Production of Thermochromic Clothing - Case Study Example

Student Name: Tutor: Title: Group Business Plan: Thermochromic Clothing Course: MARKETING MIX Traditional: - Product Thermochromic fabrics can conceal or reveal colors or designs based on environmental conditions but they are not animated. Thermochromism is the ability to change color following changes in temperature (Bukleski & Petruševski, 2009). Thermochromism is widely used in baby products like feeding bottles to since the bottler changes color when the food is cool enough to drink. The project will involve clothing that changes color when exposed to different environmental conditions. The items will be personalized and made according to the specifications of the customers. In other worlds, the products will be customized. The target markets for the product are majorly young adults and teenagers. Both male and female customers will be targeted. The thermochromic clothing will be used to indicating to the client which is the best outfits to wear at what time with regard to the prevailing conditions in the atmosphere (Seeboth, Ruhmann & Mühling, 2010). Customers have to dress warmly in case of cold and lightly when it is hot. Superior products will attract many clients. The quality has to be authentic for people to be convinced to buy. The product has to meet the expectations of the customers. The product is crucial other processes revolve around getting the product reach to the final consumer. With the imminent changes in climate due to global warming and increased carbon emissions, there is a unique selling point in clothes that will be able to warn the wearer of changes in climate. Clients will know what to wear in their places work and carry extra clothing in case of changes in the weather. Superior brands will be designed according to the needs in the market and the market will be monitored for any changes that may occur. - Price The price will be formulated and set to target both the high-end market and the low-end market. The production cost according to the specification chosen by the customer will determine the final price of the product. There must be profit margin that is factored in the price of the product. Low-end marketing will have low priced goods that target average income earners while high-end market will target the affluent clients. Price is important as a market entry strategy in many cases (Koichi, 2009). The price has to reflect the quality of the product and the production process that has been involved in its making. The price will vary according to the cost of production and the kind of market that the product targets. - Place Retail outlets for the products will be created with time in different places but it will be important to start will established chains of supermarkets and discount stores to distribute the products. Online channels, departmental stores, and direct marketing will be used to make the product reach the customers wherever they are. The business will target clubs, cinemas, and universities among other places. The goods have to reach the final destination where they are needed by the clients. Delivering products on time in the required market will be the aim of the supply chain created by the company. Products have to reach people that need them within the specified time. - Promotion Young adults and youths are very fascinated with technology and social-media will be effectively used in advertising and other promotional activities. Newspapers will be used for advertising and other marketing activities. A website will be created that will market the product and also encourage online purchasing (Bowman & Gatignon, 2010). The fascination of young people with modern day celebrities will be utilized in the product promotion. Celebrities will be used in the marketing of the products to enhance increased purchases from their fans. There will be special promotion and offers to encourage repeat and large purchases of the manufactured products. Cash discounts and trade discounts will all be used to encourage prompt payment and large quantities buying respectively. Services: - Process The process will involve mixing of colors in fabrics to that the environmental condition and assist wearers in the choice of the type of clothes to put on. The process of production will be supervised by experts in specific areas that involve thermochromic clothing production. The idea is to involve the customers in providing views that can be important in the fabric production. There will be an equipped research and development center that will ensure there is continuous improvement of the type of products produced. - Physical Assets The company will need a premise to run its business. In the premise, there must be production equipments to be used in production of thermochromic clothing. The company will have to get vehicles for delivery of the finished product. The raw materials are important for the production to start. The materials used will vary with regard to the specifications that are provided by the customers. The physical assets are needed in the running the processes in the company (Tehrani, 2008). The business idea cannot be actualized when the physical assets are not present. Physical assets will also be used as collateral to get loans from financial institutions and general debt financing. - People The company will need people to work as both as professionals and manual workers. The larger community in Westfield will be part of the people who will support the project to expand and grow. People are very important part of any organization and the aspect of human resource capital cannot be overlooked. Both subordinate and top managed will be important in the running of the organization. Qualified individuals will be recruited to work for the company and be paid a competitive salary. - Participation Customers’ participation in the manufacture will involve providing information on what is needed in the market. Emerging trends and change in customer behavior will be closely monitored. The customers will feed as they are part of the process for manufacture of the product and hence buy more of the product. The unique selling point will be engaging the clients in the whole process of production (Gitman, 2008). The views of the customer in color mix and extension of the product line will be taken into consideration. The customer is the king in any given business and their opinions are very much respected. - Perception The customers will have to be convinced to believe in the products and their importance to them. The value of the product as perceived by the customers has to surpass their urge to by other things. The customers have to feel important and feel that they belong to the organization and its operations (Solis, 2011). The selling point is trying to make the customers identify by the products of the company. The customers have to feel that they are part of the process. The products of the company have to be perceived as of high quality and addressing the needs of the customers. The customers have to feel that are using superior brands of the product. - Personalization Personalization will involve making products that are tailor made towards a certain customer in regard to the supplied specifications. Customized products make the clients feel that he has gotten value for his money since the product is designed according to his specifications. Customers feel important if products are tailor-made according to their desired specifications. Personalization is crucial in improving the image of the brand (Wenderoth, 2009). Customers have a sense of belonging if there are consulted in the manufacture of the products that they are going to buy. The Unique selling point is making the customer have a sense of ownership. References Bowman, D. & Gatignon, H., 2010, Market Response and Marketing Mix Models, Now Publishers Inc, New York. Bukleski, M, & Petruševski, V M., 2009, Preparation and Properties of a Spectacular Thermochromic Solid, J. Chem. Educ., 86: 30. Gitman, L.J., 2008, The Future of Business: The Essentials, Cengage Learning, New York. Koichi S., 2009, Advertising Theory and Strategies, 16th edition, Souseisha Book Company. Seeboth, A.; Ruhmann, R. & Mühling, O., 2010, Thermotropic and Thermochromic Polymer Based Materials for Adaptive Solar Control, Materials, 3: 5143-5168. Solis, B., 2011, Engage!: The Complete Guide for Brands and Businesses to Build, Cultivate, and Measure Success in the New Web, John Wiley & Sons, Inc., London. Pp.201-202. Tehrani, N., 2008, Contemporary Marketing Mix for the Digital Era, AuthorHouse, London. Wenderoth, M., 2009, Particularities in the Marketing Mix for Service Operations, GRIN Verlag, New Jersey. Read More