Target the children market in accessories
FOSSIL at a glance: - Global design, Marketing, and Distribution Company - Sells watches, fashion accessories, apparel, and footwear - Brand name recognized for individuality, consistency, connection with its customers - Broad customer base and price range ($7-$20,000)
3/14/2012 Fossil Inc Varunkumar Suresh Prepared for Professor Mary Caravella, MKTG 5115
Strategic Marketing Proposal UConn MKTG 5115 spring 2012 School of Business EXECUTIVE SUMMARY
“For an avid or a seasoned shopper, Fossil Inc provides the best source of worthy, stylish and fashion accessories – both in stores and online because of our innovative designs, reliability, high quality and varied inventory base.” At Fossils, we have done a great job over the years building the company to become a leading fashion watches, leather goods, sunglasses merchandise for retail sale on an international basis and have several superstores across the nation. Even though our company has shown consistent growth in all of our customer segments, given the current market environment and the increasing popularity of new fashion trends among the kids and teens, we see a tremendous opportunity to grab the children segment (age: 617) to increase our target market and new customers. We feel that the company is currently overlooking this huge portion of the consumer market: Children’s watches & fashion accessories. This proposal calls for increased advertising focused on children’s (age: 6-17) fashion accessories like watches, sun glasses, etc. Build upon existing relationships with existing show rooms and super stores. Work with super stores around the country to create a win-win scenario. This will bring in a greater market share and therefore Fossil Inc, should see an additional $21.36 million in customer equity and does not require significant resource investments by the company.
Detailed market environment1 information is available in the Exhibits Section. Summary is as given below Context – Children started making choices; Changing fashion trends; Economic conditions; Complementors - Departmental stores; Specialty retail locations; Specialty watch and jewelry stores; Factory outlets; Mass market stores, Owned and affiliate internet sites; Blogs; Competitors – Coach; Swatch; Guess; Customers – Current customers are men and women who either have children to buy watches, fashion accessories or purchase accessories for others as a gift; our customers fall under all income slabs because of our combined ability to provide affordable pricing, elegance and fashion. Competencies – Our ability to remain as the style icon; the ability to produce fashion accessories based on identifying trends in advance; to coordinate in-house product design, packaging, advertising, our website and catalogs and in-store presentations to more effectively and cohesively communicate to our target markets the themes and images associated with our brands.
SWOT Analysis is as depicted in the Exhibits Section.
Strategic Marketing Proposal UConn MKTG 5115 spring 2012 School of Business TARGET MARKET SEGMENT
Currently Fossil sells only adult men and women accessories. This limits the target consumers to 18 and above aged adults who have children at home to buy the clothes for. A tremendous growth opportunity exists to expand our target market by increasing our product line to include children accessories like watches, bags, sunglasses etc. By selling children accessories, Fossil is able to target a wider group of people. I believe our target market should be the children who are willing to use stylish and theme-based designer watches, fashion accessories etc. Children between ages 6-17 are more likely to change watches and fashion accessories often. Currently, household income...