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Copy of Shoe Corporation of Illinois Case Study

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shu hui

on 7 July 2014

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Transcript of Copy of Shoe Corporation of Illinois Case Study

Charles & Keith
Introduction
Background
Brief description and evidence of existing customer profile
Products : Ladies' footwears ( Signature label shoes, Formal shoes, Casual shoes and etc.)
: Bags, Wallets
: Accessories ( Necklaces, Belts, Scarfs )

Primary Customer Segment: Working Class Women with middle to high level of income and purchasing power.


Profile of new target market
Demographic Gender Segmentation
Target on both women and men's market.
Male working adults will buy products from Charles & Keith because:
Purchasing power
Willing to pay for good quality and comfortable products

Men's collection will include products like:
Cologne
Classic footwear
Accessories
Suits and ties
Men's Segment
Women's Segment
Enhancing and create innovative designs for footwear

Introduce new products like perfume and OL outfits.

Different range of fashion line for young adults, adults as well as office ladies and customized products.
International fashion footwear brand

More than 190 stores worldwide.

Founded in 1996 by brothers Charles and Keith Wong.

Developed a line of fashion designs that cater to the latest and trendy
Allows the expansions of more stores
1st Charles & Keith store opened in 1996 at Amara Shopping Centre in Singapore.
Within 2 years, 4 more Charles & Keith stores were located island-wide in Singapore.
Up till today, Charles & Keith has more than 190 stores in the world.
Managed to earn Louis Vuitton's investment and Charles are awarded with 'Entrepreneur of the Year award’ in 2008
Profile
Annually produces 750 designs of footwear and around 300 other designs of bags and accessories.

Has a steady and developed Shipping and Logistics team.

Guided by strategic plans, managed by the international division of the company, with strong individuals and teams working in the company.
Demographic Age Segmentation
Not only the working adults (aging 27 to 35) are interested in Charles & Keith's products,
but the young adults (aging 18 to 26) are also interested.

Their purchasing power are relatively high.


Charles & Keith can expand their apparels line with more fashionable styles that cater to young adults.

Come out with more designs, colours and patterns of the apparels for the younger generation

More simple styles for the older generation.

Continuously create unique designs of products.
Psychological Segmentation
•Everyone have different interests and opinions. To be able to cater to everyone, we need to have a variety of patterns and styles to suit different people’s interest and likes.

•Every customer has a degree of loyalty.

With more loyal customers signing up as members, this will mean that loyal customers will keep returning back to purchase more from Charles & Keith.
Behaviouristic Segmentation
Must let the consumers have a good impression of Charles & Keith.

To do so, Charles & Keith will be involved in social responsibility.

Focusing on customer satisfaction and strengthens trusts.

Launching an event where customers can recycle their old or worn shoes to the poorer countries like Vietnam, Thailand or Cambodia.
96% of the customers support this idea.
Benefits of new target segments
Diversification
Increase targeted customers
Enhance business opportunity
Increase reputation
Reasons why Charles & Keith are selected for proposal
Line Extension


Highlights: To avoid their competitors to copy their style, need to often come out with strategies and designs.
Adding perfume, suits and OL outfits. Perfume catergoried by scent.
Offer good quality, affordable and well-fitted clothing with whole range of sizes and designs.
Features:
Arouse consumers’ interest and willingness to try out the new products.
Increase their sales, build market shares and reach out to a new market.
Promote new products with lesser costs in advertising.
Creates customer loyalty.

Benefits:
Highlights:
Expanding to market
Features:
Focus on shoes ranging from boots, loafers, moccasin, oxfords and many more.
Combination of 3Cs; comfort, class and chic (edgy).
Benefits:
Convenient for men to get a pair of nice shoes
More products and customers, earn higher profit
Better reputation
Highlights:
Creates job opportunity for society.
Need to continue discovering better shoes materials and design.
Project to younger generation & Collaboration with NAFA
Features:
A themed competition for NAFA and design students.
Students can treat this to be their projects, designing and making their own shoes.
Design shoes based on the theme e.g. Summer, Prints and etc,

Benefits:
Helps to boost confidence level of the selected students and fighting spirits of those students that are not chosen.
Save a lot of money
Attracts consumers' attention
Enhances reputation
Increase revenue

Highlights:
Charles & Keith can uncover hidden talents from the cream of the crop.
Can approach the top students to join their team of professional famous designers
Reduce the unemployment rate of Singapore.
Enhance on the members’ privilege
Features:
- For members's birthday month, a 20% discount for a minimum of $100 spent.
- Points accumulated in the cards whenever the members buy products
- Every $150 spent in a single receipt, $30 voucher given for the next purchasement.
Benefits:
More people applying for membership card.
Increase profits.
Increase customer loyalty.

Highlights:
With the attractive and special privileges to its members, it boosts the reputation and brand name of Charles & Keith. As you think of good membership privileges, you will think of Charles & Keith.
Accessories, wallets and bags are excluded.

Facilities not included
Ian Valentino, Shuhui, Thaddeus, Siyan, Kenneth, Clement

To avoid their competitors to copy their style, need to often come out with strategies and designs.
Customers' Needs
Men’s Range of Apparel and Accessories
Problems: Our survey reveals that for men aged between 27 to 35 years old, regular staples in their shopping needs include formal attire and accessories.

Problems Solving: Hence, it would be wise for Charles & Keith to cater to the men's section as well.

Under our proposal, Charles & Keith will include full range of formal attires & accessories.
Women’s Range of Apparel and Accessories
Problems: Majority of women have unfulfilled needs of Charles & Keith, this includes the formal attire and also perfumes. This new range of products would complement their range of formal footwear.

Problems Solving: Charles & Keith would do well to take advantage of the prestige of customer trust and reputation in their formal footwear by introducing a range of formal fashion and perfumes for women.

After listening to the consumers' needs, Charles & Keith will fulfill their needs.
Corporate Social Responsibility Initiatives
Problems: Consumers suggest Charles & Keith to provide social initiatives that allow used shoes to be sent to third world countries to be reused.

Problems Solving: Charles & Keith to adopt this measure as it is very meaningful. Employees will be motivated and loyal to company as they are making differences.

Consumers will support them as they are doing meaningful things to help the world. Hence increasing sales.
Footwear Width Options
Problems: Despite different sizes of shoes, they are of the same wideness (width) across. Women with wider or narrower feet would not fit the shoes too well as it is too uncomfortable.

Problems Solving: In order to cater to them, we propose that all shoes come in three widths; narrow, medium and wide. This way, more women would find their perfect fit in Charles & Keith shoes.
Ideas increasing Customer Base
Sponsoring Companies
By sponsoring big companies such as Gucci as well as Prada, it will help to boost the reputation of Charles and Keith.

Why?
As under the profile of this big companies, it will show that Charles and Keith is sponsoring them.

In this way, it will help to increase awareness. As more people will know about Charles and Keith. Therefore there will be potential customers. As a result, customer base is widen.

Sponsoring Mediacorp
During the filming of mediacorp dramas, we will sponsor them with our products where actors and actresses will wear it.

In certain events of the drama, they will be a zoom in on Charles and Keith products be it heels, bags, wallets and etc. Hence, it is a way of advertising.

As a result, there will be a increase in customer base.



Why?
Potential customer will notice what the actors and actresses are wearing, which creates the possibility that they would buy from Charles and Keith.

Creating events in the Social Media
Create a photo competition, whereby people have to wear a product and take a picture of themselves.

Winner will be featured as the face model for Charles and Keith for a period of 1 - 3 months.

Main purpose is to increase customer base and awareness. As people will start to get interested.
Potential customer may purchase item from Charles and Keith, just to take part in this event.
Ideas increasing Sales
Discount
For every third item purchase, a 15% discount will be given on the third piece of item purchase.

Hence, customer will develop the idea to not just buy one item, but to buy at least 3 items as it is more worthwhile.

As a result, there will be a increase in Sales

Another Way of Providing Discount
Discounts are given when customers do an exchange of their previously used shoes/bags/accessories for new purchasement.

Charles & Keith will be donating the used items to third world countries, this helps to boost the repuation of Charles & Keith.

With better reputation, customers will buy more and at the same time, exchanging their used products to get discounts. Leading to increase in sales.
Customized products

Allow customers to customize their own products when they are purchasing online or at the shop.

They can show or explain how they like their products to be like in order to suit their own preferences.

Therefore, this will increase sales. As customers are satisfied with what they are getting as the product created is what they want.

Warranty
Builds trust in customers. In event when the product is not in good condition but not used, customers can bring it back with the packaging and get a full refund.

Customers will feel safe from purchasing product from Charles and Keith, as they are able to feel that the company cares about customers' needs.

With care and trust to customers, Charles & Keith will increase its sales as customers feel safe purchasing more item from Charles and Keith.
Encouraging Sales Staff

Sales staffs will undergo staff trainings held by senior sales staffs to be well-equipped with selling skills as well as product knowledges.
Staff Trainings
Increase competition among Charles and Keith outlets.
For outlets with the highest sales in the year, the staffs in that outlet will be awarded bonus in terms of salaries. Hence, Sales staff in all outlets will strive towards increasing sales.
In addition, implement sales commission to Sales Staff. A minimum sales target of $4500 will be given to Sales staff for them to be eligible to a commission of 15%.
Hence, sales staff will be eager to meet the sales target. Therefore will do their best to sell more of Charles and Keith products.
As a result sales in Charles and Keith will increase

Problems
Shoes are maybe too narrow to fit in.
Some people might have problems wearing the shoes as their feet are on the wider side.
Some people with larger feet are unable to buy the shoes they like.
Solution
Customize the most suitable shoe sizes for the customers' feet.
Provide best comfort using better shoe materials.
Customised shoes focus not only on design itself but also on sizing, colour combination and personalisation.

In this way, Charles & Keith can understand customers’ needs and increase convenience for them.
Conclusion
Charles and Keith’s main customers are young adults with an expenditure of around $300
Many of the surveyors are willing to become a member
They support humanitarian acts by Charles & Keith. (Old shoes and apparels from Charles & Keith would be donated to third world countries
Women's and Men's market segment
A wider variety of products

With the new measures being applied, Charles & Keith would definitely improve their sales, customer base and also their future, a global brand itself.
Full transcript