
YoungClassic
American
Cool
Potential Extension Equity
Ray-Ban Pro
Stylish
Badass
Young
Cool
HighTech
Adventure
Speed
Versatile
Sports
Salience Favorability Uniqueness
• Based on our results, we found that the salience was strong in terms of its alignment with Ray Ban but weak in terms of the awareness of Go Pro --- Moderate.
• Based on our results, we found that the favorability was strong for the most part, only faltering where our target markets lack interest in snowboarding/skiing – Strong Moderate.
Points of Difference:• Based on our results, we found that
our uniqueness was our strongest aspect as almost every respondent agreed on its originality – Strong.
3 Factor Model
4 Factor Model
Imagery:. We reinforce the young and cool aspect of Ray-Ban with our new added culture of skier/snowboarders.Performance: Functionality with their high quality UV Ray protectant interchangeable lenses + proven high performance of the Go Pro camera = ADDED CREDIBILITY
Judgment: Modern and High-Tech vs Straying from Parent Brand
Feelings: Added sportiness = fun.
Continue reputation of high quality, stylish eye-wear
Issue: Lack of awareness of GoPro among those surveyed.
Pro: Added associations of GoPro added to Ray-Ban brand
Compelling: Reinforces or Adds CLEAR Meaning to parent brand
Relevant: If it is able to impact judgments/feelings to parent brand.
Consistent: Level of fit with parent brand.
Strong: Ability to change associations for parent brand .
Value Opportunity Low Medium High
EMOTION
Adventure
Independence
Security
Sensuality
Confidence
Power
ERGONOMICS
Comfort
Safety
Ease of Use
AESTHETICS
Visual
Auditory
Tactile
Olfactory
Taste
Value Opportunity Low Medium High
IDENTITY
Point in Time
Sense of Place
Personality
IMPACT
Social
Environmental
CORE TECHNOLOGY
Reliable
Enabling
QUALITY
Craftsmanship
Durability
OVERALL IMPACT
PROFIT
BRAND
EXTENDABLE
Value Opportunity Chart
Ray-Ban Pro
Purchase Intent
Definitely Buy: 25%Probably Buy: 37.5%
(0.8)(25%) + (0.33)(37.5%) = 32.375%
Atar Model
(Market Share)
Awareness: 100%Trial: 32.4%
Availability: 100%Repeat Rate: 100%
Avg. cost of sunglasses ($165)(100%)(32.4%)(100%)(100%)
= 32.4%
Annual Sales
Forecast
Market Share: 32.5%Projected Annual Category Unit Sales*: 87,139.4
Revenue per Unit: $300
(32.4%)(226,848.50) ($300) =$8,469,950 Million
Sales Forecasting
US Industry Snapshot (2012):• Eyewear Revenue:
$9.1BN• Sunglasses Share:
7.9%• Sunglasses
Revenue: $718.9M• Avg. cost of
sunglasses: $165• ~4,356,970M units
sold in the US
*IBISWorld Report
Based on Survey + Focus Group Responses
Integrated Marketing Communication Strategy
Event Marketing
Social Media Marketing
Print advertisementsPosters advertisements and Point of Purchase placements
YouTube Channel with Videos of the week
Ray-Ban Pro goggles will be sold in all places that one would regularly find snowboarding goggles as well.
Desired Brand Knowledge:
Exposure
Attention
Comprehension
Yielding
Intentions
Behavior
Recommendations #1
Further Research and Testing Required:18.9% of those polled said this line was their favorite. However, 22/26 respondents said they would choose Ray-Ban over the competitor if they had to, indicating more research should be done. We recognize that out of the target market polled, few were skiiers and snowboarders—the target that would actually be using this product.
Suggestions: Further research and testing required.
• Stylish + unique• Added benefit of
camera• Improves brand
awareness breadth and depth
Advantages• Low repeat rate• Few
skiers/snowboarders polled
• Glasses seen as fragile• Strong competition
from Oakley and similar competitors
Disadvantages
Branding Strategy + Extension Type:Ray-Ban Pro
Strategy Extension Classification
Co-brandNew target market
Established reputation
Emphasis on StyleHigh quality, hands
free
Competition Category Extension
Concept 2: Ray-Ban Earth
Product Opportunity Gap
+ Consumer environmental consciousness
Increased spending on eco-friendly, go-green initiatives
Capability to expand existing technology
Social
Economic
Technological
Product Opportunity Gap
Nature Conservancy Ray-Ban
Change Initiative
EstablishedEco-
friendly
Diverse
Positive impact
Young
American
Trusted
Classic
Style
Established
• 3 Factor Model: Ray Ban Earth
Ray-Ban
StylishWayfarer
Badass
YoungClassic
American
Cool Ray-Ban
Earth
Stylish
Classic
Wayfarer
Cool
Eco-friendly
Biodegradable
Natural
Useful
Salience Favorability Uniqueness
• Based on our results, we found that the salience was very strong as our product stayed true to the Ray Ban characteristics. ---Strong.
• Based on our results, we found the favorability of our product to be very strong; the only negative is that some respondents are not attracted to the styles. ---Strong Moderate.
• Based on our results, we found the uniqueness of our extension to be fairly strong for Ray Ban as 87% would choose Ray-Ban over competitors.—Strong
Potential Extension Equity
3 Factor Model
4 Factor Model
Imagery: Stylish, fashionable, eco-friendly
Performance: Benefits of Wayfarer + biodegradable. Questioned the quality of the wood
Judgment: Survey takers “respect the fact that they are producing with recyclable material.”
Feelings: Independent, unique, making a difference
Fitting of the brand, but some people prefer regular Wayfarers
“I would be more likely to buy it because it goes towards a good cause.”
Compelling: Reinforces or Adds CLEAR Meaning to parent brand
Relevant: If it is able to impact judgments/feelings to parent brand.
Consistent: Level of fit with parent brand.
Strong: Ability to change associations for parent brand.
Value Opportunity ChartValue Opportunity Low Medium High
EMOTION
Adventure
Independence
Security
Sensuality
Confidence
Power
ERGONOMICS
Comfort
Safety
Ease of Use
AESTHETICS
Visual
Auditory
Tactile
Olfactory
Taste
Value Opportunity Low Medium High
IDENTITY
Point in Time
Sense of Place
Personality
IMPACT
Social
Environmental
CORE TECHNOLOGY
Reliable
Enabling
QUALITY
Craftsmanship
Durability
OVERALL IMPACT
PROFIT
BRAND
EXTENDABLE
Ray-Ban Earth
Purchase Intent
Definitely Buy: 50%Probably Buy: 25%
(0.8)(50%) + (0.33)(25%) = 48.25%
Atar Model (Market Share)
Awareness: 100%Trial: 48.25%
Availability: 70%Repeat Rate: 62.5%
(100%)(48.25%)(70%)(62.5%)= 21.1%
Annual Sales Forecast
Market Share: 21.1%Projected Annual Category Unit Sales:
4,356,970Revenue per Unit: $150
(21.1%)(4,356,970) ($150) = $137,898,101
Sales Forecasting
US Industry Snapshot (2012):• Eyewear Revenue:
$9.1BN• Sunglasses Share:
7.9%• Sunglasses
Revenue: $718.9M• Avg. cost of
sunglasses: $165• ~4,356,970M units
sold in the US
*IBISWorld Report
Based on Survey + Focus Group Responses
Integrated Marketing Communication Strategy
Event Marketing
Point of Purchase set ups in sunglass stores.
Social Media + Buzz Marketing Interactive Website Sweepstakes
Print Advertisements
Desired Brand Knowledge:
Exposure
Attention
Comprehension
Yielding
Intentions
Behavior
Recommendations #2
Continue with Development:59.4% of those polled said this line was their favorite, and they would be likely to buy it. Competitors unknown for the most part
Suggestions: Craftsmanship + change “blood wood”
• Adds social responsibility and positive impact associations
• Twist on new style• Legitimate partnership
• Limited offering• Cannibalization
Advantages Disadvantages
Branding Strategy + Extension Type:Ray-Ban Earth
Strategy Extension Classification
Modification of WayfarerSocially
ResponsibleImage & Variety
Innovation Line Extension
Concept 3: Ray-Ban Icons
Product Opportunity Gap “Cult of Celebrity”
Increased spending on apparel by college students
Costly nature of designing, producing, and marketing own lines for celebrities
Ray Ban Sunglasses Technology
Social
Economic
Technological
Product Opportunity Gap
Music Celebs Ray-Ban
Music Celebs
Diverse Pop Culture
FunExpressive
Music
Celebrated
Established
American
Badass/Rebel
Popular
Style
Young
• 3 Factor Model: Ray Ban Icons
Ray- Ban Icons
Stylish Badass
Young
Cool
Modern
MusicPopular Culture
Diverse
Limited Edition
3 Factor Model
Salience Favorability Uniqueness
• Based on our results, we found that our salience was fairly strong, most of our respondents agreed that they would see Ray Ban go through with this product. --- Strong Moderate.
• Based on our results we found that our favorability was split with some respondents really excited about the idea and others turned off by it. --- Weak Moderate.
Points of Difference:• Based on our results, we found that
our uniqueness was not that high, some liked the variety of choices, but many just thought the idea was already on the market – Weak Moderate.
Potential Extension EquityRay-
Ban
StylishWayfarer
Badass
YoungClassic
American
Cool
4 Factor Model
Imagery: Celebrities conflicts with classic. Messy + stereotypes?
Performance: 75% of the market research said if they had to choose another brand over Ray-Ban for one of the styles offered they would choose what they considered the competitor style. Lacking performance
Judgment: Messy + high quality + reliable. Less superiority.
Feelings: Outdated and not youthful. Low fun. Sell out.
Inconsistent
There is no indication from those polled indicating this would improve the brand.
Compelling: Reinforces or Adds CLEAR Meaning to parent brand
Relevant: If it is able to impact judgments/feelings to parent brand.
Consistent: Level of fit with parent brand.
Negative: Ability to change associations for parent brand.
Value Opportunity Chart
Value Opportunity Low Medium High
EMOTION
Adventure
Independence
Security
Sensuality
Confidence
Power
ERGONOMICS
Comfort
Safety
Ease of Use
AESTHETICS
Visual
Auditory
Tactile
Olfactory
Taste
Value Opportunity Low Medium High
IDENTITY
Point in Time
Sense of Place
Personality
IMPACT
Social
Environmental
CORE TECHNOLOGY
Reliable
Enabling
QUALITY
Craftsmanship
Durability
OVERALL IMPACT
PROFIT
BRAND
EXTENDABLE
Sales Forecasting
US Industry Snapshot (2012):• Eyewear Revenue:
$9.1BN• Sunglasses Share:
7.9%• Sunglasses
Revenue: $718.9M• Avg. cost of
sunglasses: $165• ~4,356,970M units
sold in the US
*IBISWorld Report
Ray-Ban Icons
Purchase Intent
Definitely Buy: 25%Probably Buy: 37.5%
(0.8)(25%) + (0.33)(37.5%) =32.375%
Atar Model
(Market Share)
Awareness: 100%Trial: 32.375%
Availability: 100%Repeat Rate: 31.2%
(100%)(32.375%)(100%)(31.2%) = 10.1%
Annual Sales
Forecast
Market Share: 10.1%Projected Annual Category Unit Sale*s: 4,356,970
Revenue per Unit: $200
(10.1%)(4,356,970) ($200) =$88,010,794
Integrated Marketing Communication Strategy
Print Ads:
Incorporation into website
Sponsored Music Festival User generated content competition
Our celebrity endorsements will also carry our product to fashion+music blogs and gossip magazines . PR representatives will monitor the press.
In store purchase points
Desired Brand Knowledge:
Exposure
Attention
Comprehension
Yielding
Intentions
Behavior
Recommendations #3
Do Not Continue With This Line:Least favoriteNot likely to buyNot fitting with brand
Suggestion: Discontinue
• Added target market• Added variety of styles
• Celebrities have their own lines
• Never relied on celeb designs in past
• Selling Out Association• Not reflective of genre
Advantages
Disadvantages
Branding Strategy + Extension Type:Ray-Ban Icons
Strategy Extension Classification
Co-brandMusic
Artist for each genre
Limited Edition
ConsolidationCelebrities
Line Extension