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Madewell Final Presentation

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by

Suzanna Toole

on 1 May 2013

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Transcript of Madewell Final Presentation

Lauren Deupree, Ericka Edwards, Olivia
Johnston, Ashton Ross, Suzanna Toole Company Information Company Name: Madewell
Internationalizing to: Hungary
Mission Statement: "Madewell, like our name suggests, focuses on getting the highest quality goods to our consumers at an affordable price. Since 1937 we’ve been building relationships with people to get them looking and feeling their best, no matter their personal style. Our community, our environment, and our customers are the most important things to us and we strive to serve and give back in the best way we know how."
Goals: Increase brand awareness and brand attitude among target audience
Objectives: Increase sales by 30% within the first year of opening Target Consumer Demographics: Women, 18-32, medium to high income, education - college degree or higher
Psychographics: Creative, city girl, sophisticated, fashion conscious/fashion forward
She is from the middle to upper class and well educated. She is confident, as shown by her posture and the contrast of the white background. She is also creative, as shown by her unique choice of outfit. She lives in a metropolitan city and is a thriving entrepreneur who works full time in the accountancy industry. Customer Services Customer Services
Pre-Transaction: Easy to find products, convenient hours, high social media presence, personal transactions
Transaction: Accept credit, serpentine lines, use of impulse buys, free gift wrap
Post-Transaction: personalized thank you cards for loyal customers, simple returns, free shipping
Other services: Free wifi, sitting area with water/coffee/wine Why Hungary is ready
for Madewell Merchandising Store Location Analysis Promotional Strategy Store Layout and Design SWOT Analysis Strengths Weaknesses Threats Opportunities Type: womens wear, shoes, accessories
Assortment: casual wear, semi formal wear, outwear, intimates, boots, heels, wedges, flats, sandals, sunglasses, bags, belts
Brands: Madewell, Ace & Jig, Baggu, Barbour, Bass, BED|STÜ, Bensimon, Biltmore, [BlankNYC], Burkina Faso, By Zoe, Cana Flecha, Chimala, Gola, H by Hudson, Happy socks, Honeydew, Hunter, Mollusk, Penfield, See by Chloe, Textile Elizabeth and James
Quality: High
Pricing: Moderate to high ($30 to $600)
Currency: forint, 1 USD = 228.597 HUF (undervalues the dollar Why these products are perfect for our target consumer: Retail Format Classification of retail format: Multichannel(Brick 'n Mortar and E-tailing)
Merchandise offered: Specialty Store
Form of ownership: Chain
Location: Usually part of a shopping center or mall
Small stores: 3,000 sq ft. Now is the perfect time for Madewell to internationalize to Hungary. As one of the previous soviet block nations recently inducted into the EU, Hungary is severely understored with a lagging economy, meaning that it would be extremely cheap for retailers and therefore is prime for internationalization. Culturally, Hungary is a monochronic, individualistic, and low context society. They do business slowly and pursposefully. Madewell is a very straightforward and honest company, making it a good fit for Hungary's business sector. Why Hungary is ready for Madewell Madewell's target market aligns cohesively with the young adult female demographic in Hungary, which is comprised of professional, creative, and individualistic women who are constantly embracing western styles. Madewell's high quality product selection would allow these women to flourish in creativity and individuality while still maintaining their sophistication. We think they would embrace Madewell and its brands immediately. Why Hungary is ready for Madewell http://www.floorplanner.com/projects/24814910-inventory-floor-plan/edit#~ Olivia Johnston Original Store photos Layout Strategy Security:
- Mall Gate Closure
-Alarm system/ Sensor Alarm at Doors
-Loss prevention Cameras Key Factors:
-Floor plan will be free form
-Boutique style merchandising
-Serpentine line with impulse buys Productivity Ratios:
- 70% selling space
-Actual sales floor
-Mall windows
- 30% non selling space
-Emergency exit
-Employee breakroom
-Stock room
-Fitting Rooms
-Management office Hungarian fashion: Hungarian women tend to have a casual yet sophisticated look,wear darker colors, and items such as dark wash skinny jeans with sneakers,leather jackets, patterned, and solid scarves, and overall value quality over quantity
Madewell: Carries a wide array of high quality products that allow our target consumer to be creative and fashion-foward, while maintaining a very sophisticated presence WestEnd City Center
Budapest, Hungary
Address: 1062 Budapest, Váci út 1-3
Shopping Environment: Mall
Competitors: Mango, H&M, Esprit, New Yorker, Promod Press Release Store Invitation Madewell Global Retailing Team Marketing
Director Visual
Merchandiser Merchandise
Planner Director of
Human Resources Distribution Planner PopSugar, October 2011
Spotdot Sweater, $75
Jordana Brewster, Janurary Jones -Offers variety of women's apparel
-45 Madewell stores
-High quality distinctive clothing items and accessories
-Affordable prices and unique experience
-Sourcing in a legal manner
-Customer loyalty remains strong due to strong customer service presence
-Third quarter fiscal 2012: Revenues increased 16% -Low awareness in some geographic areas
-Advertising could be altered
-Not as many stores as competitores
-Sales lower during fourth fiscal quarter
-Environmental factors(but evaluating strategies to better suit the environment) “A Celebrity Trend We Can Get Behind: Madewell All Over” by Lauren Sherman Fashionista.com, August 2010, Celebrity: Jessica Alba -More emphasis on social media
-Opening new markets to capitalize to people who are in those markets
-College areas
-Trend to increase customer loyalty and reward programs
-Exploring expansion in U.K and Asia
-Products exclusively for women, could develop a mens line.
Promotions/sweepstakes
-Tied to J.Crew Group -Recession
-Preference or need for different products/apparel
-Superstorm Sandy hit stores on East Coast
-Low awareness to new markets Exclusive: Madewell Dives into Swimwear Season, Lucky Mag, March 2013 Best Bet: Madewell Dispatch Snakeprint Clutch by Ally Bekter, May 2012, NY Mag Madewell’s Complete Fall 2012 Lookbook by Casey Lewis, Teen Vogue Press Release In Store Promotions & Catalog Advertising Campaign Advertising Strategy Target Market
-Women
-Age 18-32
-Medium to high income
-College education
-Sophisticated
-Creative
-Fashion forward Fixtures Tables Shelves Ballet Bar Jet Rail Mannequin Interior Design Madewell Fall 2012 Is Wes Anderson-Inspired by Ray Siegal, April 2012, Lucky Mag Communication styles/social norms to consider
Straightforward, not overwhelming
Ad content fits target market perfectly
Solange Knowles - accepting of western culture and styles - run a test ad/focus group
Ad placement: traditional (tv, print, outdoor), online and social media, guerilla marketing Atmospherics Floors
-Distressed wood floors
-Rugs Music
-light background music
-Indie Smell
-Light aroma
-clean and refreshing
-Burning Candles Lighting
-Soft lighting
-Can lights
-Swivel spot lights Textures
-Wood
-Rustic metals
-Adds a masculine edge to the overall feminine image Furniture
-Couch and arm chair for sitting area
-Benches for fitting room
-Nonfunctional furniture for visual merchandising Paint Colors
-Light natural paint pallet
- Pops of color troughout the store Conclusion
-We believe that Madewell will be able to successfully internationalize into Hungary, by using research and specific retail planning for this country.
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