Template

Template

This is the template we have done before the final poster, many useful data list on this template, this is a good reference for our final conclusion.

Poster

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Butler Bag Forecasting Challenge 2008

Forecasting Survey- Global Ideas

Feedback form

Survey

Our team has designed 4 Hand Bags.

These bags were used as the sample Handbags and the following question were asked:

*Which bag would you like to purchase?
*What are the feelings about specific bags or designs?
*Which color would you prefer?
*How much would you pay for this bag?



Survey Results:

1. Bag should have pockets. It should be comfortable, convenient and bigger size

Other comments: If it has too many strips and has no packets , does not look convenient.
Preffered Color: Pink
Price: $ 120

2. Bag should be big size, metallic and should have pockets

Other comments: It has to be small, no pockets and bottom part should be good.

Color: Any color does not matter but mostly preffered is pink and purple.

Price: $ 60 (Students)
$ 100 (Workforce)

3. Bag should have pockets, metallic and should be more fashionable and big size. It should also have good color, strips and a handle to carry.

Other comments: no pockets, small size and a long handle to carry.

Color: Purple

Price: $ 150

4. Bag should be simple and more functional with pockets, top stitch, shoulder strips and big size.

Other comments: It should have individuality look and should not have pockets, bottom stitch should be good.

Color : Purple

Price: $ 180

5. Bag should be fashionable, good color, big size and should have pockets

Other comments: No pockets

Color: purple

price: $ 150

6. It should have good proportion. For daily usage bigger size is preffered and officially small bag.

Other comments: small in size, no pockets

Color: Purple

Price: $ 180 to $ 200

Endusers----Generation Yers

Geographic:
*California
*Hawaii
*Washington
*New York City

California, Hawaii, Washington three states located in far west area, the area with the highest regional shares of industry revenue. New York city is the fashion and economic center

In far west area, California, Hawaii and Washington have a higher share of holiday /pleasure business domestic and oversea travel, include for corporate and government propose.

Demographic:
Generation Y
Gender: Female

*Born during a baby bulge that demographers locate between 1979 and 1994, they are as young as 16 and as old as 31 in 2010
*A group of more than 60 million people
*Generation Y Earns $211 Billion and Spends $172 Billion Annually in 2008
*This is the most ethnically diverse generation yet.
*Nine out of 10 people under the age of 18 have friends of different ethnicity than their own.

Psychographics:

Generation Yers:
* Are very good shoppers -- with an eye for value.
* Are highly individual and independent
* Have a style all their own.
* Are high-tech, mobile, novelty oriented and very independent and confident group.
* Are revering and envying of opulent lifestyle, many Generation Y shoppers are likely to show a materialistic/opulent shopping style.
* Like discount and outlets
* More likely gender role blurring
* Think it is important to have a large amount of money, and they are more like to associate higher price with improved quality

Behavior:

*Generation Yers really care about function and durability of bag, based on our survey, 70% generational Y responder put function and durability in first place.
* Generation Yers do a lot of research before they buy.
* Generation Yers like to see television

Why Choose Generation Y:

1. They are a group of 70 million people, which is a huge market.

2. They will fill the 18 to 31 age range in 2010, which is the main labor in the workforce, have highly disposable income.

3. Survey showed that Generation Y marketplace spending at $94 billion in 1998. their cumulative spending power comes close to US$ 150 billion a year in 2002, Averaging around US$ 100 a week in disposable income(2002), Members of this group earn a total annual income of about $211 billion, and spend approximately $172 billion per year(2008), Based on this rise rate, their spending power will become 209 billion in 2010. Then consider about more and more generation Y graduate from school and enter the workforce, this spending power will be much higher then 200 billion in 2010.

4. They are not much fashion conscious, instead of that, they care more about quality and functional, which is prefect for butler bag’s products image that have classic style, high quality and functional.

What They Want:
1. Generation Y loves products that let them show their individuality, while still remaining part of the group.

2. They are ‘‘Recreational quality seekers’’ and “Recreational discount seekers” they seem to pursue quality, but are more pricing sensitive.

3. They have strongly high-tech, multi-functional, individual needs.

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References:

Generation Y Famale Consumer Decision-making Style

Source: International Journal of Retail & Distribution Management

http://docs.google.com/fileview?id=F.380ce432-719a-4138-9722-1ff8e4246cbf

Generation Y: THE MILLENNIALS

Source: NSA Insights

http://docs.google.com/fileview?id=F.26c0fe98-d9b5-4631-ae00-6349b7803b35

Selling to Gen Y

Source: http://www.ericpapp.com/

http://docs.google.com/fileview?id=F.f0636a21-df99-4ae4-ad41-773f9a4ae4f5

Turning generation Y into generation $

http://thebigchair.com.au/news/insight/turning-generation-y-into-generation

Generation Y - Demographics http://www.library.csuhayward.edu/staff/ginno/ACRL/demograp.htm

Generation Y's 15 Favorite Eco-friendly Brands http://www.huffingtonpost.com/2008/08/04/generation-ys-15-favorite_n_116865.html

2008 Colors

- Decoration
Neutrals are now, especially in larger purchases like cars, sofas or carpet. "For those big-ticket items, we'll make the safer choice such as neutrals, from rich gray to camel," says Emily Kiker Morrow, Director of Color, Style and Design at Shaw Industries. And, she continues, "We're using trendier colors, like acid green or amethyst, as accent pieces."
http://www.hgtv.com/dc-design-colors/color-trends-whats-new-whats-next/index.html


-Fashion
Women 's Colors

Blue Iris - A rich beautiful blue with purple undertones which has been a firm favorite amongst such designers as Leger, Costello Tagliapetra, Diana Von Furstenberg and Oscar De La Renta. Combining the regal richness of purple with cool and calming aspects of blue.
Royal Lilac - Dramatic Royal Lilac is a combination of bluish purples and cheerful red undertones. undertones.
Shady Glade -It provides a willing companion to shady glade, a mossy green base color which is a departure from the more traditional greens of the past.
Caribbean Blue -Evokes memories of tropical vacations which adds intensity to its color companions.
Twilight Blue - Twilight Blue is a twist on a classic navy, a strong, powerful steady color.

Aurora Red - Reds and purples are a keynote combination for Fall 2008. Given its dash of energy and vitality to the palette Aurora red is not exception.
Withered Rose - Moving on to dusky brownish pinks, Withered Rose blends with almost any shade.
Burnt Orange - Powerful and robust, Burnt Orange is subtle enough to be worn by most skin tones, but steady enough to be a backdrop and strong enough to be at the fore front of an outfit.
Ochre - Adding a touch of lightness traditional autumnal color is Ochre with a hint of mustard against mellow yellow.

Shitake - "The color of a Japanese mushroom, this complex yet modest shade is intriguingly understated," states the Pantone report, "especially when teamed with the robust colors of fall" '08.


Inky Blues, Greens and purples made up a prominent fashion base for runway designers showing their fall collections. This is likely to be the most popular color in the high-street given its versatility and femininity.

http://womensfashion.suite101.com/article.cfm/fashion_colors_for_fall_2008


-Electronic world
Plum may become the new black. You see how it influenced the electronics world in computers and cell phones.

http://www.pointclickhome.com/decorating_design/articles/color_trends_2008

-Brand

- Social Movement

Green continues to gain strength from its association with the growing shift toward eco-consciousness. It will show up in everything from fabrics to accessories to countertops.

http://www.zinio.com/express3?issue=290945946

Strategic Plan for Quantitative Analysis

COLOR FORECAST (By Heejae Jin)

· Identify the change of colors from 1978 to 2008.
· Find the curve (trend of colors).
· Identify the factors that impact the change of color

CONTINUE FINDING THE BEAT OF MOMENTUM OF 2008

The Context (By Praveen Rathod)

· Political
· Cultural
· Economic
· Social

The Product (By Heejae Jin and Ranran Xiao)

· Fabric
· Color
· Finish
· Designs
· Technology
· Trends

The End Users (By Ranran Xiao)

· Psychographics
· Behavioral
· Demographic
· Geographic

Collect the current information of 2008 by taking pictures, checking style magazines, arts, TV, movies, pop and also why consumers buy and what they buy, willingness to pay



TEST THE HIDDEN CURRENTS

· Find the 2008 hidden current identified
· Summarize the hidden currents from 1978 to 2006.
· Look for the hidden currents that continue to shape the trends in 2010.

UNDERSTAND WHO BUTLER BAG IS

Find the following data of Butler Bag Company and the competitors to Butler Bag

· Color
· Style
· Price
· Target market,
· Competitor
· Sales

Analyze all these factors and forecast for the product line in 2010 for Butler Bag.

Trends for 2008

Trend for 2008
TREND I: Group Solving - From the subprime mortgage meltdown, to the health insurance conundrum, consumers are facing intense personal financial crises in the coming year. There is an emergent cultural desire - even a demand - from consumers for companies and government agencies to intervene and help solve problems on a group level.

TREND II: Experts 2.0 - Consumers today are saturated with user-generated content and information from a million (sometimes dubious) sources. This year looks for the return of the expert. Companies that can reestablish credentials with consumers looking for credible, reliable sources of information will benefit.

TREND III: Dislocation! - Consumer technology is at a deflection point, where mobile phones, PDAs, BlackBerrys and iPods are ubiquitous. In 2008, it will be all about instant mobile access for the consumer. Look for "virtual storage lockers" to catch on big time.

TREND IV: That's What Friends are For - Social networking was one of the biggest mainstream media stories of 2007, and businesses have been pushing to get more information on how to maximize effectiveness of these networks. As these networks mature, Iconoculture is seeing shifts in how people relate with their networks, both social and professional and will help organizations understand these changes.

TREND V: A New Afroholistic Age - This year the African American consumer is moving toward a more holistic self-identity that is less encumbered by community traditions and expectations. Iconoculture is observing how black consumers who are breaking more barriers and stereotypes than ever before are transforming market opportunities.

TREND VI: The New Propriety - Retro-chic goes mainstream with a return to traditional manners -- from formal dinner parties to handwritten invitations, door-opening and umbrella-sharing--and is part of the transforming social environment. With a resurgence in interest in alternative medicine, traditional forms of education, and more restrictive child protection measures, Iconoculture is looking at how this amplification of traditional values will affect corporate marketing plans.

TREND VII: Beyond Green- With all the labels and info -- organic, GMO free, Sustainable, All-Natural, carbon neutral, etc -- how is a consumer to know if he/she's really green enough? Consumers in 2008 will begin to abandon the complicated calculus of what's green and what isn't, and they'll begin to embrace their own definition of what's ethical. This represents an important shift away from feelings of guilt to feelings of passion and proactivity (sic).

TREND VIII: Latino Media Explosion- In 2008 in the Latino consumer space, global and national companies will increasingly create, produce and distribute media vehicles - magazines, radio and TV shows, Internet sites and email newsletters, direct mail and events. These media vehicles will go beyond promoting corporate brand offerings to directly connect with and improve everyday Latino lives.

Reference: http://iooffthegrid.blogspot.com

Psychographic Data for 2008

8 Imporatant Consumer Trend for 2008

Click picture above to get more information




More Trends in 2008



"Transumers"



Fashion
Fashion brands have nailed TRANSUMERISM like no one else. From the very transient (and affordable) collections at Zara and H&M, to innovative lease concepts that play to the temporary nature of the business, and to TRANSUMERS' desires.

At Bag Borrow or Steal, the designer handbag rental firm, TRANSUMERS pay a monthly fee, pick and order handbags online and borrow them for as long as they like. Also check out Be A Fashionista, From Bags to Riches and Shoulder Candy.

Jewelry is the new rental handbag: Bag Borrow or Steal now offers jewelry, too, competing with ventures like Borrowed Bling and RK Jewellery Hire.

And yes, you can rent that dress to go with your handbag: from One Night Stand and Estella's Wardrobe to Salon Muare, this is all part of a lots-of-room-to-grow TRANSUMER infrastructure.

Source: www. trendwatching.com