the guardiansMagic Umbrella Cover

Product Summary

• An umbrella cover that:

– prevents drips

– hassle-free

– reasonably priced

– is visually appealing!

Market Research Findings

What is the maximum price you would pay for our umbrella cover?

Would you be willing to pay $14.90 for an umbrella from Uniqlo or $7 for an umbrella from 7-Eleven?

Business Concept

• Our plan is centered around:

– umbrella covers beats plastic bags!

– making it “cool” to be seen with an umbrella

• Taking inspiration from:

– Bubble Tea & Portuguese Egg Tarts

– Japanese Marketing Tactics

• Artificially “force” a demand in the market!

– Like Pokemon, Digimon, Hello Kitty, etc.

Considerations

• Keep it classy and exclusive

– no difference with using a plastic bag

• Prevent a large volume from initially hitting the market

– Lose “exclusive”-ness

• Delay selling it at Sheng Siong, Giant, FairPrice, etc.

– lose “classy”-ness

The Game Plan: Phase 1

• Introduce the cover + umbrella at BIG events with small audiences

– F1 race, YOG

• Generate interest, globally and locally, and make people go “oooh” and “aaah”

• Slowly extend it at high-class hotels and museums

End result:

• Keep it exclusive

• Consumers will “hunt” and “hunger” for it!

The Game Plan: Phase 2

• Test market reactions at up-market department chains

– Tangs, Isetan, Marks & Spencer

• Lose some “exclusive”-ness but not the “classy”-ness

• Incentive to produce nice designs

• Be able to market for different events or holidays

End result:

• Transition from practicality to fashion accessory

• One can “dress” their umbrellas with their moods

The Game Plan: Phase 3

• Capture the lower end market

– Sheng Siong, Giant, FairPrice

• Restrict their sales to single, plain colors

• Promote a culture to customize covers

End result:

• No direct competition with high and low end markets.

• Sustainable demand over a longer period

Competitive Advantage

• Phase 1 & Phase 2: early introduction

– Undiscovered Market

– Low Profile

• Phase 3: mass market rollout

– Established Foothold

– Cost Advantage