George Carlos H. Pastor III-BSBA-M Marketing Strategy and SWOT Analysis Marketing Strategy Target Market: Cosplaying Community The basic direction is to follow the rule of marketing wherein the first thing that is considered is finding the market before developing the product.
As such, there appears to be a very profitable market in the form of the cosplaying community. The community thrives on the need for individuality and self expression through novelty costumes depicting popular icons, often from the Japanese anime culture.With that in mind, the challenge is to develop a product that is not yet available in the market, and there aren’t any readily available substitutes. Hence, the idea is to take a popular Japanese icon, in the form of the randoseru, and build on that to create a new product. As per discussions with people in the cosplay community, it would generally not be idea to sell directly to the community since endorsement recognition is very much important.
Therefore, a partnership with Tuxedo Team, a popular cosplay group, was developed.This was made possible by Melo Lazatin, a student from ESA, who is a member of the group. The bag was further developed and innovated from feedback by the group until a suitable product was created that mixed what the market wanted and practicality. The plan for the product is to create public exposure of the product by having them wear the bags during cosplay conventions and promote it as collaboration between Tuxedo Team and Pamana Pagasa. The team’s reaction to the bag was very positive, and can be seen as a good indicator of the expected reception of the product.SWOT Analysis Strengths: The product is relatively new, and no substitutes are currently available.
The bag itself can be used like any other backpack and is quite durable. The endorsement of Tuxedo Team can be really effective since they already have their own online store for merchandise that they produce, as well as the popularity of the group itself among the cosplaying community. Compared to the price of an original Randeseru bag, the innovated messenger bag is considerably more affordable.Weaknesses: As with new products, there is always a fear of how the market will react to it. Good feedback from a cosplay group can only go so far, but it is the actual customers who will decide if a product is worth buying. The problem with the bag is that it costs a lot to produce, so a substantial mark up is required to make selling the product worthwhile.
That being said, outside of the intended market, it is hard to justify the price (Php 695. 00) of the bag.Opportunities: The product could be innovated even further to resemble the original more closely. Instead of plastic strips, synthetic leather may be eventually used instead.
Another opportunity is that the two partnering teams, Pamana Pagasa and Tuxedo Team can develop a business relationship, wherein a constant supply of products can be developed and manufactured exclusively for Tuxedo Team, which in return, can increase the popularity of Pamana Pagasa as a source of quality local products.Threats: If the product gains popularity, it can easily be copied by others that can find a more affordable means of manufacturing. Cost-reduction strategies must be formulated and applied as soon as possible. The most glaring threat is that this product is more of a novelty and is thus priced as such.
It runs a very high risk of losing popularity once the initial high is over.