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Fourskin MP Judging

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by

Benjamin Yeo Chang Che

on 19 November 2013

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Transcript of Fourskin MP Judging

Fourskin Major Project
Activation of Social Media Accounts
Great Singapore Sales (GSS)
5 days TP Push Cart sales
Proposed to keep same promotion as Entrepreneurship Bazaar.
Based on the 2-day event we identified the products that sold well, therefore we reduced the variety of products that we brought.
Improvise some of the promotional technique such the “Last day” notice, “Buy one get one free” and printing of price tag.
$1120.80 (Revenue) - $50 (Cost) = $1070.80 (Profit)
15 rough cut Tee Donated
Content Page
1. Background and Problem Definition
2. Goals and Objectives
3. Scope
4. Research
Marketing Mix Survey
Printed Tee Survey
Online Shopping Research
Competitive Pricing Research
5. Marketing
Activation of Social Media Accounts
Zalora Collaboration Poster
Great Singapore Sales Promotion Campaign
Drinks Coupon
Re-design of Store Layout
6. Product Catalog
7. 2-Days Entrepreneurship Event
8. 5-Days TP Push Cart Sales
9. Limitations & Suggestions
10. Conclusions
Background
Fourskin is a local apparel company that aims to provide customers with the most trendy merchandises.
Problem Definition
Fourskin currently operates in Singapore & Malaysia. It is in the process of expanding its business and they currently have 5 outlets in Malaysia & 4 outlets in Singapore.

Customer Demographics of Singapore Outlets
Marina Square: Families, locals & foreigners, working class adults, young Malay couples, and Chinese youths
Orchard Central: Foreigners, families, Malay teenagers
Bugis Junction: Locals, moviegoers, Chinese & Malay teenagers
Fourskin does not have much marketing efforts and brand awareness to reach out to its customers.
Expensive and Outdated Pricing
Lack of online store
Current Layout not focusing on main product line

Research
Strength -
Large variety of products, Wide range of similar products and has an established brand name.
Weakness -
Lack of specialization, Lack of reputation, Lack of awareness and online store.
Opportunities -
Neighborhood Mall, Online Customers, Brand Ambassador
Threats –
Competition from bigger brands such as Topman, H&M and Uniqlo. Local brands such as Praise and Flesh Imp are also very competitive in terms of prices and promotions

SWOT Analysis
PEST Analysis
Political Factor
Copyright issues
Licensing Issues
Economic Factor
Tax refund services for foreigners
Low manufacturing cost; higher profit margin
Social
Movie Trends (Despicable Me)
Great Singapore Sales
Minimal Advertising & Publicity
Customer Monthly salary
Festive Season/Holiday
Inactive Social Media account
Technological
Not keeping up with technology
Online Store







Scope
Development of a marketing plan to raise brand awareness
Creation of social media accounts as a platform of marketing
Analysis of Tee-shirt prices from competitors
Administration & analysis of online shopping & printed tees survey
Development of an improved store layout
Development of online shop
Planning & development of Fourskin event
Evaluation of project through TP push cart sales
Objectives of Survey
Marketing Mix Survey
To understand what the customers are looking for in terms of Price, Promotion, Place, Product.
Propose recommendations to Management

Printed Tees Survey
To understand the current trends and demand for printed tees
Find out how much the customers would pay for a printed tee.
Propose recommendations to Management

Goals & Objectives
Raise awareness of the Brand
Using Social Media as platform for publicity
E.g. Facebook, Instagram, YouTube
Determine if social media has a Significant Correlation on customer buying pattern
Assist and Improve Current Marketing Efforts
Gather Data and Images for Online Shop
Conducted Photo-shoot and edited pictures
Re-design Store Layout
Expanding Fourskin Market share in TP
Event Collaboration, Push-cart sales

Marketing Mix
Survey
Out of the 200 respondents surveyed, 88% of them knew of the brand Fourskin.

Additionally, 99% of the respondents have not recently encountered any promotional activities from Fourskin

96% feel that there should be more promotional activities.

Marketing Mix
Survey
Marketing Mix
Survey
From this data we can infer that:
Fourskin products are in-sync with the customers shopping budget
Fourskin is able to price its item with this data as a gauge
Online Shopping Research
Printed Tees Survey
From this survey we have found out that the latest T-shirt trends are all of the above and Fourskin is not keeping up with the T-shirt Trends.
Went out to research on Competitors Prices
Competitive Pricing
Research
The research was done because Fourskin does not have an online store and there is a huge demand for it, local & overseas customers have been expressing interest in Fourskin Products.

Excellent opportunity to expand its Business Globally
Many of its competitors are using online store as alternative way of generating profit.

• 65% more traffic on online retail sites China’s one-day shopping spree sets world record in online sales

• More Consumers Prefer Online Shopping

• Online shopping sees 117% growth

Prices of Tees before implementing Changes
With our findings Fourskin decided to revamp their prices with comparison to Flesh Imp and Praise.

Updated prices for Fourskin
Proposed Solutions
Recommended Solutions
Existing Problem/
Survey Findings
Little marketing efforts and brand awareness to reach out to its customers.
Expensive and Outdated Pricing.
There is no Online-Store.
No music in stores, lacks ambience
Current Layout not focusing on main product line
Printed tee’s design are outdated.
Raise Brand awareness using Social media
Re-evaluate the pricing strategy
Implementation of online store
Implementation of music in stores
Re-design Store Layout
Focus on the main product line
Produce Graphics and full printed tees
Raise awareness for promotional activities
Cleanliness of shop

Implemented Solution
Raise Brand awareness using Social media
Re-evaluate the pricing strategy
Implementation of online store
Implementation of music in stores
Re-design Store Layout
Focus on the main product line
Raise awareness for promotional activities
Cleanliness of shop
Created Social Media accounts on Twitter, YouTube and Instagram for Fourskin.
Resuscitated their inactive Facebook Page.
Put up posters of the Social Media accounts in stores
Conducted Photo-shoot for Instagram Account

Twitter account was shut down

The Twitter account was shut down on 10th June 2013, Based on the survey results we have gathered, Twitter was the second most frequent social media sites.

However, we decided to shut down Twitter so as to focus on Instagram and Facebook as our Facebook page is more established
Justification for price change:
Keep themselves competitive
Low sales in Printed Tees
Outdated Pricing


Facebook
Increased the number of "Likes"
Updated the information on the page
Put up on-going promotions and spread awareness
Instagram
Created the instagram account : "Fourskinstore"
Update the account with new merchandises and promotions
Communicate with customers
Done by:
Brandon Gan (1100624D)
Benjamin Yeo (1104939B)
Nigel Teo (1102908I)
Samuel Jordan Driscoll (1100836D)

YouTube
Created an advertisement "All Day Every Day"
Featured different outfits
Spread awareness of the range of Fourskin's clothing
Recommended Fourskin to take part in GSS
Design Poster for GSS
Select items for GSS
Conduct Photo-shoot & Editing of pictures
Rejected Poster
Approved Poster
Re-design Store Layout
Research on factors affecting store layout
Re-categorized the products
Re-design all 3 outlets layout
Improve customer shopping experience
Original "Bugis layout"
Improved "Bugis Layout"
Research on factors affecting Layout
Steer customer to the right
Lead them somewhere
Create Break
Offer "HUGS"
2-days Entrepreneurship Bazaar
Collaboration with Entrepreneurship Club for a 2 days Bazaar.
Agreed on 10% of daily profit as cost of booth.
Proposed to Fourskin to have a 20% off Exclusive for TP-student and staff
Proposed to have a “Rough Cut” tee donated with every purchase above $25.00
Free Bag Exchange Programme
Selected Masjid Darul Ghufran as beneficiary


$872.60 (Revenue) – $87.10(cost) = $785.50 (Profit)
18 Rough Cut Tee Donated
54/100 Bags exchanged
Results
2day entrepreneurship Bazaar
Sales for 2 days Bazaar & 5day Push Cart
Criteria for Survey
Criteria for Printed Tees Survey:

Students/Young Adults, ages 14-27
Young Adults wearing printed tees
Casual wear people
Criteria for Marketing Mix Survey:

Students/Young Adults/Adults, ages 16-35
Large group of friends
Locals and foreigners
People who want affordable products
People looking for promotions
People looking for convenience
People looking for life-style products
Promotional Techniques
Advertisement
Point-of-sales Promotion – Visual materials (Signs, banners and posters)
"Buy one get one free"
"Flyers"
"Poster"
"Publicity"

Individuals exposed to social content are more likely to increase their spending & consumption
2-7x greater likelihood of higher spending or consumption depending on the media encountered
Over 20 channels studied, social content exposure was associated with the largest shift in brand perception during a 7-day period
Reasons social media affects sales
Original OC Layout
Improved OC Layout
Product Catalog
Unedited
1st Try
2nd Try
End Product
Product Catalog
400 drink coupons was given out and only 35 people returned. Out of the 35, only 1 made a purchase with the coupon.
This was done to test out the response of the customer before embarking on our plan to do a giveaway. The response for the drinks coupon was negative therefore we decided to abort the giveaway plan.
Distribution of Drinks Coupon
However
Likes, follows, or being added to circles are passive expressions of a low-level of interest that businesses pursue simply because they are numbers that can be measured, pure and simple.
It is still a opportunity for companies to connect with customer in a two way relationship
Re-arranging products
Suggestion for improvement
Drink coupon was given out in shopping malls with Fourskin stores
Bugis Junction
Marina Square
Orchard Central
Proper Signage to display "Sale" Poster
Potential collaborations with magazines and website
Search for potential franchise owners
Better control of stocks & inventory
Proper Staff training
Quality Control of products
Customer behavior in TP
Tend to browse through the products & return with a group of friends
Spend time deliberating on the product, resulting in them not purchasing
Crowds during lunch time & after classes
Staff members tend to purchase products of a higher cost
Students tend to purchase products based on prices instead of branding
Came up with Product Description
Zalora Collaboration
Help the management to develop a poster for Zalora and Fourskin collaboration.
5th & 6th August 2013
12th to 16th August 2013
Comparing Sales with previous year
Last year (2012) internship students 6 week Push Cart sales:
Our internship group's 1 week push cart sales:
2012
2013
Marketing Concepts & Strategies
PEST analysis
SWOT analysis
Marketing Mix
4P's (Price Promotion, Place, Product)

Marketing intelligence
Primary Data
Secondary Data
Cleaning of Data

Principles of Entrepreneurship
Running a Push cart
The product catalog will be used for the upcoming online store. This would ease Fourskin’s troubles of creating an online store due to the availability of data through our compiled product catalog.
Impact of Modules on Project
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Conclusion
Impact of Results:
Manage to get TP student to be hype about the bag exchange
Manage to have student asking for bag exchange programme even after the event itself.
512 followers on Instagram , 6964 likes on Facebook
Restriction on posting updates on Facebook account
Shortage of time due to amount of time spent in outlets
Lack of manpower for development of online store
Lack of capital for potential marketing schemes
Lack of proper guidance from supervisors
We felt that we have met most of our objectives and have done well in helping Fourskin to keep up with its competitors especially in the areas such as competitive price change, setting up of social media accounts and promotional campaign. Although the competitors are much ahead in the industry we believe that we have helped Fourskin to take the very first step to creating new ideas and opportunity.
Limitations Faced
41
END
Question & Answer
Thank you
References
Promotional Techniques. Internet: http://www.gb3group.com/promotional-
techniques.php, [Nov. 3, 2013].

Ogilvy and Mather. “New Study: Social Media has Outsized Impact on Sales and
Brand Perception”. Internet: http://www.ogilvypr.com/en/press/new-study-
social-media-has-outsized-impact-sales-and-brand-perception, Oct. 18, 2011
[Nov. 4, 2013].

Carol Tice. “7 Layout Secrets of Big Retail Chains.” Internet: http://
www.entrepreneur.com/article/223808, June. 18, 2012[Nov. 4, 2013].

Jeff Roach. “How Does Gaining More Followers Drive Sales? It Doesn’t.” Internet:
http://sociallogical.com/blog/how-does-gaining-more-followers-drive-sales-it-
doesnt/, Sept. 27, 2013 [Nov. 6, 2013].

Mark Fidelman. “Study: 78% Of Salespeople Using Social Media Outsell Their
Peers.” Internet: http://www.forbes.com/sites/markfidelman/2013/05/19/
study-78-of-salespeople-using-social-media-outsell-their-peers/, May. 19, 2013

[Nov. 7, 2013].
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