Rayne & Rose
Nothing Else Matters...
Business Mission Statement
Rayne & Rose is going to fill a hole in the fragrance market by creating a scent that captures the energy of the city, by mixing floral fragrances and spices thus, Nothing Else Matters. I’m planning to capture the fashion forward woman that more than likely lives in the city and isn’t afraid to be edgy. I want to be able to deliver the fragrance to the masses but not so much that the consumer will be able to drive to the drug store and pick a bottle up. We will wholesale to high end department stores such as Barney’s, Neiman Marcus, Saks Fifth Avenue and Bloomingdales while at the same time selling directly from our Rayne & Rose specialty chain stores. In response to our current environmental climate, promotional tools that I will touch on more in depth later will be used so that the consumer finds value out of the purchase and also so we can keep the consumer attached and coming back. Competitors include specifically Balmain and Diesel, broadly, any other high end fragrances. In order to stay ahead of the competitor we will capitalize on every sale and concentrate on clientele training within our company in order to keep our core loyal customer. We will also strive to hire the most personable and knowledgeable employees in the respective field and operate with the most efficient and technologically advanced systems.
Objectives
•Our objective is to gain at least 5 percent market share within 12 months, at the end of the 12 month period we will take a look at sales and the climate/position of Nothing Else Matters on the market to know if possibly tripling our market share within 12 months later is realistic.
•Our objective is to retain at least 75 percent of our first year’s customer as return clients.
•Our objective is to spend 15 percent of sales revenue this year on advertising efforts in order to broaden the scope of our brand and strengthen our word of mouth.
SWOT Analysis
Strengths:
•Unique style and design of brand as a whole, even more specific to the fragrance is the scent and the niche it fills.
•Strong clientele training within company in order to obtain return customers.
•Brand feels strong connection with younger demographic whose buying power is building.
•By wholesaling to department stores, Nothing Else Matters… will get that much more exposure.
Weaknesses:
•Marketing strategies are new and barely being implemented and introduced to the market so the amount of acceptance is unknown.
•At the same token, wholesaling to department stores could hurt our brand if they end up profiting more than us or even if they put our product on sale it could damage our brand image.
•Customers are evolving as a whole but on different levels so this presents a challenge, we must find what our customer’s buying habits are and cater to them.
Opportunities:
•In doing research, we have found that the country should be coming out of the recession right around the launch of the product.
•The first impression means everything, especially in fashion. If we grab the customer’s attention and help them to fall in love with the brand it could mean the success or downfall of the company.
Threats:
•Pinpointing a price range that our client can afford while still maintaining our luxury brand image and keeping the business profitable.
•Staying true to our brand. The basis of Rayne & Rose and more specifically Nothing Else Matters… is that buying our product is a step out of the crowd and expressing one’s uniqueness. Staying true to that is very important for the integrity of the brand.
Target Market Strategy
The target market for Nothing Else Matters… is young adult fashion forward women in their late teens to late twenties, she will live in the city or the suburbs just outside of the city. She will make $20k and up, probably won’t have children and won’t be married. She will most likely be very diet conscious and be a green consumer, eating healthy organic food and recycling as much as possible. She will read magazines such as Vogue, W, Nylon, and V Magazine, she shops at Whole Foods or Fresh and Easy. The target customer will be a successful woman that either already has a stable career or is going to school to pursue her career.
Marketing Mix
Product
The product focus for this Marketing Mix is the fragrance Nothing Else Matters… Along with the scent itself the product comes with packaging which is a glass bottle in the shape of a rain drop with small strips of red leather and mini chain link wrapped around the glass bottle reinforcing the brand image of rough, raw, and rugged translated in a fashionable way. Rayne & Rose retail division will focus enormously on clientele training with its managers and associates so there will be much after purchase reinforcement to reduce buyer’s remorse.
Place
In terms of physical place, we will wholesale to high end department stores such as Barney’s New York, Neiman Marcus, Saks Fifth Avenue, and Bloomingdale’s. Also, we will sell the fragrance directly through our own retail specialty chain stores Rayne & Rose which will be located in major metropolitan areas throughout the United States such as Las Vegas, Los Angeles, New York, Chicago, Miami, and Dallas. In terms of place on the market, Rayne & Rose as a brand is a luxury brand with affordable prices right around retail stores like Zara, Diesel, Mango, and 7 For All Mankind. This is also going to be the same placing plan for the fragrance, we will price the scent at the exact spot to where it reaches the masses but is not extremely low in price which will place it on the market directly where we plan.
Promotion
A promotion we plan to use is to send a complimentary smaller sample size of the fragrance to the customer after 6 months. We will also send thank you notes and continue to follow up with the client in order to maintain a healthy relationship.
Price
The price will be the most important part to the product in order to establish the fragrance as part of the Rayne & Rose family and also to maintain the brand image of Rayne & Rose. The price will establish the fragrance as affordable enough for most but not so much that it’s sold at your everyday drug store.
Implementation Evaluation Control
In order to implement the marketing plan and have an effective outcome all corporate employees will be aware of all parts of the marketing plan and retail divisions will be informed of the information that pertains to them, this way all employees will be on the same note and there will be one clear message sent to the consumer. Evaluation will be done every 30 days after the plan is implemented in order to make sure we are responding to our consumer’s needs in boundaries of the brand image and also in order to make sure we are trending to make our objectives. Finally, control will be used to work out all the “nooks and crannies” in the marketing plan. We will use the control as an audit to see what we need and to see what we could use that will improve the creation and implementation of our marketing plans.
Nothing Else Matters...
Business Mission Statement
Rayne & Rose is going to fill a hole in the fragrance market by creating a scent that captures the energy of the city, by mixing floral fragrances and spices thus, Nothing Else Matters. I’m planning to capture the fashion forward woman that more than likely lives in the city and isn’t afraid to be edgy. I want to be able to deliver the fragrance to the masses but not so much that the consumer will be able to drive to the drug store and pick a bottle up. We will wholesale to high end department stores such as Barney’s, Neiman Marcus, Saks Fifth Avenue and Bloomingdales while at the same time selling directly from our Rayne & Rose specialty chain stores. In response to our current environmental climate, promotional tools that I will touch on more in depth later will be used so that the consumer finds value out of the purchase and also so we can keep the consumer attached and coming back. Competitors include specifically Balmain and Diesel, broadly, any other high end fragrances. In order to stay ahead of the competitor we will capitalize on every sale and concentrate on clientele training within our company in order to keep our core loyal customer. We will also strive to hire the most personable and knowledgeable employees in the respective field and operate with the most efficient and technologically advanced systems.
Objectives
•Our objective is to gain at least 5 percent market share within 12 months, at the end of the 12 month period we will take a look at sales and the climate/position of Nothing Else Matters on the market to know if possibly tripling our market share within 12 months later is realistic.
•Our objective is to retain at least 75 percent of our first year’s customer as return clients.
•Our objective is to spend 15 percent of sales revenue this year on advertising efforts in order to broaden the scope of our brand and strengthen our word of mouth.
SWOT Analysis
Strengths:
•Unique style and design of brand as a whole, even more specific to the fragrance is the scent and the niche it fills.
•Strong clientele training within company in order to obtain return customers.
•Brand feels strong connection with younger demographic whose buying power is building.
•By wholesaling to department stores, Nothing Else Matters… will get that much more exposure.
Weaknesses:
•Marketing strategies are new and barely being implemented and introduced to the market so the amount of acceptance is unknown.
•At the same token, wholesaling to department stores could hurt our brand if they end up profiting more than us or even if they put our product on sale it could damage our brand image.
•Customers are evolving as a whole but on different levels so this presents a challenge, we must find what our customer’s buying habits are and cater to them.
Opportunities:
•In doing research, we have found that the country should be coming out of the recession right around the launch of the product.
•The first impression means everything, especially in fashion. If we grab the customer’s attention and help them to fall in love with the brand it could mean the success or downfall of the company.
Threats:
•Pinpointing a price range that our client can afford while still maintaining our luxury brand image and keeping the business profitable.
•Staying true to our brand. The basis of Rayne & Rose and more specifically Nothing Else Matters… is that buying our product is a step out of the crowd and expressing one’s uniqueness. Staying true to that is very important for the integrity of the brand.
Target Market Strategy
The target market for Nothing Else Matters… is young adult fashion forward women in their late teens to late twenties, she will live in the city or the suburbs just outside of the city. She will make $20k and up, probably won’t have children and won’t be married. She will most likely be very diet conscious and be a green consumer, eating healthy organic food and recycling as much as possible. She will read magazines such as Vogue, W, Nylon, and V Magazine, she shops at Whole Foods or Fresh and Easy. The target customer will be a successful woman that either already has a stable career or is going to school to pursue her career.
Marketing Mix
Product
The product focus for this Marketing Mix is the fragrance Nothing Else Matters… Along with the scent itself the product comes with packaging which is a glass bottle in the shape of a rain drop with small strips of red leather and mini chain link wrapped around the glass bottle reinforcing the brand image of rough, raw, and rugged translated in a fashionable way. Rayne & Rose retail division will focus enormously on clientele training with its managers and associates so there will be much after purchase reinforcement to reduce buyer’s remorse.
Place
In terms of physical place, we will wholesale to high end department stores such as Barney’s New York, Neiman Marcus, Saks Fifth Avenue, and Bloomingdale’s. Also, we will sell the fragrance directly through our own retail specialty chain stores Rayne & Rose which will be located in major metropolitan areas throughout the United States such as Las Vegas, Los Angeles, New York, Chicago, Miami, and Dallas. In terms of place on the market, Rayne & Rose as a brand is a luxury brand with affordable prices right around retail stores like Zara, Diesel, Mango, and 7 For All Mankind. This is also going to be the same placing plan for the fragrance, we will price the scent at the exact spot to where it reaches the masses but is not extremely low in price which will place it on the market directly where we plan.
Promotion
A promotion we plan to use is to send a complimentary smaller sample size of the fragrance to the customer after 6 months. We will also send thank you notes and continue to follow up with the client in order to maintain a healthy relationship.
Price
The price will be the most important part to the product in order to establish the fragrance as part of the Rayne & Rose family and also to maintain the brand image of Rayne & Rose. The price will establish the fragrance as affordable enough for most but not so much that it’s sold at your everyday drug store.
Implementation Evaluation Control
In order to implement the marketing plan and have an effective outcome all corporate employees will be aware of all parts of the marketing plan and retail divisions will be informed of the information that pertains to them, this way all employees will be on the same note and there will be one clear message sent to the consumer. Evaluation will be done every 30 days after the plan is implemented in order to make sure we are responding to our consumer’s needs in boundaries of the brand image and also in order to make sure we are trending to make our objectives. Finally, control will be used to work out all the “nooks and crannies” in the marketing plan. We will use the control as an audit to see what we need and to see what we could use that will improve the creation and implementation of our marketing plans.
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