For Educational Purposes Only.
Marketing Plan
Pearson Presents the (RED) Challenge
Plan Title: The Shyne Box
University: St. John Fisher College
Professor:
Dr. Judy Graham
Team Name:
Team Shyne
Please list all team member names and emails below:
Note: email will be used to notify the winning team, so please use an address that will be active all year
Name
Email
Alanna Fitzpatrick
amf00785@sjfc.edu
Luke Zaporowski
lez00516@sjfc.edu
Carl Manigat
cem08165@sjfc.edu
Nataleigh Simmons
nfs04158@sjfc.edu
Marisa Iacobelli
mci04867@sjfc.edu
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Executive Summary
The Shyne box provides a new sense of confidence that can’t be found in an ordinary jewelry box
or jewelry cleaner. The jewelry market is a great opportunity for our product. Since our product is
one of a kind, little competition will be to our advantage. We are targeting 18 to 22 year old
female college students. Our product is meant to assist those with organization and cleanliness
dilemmas, as well as those with security issues. Our affordable price will attract customers from
various income levels. Our product will be distributed through a retailer channel and advertised
through multiple media channels (television, internet, and radio). In our first year, our goal is to
reach as wide of a customer base as possible. We will achieve this goal through the help of our
parent company’s reputation and positive promotions.
I. (RED) Product Design Proposal:
The is an eco-friendly and compact jewelry box that holds all types of jewelry. While the box stores
your jewelry, it also cleans your jewelry with specific cleaning solution. The box is portable, battery
powered, easy to use, and also has a protective lock to protect your belongings.
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II. (RED) Product Category and Partner Choice:
Product idea one: A solar powered operated hanger that heats the fabric. It’s a durable hanger
that heats your clothes for 4-6 hours with the included patch that attaches to your clothes.
Product idea two: An eco-friendly jewelry box that holds and cleans all types of jewelry. The box is
portable, battery powered, secured by a lock, and is safe and easy to use.
Product idea three: A temperature controlled Tupperware container that is made to keep your
food at your desired temperature. The container is safe to use for all types of foods and can be
stored in a fridge or put in an oven.
The new product idea that we decided to use is the jewelry box. The broad product category of the
new product idea we chose is jewelry appliances. Our parent company for our product is Jostens.
III. SWOT Analysis:
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Strengths
Convenient
Eco-friendly
First of its kind
Jostens (parent company)
Durable
Inexpensive
Portable
Customizable
Weaknesses
Communication between parent
company and (RED)
Few financial resources besides parent
company to sponsor marketing efforts
High production costs
Out of date technology needed to
make our product
Customers perceptions of Jostens
(parent company) may affect their
view of our product
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Opportunities
Product could be introduced to the
market during the holiday season
New market with great opportunity
because it’s the first of its kind
Expand distribution to more specialty
retailers
Economy of the jewelry market is
booming, product is more demanded
(pull strategy)
Threats
Solution (allergies/medical
issues/environmental issues)
Maintenance fees
Larger company may create a product
similar to ours
People may be cautious to use because
it’s new
Market for jewelry cleaners may not be
good because many consumers don’t
care/have the time to clean jewelry
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IV. Target Market Strategy:
Chosen Target Market:
The segment whose primary benefit is to maintain the cleanliness and security of their jewelry.
The age and gender of this segment is 18 to 22 year old female college students. We have created
a persona to represent this segment.
Who is Jackie
What are her needs
What are her attitudes
Value Proposition
Value Proposition Element
Relationship with Company
Jackie- Traveling College Student
Average age 21 years old
College student
Lives off campus
Multiple internships
Safety for her jewelry as she travels weekly.
Wants to give a good impression so she must
look presentable/professional.
Responsible – Jackie wants to come off
reliable and trustworthy (indirect)
- Wants to maintain her older pieces and
keep them in good condition since they
are from her grandmother
Confident – By Jackie having clean jewelry she
will feel more confident when going into an
interview
- Confidence in security
Give me a safe, portable, personalized product
that will store and keep my jewelry clean
when I am on the go
-Personalized service
-Excellent durability
-Exceptional warranty
-Eco-friendly
Jackie is a busy college student who is on the
go. She is constantly traveling and needs to
look presentable. ShYneS (brand name) offers
her reliability so Jackie will want to continue
using our product with confidence.
We are going to be positioned as not your typical jewelry box. We are the only product that not
only protects your jewelry, but also cleans it while keeping it organized and convenient for you at
all times.
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Market Research:
The secondary research we conducted was through internet sources we collected. We gathered
information from several resources and observed the various types of jewelry and their prices. Our
research also consisted of compiling information about the jewelry market and its current status,
as well as looking at the two objects that our product combines together: jewelry boxes and
jewelry cleaners.
We found that currently the price of gold is $1573.08 per ounce but ever changing. We also found
that the price of silver per ounce currently is $27.22 and the price of platinum per ounce is
$1539.00. With this information we concluded that for our product we will have a multipurpose
cleaning solution. Since our customers have all different types of jewelry, we want them to feel
comfortable knowing that their precious metals will be well protected and cleaned.
Our research has also found that within the last few years, the jewelry market has either increased
or stayed the same. Of those surveyed by the National Jewelers, 24% of them declared their sales
increased by more than 10%. Revenues have made a great jump since 2009 when the jewelry
market declined. There was also a decrease in discounting on jewelry over the last few years. This
a very good thing for our product. The more jewelry a customer owns, the higher the demand will
be for a product to hold it all. Our product is exactly what they are looking for. It not only stores
your jewelry, but it also cleans it. This makes it easy for those with a lot of jewelry to travel with it
all and keep it clean.
After researching the two items our product combines, we concluded that the demand for jewelry
boxes and jewelry cleaning machines is stable. We concluded this due to the wealth of websites
that sell jewelry boxes and jewelry cleaning machines today. There are new products being
created and promoted everyday that are bigger and better than the last. We determined that our
product is a good mix of two items that are normally associated as being separate.1
We used a survey as our primary research source. The survey was accessible through various social
media outlets, specifically Facebook and Twitter. The respondents were a part of a convenience
sample because the only people who were able to respond to our survey were our team members
friends on Twitter and Facebook. Our survey was short; only 10 questions. Most of the questions
were multiple choice. Two questions were open- ended, such as “Where do you keep your jewelry
1
Sources for Secondary Research: http://silverprice.org/ , http://goldprice.org/ , http://www.kitco.com/market/ ,
http://www.nationaljeweler.com/nj/special-reports/market-analysis/100mss-2012/sr-detail?id=29010&count=1&start=2 ,
http://www.nationaljeweler.com/nj/independents/a/~27779-Exclusive-Report-A-strong-year , http://www.jewelryboxdirect.com/
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currently?” and “Do you bring jewelry when you travel? (If yes, where do you store it when you
travel.)
To host our survey we used GoogleDocs. It was free and very easy to use. Those that did
participate in our survey did it as volunteers. They did not receive anything in return for
participating. The survey questions are in the Appendix (final page of marketing plan).
We conducted this research to help us make final decisions on our product (cost, features, etc).We
also wanted to know more about our target market and customers. The research we hoped to
collect was how often someone cleans their jewelry, demographics, and where our participants
kept their jewelry when traveling.
We wanted both male and females to participate in our survey even though our product is
targeted toward women. It helped us get a well-rounded response. We received 69 responses
within a week and two day period. Of our responders, about 65% were women and about 35%
were men. We found out that many of our responders were in relationships, or married and
ranged in age from 13 years old to 50 and over. Approximately half of our responders have never
cleaned their jewelry and only one respondent cleans their jewelry twice a week. Just about half of
the participants have around 1 – 25 pieces of jewelry. 5 participants claimed to not own any
jewelry and they were all male. About 65% of our participants stated that they wear jewelry
everyday. About half of our participants who own jewelry store it in some sort of jewelry box.
Most of our respondents claimed to prefer a lock and key to secure their jewelry over, finger print
recognition, combination lock and digital/touch screen lock. Most of our respondents also stated
that they often travel with jewelry.
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Our survey helped us determine the qualities our product should portray, the average people who
would use our product, and the need for a product like our own. Originally we believed that the
digital/touch screen lock for our product would be favored by our customers. However, our survey
demonstrated otherwise, which led to us changing our design feature for the security aspect of
our product. We were surprised to find that many like the traditional method of lock and key
rather than the more technological method of digital/touch screen. Most of our participants
claimed to use a storage unit for their jewelry when traveling that lacked a security feature, for
example, a plastic bag or carry on bag. Few of our participants utilized a safe or safety feature for
their jewelry when traveling. This shows our product has something new to offer to those who are
traveling. Since a lot of our participants claimed to use a jewelry box at home to store their
jewelry, we wanted to accommodate those that liked the traditional form of jewelry storage so
that is why we chose the jewelry box layout of our product as opposed to a vault layout.
V. Marketing Objectives and Mission Statement/Mantra:
Marketing Objectives:
1. We want to reach 50% of our target market.
2. We want our product in 1000 jewelry stores for customers to sample by the end of the fiscal
year.
Our mantra is: “Secure your shine.”
We chose this as our mantra because it defines attributes of our product, along with fitting an
acronym of our brand name. We felt as though our mantra explains what our product is all about,
cleaning and protecting your jewelry.
VI. Pricing Strategy:
According to our research we believe that the demand within our chose target market will be fairly
elastic because if we lowered the price of our product our total revenue would increase. We
examined the various factors that affect elasticity of demand to determine if the demand for our
new product would be elastic or inelastic. The first factor is the availability of substitutes. Our
product is unique. There are no known substitutes thus far for our product. The second factor is
the price relative to purchasing power. The Shyne box is priced relatively high and an important
part of an individual’s budget. However, the price of our product correlates to the benefits and
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quality of our product. The third factor is product durability and the Shyne box is very durable. It is
meant to travel and without the need for repairs its life will be prolonged. Since people can be
sensitive to price increases, the durability of our product will cause demand to be elastic. A
product’s other uses are the fourth factor that affects elasticity of demand. Shyne box is meant to
be used all the time. It is reusable and doesn’t deteriorate with repeated use which allows demand
to be more elastic. The rate of inflation is the fifth factor and currently inflation is high. Since
inflation is high, demand is more elastic. All of these factors have lead us to determine that our
chosen target market will be fairly elastic.
We decided to use market skimming as our pricing tactic. We chose to price our product at 75
dollars. We are coming in at a moderately high price to associate a sense of prestige with our
product. We plan to gradually lower the price if sales decrease after a long period of time.
The pricing tactics that we decided are the best fit for our product are as follows:
Put our product in a test market for a limited period of time. This will allow us to determine
if our product is priced to high or low.
Psychological Pricing – We will price our product at 74.99 to imply a bargain
Price Bundling – We will offer a deal if a customer purchases two of our products at the
same time. Ex.) Buy one at full price and get the other half off!
Prestige Pricing – We will keep our price at 75 dollars (at the start) to show it is of good
quality.
Complementary Product Pricing – We will expect our customers to buy our cleaning
solution to clean their jewelry in the Shyne box.
VII. Distribution Strategy:
The type of distribution channel we will use with our product is the retailer channel. The retailer
channel consists of three outlets, producer, retailer and consumers. This type of channel will allow
both us and the retailer to benefit since our product is new it would be hard to sell directly to
customers without any reputation to promote publicity.
The level of Distribution Intensity we will pursue is selective. We will use selective distribution
because we don’t want our product in every store, but rather those stores that will allow our
product to thrive. We will make sure our product is only in those stores that we see fit for our
product and that will promote our product’s quality and benefits.
There are no special physical distribution/logistics challenges that our product presents. Our
product is safe and durable. The only thing is we would make sure the cleaning solution is sold
separately and not in our product when shipping so as to avoid any mess.
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The types of retailers we would like to work with include department stores, specialty stores, and
discount stores. We also would like our product to be online. Specific retailers that we hope to
work with are Macy’s, Kay Jewelers, and Target.
VIII. Communications Strategy and Creative Brief:
Our new product’s name will be Shyne box. We chose to name it Shyne box after our mantra and
we also wanted to keep the ‘box’ part in the name because our survey results demonstrated that
people preferred the traditional jewelry box. The logo we designed is located in the Appendix. We
chose to incorporate the diamond to symbolize jewelry/value and the lock to symbolize the
security aspect of our product. We also came to the conclusion that we wanted the mantra
incorporated into the logo because it represents what our product does. The tagline we decided
on was: “Keep it clean, and it’ll gleam.” We wanted to play up the clean aspect of our product,
showing that our product can and will keep your jewelry clean. We chose this as our tagline
because it was easy to remember/to say and it rhymes. Rhymes can be easily turned into a jingle
so this could be something we could use further for advancement of our product, through
advertising or personal selling.
The media decisions we decided to make are through specific vehicles such as television or radio
advertisements. The advertising period will be on a flighted media schedule which means our ads
will be on consistently certain times during the week, and played more often during holiday
season.
Creative BriefDescribe the Product (features, innovations, differentiators)
Our product, Shyne box is unlike any other. It is the first of its kind. It combines two useful
products into one. It is an eco-friendly, portable, jewelry box that not only stores your jewelry but
also cleans it at the same time. It can clean any type of jewelry. It is safe and easy to use. It is
battery powered, AAA. The Shyne box also has a protective lock so nothing will fall out or get
taken.
Industry and Competitive Situation
There are no products on the market currently similar to the Shyne box. It is one of a kind. The
jewelry industry is a main factor that impacts our product though, and it is currently doing very
well.
Target Audience
 College-aged girls who are constantly traveling and want to keep their jewelry all in one
place so they don’t lose it and also maintain the value of their jewelry by keeping it clean
 Current Perceptions- just another jewelry box/jewelry cleaner
 Emotional Associations- confidence and assurance that jewelry will be clean and safe
 Pain Points with Product Category- harmful to jewelry, harmful to person using product
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Objective (s)
 Want our product in 1000 jewelry stores for customers to sample by the end of the fiscal
year
 Want to reach 50% of target market
 Want receivers to think: Shyne box is the best at keeping jewelry secure and clean
 Want receivers to feel: comfortable using our product
 Want receivers to: purchase our product, recommend our product to other consumers
Unique Selling Proposition/Promise
The primary benefit of Shyne box is to keep jewelry clean, safe and organized, and to ensure the
protection and value of the jewelry.
Supporting Information
People should believe our promise because our product is reliable. It is beneficial to the user as
well as the jewelry. Shyne box keeps your jewelry attractive. Having clean jewelry means you can
sell it for top dollar. People should also believe our promise because if they don’t like our product,
they can return it after 30 days and get their money back. It is customizable and eco-friendly. If
you purchase the Shyne box online through Jostens you will get your first package of cleaning
liquid for free. The solution that is used in the Shyne box to clean jewelry is eco-friendly and safe
to use on all types of jewelry. It won’t harm any of your jewelry.
Communication Strategy
 We are going to be positioned as not your typical jewelry box. We are the only product that
not only protects your jewelry and cleans it while keeping it organized and convenient for
you at all times.
 Characterized as a product for users on the go
 Fear in advertising- stressing that people may lose their jewelry or ruin it if they don’t have
the Shyne box
 Show a situation where someone loses their jewelry and have a friend or relative come in
the scene and explain why they need/should have had the Shyne box. Have the logo and
retail stores listed at the end of the ad.
 Black and Silver/White lettering and a red Shyne box used in the ad to represent (RED)
 Use multiple outlets (media) to get our product’s message to the public
o We will use TV and social networking sites to spread the word about our product
because our target market is most affected by these forms of media.
o Some specific media we will use to advertise are on Facebook, Twitter, TLC’s Say
Yes to the Dress, and in between all the HGTV’s shows.
 Customizable- if you buy our product online you will be able to customize your Shyne box.
(colors, size, etc.) If you buy our product in stores, there will be three basic colors to choose
from, black, red and silver, and three different sizes to choose from small, medium and
large. Our solution will be sold separately in stores.
Call to Action
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Go now to our parent company’s, Jostens, website and find out more about Shyne box!
Mandatories –
Logo: Can be seen in the Appendix.
Tagline: Keep it clean and it’ll gleam.
We will work with the communications area of our company by making sure there are appropriate
advertisements out and other media being utilized. We will also work with public relations to make
sure our organization is in good communication with customers, suppliers, employees and
stockholders. The two public relations tools that we will use are new product publicity and
sponsorship. Since our product is very new to the market, we will use new product publicity. Also,
since our product will be using sponsorship it will be sponsored at jewelry parties, for example,
Silpada parties. The Shyne box can be taken to jewelry parties for sampling, and also to be bought.
A few nontraditional medias that we will use to promote our product are fashion blogs and social
media websites, for example Pinterest. Internet advertising is very important. Since we will be
promoting our product on fashion blogs and Pinterest, advertising will be shared by customers
posting about our product and sharing information about it with friends. Their friends and their
friend’s friends will ultimately see this on their newsfeed and be subjected to our product. We can
also use paid advertisements that can be put on Facebook or even earned advertising through fashion
blogs who could mention our product and silently promote it.
The two consumer sales promotion alternatives we will use are sampling and frequent buyer rewards.
We will sample our product at specific retailers and jewelry parties so people can see our product at
work and try it on the spot. This way they can gain insight and make personal opinions since our
product is new. They will also be able to purchase it at these retailers or jewelry parties. We will also
use a frequent buyer rewards system for our solution. After you buy 10 bottles of solution, you get 2
free. This will be an option only at retailers who are able to keep track of the frequent buyer rewards
system. To keep customers interested we will offer this promotion tools.
We will use personal selling to help introduce our new product by having our employees make
personal relationships with customers and members of the distribution chain. We want our
employees to really connect with the other network we will be working with. We want the whole
company and product to have a positive image in everyone’s minds. We will have our employee’s
sell our product by letting our customers try our product 30 days for free, and if the customer
doesn’t like it we will give them their money back.
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Appendix
Survey Questions:
1. Are you male or female?
o Male
o Female
2. What is your current status?
o Single
o Open relationship
o In a relationship
o Married
o Divorced
o Widow/widower
3. How old are you?
o 13 and under
o 18 to 22 years old
o 22 to 30 years old
o 30 to 40 years old
o 40 to 50 years old
o 50 and over
4. How many pieces of jewelry do you own?
o None
o 1-25
o 25-50
o 50-75
o 75-100
o 100+
5. How often do you clean your jewelry?
o Never
o Once a week
o Twice a week
o Once every two weeks
o Once a month
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o Once every three months
o Once every six months
o Once a year
6. How often do you wear jewelry?
o Never
o Everyday
o Once a week
o Twice a week
o Once a month
o Once every six months
o Once a year
o Only on special occasions
7. How would you prefer to secure your jewelry?
o Lock and key
o Combination lock
o Digital/touch screen lock
o Finger print recognition
8. Where do you currently keep your jewelry?
9. Do you bring jewelry when you travel?
(If yes, where do you store it when you travel?)
10. What does the majority of your jewelry consist of?
(Select all that apply.)
o Bracelets
o Necklaces
o Rings
o Earrings
o Other
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Logo: