The research that we need for this project are information on the demographics, psychographics, consumer behavior, the macro-environment, market trends, potential competition, target market, financial objectives, and the price/product strategy. We will obtain this information from fossil’s official website as well as marketing journals and their social media outlets such as facebook, instagram, and twitter.
Our team should be aware of who are Fossil’s current customers, what is the purchasing power of the targeting people, and what the lifestyle is of the current customers. This information will be in the US Census and Bureau of Labor Statistics. Some of the commercial information vendor use government data to estimate and forecast their own survey.
The team should be aware of the cost to design this watch, and it should be included in the initial budget. Also we should be aware of our direct costs (ex:direct labor cost for hiring freelancers). For the updating existing equipment and cost of the ink or papers for designing portion, the company should understand and recognize that this goes under the material fee. Furthermore, travel cost will need to be estimated, while indirect costs (office cost, equipment, and administrative costs). To estimate the indirect costs, we should have information on the weekly and monthly bills. We will then be able to know the cost for the duration of our project.
1. Please see the details and write 3 pages about (5) media plan; (6) creative samples.
2. Make 5 slides powerpoint for this project, Main plan: 3 slides; Creative samples: 2 slides.
3. Then make a speech draft for the powerpoint.
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