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Instructions: Follow-Up PostFollow up Posts are specific and require outside research to evaluate.Evaluate and post your comments on at least one other student’s product. Do not choose a student who
Instructions: Follow-Up Post
Follow up Posts are specific and require outside research to evaluate.
Evaluate and post your comments on at least one other student’s product. Do not choose a student who has not met the requirements below.
1. Why or why not would the product proposed have successful sales based on the “uniqueness” of the product and the desirability to the target market?
2. Do you think the name is effective? Why will it capture your attention and appeal to the target market?
3. Does the sales price stated seem potentially marketable and will it ensure a reasonable “profit margin”.
4. Does the shipping price seem reasonable based on your research? Should they charge more or less to cover all the postage and handling costs + a reasonable “profit”?
Reply post must address all the questions presented, if applicable, and must be made on a separate day than your initial post. Reply posts should be meaningful, constructive, and add to your peers’ insights.
As a guide for high quality response posts, use the RISE model, which encourages the steps as outlined in the rubric.
Anytime an outside source is used, please include source information (link for website; author, title, date for non-website).
RESPONSE TO POST BELOW
On Billie Eilish’s official website, her products include beanies, long-sleeve shirts, t-shirts, pillow cases, blankets, eye masks, albums (vinyl, cassette, digital), hoodies, stickers, vinyl figures, lithographs, and a bundled offer, which includes a CD, lithograph, her digital album, posters, and stickers (Billie Eilish, 2019).
Billie Eilish can sell custom shoes with her album logos or with her image. More recording artists having been selling sneakers than shoes endorsed by athletes. Kanye West, well known for his music, but also his apparel, “sells 70.9% more sneakers than NBA MVP Steph Curry” (Witte, 2018, para. 7). The reason is likely due to recording artists having more flexibility to be expressive than athletes. “Where athletes signature shoes are more designed for performance, artists can focus more on aesthetic and truly embody their point of view and taste in the product. It ultimately leads to flexibility in creating "cooler" styles that consumers tend to embrace mixed with the perfect storm of marketing via the artists' following” (Witte, 2018, para. 9). Billie Eilish was in a YouTube series called “Sneaker Shopping”, which is quite popular. Billie Eilish’s video was the most popular video of the 8th season of the series, having over 9 million views (Complex, 2019). Billie Eilish also has a unique style, often having her shoes match her clothes. Since her shoes would have the same image as her hoodies and shirts, it could also result in the consumer
Primary market – Female (Baltin, 2018, para. 5), 25 to 30-years-old, North American (Carr, 2018, para. 4), and have an appreciation for her honest and somewhat dark lyrics. This target market would listen to her music for enjoyment and entertainment purposes. Although difficult to find statistical data for Billie Eilish’s target audience from her music videos, she is primarily a pop artist. A majority 56% of 25 to 34-year-olds listen to pop music (Delmonte, 2018, p. 33). This target audience would be a heavy user as 56% of consumers listen to music on smartphones every day (Delmonte, 2018, p. 16). The primary market’s target interest is traveling, beginning to find their career, enjoy social media, and listening to music.
Secondary market – Female (Baltin, 2018, para. 5), 16 to 19-years-old (Bruner, 2019, para. 4), North American (Carr, 2018, para. 4), and have some education (high school or college). Primarily, this market listens to music as a means of self-expression. With her lyrics, it evokes a sense of belonging with the listener. This target audience would be a heavy user as 56% of consumers listen to music on smartphones every day (Delmonte, 2018, p. 16). The secondary target market’s interests would be listening to music, hanging out with friends, becoming more interested in their education, potentially looking into jobs, and enjoy social media and status.
Billie Eilish’s product names are incredibly simplistic and often the names derive from her albums. For one of her albums, the shoes would be called ‘Be shoes’. For shoes with her likeness, they can be called ‘Blohsh shoes’, as this is also the common title of her merchandise.
Nike, one of the most profitable and well-known footwear companies, has an overall production cost of about $20 to create a shoe. This includes production labor, materials, equipment, shipping, operating activities, and taxes (Duke University, para. 4). A retailer would have a total cost of $35.50 to operate its facility and sell the product (Duke University, para. 5). The cost to the consumer is $70 (Duke University, para. 6), a $50 increase from when Nike had manufactured the product. As previously mentioned, artists have more of a creative sense than athletic companies when creating products. The cost of production for each unit would be $35. The suggested retail price per unit would be $100, therefore the expected profit margin would be $65 per unit. The average annual spending for consumers between 25 to 34-years-old is $381 and for consumers under 25-years-old was $331 (Statista, 2019). Therefore, the cost to the consumer would not be unreasonable.
A medium flat rate box with the USPS costs $14.35 to ship domestically (USPS, 2019, p. 3). Shipping labels are included within this cost. We would pack the boxes with approximately 5 inches of packing paper. A pack of ten at 30 inches by 15 feet would cost $20 (USPS, 2017). Therefore, including labor and handling, we would have the total cost of shipping the product be $20.
Baltin, S. (2018 November 25). Inside The Powerful And Inspiring Billie Eilish Phenomenon. Retrieved from https://www.forbes.com/sites/stevebaltin/2018/11/25/inside-the-powerful-and-inspiring-billie-eilish-phenomenon/#59a722ed42b2
Billie Eilish. (2019). Store. Retrieved from https://store.billieeilish.com/
Brunner, R. (2019 March 29). Billie Eilish Is 17, But Her Music Is for Grownups Too. Retrieved from https://time.com/5560210/billie-eilish-debut-album-review/
Carr, M. (2018 February 14). Love Lorde? Give Billie Eilish a listen. Retrieved from https://ew.com/music/2018/02/14/billie-eilish-facts-upbeat-video/
Complex [username]. (2019 March 4). Billie Eilish Goes Sneaker Shopping With Complex. Retrieved from https://www.youtube.com/watch?v=EvdzQdnZPcw
Delmonte, R. (2018). Audio Monitor U.S. Retrieved from https://musicbiz.org/wp-content/uploads/2018/09/AM_US_2018_V5.pdf
Duke University. (n.d.). The Making of the Shoe. Retrieved from http://www.soc.duke.edu/~s142tm17/makingshoe.htm
Statista. (2019). Average annual expenditure on footwear per consumer unit in the United States in 2017, by category (in U.S. dollars)*. Retrieved from https://www.statista.com/statistics/937092/us-household-expenditure-on-footwear-by-category/
USPS. (2017 September 26). Postal Store. Retrieved from https://store.usps.com/store/product/shipping-supplies/readypost-kraft-paper-roll-P_842988
USPS. (2019 June 23). Price List. Retrieved from https://pe.usps.com/resources/PriceChange/June%202019%20-%20Notice123.pdf
Witte, R. (2018 August 15). Recording Artists Have Surpassed Athletes' Influence On The Sneaker Reselling Market. Retrieved from https://www.forbes.com/sites/raewitte/2018/08/15/recording-artists-have-surpassed-athletes-influence-on-the-sneaker-reselling-market/#2a710e293d36