Ankle Fun Marketing Plan
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[pic 1][pic 2][pic 3][pic 4]Contents:About the brandCompany NameBrand LogoCompany VisionMission StatementIndustry SightBusiness OpportunitySatisfying the GapStrategy1.2.1 External Analysis1.2.2 Internal Analysis1.2.3 Generic Strategy1.3. Ideal Customers1.4. The Management Team1.5. Executive Summary1.5.1 Market Research1.5.2 Buying and Sourcing1.5.3 Marketing Objectives and Strategies1.5.4 Sales Strategies1.5.5 Accounting and Finance2.0 Appendix3.0 Bibliography1.1. -About the brandAnkle Fun symbolised the unique and characteristic designs in the ankle part of the socks, breaking through the limitations of the old-fashioned black and white socks’ design. Furthermore, Ankle Fun commits itself to personalising the socks, which allows consumers having a further understanding of the “FUN” and a more memorable ownership experience. With dramatic brand image, Ankle Fun appeals to consumers to take “FUN” as a life attitude and enjoy every single moment of the dramatic life. 1.1.1-Brand NameThe name Ankle Fun literally means that the special design surrounding the socks’ ankle part would bring the consumers an interesting experience and make fashion in a different way. Besides, Ankle Fun tries to convey an attitude of enjoying the funny life and showing your own personality crazily.1.1.2-Brand LogoThe logo is based on the image-text structure. A pair of socks directly tells the nature of the brand which is a socks retailer. Multiply colors precisely express the product characteristics – rich colors, reflecting the original aim of Ankle Fun to break through the old-fashioned black and white socks image. The clown in the ankle part shows the feature design of socks and corresponds to the brand spirit which is enjoying personality and having fun. The purple and sink main text delivers a mysterious, lively and fun impression to audience.[pic 5] (Brand Logo)1.1.4-Vision & ValueAnkle Fun aspires to build a fashion brand image and take up a dominate market share through its creative ankle part design and consistent quality within next 5 years. The company tends to attach fashion values to socks. We expect to see our socks become one of the most essential fashion elements in the future and present a sense of existence in various fashion shows, music festivals or streets. Ankle Fun would pay endless effort on marketing in social medias especially Instagram and involve internet celebrities to create an ‘Ankle Fun Hot’.
Through novelty products, complimentary customer service and the development of the personalised service, Ankle Fun will commit to achieve the value of product leadership and customer intimacy.1.1.4-Mission statement“Life is like a play, for ‘FUN’” Ankle Fun strongly appeals youngers to show their unique personalities and lifestyles, which corresponds to our dramatic socks design. By providing our special and good-quality products, Ankle Fun aims at delivering an attitude of playing life with fun and making customers feel happy and distinct with our socks. [pic 6]1.1.5-Industry InsightAccording to the market research report published by Transparency Market Research (2016), the global socks market was valued at $5.6 billion in 2014, at a CAGR (Compound Annual Growth Rate) of 8.5% from 2015 to 2021 to account for $11.6 billion by 2023. In recent years, the global socks market is expected to experience exponential growth due to rising demand for high-end and luxurious socks. (Globe Newswire, 2016) Owing to the transformation of this commodity item into fashion pieces, the growth of the socks market outpaces the overall growth of the apparel industry. [pic 7][pic 8]Socks market is fragmented, with presence of both large and small players owing to low entry barriers (Transparency Research, 2016). The small size of the global socks market, compared to the overall apparel industry, makes it difficult for manufacturers to generate a very high level of market penetration, thereby restricting them to stores that sell fashion accessories and such. (The Edition truth, 2017)Besides, Mintel also reported that the consumer spending on the DIY products grew 4.5% in 2016, which marked the second year of slowing growth since peaking at 10% in 2014. This has indicated the recovery of the DIY market.1.1.6-Opportunties – Satisfying the GapThe major opportunities for the global socks market lies in the improved fashion trends powered by rising income. Applications of specific customization of socks is creating new opportunities in the market. (Persistence Market Research, 2017) [pic 9]Although the socks market has aroused the awareness of the high-end brands and designers, large brands still pick up the sports socks with a simple label design. Names such as Chanel and Balenciaga placed across the front or back of the ankle. (WGSN, 2017) Athletic sock is still the largest segment because of the boost of athletic shoeswears such as Adidas, Puma etc. Hence, socks with embellishment attached would definitely become a new trend of fashion and help to shock the market quickly. [pic 10] According to marketing research result (Appendix1), people usually buy socks in black and white without patterns from high-street fashion brands instead of specific socks shops. This gives an opportunity to develop colourful novelty socks and specialized socks retailing, providing consumers a brand-new experience with socks fashion. The perceptual map (Appendix 2) has shown that retailers such as Quiet who also features its colourful and pleasant socks priced their socks in an over-average point. Hence, lower prices and customized DIY service would be the overwhelming advantages against competitors.