Week 10 EOC: What are the benefits vs. the features

Coco de Mode are delicious treats that are perfect for clients seeking something unique and memorable. You may not be able to get that Chanel or Prada handbag for Valentines but you can definitely indulge in these decadently sweet treats. Below are some of our product features and benefits:

Features:

Coco de Mode is an edible collection of 6 chocolate handbag designs inspired by top names in luxury goods. We buy things not only for what they do (benefits) but also for what they mean to us (status, quality, or reputation).  Each chocolate handbag is handcrafted with finishing details that are done completely by hand. We have also created beautiful packaging that features a clear window to display each devastatingly chic design, the box is then wrapped with a gold silk bow, superior packaging can increase dealer and consumer acceptance of a brand (Lamb, 131). 

Benefits:

We offer unique flavor combinations which is a product differentiation and competitive advantage. We seek to “provide something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition” (Lamb, 24).  We also offer a customer satisfaction guarantee, which is our commitment to you as our client that you are 100% satisfied.  Coco de Mode also sources cocoa from local farmers in Tanzania, Santo Domingo and Peru. We plan to only source from farmers that are certified Fair Trade. 

Week 9 EOC: My Creative Content

Coco de Mode

Social Media plays a significant role in the fashion industry today. Many fashion bloggers utilize insagram to promote themselves as well as other products. Coco de Mode is a fashion based chocolatier, beloved by celebrities and fashion icons across America. 

My creative content will be creating an instagram page, posting pictures of our product, trends in chocolate, information on our sources as well as celebrities and fashion bloggers enjoying our decadently, luxurious, and fashionable treats!

Implementation Evaluation Control

COCo de mode: Implementation, Evaluation, and Control

To be successful we must make sure that we are taking the right steps and sticking to our marketing plan “one of the best ways to get the most out of a marketing plan is to correctly implement it. Once the first steps to implementation are taken, evaluation and control will help guide the organization to success” (Lamb, 29).

As laid out in our marketing plan we aim to make our product available at Saks Fifth Avenue, Nieman Marcus, Bergdorf Goodmans and Barneys New York by Valentine’s Day 2017.

To evaluate our product, I asked my family and friends three questions:

1.What do you think of the overall concept of Coco de Mode?

2. Would you pay $25-$35 for it?

3. Who would you purchase it for?

I got several different answers, however, majority loved the overall concept, they would pay $25-$35, and most said they would purchase it for their significant other, family member, or close friend. Coco de Mode is a “consumer product” meaning it is a product that is purchased based “an individual's personal wants or needs…and is purchased for personal or family consumption or as a gift” (Lamb, 116).

To establish control and allocate marketing resources efficiently we plan to perform a marketing audit which is “a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization” (Lamb, 29).

Marketing Mix: Price

COCo de mode: Price

Our price point reflects the type of customer we cater to, our “customers value goods and services that are of the quality they expect and are sold at prices they are willing to pay” (Lamb, 7). Our clientele, shop at luxury stores like Saks Fifth Avenue, Nieman Marcus, and Barneys New York, they value luxury and high end products and are willing to pay for those products. “Wealthy customers with money to spend may value the social message of their purchases above all else" (Lamb,7).

Each beautifully packaged box of Coco de Mode Chocolate handbags retail for $25 for a box of 4 and $35 for a box of 6. The packaging features a clear window to display each devastatingly chic design, the box is then wrapped and tied with a golden silk bow. The packaging alone screams luxury, style and above all mode!

Coco de Mode

Luxury you can eat!

Marketing Mix: Promotion

COCo de mode: Promotion

Coco de Mode will utilize “advertising, public relations, sales promotion, and personal selling” (Lamb, 28) as well as social media to promote our product. Through the promotion of our product, we hope to “bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding” (Lamb, 28) our clients why our product is superior to the competition.

Social Media will play a huge role in the marketing and promotion or our product. Our plan is to partner with social media fashion icons and bloggers that have significant followers and have the ability to influence our target market. Check us out on Instagram: https://www.instagram.com/cocodemode2016/ 

Further, utilizing social media as a form of networking, marketing and promotion is a demonstration “green marketing” and our commitment to “the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment” (Lamb, 43).

Marketing Mix: Distribution

COCo de mode: Distribution

“Place, or distribution, strategies are concerned with making products available when and where customers want them (Lamb, 28). Our product will be sold at high end luxury department stores such as Saks Fifth Avenue, Nieman Marcus, Barneys New York, and Nordstrom. Coco de Mode luxury chocolate handbags will be available during special holidays; Christmas, Valentines, Mother’s Day, Easter, etc.

It is also our goal to expand into other markets to make our product available for special events such as birthdays, weddings, bachelor parties, bridal parties and corporate events.

Marketing Mix: Product

COCo de mode: OUr Product

These luxury chocolate handbags are handcrafted in France using superior French Chocolate. Our cocoa is carefully and selectively sourced from family owned farms in Peru, Dominican Republic and Tanzania. Each box will contain four to six gorgeously designed purses from the top designers in luxury: Louis Vuitton, Prada, Chanel, Hermes, Gucci, and Dior. Each chocolate purse has its own distinct flavor. Louis Vuitton: Dark Chocolate with notes of cardamom, Prada: Dark Chocolate with chili powder, Chanel: Milk Chocolate and lavender, Hermes: Milk Chocolate with notes of Tumeric, Gucci: Dark Chocolate fig Truffle, Dior: White Chocolate with Raspberry mousse filling.

Marketing Strategy, Target Market Strategy

OUr Marketing strategy:

Our marketing strategy focuses on building relationships with our clients, we seek to “expand market share in three ways: attracting new customers, increasing business with existing customers, and retaining current customers” (Lamb, 8).

 To do so we have identified our Target Market as male or female (ages 20-35) appreciates fashion, enjoys shopping, is up to date with current trends, is a foodie (enjoys the art of food). Will usually take pictures of their food and post on Instagram, Facebook, Twitter, etc. “Currently nearly half of the world's population, three billion people, are on the Internet” (Lamb, 51). The internet is a 4.2 trillion-dollar business. “Four out of five connections will be made via smartphones, tablets, and other mobile devices. Social media are making profound changes in the way we obtain and consume information—consumers are interacting; sharing beliefs, values, ideas, and interests; and, of course, making purchases at a dizzying rate” (Lamb, 51) Coco de Mode will utilize social media to reach and relate to our target market.

COCO DE MODE strives to maintain a strong presence on all social media outlets to reach and relate to our target market clientele. Clients will receive a 10% coupon on their next purchase by posting pictures on social media with #cocodemode. This is a form of market penetration “a marketing strategy that tries to increase market share among existing customers,” (Lamb, 17). by offering the 10% coupon through Twitter and Instagram we also attract new customers through our existing customers, which is a market development strategy. Through diversification marking strategy we aim to “increase sales by introducing new products into new markets” (Lamb, 17). To do so we have contacted local businesses to make custom treats with company logos on chocolate treats.

Situation or SWOT Analysis

COCo de mode: SWOT Analysis

A marketing team should seek to understand "the current and potential environment in which the product or service will be marketed” (Lamb,22). Conducting market research to identify strengths, weaknesses, external opportunities and threats are vital to the success of a business:

Strength: Coco de Mode will be sold at the top luxury department stores in the nation; Saks Fifth Avenue, Nieman Marcus, Bergdorf Goodmans and Barneys New York. This strengthens our brand image as a luxury fashion chocolatier.

Weakness: Offered during special holidays Christmas, Valentines, Mother’s Day, Easter, etc. Our plan is to make our product available year round and for special events and corporate functions.

To better understand external opportunities and threats, an environmental scan to analyze aspects of our marketing environment is essential. An environmental scan is a “collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan” (Lamb,22).

External Opportunities: Currently, small-scale family farmers account for 90% of the world’s cocoa supply which means “that the industry may simply be unable to provide sufficient supply to meet the demand.”(Fairtrade Foundation,2016). Sourcing cocoa beans from small-scale family farmers in Peru, Dominican Republic, and Tanzania may prove to be problematic as demand for our product increases.

Threats: The demand for cocoa is projected to increase by 30% by 2020, however, “without empowering and investing in small-scale farmers, the industry will struggle to provide sufficient supply.” (Fairtrade Foundation, 2016).

Objectives

COCo de mode: Objectives

Our plan is to offer our product at luxury retailers such as Saks Fifth Avenue, Nieman Marcus, Barneys New York, and Nordstrom. It is our goal to collaborate with these particular department stores during special holidays such as; Christmas, Valentine’s Day, and Mother’s Day, Easter etc.  We also plan to expand into other markets, making Coco de Mode avialable for special events and corporate functions.

Growth: Our goal is to expand and be available year-round at these locations by Christmas 2017.

Profitability: To increase annual sales by 15%, by Christmas 2017, compared to 2016.

Customer Service: We pride ourselves on delivering superior customer service, ensuring that all our clients are 100% satisfied with our product. To obtain this, we will offer a full money back guarantee. Customer satisfaction leads to higher revenues and the ability to enhance the satisfaction of other stakeholders. (Lamb, 40)

Our Core Values are the principles that drive and motivate our team, as well as ensure that we always maintain superior quality and value to our clients.

Our Core Values:

Quality – We source the highest quality and cleanest ingredients in the world

Sustainability – We source our cocoa from Fair Trade Certified Farms

Environment – We utilize solar energy, recycling, and low energy lighting to reduce our carbon footprint

Innovation – we pride ourselves on utilizing exotic and unique flavor combinations to deliver a product like no other.

Family Values – We are family owned and promote family value

Our marketing team “must understand the current and potential environment in which the product or service will be marketed” (Lamb,22). In doing so we identified our strength, weakness, external opportunities and threats to our overall business. 

Business Mission Statement

Coco de Mode: Our Mission

Our Product:

Coco de Mode is a luxury chocolatier dedicated to delivering superior quality in luxury chocolates. Our cocoa beans are carefully and selectively sourced from family owned cocoa farms in Peru, Dominican Republic, and Tanzania. Our exotically sourced cocoa beans add to our unique flavor as well as our promise to deliver unique and creative combinations based on current chocolate trends. Coco de Mode plans to partner with Fair Trade USA; "Fair Trade certification ensures that farmers receive a fair price, allows farmers to invest in techniques that bring out the flavors of the region, and strictly prohibits slave and child labor." Coco de Mode uses wholesome and natural ingredients guaranteed to tickle your taste buds.

Economic Promise: 

Our goal is to operate the Company on a sustainable financial basis of profitable growth, increasing value for your stakeholders and offering career growth opportunities for our employees. 

Social Initiative: 

Coco de Mode actively recognizes the role that businesses play in society and is committed to initiating innovative ways to give back to the local community through charities and fundraising. 

Final Project and EOC: Product Pitch

Coco de Mode

Give the gift of a luxurious chocolate treat from “Coco de Mode” for your next special occasion. These delicious treats are perfect for clients seeking something unique and memorable. You may not be able to get that Chanel or Prada handbag for Valentines but you can definitely indulge in these decadently sweet treats. 

These luxury chocolate handbags are handcrafted in France using superior French Chocolate. Our cocoa is carefully and selectively sourced from family owned farms in Peru, Dominican Republic, and Tanzania. Each box will contain four to six gorgeously designed purses from the top designers in luxury: Louis Vuitton, Prada, Chanel, Hermes, Gucci, and Dior. Each chocolate purse has its own distinct flavor. Louis Vuitton: Dark Chocolate with notes of cardamom, Prada: Dark Chocolate with chili powder, Chanel: Milk Chocolate and lavender, Hermes: Milk Chocolate with notes of Turmeric, Gucci: Dark Chocolate fig Truffle, Dior: White Chocolate with Raspberry mousse filling. 

Per this year’s chocolate trends these unique combinations are sure to tickle your taste buds. These decadently luxurious sweet treats cater to men and women ages 25 and up, you can treat yourself or they make the perfect gift for that special someone in your life. 

Each box is beautifully packaged and features a clear window to display each devastatingly chic design, the box is then wrapped and tied with a golden bow. A box of 4 chocolate purses retail for $25, or a box 6 for $35. 

Coco de Mode

Luxury you can eat!

Week 5 EOC: This is what has my interest

Climate change documentary Before the Flood premieres tonight, available for free on netflix http://www.thenational.ae/arts-life/television/climate-change-documentary-before-the-flood-premieres-in-the-uae … via @TheNationalUAE

The documentary “Before the Flood” truly grabbed my attention. You may not believe in climate change; however, I do think it is important to be informed and aware of what your personal decisions have on the environment. The film follows Leonardo DiCaprio (newly appointed United Nations Messenger of Peace) as he visits the places where the effects of global warming are felt the most. On his travels, he met with Elon Musk at the Tesla gigfactory, Musk stated that if 100 of these factories were built it would be enough to transition the WORLD from fossil fuels to renewable energy. Change is possible, we just need enough people to believe in it and ultimately do something about it.

Ladies First’ Trailer: Times documentary shows and follows three Saudi women as they run for office. http://nyti.ms/2dZ4ciL  via @nytvideo

Unfortunately, I have not watched the documentary yet. The trailer alone is worth watching. In Saudi Arabia women; cannot drive, cannot travel without their husbands, and cannot dress freely. However, their voices have the chance to be heard. For the first time in history women can run for public office. This documentary follows the journey of three highly educated and passionate women. One candidate states, “I see it as an opportunity for women to stand next to men for once.” This to me was profound and truly gripping.

Jamie Mizrahi Became the Go-To Stylist for the Young Hollywood Set: Britney Spears n Katy Perry http://fashionista.com/2016/10/jamie-mizrahi … via @Fashionista_com

I found this article to be very informative and pertinent to my own personal aspirations ad career goals. In this article, Jamie Mizrahi answers a series of questions as to what has made her successful in an industry that is so competitive.  Most importantly she states that in the fashion industry, YOU are your business. It is important to put yourself out there and learn from others while putting your own personal touch to it. Also, social media can be your best friend and your worst enemy…use it!

Week 4 EOC: There is an App for That.

Have you ever zoned out in class, stepped out for a bathroom break, or just completely did not get what the teacher was saying? I know I have…

It has been 12 years since I graduated from high school and 8 years since I graduated from college. I find that with the advances in technology, my usual note taking methods don’t seem to cut it in the classroom. When I decided to go back to school, I did not know what to expect. I was, however, shocked when my accounting teacher told me that I would need to create a twitter account and maintain a blog! Essentially, everything is online… right? What if there was an app that could take the notes for me and create an online database.

 Hand written notes have always been my method for retaining information as well as a great reference for studying. However, it is not always efficient. It is impossible to write everything down and sometimes I do miss pertinent information. It would also be unfair to stop the teacher’s momentum and interrupt the class just so I can take notes from the lecture. I have even gone as far as to take pictures of a presentation; however, I then must go back and type up the notes or write them down. Double work…

 I propose "Take-a-Note," an app that allows you to take a picture of a presentation or record a lecture. The app will then transcribe the recording or picture to an online database. The app will also allow you to highlight in color and edit pertinent information before transcription. Say goodbye to regular note-taking methods. Take-a-Note will do it all for you. The app will also incorporate a calendar that will give the date and time, as well as give reminders of upcoming assignments, exams or quizzes. The app is perfect for students or business working professionals.

Week 3 EOC: My Demographic

“Demography is defined as the study of people's vital statistics, such as age, race and ethnicity, and location” (MKGT, 55). People are the most vital component of all markets, making population and understanding the groups within a population so important to the marketing industry. Those groups can be broken down as follows: Tweens, Teens, Millennials (or Generation Y), Generation X, and baby boomers.

I was born on November 16, 1985, therefore, I would be considered a Millennial. A Millennial or Generation Y are people born between 1979 and 1994. I am part of the older Gen Yers, “oldest Gen Yers, born in 1979, turned thirty-five years old in 2014. They have started their careers, and many have become parents for the first time, leading to dramatic lifestyle changes” (MKGT,55).  Although, I am not a parent yet, I am going through some significant lifestyle changes. I started my career at a very young age, straight out of college I took on a management position and continued to do very well in the retail industry. While some Millennials were highly impacted by the Great Recession of 2008-2009, I continued to move forward and onward. Purchasing a home, buying a car, and getting married made me one of the “lucky ones.”

Recently, I made the choice to return to school and basically start over. I moved away from Japan and away from my husband to refocus my goals and establish a career for myself. Working in the fashion industry as a buyer and visual merchandiser has been a long time goal of mine. Understanding “demographics are significant because the basis for any market is people. Demographic characteristics are strongly related to consumer buying behavior in the marketplace.” (MKGT,55). Being able to analyze and make decisions based on that information will play a huge role in my ability to excel in my career goals. 

Week 3 EOC: Making Money for Good

Google was founded on September 4, 1998 by Larry Page and Sergey Brin. Since then their company has grown into what I like to call a global force for good. Google has an entire website dedicated to their charity work and multiple programs. As stated on their website https://www.google.org/index.html “...each year, we donate $100,000,000 in grants, 200,000 hours and $1 Billion in products” (google.org). They accomplish this through global giving, local giving, special programs and products.

Through their global giving program, Google supports Solar Aid, which “is an international charity that combats poverty and climate change… providing access to solar lights in some of the most remote regions of the world” (solar-aid.org). They also have a GiveDirectly program that sends funds directly to the extremely impoverished regions of Kenya and Uganda.

Google is also committed to serving and supporting its local community, their goal is to create a better Bay Area by focusing on three major components: Youth employment, Poverty Social Entrepreneurship, and Homelessness. Google believes that “…giving begins in the place we call home. We support Bay Area nonprofits in their efforts to create pathways to opportunity for low­-income and underserved communities” (google.org).

Through supporting special programs such as the Fight Against the Zika Virus, Google made a 1-million-dollar grant to UNICEF in response to the crisis. They also made updates to their products in order to make information on Zika more accessible. Further, they sent engineers to help analyze data that could hopefully be used to map and anticipate the virus.  

Among many other charitable avenues, they also offer tech products for nonprofit organizations. These products aim to make it easier for these organizations to grow their fundraising base and have a more meaningful impact. Upon researching the company, it has become very clear the type of company Google is. I would be very proud to work for a company such as this one day.

Week 2 EOC: Boston Consulting Group- Video Games

Star: Gamers are now shifting to digitally downloadable games. Mobile games are actually giving gaming consoles a run for their money, based on cost, convenience and technological advancements. According to Daniel Rubino from Windows Phone Central High-end smartphones in 2013 have all but pushed out the major mobile gaming devices such as Sony PlayStation Portable and Nintendo DS. They are “less expensive, more easily available content, better screens and processors, ubiquitous connectivity, and the simple convenience that comes from convergence.” (Android Central, 2016).

Cash Cow: PS4 Console continues to do well as it maintains a dominant market share.  Sony revealed “it sold 5.7 million PlayStation 4 units through the holiday season, giving the console a great chance to surpass the PS2 as the world's best-selling gaming system” (International Business Times, 2016).

Question Mark (Problem Child): Virtual Reality headsets has the potential to be a Star, however, with the cost to produce these headsets in comparison to digitally downloadable games, its profits are questionable. “Problem children need a great deal of cash. Without cash support, they eventually become dogs” (MKTG, pg.18). I believe the PS4 also falls into this category as it has the potential to be a star, if it continues to make technological advancements.

Dog: Wii, Wii U, PS3, PS2, and Xbox 360 all show low growth potential and a small market share. “Sales of consoles such as Microsoft Corp.'s Xbox 360 and Nintendo Co.'s Wii plummeted 38%” (WSJ,20019). Analysts are expecting Sony to cut the price on its PS3 by about $100 this year. Microsoft is also expected to do price cuts on the Xbox 360 models as well. Although Nintendo has not stated that they will do price cuts they will do so indirectly by bundling games with the console.

Week 1 EOC: Great Customer Service

Customer service is really all about building a relationship, establishing trust and inspiring confidence. Further it “entails processes that focus on delivering value and benefits to customers, not just selling goods, services, and/or ideas.” (MKTG, 9^th Edition, pg.2). I was fortunate to experience good service when purchasing my car.  When I moved to Las Vegas from Japan, one of the first things I needed was a phone and of course a means of transportation. My sister and I made a plan to visit several dealerships that day but only ended up needing to visit two. We first went to Hyundai and unfortunately I was not very impressed by our sales person. He certainly did not inspire confidence and seemed to omit information conveniently. Our second stop was the Findlay Honda Dealership, Delmar (our salesperson) was actually waiting right outside as we walked up. He approached us with a smile, and firm hand shake, and immediately asked us how we were doing. I explained to him my specific needs and where I was comfortable as far as a monthly payment. One thing I really liked about Delmar was his sense of humor, he focused on building a relationship with me first. He was also very knowledgeable about the vehicle and explained all its benefits, this created value for me. The financial process was also made easy and explained thoroughly. As you can imagine I drove the car off the lot that day! The customer service did not end there, a couple days later I received a follow up call from Delmar as well his General manager. They both wanted to make sure I was enjoying my car and asked for feedback on my overall experience. This small gesture only affirmed that I had made the right choice.

Week 1 EOC: My Voice

Fashion is a form of art in which an individual can express themselves without actually touching pen to paper or paint to canvas. I believe it is an expression of one’s true self, their personal style, and bold creativity. What you choose to dress like on that day can make you feel sexy, confident, or just chill. My idea of fashion is not necessarily subscribing to the season’ latest and greatest, but whatever makes you feel good. Sometimes it is you that sets the trend. One of my favorite things to do is people watch, I find that the first thing I look at is what a person is wearing, their shoes, and even how they styled their hair.  As a fashion buyer it is important to follow current fashion designers and understand market trends. However, understanding and being able to relate to the consumer is an even more vital part of the industry. Looking to them for inspiration and guidance is what fuels and drives a store or company to be successful. Upon graduation I hope to take the knowledge I have gained and my overall experience to establish a career with a high end fashion company. It is my desire to not only empower myself, but those around me and ultimately make a personalized impact on the evolving world of fashion.