Thesis on "Media Plan for Retail Chain Steve and Barry"

Thesis 5 pages (1483 words) Sources: 10 Style: MLA

[EXCERPT] . . . .

Business - Advertising

MEDIA PLAN for STEVE and BARRY'S

Background and History of the Steve and Barry's Business Model: Partners Steve Shore and Barry Prevor were childhood friends who opened their first retail casual clothing store near Detroit, Michigan in 1985 as both were completing their undergraduate studies (at Tulane University and the University of Michigan, respectively). Initially, Steve and Barry's sold only university and college logo apparel; consequently, their main customer base were college-age consumers (Steve & Barry's LLP 2008).

From the start, Steve and Barry's implemented a business model that emphasized providing quality merchandise that is comparable to that of leading brand-name retailers at a much lower price. To do so, the company established pricing that dramatically undercut the prevailing retail prices by selling most of their items for $8.98 with nothing priced above $10.98. In addition to operating extremely low-overhead offices that value function over form, Steve and Barry's saved a tremendous amount of money by specifically targeting poorly performing shopping malls to increase their outlets to hundreds of individual stores across the nation (Wilson 2008).

Likewise, Steve and Barry's pricing strategy necessitated a very small profit margin as part of a long-term process of establishing brand loyalty. Instead of traditional costly advertising campaigns, Steve and Barry's utilized much cheaper methods of increasing publicity, including e-mail messaging, word-of-mouth incentives, and partnerships with other products and services popular within their target audience (Wilson 2008). Operating under the theory that every satisfied customer tells three other people about a retailer, Steve and Barry's sought to maximize positive customer experiences, primarily by offering unexpectedly high quality for unusually low prices.

Finally, Steve and Barry's procured manufacturing sites in China, India, and other countries where cheap labor is available. At the same time, the company maintains that it scrupulously ensures that none of its products are made through the exploitation of child labor or other industrial practices in foreign countries that violate U.S. policies for the ethical treatment of workers (Wilson 2008). Goals and Specific Objectives:

In 2006, Steve and Barry's launched a marketing strategy that was unique in the apparel industry. The company approached several popular NBA stars to lend their names and their endorsement to basketball shoes designed to sell at $14.95, or approximately 10% of the retail price of comparable name brand products.

Essential to the success of that campaign was the fact that in addition to endorsing the products, Stephon Marbury of the New York Knicks NBA franchise wore Steve and Barry's "Starbury" sneakers throughout the 2006-2007 basketball season to demonstrate that their quality (Steve and Barry's LLC 2008). Following the success of the Starbury model, Steve and Barry's introduced several other products associated with popular celebrities, including the "Big Ben Wallace" collection endorsed by Ben Wallace of the NBA's Cleveland Cavaliers, the "Eleven by Venus Williams" collection endorsed by tennis star Venus Williams, and a line of surf wear endorsed and worn by Laird Hamilton, a professional surfer. As with the Starbury, Steve and Barry's markets a tennis sneaker designed for and worn by Venus Williams in her tennis matches. More recently, Steve and Barry's included other, non- sports celebrities to its list of endorsement figures, including actress Sarah Jessica Parker (Wilson 2008).

The short-term objective of the Steve and Barry's marketing strategies are to create a recognizable brand and increase public awareness sufficiently to increase revenue 10-20% in the next fiscal year. The long-term objective of the campaign is to establish Steve and Barry's as a stand-alone product line that combines celebrity endorsements and affordable prices. Steve and Barry's hopes to compete successfully, particularly in Maryland, Pennsylvania, Delaware, and Washington, DC, against established retailers of name brand casual wear companies such as Old Navy and the Gap. Ultimately, Steve and Barry's hopes to measure year-to-date retail sales increases within the next two quarters.

Audience:

The Steve and Barry's marketing strategy is specifically designed for dual appeal to two widely different audiences, at least as measured by the most successful advertising approaches with respect to each. More particularly, the incorporation of professional athletes and other popular celebrities targets both young consumers and college-age "20- somethings" who are immensely responsive, in general, to any association that tends to fit elements of their positive self-image and perceived admiration from others in their peer group (Howard 2005). Despite the wide gap in age represented by this audience segment, its members share one major element that shapes the direction of the… READ MORE

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