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Baubax Travel Jacket

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on 9 December 2015

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Transcript of Baubax Travel Jacket

Opportunities
Amount of pre-ordered jackets
Expand product offerings
Internet

Product Positioning

"Designed for the traveling consumer by a traveling consumer." With 15 separate compartments, staying organized is simple with no need for an extra carry on. Fitting every personality, occupation, and/or comfort with its four different styles."

No more forgetting items behind or misplacing them!
Distribution Strategy


Market research can be used to see which countries generate more sales
Establish relationships and aim target markets in those areas
Distribute via online channels
Establish a U.S. Manufacturer
Target Market

Middle age frequent traveler between the ages of 30 and 55
4 different style that can match up to anyone’s personality and job description
Also seeks the very active, one the go consumer
Product Line/Pricing Strategy

Products:
(1) Sweatshirt - $149 ($170)
(2) Windbreaker- $169 ($190)
(3)Bomber - $169 ($190)
(4) Blazer - $189 ($220)
Five Elements:
Fixed Variables and Costs
Competition
Company Objectives
Proposed Position Plan
Willingness to Pay
SITUATION ANALYSIS

Macro Environment

Retail industry driven by economical environment - When high, generates sales. When low, sales decline.
US GDP is expected to grow in 2016 from 2.5% to 2.8% this year.
Main Factor: Consumer spending (two-thirds of US GDP)
Industry & Market Trends
Online channel represent 8% of the total retail sales.
IBISWorld believes that by 2016, revenue in the online retail sales and e-commerce industry in the US will increase to a total $291.9 billion.
Utilize the internet to its advantage.
Women/girl’s apparel the largest portion measured is outerwear, revenue of 33.0%.
Demographic Trends

Top countries in jacket/coat market: US, Germany, Japan and China.
Age, ethnicity, demographic distribution of past consumers keep changing -
Adapt to new way of marketing and selling
Consumer attitudes and shopping habits changed dramatically in 2007-09 -
How to market to these new aged consumers?
Company Profile
Background
:
Launched in July this past year by a duo couple:
Hiral Sanghavi and Yoganshi Shah
With Hiral's constant travels, always forgetting travel pillow, and no proper compartments for his gadgets, Baubax emerged.
July 2015 launched on Kickstarter
Hoped to raise $20,000 went viral on multiple news-media outlets
raised $9.2 million by early September from 45,000 people in 81 different countries.
Current Status
Raised $10,683,686 total funds
Top 30 most funded campaigns
($3.1 mil + contributions)
Recently covered in ABC News
“Why This Jacket Made Almost $10 Million before It Was Made”
Available for pre-ordering on Indegogo.com
Mission/Vision Statement
Product Description
Financials


Competitive Review:
Directs Competitors
SWOT
Key Issues
&
Opportunities


New Mission Statement: "Baubax mission is to provide the absolute best quality product that can create for a more efficient, organized and comfortable travel. Whether by land, air or sea - remembering Baubax will eliminate forgetting anything you need!"

New Vision Statement: "Baubax will have individuals across the globe wearing our jackets any time they travel. We will be the leader in the market and continually improve trhough creativiy and innovation. Within the first 5 years of production the Baubax Travel Jacket will be utilized by travelers in over 25 countries worldwide."

"Don't worry you didn't forget anything. Just relax - all you need is Baubax."
Product Positioning
Baubax believes in disruption, with the goal of making a debt in the universe through continuous innovation.
2016 - technology powered clothing products
Control consumer's environment while enhancing lifestyle
4 different styles
15 features
Size: XS-XXLT
Designed for travelers
15 different compartments
Provides style, personality, & comfort to all.
Four different style fits
Advertising: Primary Focus
Promotions: Social media platform
Establish a strong following on social media
Blazer
Wrinkle free fabric! 65% polyester, 35% viscose
(Requires professional dry cleaning)
Detachable hood
Colors: Black, Blue
Positioning among competitors
Exposure
Length of time to receive shipment
Satisfying demand
Ability to increase product
Brand awareness (media)
Word of mouth networking
SCOTTeVEST
Scott Jordan -2000 (Shark Tank)
Same developmental process
Jackets, hoodies, vests, pants, shirts, tees, hats, boxers, assessories - $20-$300
Well developed
Celebrity endorsers
Bad repuation

Scotland - 2011
Same developmental concept
Focus - "tech savvy" consumer
% goes to British Red Cross
Vests, hoodies, t-shirts, jackets
AYEGEAR J25 $152 (25 compartments)
Highest standards to ensure products do no feel "cheap"
Strengths
Unique
Small and focused company
Highly funded
Weaknesses
Threats
New company/brand
Competition
Amount of pre-ordered jackets
Economy
High/low brand awareness
Manufacturing
Can't satisfy demand quick enough

Scott Jordan - 2000 (Shark Tank)
Same developmental strategy
Jackets, vests, hoodies, pants, shirts, tees, hats, boxers, and accessories
1-42 pockets
$20-$300
Executed well
Celebrity endorsers
Bad reputation
SCOTTeVEST
Provide high quality, durable and reliable jackets to every customer by November 2016
Improve brand awareness and recognition
Establish a foothold at the top of the industry as a leader by the end of 2016
Work toward Baubax being a household name
Sustain a steady incease of revenue and new customers
Integrated Marketing Communications Elements
Marketing Strategies

Customer needs/wants: A travel jacket that has the necessities for comfortable travel, storge for personal belongings, and style so it doesn't look like a jacket that's just for travel, something the consumer can wear durng day to day life as well.
How to fulfill those needs/wants: Provide the world's best travel jacket equipped with all of the travel necessities as well as a stylish look for any occasion.
Target Demographic: Business Travelers, Leisure Travelers, International Travelers, etc.
Product Benefits: Keeps consumer organized, provides peace of mind when traveling, eliminates need for bags, purses, backpacks, elminates worry of forgetting a belonging, looks stylish and fits comfortably.
Price: Above average. $149, $169, or $189 USD depending on style of jacket - Higher price due to higher quality!
Promotion: Social media, word of mouth, celebrity spokespeople, professional athlete spokespeople, sotre displays, website, Indiegogo, magazines.
Place: Travel channel, websites for travelers - airline tickets, train tickets, etc. Stores that sell suitcases, displays near the items that can be purhcased for traveling.
AyeGear
Marketing Objectives
Sweatshirt
100% cotton (80% cotton and 20% polyester)
Colors: Charcoal, Blue, Black
Bomber
100% polyester, softshell fabric with smooth outer
surface
Fleece lining on inside
Detachable hood
Colors: Red, Blue, Black
Windbreaker
100% polyester with water-repellent coating
(NOT waterproof)
Colors: Red, Blue, Black
Indirect Competition
Marketing Objectives & Strategies
Profit & Loss
IMC Budget
Conclusions,
Recommendations
and Next Steps
In this industry Baubax has established itself as one of the up and coming major players, and it needs to continue down the same path to compete with major companies.
#1 Recommendation- Well Developed IMC Plan
Continuous push of Competitive Advantage
Next Steps- Advertising and Promoting on all
Social Media Platforms
Creating Brand Awareness
Full transcript