Qualitative Strategic Plan

Group Name: Peaceful Shipwreck

Group Members:
Kim Armentrout

Andy Bennett

Jamie Carver

Sierra Cook

Siena Moore

Qualitative Strategic Plan

Color

• Forecast

~Color Cycles/ Identifying cycles color went through (1978-2009)

-Siena: 1978, 1980, 1982
-Jamie: 1984, 1986, 1988
-Sierra: 1990, 1992, 1994, 2009
-Kim: 1996, 1998, 2000, 2008
-Andy: 2002, 2004, 2006

*Each person will identify the beat of their three years and correlate the beat with the year’s color palette. Also, we will stick to our original strategic plan and identify the forecast for the context, product, and consumer for 2009.

** Each group member will identifying the gender and demographic influences on color within their delegated years. Each member will also identify the color inspiration and how it relates to the color’s name.

***Each member will identify the color life spans, flops, and successes within their assigned years.

• Products/ Identify the role color played in accessories, bags, cosmetics, automobiles

-Sierra: Accessories
Shoes, necklaces, earrings, hair, belts, sunglasses, rings, bracelets, anklets
-Siena: Cosmetics
Skin products, eye liner, powder, mascara, eye shadow, fake nails, lotions, perfumes
-Kim: Interior Design
Pillows, sheets, furniture, drapes, carpet, paint, bedding, wallpaper, towels
-Jamie: Food Industry
Restaurants, Fast Food, Grocery, Cafeterias, Organic, Healthy, Meats, Vegetables
-Andy: Auto Industry
Cars, Motorcycles, Car Paint, Car Interior, Car Technology

• Color Board
  *After zooming in on the macro-environment the team will combine the data to prepare a forecasted color board for 2010. As a team we will bring together our: inspirations, themes, photos, to develop our forecasted 2010 color palette for Butler Bag.

2008 Momentum

• The Context

~Siena: Political

--Presidential Race
- -Democrat VS Republican
--Recession
--Disposable Income
--International Issues

~Kim: Economic

--Inflation
--Consumer Spending
--Unemployment
--Imports/Exports
--Interest Rates

~Jamie: Social

--Social Movements
- -Aids Awareness, Going Green, Voting
--Equality
--Lifestyle

~Sierra: Cultural

--Media/ Entertainment
- -Movies, magazines, newspapers, TV, commercials
--Celebrity Culture
--Arts

• The Product

~Andy: Design, Color, Fabric

--Trends
--Styles
--Materials
--Technology
--Price Points
--Major Designers

• The Consumer

~Sierra: Qualitative data about end user

--Psychology
--Demographic
--Behavioral
--Why consumers buy
--Perceived value/ willingness to pay

*Each group member will take pictures of observations of the consumer/trend setters/ outliers/ ugly/ and other

**The team will further investigation the hidden currents in the social and cultural movements.

***The team will also test the hidden currents and previous synthesis for accuracy and update data if needed.

Testing

* In using the data gathered and forecasted through 1978- 2009 the team will create a Butler Bag prototype to be tested.

• Surveys

--Create and randomly distribute surveys to obtain information about the consumer preference.
--Discover the consumer Perceived Value/ Willingness to pay.

• Focus Groups

--Personally interview groups/ individuals
--Discover Perceived Value/ Willingness to pay
--Test Prototype/ Color/ Prices

• Field Trip (Consumer Watch)

Travel to different destinations to observe consumers

*This data combined with our consumer data will help identify our target market.

**Make adjustments to prototype based on the data tests.

Understanding Butler Bag

• Company’s Mission


• Price Points


• Colors


• Competitors- Identify direct completion


• Product Lines

*The team will adjust the prototype to meet the Butler Bag image.

Develop Forecast

* Combine all our data to create a line of bags with a color forecast. Using this data we will identify materials, finishes, price points, target market, and competitive analysis for our forecast of 2010 for Butler Bag. The team will identify how the forecasted bag meets the needs of the market or whether the forecast identifies a new market. Peaceful Shipwreck’s forecasted line of bags will be new and innovated but inspired by the classic style of Butler Bag.

Poster Template Link

Here is the link to our poster of research synthesis:

https://teamsite.oue.wsu.edu/progeval/amt/Shared%20Documents/FinalPeacefulShipwreckTemplate.pdf

Here is the Link to our feedback Survey:

feedback form

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Advertising in 2004

Advertising in 2004

Consumers are hit with advertisements from the moment they wake up. From products such as their clothing, hair products, to even their trash bags...

According to Media Awareness Network, we as consumers are hit with more than 3,000 ads per day. The problem is there is limited space for ads to be placed,this is why companies are going the extra mile to make sure their advertisement is not lost in the "noise". Some are going as far as buying advertisement in outer space, as consumers will be able to see the ads at night. There are many types of advertising that a consumer is hit with during their daily activities.The most popular type is called Ambient advertising . This consists of ads on vehicles, taxis,and gas pumps. These are simple and efficient ways for companies to constantly be in a consumers mind. Another huge advertising market is in celebrities. With celebrities endorsing products, it is hard for that company to be left out of the media. It is a great way to break into a a consumer segment that may not have been open to the company before. With billboards and similar media areas running out of space, companies are placing products in multi media. Such movies as Talladega night:The Ballad of Ricky Bobby have blatant product placements throughout the whole film.

Analysis of Data

The fashion industry uses advertisements in many medias such as magazines, billboards,TV,and movies. It is the fastest and most prevalent way for companies to reach out to consumers. As ads can be received by the public both positive and negative, it is a way to gain consumers or lose a consumer market. An example of this would be the ads by Calvin Klein sparked President Clinton's attention and brought his company name to attention. As they say, "Even bad press is good press". This is relevant to the Consumer Feedback Loop. The company advertises what they think we need, and the consumers believes and purchase. Without advertisements, the fashion industry would not be able to relay trends and tell consumers that what they already own is out of style. This is the "Fashion Consumer Feedback Loop."

The Consumer in 2004

The Consumer

• Understanding consumer financial habits in 2004 from the Certified Financial Planner (CFP) Board of Standards consumer survey

Data collected from the CFP BOARD’S 2004 GENERAL MARKET CONSUMER SURVEY

[Survey participants said that they saved or invested 10% of their total income (median).

Consumers were asked to allocate their assets across three general risk definitions (as they perceived them). On average, 16% of assets are in perceived “high risk” vehicles, 31% are allocated to “moderate risk” instruments, and 53% are in “low risk” instruments.

An examination of how consumers allocate their assets shows real estate equity is the largest allocation at 32% followed by retirement savings plans (19%). CDs, money market and savings accounts compose 12% of assets while stock mutual funds are 6%. The balance is spread across individual stocks, pensions,
annuities, bond funds, individual bonds and other miscellaneous allocations.]

Data from: Certified Financial Planner Board of Standards’ 2004 General Market Consumer Survey

Analysis of the surveyed information:

• This information is important to understand because it depicts how the consumer assigns a portion of their income. Depending on these factors and other economic aspects that affect the consumers financial spending, we are able to identify the discretionary income that consumers have left that they will use on fashion industry goods.


• This graph above shows how the consumer assigned their invested income in 2004. This information demonstrates that the consumers surveyed assigned most of their invested money in real estate then any other area. This is important to note in 2004 because of how this allocation of fiances is affecting the consumer market economically in 2008 and in the coming years.
  
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Data collected from from the (CFP) BOARD’S 2004 GENERAL MARKET CONSUMER SURVEY


[Three lifestage groups:

• Up and Comin: Ages 20-29 (30% of survey respondents)


• Mid-Life: Ages 49-54 (31% of resondents)


• Retirement Cusp: Ages 59-69 (39% of respondents)]

Data From: Certified Financial Planner Board of Standards’ 2004 General Market Consumer Survey

The Federal Reserve Board’s Survey of Consumer Finances for 2004 dicusses the key changes in 2004 from years past on net worth finaces and real estate:

[Three key shifts in the 2001–04 period underlie the
changes in net worth. First, the strong appreciation of
house values and a rise in the rate of homeownership
produced a substantial gain in the value of holdings
of residential real estate. Second, despite the general
recovery of prices in equity markets since 2001, the
direct and indirect ownership of stocks declined, as
did the typical amount held. Third, the amount of
debt relative to total assets increased markedly, and
the largest part of that increase was attributable to
debt secured by real estate.]

Data Collected from the: The Federal Reserve Board’s Survey of Consumer Finances for 2004

Analysis of the surveyed information:

• This information helps identify the psychographic way a consumer thinks about financial situations in different consumer segments. In understanding how the consumer feels about their financial situation we are able to apply this knowledge in understanding why the consumers make purchases.


• This information collected above show how the consumers surveyed were feeling about their financial situation in 2004. The tables point out that the in 2004 the more financially confident consumers are in the older consumer segments and the less are in the younger consumer segment. This is important to identify because it helps identify different traits between consumer segments that can be applied to understand what their discretionary income is used for.
  

Sources:

Certified Financial Planner Board of Standards’ 2004 General Market Consumer Survey

The Federal Reserve Board’s Survey of Consumer Finances for 2004