Dooney & Bourke Team 8 The Big Picture • Dooney & Bourke • Outdated • Aging target market • Lost originality Reposition • Fill in target market gaps • New celebrity endorsers • Kentucky Derby • Signage/in-store visuals • Sell luxury Current Market Plan • • • • Product: quality leather goods Promotion: celebrity endorsers with poor images Place: department stores, boutiques, online Price: $88-$550 Target Market Analysis • Baby Boomers: 1946-1964 • around for the beginning of the D&B brand • quickly aging out of interest • Gen Z: 1995-present • non-loyal, unpredictable consumers • around for the “It Bag” collection SWOT Analysis Strengths Weaknesses • Online Growth • Affordable Pricing • Product Availability • Poor Brand Image • Product Quality • Poor Brand Representatives Opportunities Threats • Innovativeness • Product and Service Expansion • Market Demand • Higher Priced Desired Competitors Market Dynamics • Promotional strategies are based off of research of current fashions trends: • Classics • Exotics • Excess • Dooney & Bourke’s promotions will be based off of Classic styles. Special collections will follow the Exotic and Excess trends. Consumer Behavior • Baby Boomers/Gen X Cohort ages (24-55) • Middle class, higher education, working, family and rely on technology • Value quality products, impeccable customer service and are willing to pay for it • Does not like promotions that are offensive, refer to age, or misleading Competitors • • • • Coach Michael Kors Kate Spade Juicy Couture • Estimated $9 Billion in handbag sales in the US by 2015 Promotions To increase sales from what is now $5-10 million to $7-14 million • Print ads • Celebrity Endorsements • Visual Merchandising • Packaging • Direct Mail • Kentucky Derby Positioning Map Before Positioning Map After New Target Market • Middle to Upper Middle Class who desires a life of luxury • 24-55 years of age • $60-250,000 • Trendy • Owns a home, with one to two kids Brand Communication • Recognizable name to consumers • Dooney & Bourke= (Affordable) Luxury • Quality Items • You get what you pay for at an affordable price Luxury can be affordable. Fresh Celebrity Endorsed Print Advertisements Derby Targeted Advertisements Banner Outside Churchill Downs Banner On Race Track Store Visuals/Signage Direct Mail Pieces Clientele Invitations New Packaging Prelaunch Methods • Utilizing a wide variety of print ads and vintage photographs • 3 month galleries at events and near Dooney & Bourke retail locations • Analyze sales Post Launch Methods • • • • Main performance measure, sales. Survey on D&B website Direct mail invitation New collection event Join the Winner’s Circle