Fl23_Revised_Promotional Plan Part_1

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Oklahoma State University *

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3433

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Marketing

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Jan 9, 2024

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Promotional Plan Analysis – Part 1 of 2 For a brand of your choice, you will analyze the overall brand and the most recent product release of your chosen brand. In the end, you will create 2 ads – an ad campaign – for 2 audiences. For example, one audience can be the general market, (or Gen X) and the other Gen Z. You will prepare two print ad (using Canva) for the brand’s most recent product release as a creative component of your brand as part of this project with written component supporting the creative ad. When deciding which brand to work on, consider the following: a) Would you like to work with the brand through most of the semester? (Pick one brand under the firm , if the firm has more than 1 brand. For example, Kraft owns Mac n Cheese, Folgers Coffee and many more) b) Identify a more recent product release . For example, this past April, they introduced the Sunflower Multigrain Bagel [1]. Identify that as the focus for the brand Chick-Fil-A. You’ll complete the questions that follow for Chick-Fil-A (if that is the brand you picked), and within that your focus would be Sunflower Multigrain Bagel. In other words, we learn the brand identity of Chick-Fil-A and the recent release (the bagel) (i.e., the Integrated Strategy). c) Check online (usually the website of brand), if you can find print advertising guidelines called “brand kit” or “brand guide”. If you can locate the brand kit/guide online, awesome! Save it. If you are unable to locate it, we’ll use standard guidelines, just note that this is what you’ll do. Either way, the learning will happen. d) Note the brand presence in different media – such as television, print, social media (count all platforms under 1 giant umbrella), radio, outdoor advertising. Just note it, it does not affect your choice for the brand. e) If you are choosing a brand that is not a local business, it is better, sometimes, to pick a brand that is not very strong in the marketplace – for example, Nike – is a strong brand. Trying to find suggestions and recommendations for the brand may be harder than for another brand such as say Aldi’s. Deliverables for this part:  A report near the midterm (parts A through E, specific due date will be announced in class). Use the different parts to define different sections of your report. Use bullet points to state your sub-headings.  In class Presentation (with PowerPoint slides for just part E) A. Basic Background Information of the Brand (Reference: Chapter 1):  Describe the brand – What’s the overall brand about? What are its key features of the brand? The Lululemon brand is a popular athleisure brand that people of all ages wear that lead an active lifestyle. The key features of Lululemon are health and wellness, quality products, sustainability, and yoga. 1

 What are its key features of the recent product of the brand you are focusing on? The key features of the recent product are durability and quality fabric.  Corporate Ownership of the brand Dennis J. Wilson is the corporate owner of Lululemon.  Brief history of the brand with focus on the past 2 years. Within the past two years Lululemon has expanded its brand by building new stores all around the country and constantly releasing new and trendy products. They have also started hosting yoga and wellness events at various locations throughout the country.  Why was the recent product released? (you might find some newspaper, magazine articles, or might look into the history of the brand to see why the recent produce release is happening. The more you read the more you’ll understand the logic behind their decision. Can you uncover it? Or come up with a set of potential reasons). The recent product, The Blissfeel 2, main focus is on fit and comfort for everyday activities. These shoes were designed to last all day and stay durable for a long time. They are also still a female focus.  What forms of promotional mix is the brand overall is using : Discuss (Note that there are 7 promotional mix elements we discussed in this chapter). Be ready to discuss each of the 7 elements as you discuss the brand. Out of the 7 promotional mix elements Lululemon is focusing the most on advertising. Lululemon is constantly advertising their new products and keeping up with the trends. This is a great strategy since their brand appeals to all age ranges.  What forms of promotional mix is the new product release is using: Discuss (Note that there are 7 promotional mix elements we discussed in this chapter). Be ready to discuss each of the 7 elements as you discuss the brand. For their new Blissfeel shoe, Lululemon is also using the strategy of advertising. They have been promoting it everywhere online and in store and giving the opportunity to try it out in store and get a good feel for the product. The strategy is the same, they are both using advertising. This seems to be a popular trend in the Lululemon marketing and seems to be working perfectly for their sales. B. The Firm & the Environment (Opportunity Analysis, Reference: Chapter 2) (10 points)  Brief history and background of the firm that owns the brand (For example, Folgers Coffee is owned by Kraft Foods) Lululemon is an independent brand and a publicly traded company therefore no firm owns the brand other than Lululemon themselves.  Share the mission and values of the firm and brand (if it is a separate entity). Add a sentence or two to say if the two align (that is, if your firm and brand are different entities) 2

Lululemon’s mission statement is “to elevate the world from mediocrity to greatness”, meaning they wanted to stand out in the world of athletic clothing. The brand takes an experimental approach to creating clothes for people who are involved in fitness and focus on the concept of growing and connect with the fitness community.  What other brands does the firm own? Describe briefly the brands the firm owns – do they fall under the same product category? Lululemon does not own any other brands other than Lululemon.  Discuss the environmental factors that promote or deter the growth of your overall brand (i.e., Opportunity Analysis, Chapter 2). Focus primarily 2 years into the future. ( Refer to Figure 2-1 in Chapter 2, Check Slides from lass) The economic situation that people in the U.S. are facing right now is less than ideal. Since COVID-19, brands have raised prices, but American households have struggled to keep up. As trendy as Lululemon’s new styles are, they continue to raise prices and I believe they will begin to see a very large drop off in their customer base this winter if they continue to raise prices like they do.  For the most recently released product of the brand , consider to see how that product relates to the other product offerings of the brand. For example, does it fall under the same category (say, chips if they picked Lay’s as your brand)? The Blissfield 2 running shoe offers a modern aesthetic and cutting- edge technology to maximize support and comfort throughout workouts. Other running shoes like the Speed Short and the Vitalist are also included in Lululemon's product offerings under the "Running" category. Overall, the Blissfield 2 is a high-performance running shoe that provides cutting-edge technology and comfort while still upholding the brand's distinctive design and standard of excellence. It stands out from other items in the brand's catalog because to its distinctive features and technology, making it an excellent choice for serious runners and fitness lovers.  What environmental factors (i.e., economic, financial, technological, global, political, social/demographic) that support (or do not support) the recently released product ? Support your answer There are Lululemon stores in more than 20 different countries. Due to its ability to connect with a variety of customers, Lululemon has a distinct advantage over its rivals thanks to its global presence. The Blissfeel 2 is a cutting-edge new product that can be purchased in all of Lululemon's international marketplaces, giving customers everywhere access to it. The world's politics are largely in favor of the athletic apparel sector. There are no significant political or regulatory issues at this time that could have a detrimental effect on the sector. Demand for comfortable and fashionable athletic clothing is being driven by the rising popularity of fitness and wellness activities. The Blissfeel 2 is 3

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perfectly adapted to satisfy the requirements of this expanding market niche. (Note: The environmental factor – competition will be focused in on next section) C. The Firm and the Competition (Reference: Competitive Analysis, Chapter 2) (10 points) -  Competition of the overall brand – State the top 2 competitors for your brand? Provide a rationale for why you would consider those as the top 2 competitors? The top two competitors of Lululemon are Athleta and Nike.These are the top two competitors based on statistics and the products that they sell. They also have the same customers and they are all athletic brands.  Next, consider, the recently released [product , who would you consider the top 2 competitors? Provide a rationale for why you would consider those as the top 2 competitors? For Lululemons Blissfeel Women’s Tennis Shoes the top two competitors are Nike and Adidas. These are the top two competitors because they are big brands known for selling tennis shoes. This is a big competitor for Lululemon since their top product isn’t shoes.  What do you see – are 2 competitors for the brand as a whole and the newly released product the same? Why? Why not?  Market share of your overall brand (provide the latest data you can access to support your numbers) Yes, Nike sells athletic wear as well as shoes just like Lululemon. Athleta and Adidas are different for the different competitions but they are both big competitors of Lululemon. Adidas also sells athleisure as well as sneakers.  What 2 attributes differentiate your brand from the competition? (A great way to present this could be matrix that compares your brand with the competition). What 2 attributes make the competition stand out from your brand? (Use a matrix to present this comparison).  Lululemon differentiates from their competitors by connecting with their customers and holding events and gatherings. Lululemon’s focus is on mindfulness and wellness which is different from their competitors' mottos. Two attributes that make Nike stand out from Lululemon is it is popular in sports whereas Lululemon is focused on yoga. Nike is also 4

very diverse and has lots of different styles whereas Lululemon is more specialized.  Repeat the above exercise for your recently released brand. What do you notice? Are they same/different from the overall brand? Why? Why not? You could summarize sections “B” and “C” using the SWOT analysis, if you like Again, the Blissfeel shoes are better than Nike shoes because they are more specialized and geared toward women. They stand out because they are made for comfort. Nike and Adidas stand out because they have so many options and choices for different feels of shoes. This is similar to the overall brand because the shoes and the brands go hand in hand. D. The Consumer (Reference: Chapter 4) (10 points) –  Who is your overall brand’s target audience? Describe it. Lululemon’s overall target audience essentially consists of fitness enthusiasts of ages 16-35 who are interested in balancing their social and fitness life. Their audience is typically more high-income due to the high prices of the products and their largest audience base is located in the US.  For the recently released product , who would you pick as your 2 segments for your target audience? Note, it is possible that you can define the characteristics of the target audience for your recently released product even more specifically than you could for the brand. For the Blissfeel Women’s Tennis Shoe the 2 segments that we would recommend marketing them towards young female athletes (psychographic), as well as anyone who’s interested in making running easier including beginners to exercise or people experiencing discomfort or pain from running (behaviorist)  Identifying competition for each of the 2 audiences: For each of the 2 audiences you have identified (one of which must be your cohort): Your most recently released product of your brand Competitor 1 Competitor 2 Rationale Young female athletes Fabletics Alo Yoga Fabletics and Alo Yoga are competitors because they are trendy among the target market and a popular 5

athletic fashion companies Running enthusiasts ( Adidas Nike Are very well established brands among the runner community as well as have a wide variety of products 2 competitors for your overall brand and competition of the recently released product? Describe it. (Note: you identified the competition in part “C” of these guidelines)  Use Buyer Persona (see attachment of Buyer Persona PowerPoint to define your target audient for definitions). Use worksheets in PowerPoint for B2C to fully describe the persona your two target audiences.  What forms of segmentation are your 2 competitors using? Describe briefly. Use chapter 2 to note the kind of segmentation.  Note: that you will have to strategically pick your 2 competitors if you find that the competitors for the overall brand and the recently released product of your brand are different. Trust me, it will be a fun exercise. Also note, if that is the case, do add a few sentences explaining why you picked the ones you did. E. Summarize: Given the above, for your 2 audiences: 1. What product do you want to market? 2. What feature(s) of your product are you focusing on and why? 3. How is the competition stacking up against your product? Create a table to summarize? This might focus on feature(s) you choose to advertise. 4. Do you want your ad to say something about the social, financial, economic, etc. environment? Why? Why not? 5. Do you want your ad to say something about the competition. Why? Why not? 6. Describe briefly what the objective of your ad is. 7. State characteristics of who you are reaching out to? 8. State in simple English what your ad should say. 6

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In the end, you could a table: Product you are advertising: State Key Charac. of the Buyer Persona Features of Product Focusing on Competition Factors That are Imp Environmen tal Factors That are Imp What do you want ad to say in Simple English Why do you want to say this? State Ad Objective Other Com ments Teenagers and young women Yoga and exercise enthusiast, wealthier, teens to mid 20’s, female Durability and Support Competitors like Nike and Adidas stand out because they have more options but are less sustainable options as well as “fast fashion” companies. Lululemon specializes on yoga, encouraging the yoga enthusiasts to buy from them due to their expertise in the yoga market Demand for sustainable clothing options and a step back from “fast fashion” The new Blissfield shoe is the perfect gear to support and enhance your active lifestyle. It uses brand tone (“gear”, “support”, “enhance”) as well as calls out the active lifestyle For the potential buyer to be able to recognize the enhancement that the shoe can bring to their lifestyle and activities. Yoga Enthusiasts On the go Comfort Blissfield shoes Economic Combine Calls out For the 7

lifestyle, wealthier, female and Quality Fabric are more specialized for women and their bodies compared to Nike, who designs for look and not always comfort or quality. Lululemon has higher quality products due to their sourcing of materials compared to competitors. Clothing from Lululemon is found to last longer than those from competitors. situation most American households are in due to COVID-19 comfort and quality with the new Blissfield shoes by Lululemon. the quality and comfort, something this buyer persona would be interested in due to their on-the-go lifestyle potential buyer to be able to recognize the comfort provided and quality materials used when wearing and making these shoes. 8

Fl23_Revised_Promotional Plan Part_1

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