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Published byJemimah Baldwin Modified over 9 years ago
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Baylor Balloons and Flowers
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Background Information
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History Originally established on Speight Avenue/11 th St. Acquired by Kathy Dove in 2000 Moved to Bagby Ave./4 th Street Hours: M-F 9 a.m. to p.m. Sat 9 a.m. to 12 p.m. Closed Sunday
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Scope & Purpose Meet unsatisfied niche of student population Mission statement: To provide quality, beautiful floral arrangements to members of the Baylor and Waco community. Also offers other merchandise that complement floral purchases. 100% satisfaction guarantee on all floral and gift items.
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Major Products and Services Offered Cut flowers Floral arrangements Potted plants Helium latex/Mylar balloons Gourmet fruit baskets Plush animals Candles Sorority paraphernalia Chocolate truffles Delivery service
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Retail Establishment Layout Main cut flower displays Refrigerated cooler Merchandise displays Payment counter Design area Consultation area
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Managerial Structure Owner Designers Student Employees Delivery
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Customer Environment
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Target Markets Baylor Students Most homogeneous group Baylor Faculty Parents of Baylor Students
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About the Purchase Two ways to purchase In Store Online Primary use Gifts Decoration
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Trends Internet Social Media Increase interaction with customers Easy and free Online ordering Increase retail range Customers see products
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Contact With Customers Social Media Interaction via Facebook Daily & Weekly promotions CRM Gather information from online sales In store
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Competitive Analysis
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Major Competitors Other Florists in Waco Grocery Stores Online Flower Shops
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Waco Florists Competition based on history and internet presence Baylor Flowers, 35 years Reeds, 80 years Croziers, 50 years Rosetree, 20 years Bloomingals, 8 years Specialized arrangements, typically more expensive
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Grocery Stores Simpler, less expensive arrangements that customers must put together themselves HEB Wal-Mart Target Not always the high quality that can be provided by a florist No internet presence
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Online Florists Similar arrangement styles and pricing as brick- and-mortar stores 1 (800) Flowers ProFlowers FTD TeleFlora Allows customers to order anytime and provides an easy, efficient system Cuts down on human error in information input
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Market Position ProFlower s Inexpensive Expensive Specialized Generic Reeds Croziers Rosetree Bloomingals Wal-Mart Target HEB FTD Baylor Flowers 1 (800) Flowers
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Market Position Similarly placed with other Waco florists and online ventures More expensive than a supermarket Overall position is positively placed among competitors
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External Environment
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Economic Stability Floral industry as a whole falling by approximately 3.6% yearly for the past 5 years Threats by supermarkets and online ventures Diminishing disposable income due to economic recession and cutting spending on non-necessities Florists cutting prices by up to 70%, creating a ripple effect on loss of revenue Need to keep up with change in technology and stay price sensitive to stay in operation
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Political Issues International tariffs with Colombia, who holds 65% of imported flower market, and Ecuador US/Colombia FTA signed April 2011 will phase out tariffs over next 10 years National Floriculture and Nursery Research Initiative $6.25 million per year Improve product quality and enhance competitiveness Improve crop production tools Provide protection against pests and diseases Promote environmental stewardship
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Legal Issues National Antitrust laws Americans With Disabilities Act Taxes & transport fees
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Regulatory Issues Quarantine 37 Targets horticulture and livestock that could bring invasive diseases and pests at port Florists must deal with reputable growers to insure they get the supplies they need
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SWOT Analysis STRENGTHS - Name -Location -Quality -History -Sponsor of Baylor Athletics WEAKNESSES -Advertising -Lack of Baylor Directory -Small Market -Grandfather Clause OPPORTUNITIES -Social Media -Online Presence -Unified Appearance -US/Colombia FTA THREATS -Loyalty to Other Florists -Online Retailers -Grocery Stores -Reliance on Disposable Income SWOT Analysis
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Strengths Name with “Baylor” in it Provides affiliation with school Location In “Baylor Bubble” furthering school connection Quality History In business for 35 years with a solid reputation Sponsor of Baylor Athletics
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Weaknesses Advertising No strong, effective advertising campaign to draw in new customers Lack of Baylor Directory Hard to target parents with direct mail Small Market Strong competition from local florists Grandfather Clause Forced to keep “Balloons” in name which could convey the idea of lower quality service
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Opportunities Social Media Reach largest target market, students, more successfully More options than traditional advertising Online Presence Unified Appearance Current logos not cohesive US/Colombia FTA Pass tariffs on to customers
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Threats Loyalty to Other Florists Many historical florists in Waco that clients have stronger loyalties to Florals are a relationship business Online Retailers Pricing and convenience Grocery Stores Reliance on Disposable Income Cannot control economy but can price to continue to attract customers
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Major Marketing Issues
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Product Mix Wide range of products, not just flowers Website increases variety of flowers carried Offers inexpensive and highly priced flowers
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Advertising Difficulty marketing to students and faculty Heavy advertising during Homecoming and Parents Weekend Lack of uniformity in advertisements
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Research Needed Facebook statistics Twitter statistics Web site statistics Market research
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Recommended Changes Word of mouth campaign by Utilizing Facebook and Twitter more efficiently Reach students and faculty more aggressively Create homogeneous advertisements Handcuffed by lack of funding
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Priority of Issues Confronting the Company
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Company Name One of few with “Baylor” in title Remove “Balloons” Make name simply: “Baylor Flowers”
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Technology Company website Established Facebook account In process of setting up Twitter account
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Action Areas and Solutions
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Product Issues Products vary all the time Need to have staple products
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Pricing Issues No set prices Based on shipping costs and tariffs Be more “student-friendly”
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Advertising and Promotion Issues No access to Baylor students’ home addresses For online purchases, suggest e-mail list Facebook, Twitter The Lariat, Waco Tribune- Herald
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Specific Promotion and Marketing Strategies Facebook Increase number of fans Utilize page to dost daily deals and specials Post pictures Twitter Updated more frequently than Facebook Daily deals Trivia questions Retweets Lariat Advertisement Coupon Thursday Direct e-mail Newsletter Promotions Reminders
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Ad Concepts – New Logo & Print Ad
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Ad Concepts - Newsletter
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Promotional Strategy for Each Segment Social Media Students Print Media Students & Faculty Customer Database Parents New Logo All Segments
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Goals and Expectations Higher in-store traffic Larger promotions Increase orders by 10% for next year
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Questions?
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