Presentation on theme: "Momos Babies Presented By: Kallie Francisco Laura Love Mattie Beadling."— Presentation transcript:
Momos Babies Presented By: Kallie Francisco Laura Love Mattie Beadling
Mission and Vision Mission: Is to provide babies with high-quality organic onesies containing attractive, fun designs. Vision: Is to create a fun and profitable side business creating and selling these onesies individually online and in bulk through retailers.
Strengths Products are organic and 100% chemical free cotton - organic cotton is a much stronger, yet softer fabric that lasts much longer than conventional clothing. Products are unique – They include printing that commemorates the babies state/city origin, and are customizable High emphasis on quality of products offered Strong ethical principles
Weaknesses Small business – Does not have its own stores for shoppers to visit Lack of inventory options – Not many types of onesies or tees for customers to choose from when ordering Lack of business knowledge Lack of marketing/promotional strategies Lack of personal website – Only uses Etsy to sell products Location of business is in the Virgin Islands – Very small population of about 5,000 people
Opportunities Fast growing demand for baby products Mothers and fathers high demand for organic, chemical free baby products Growing opportunities in internet shopping – websites such as Etsy and Facebook allow for easier selling, and using Facebook and Pinterest to attract customers is an easy and effective way to gain exposure. GIA announced the Childrens Wear Market is projected to reach US$156.8 billion by the year of 2015 Etsy has 15 million buyers
Threats Difficult to differentiate product amongst others- on Etsy, a search for onesie results in over 71,000 items Literally millions of competitors Difficult to break-into the market to retailers, and her location in the Virgin Islands makes it difficult to travel to shows or markets where retailers shop for products Not a business that encourages a lot of repeat customers- the market is people who are having babies or who are buying gifts for someone that is expecting.
Target Market Our broad product market is parents, grandparents, family and friends shopping for baby clothes. Of this market, the people that will be shopping for our items will be looking for modern, high-quality items. They like unique and artistic products and are willing to spend more time and money finding something different for their baby or their family or friends baby. They appreciate extras, such as packaging and presentation, quality of material, and good design.
Segmentation Strategy 1. Online shoppers The online shoppers are technology savvy and frequent sites like Pinterest, creative blogs, and smaller, more specialized retailer web-sites. They likely already shop on Etsy for other handmade and vintage products. 2. Store-front shoppers The store-front shoppers frequent specialty stores and enjoy the shopping experience. They take time walking around downtown rather than the rushed big-box shopping. They put a lot of thought into their purchases and gift –giving.
Dimensions Defining Our Target Market Behavioral - Homogenous dimensions of our two market segments are that our customers are meeting social needs, such as self-expression and self-esteem needs. Our product is a way for them to express their style by dressing their baby or gifting baby clothing that is unique and creative. Demographic - Our target market segments have disposable income, so that they are willing to spend more for higher quality and unique items; and family life cycle- our target market is young families that are having babies and their families and friends that are buying gifts for them.
Decision Making First, our customer becomes aware of a need. A couple finds out they are pregnant and want to buy things for their baby. Their friends and family members need to buy gifts for the baby shower. The parents, family and friends could also be shopping for Christmas or a birthday gift for the baby or toddler. They start searching for information. In this case, they would start getting ideas, either online, wandering through stores, and looking through catalogs. Our online customers would enjoy perusing Pinterest, Etsy, and other unique retailers for ideas.
Decision Making (continued) Our store-front customers would start looking in baby boutiques, or retailers that offer baby items. They would identify alternatives, they would probably see a lot of things that they like and narrow down the field by setting criteria. The decision making process may take a long time for some of our customers, as they are trying to find a product that is unique. Others may be immediately attracted to a product based on the style, display, and quality. When they purchase the item, they will expect good customer service and presentation.
Objectives Grow with the infant clothing market that is projected to reach $156.8 billion in 2015 by expanding our infant tees to toddler sizes with more design options to choose from by the end of 2015. There is a 2% increase in the industry yearly, and our goal is to grow 2% a year alongside the industry. Increase sales through our present Etsy store. 7.2% of apparel sales in the US are for infant and toddler clothing. Of the 15 million buyers on Etsy, we expect 50% of them to be shopping for apparel at some point. If 7.2% of those are shopping for childrens clothing that creates an Etsy market of approximately 1,080,000 people. This would create approximately 15 views of each of our products per search for onesie.
Objectives (continued) Distribute products through specialty retail stores in Montana, Wyoming, and St. John. By 2014, have one distributor in St. John, four in Wyoming- in Cody, Jackson, Cheyenne, and Sheridan, and four in Montana- in Helena, Missoula, Bozeman, and Billings. These are locations that support specialty stores with high tourism and populations with higher disposable income.
Product Product Life Cycle: Because Momo's Babies is still relatively new and working on market penetration, customers choosing to purchase their organic baby clothing will join Momo's Babies customer base at a gradual rate. Until awareness rises, promotion costs will need to be relatively high. The industry is currently at a mature market stage. Because of this, competition is high. This means that Momo's Babies must provide a great quality product at a price that customers will deem better than the competition. Since there will always be a need for baby clothing, if Momo's Babies can keep up with the competition, the product life cycle may not decline for at least 10-15 years.
Product Brand Positioning Statement: Parents who purchase organic clothing demand the best for their children. Momo's Babies provides parents with the best organic clothing in a fun and unique appearance. Choosy parents choose Momo's Babies to show off not only their great choice in clothing type, but the birthplace of their most treasured gifts, their children. Momo's Babies knows how treasured children are, and makes it their mission to show the rest of the world that special quality that children hold.
Price Objective: Our objective is to make enough of a profit in order to not only gain, but also widen our target market and sales areas. We need to be able to bring in a considerable amount of profit and keep customers loyal. Strategy: We will charge an adequate price for the clothing, averaging lower than the most expensive brands on the market, but more than the cheaper, lower ends. This price will allow us to make a profit and continue to provide our customers with good-quality, unique organic clothing. In order to encourage loyal customers we will also offer occasional sales and promotions.
Price Competitor Analysis: Big name brands like Wal-Mart, Kmart, Carter's and Kohls offer organic baby clothing at extremely cheap prices. This clothing is often generic, just like the stores and of lesser quality than more expensive brands. Brands like Nosilla, Finn & Emma, B Nature Organic and Dior Baby are expensive and high end. These brands do not offer many creative or unique designs, therefore causing parents to only pay for the name and quality of the organic material. In several instances, the clothing is bland and colorless.
Price Competitor Analysis (continued): Momo's Babies will provide great quality organic baby clothing with creative designs at a cost that is between the cheap, lesser quality clothing and the expensive, less creative brands. Our design is unique and exciting. It will cause parents to realize that they are not only paying for our name, but our quality and creativity as well.
Place Objective: Our objective is to reach our target markets where they are and when they are there. Our online clients need to have easy access to the website, ease of shopping, and receive their goods in a timely and efficient manner. Our retailers need to be able to keep a constant supply, but not be overstocked. We need to be able to ship them goods quickly and efficiently, as needed. Strategy and Examples: We have two locations where customers will be able to get our goods: our online Etsy store and through the specialty retailers that carry our product.
Place Strategy and Examples (continued): Our Etsy site needs to be attractive, well maintained, and easy to access. It is, in essence, our store-front. We will discuss further in the promotion section how we plan to enhance our Etsy store to attract more customers. When we are promoting our product to retail stores, we will also need to be choosy about which stores we want to sell our goods in. The locations that we want to sell our onesies in are St. John, USVI; Sheridan, Cody, Cheyenne, and Jackson Hole, WY; and Bozeman, Missoula, Helena, and Billings, MT. These cities all have larger populations, a significant portion of people with disposable incomes, and thriving downtown shopping districts. We will contact retailers with specialty shops in these downtown shopping districts.
Place Strategy and Examples (continued): Our channels of distribution are: Online customers: our location to the customer Retail shoppers: our location to the retailer to the customer Both distribution channels rely heavily on well managed shipping processes. We will use UPS because of their competitive rates and the speed of delivery from the Virgin Islands. Since this is a small business, Moriah will be able to store inventory in her home and arrange shipping immediately upon need. Our customers will expect high- quality packaging and quick delivery of their products, so we will have to be efficient in both of these areas.
Promotion Objectives: Our objectives are to increase our online sales through Etsy and to begin selling onesies and t-shirts through retailers in specialty stores in St. John, Wyoming, and Montana. Strategy and Examples (online market) Improve our image on Etsy: Our logo and picture on Etsy is currently really attractive. We will improve the description of the store, though, to include the reasons why our products are so great: organic, original designs, etc. We will add more products. We need to display different designs, sizes and colors. Also, a full store is more attractive than an empty one. Use good photography and artistic editing to add visual attraction to the products and site. Display the items on babies and toddlers.
Promotion Strategy and Examples (online market) Improve our visibility on the web: Use social media to its max. Create a Pinterest account for the store, where we pin each new item added to the Etsy site, and linked to the store. Create the boards with a wide range of categories such as design kids and womens fashion so that it will show up on as many accounts as possible. Repin from personal Pinterest accounts and recruit friends and family members to repin as well. Create a Facebook page for the store where customers, friends, family and we can post pictures of kids wearing our items. Share photos and links to the Etsy store through personal Facebook page.
Promotion Strategy and Examples (online market) Improve our visibility on Etsy: Add common search words to our descriptions. Post new products periodically so that they show up on the new product list on the homepage. Promote our store and items in Etsy blogs.
Promotion Strategy and Examples (store front shoppers) We will contact retailers in St. John, select cities in Wyoming, and in Montana. Moriah will research the stores in Wyoming and Montana and then personally visit them this summer while there on vacation. She has connections with store owners in St. John that she will visit. Have samples and a well designed letter promoting the product and directing them to the Etsy site to see more designs that she can leave with the retailers.
Sources The Herald Tribune. Industry IQ: Childrens Apparel. 2004. http://www.heraldtribune.com/assets/pdf/advtips/IQ_Childre nsApparel.pdf Childrens and Infants Clothing Industry: Market Research Reports, Statistics and Analysis. ReportLinker. 2012. http://www.reportlinker.com/ci02116/Children-s-and-Infants- Clothing.html