Mint as in Final

8/14/2019 Mint as in Final

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FAR EASTERN UNIVERSITYInstitute of Accounts Business and Finance

MINTBOUTIQUE STORE

Benevolent RulersCompany

ANGELES, AngelicaBALISTOY, Ramil E.CALIP, RAYMOND

DE GUZMAN, Jose mariGAVIA, Marjorie Joyce P.

HAGOSOJOS, Claribelle D.ROXAS, Juzzel Mae P.SINAON, Mark Philip

TORRELIZA, Vanessa R.

ACKNOWLEDGEMENT


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First of all we would like to thank GOD who gives us the knowledge and the

strength to do this retail plan. To him we prayed solemnly that this research

would be a success and will help anyone that will be given an opportunity to read

this.

Secondly to all the people who help us in doing in this RETAIL PLAN for the year

2010 in making this possible especially our parents that have been always in our

side supporting morally and financially.

We would like to acknowledge and give our sincere thanks to the main office andemployees that has given us the additional information about their store.

Also to each member of the group for their cooperation, hard-work and patience.

Without them this paper would not be completed. Although there comes a time

that we have misunderstandings we were able to work together and finished this

research proposal.

And lastly we would like to give our whole-hearted thanks to our beloved

professor Sir Rhomy Nuqui for the motivation, inspiration and to the support that

he gave us and for the knowledge that he imparted to us.

Executive Summary

Mint Clothing is a fashion line conceived in 1999 by designer Jodi Arnold. The

line is often referred to as MINT by Jodi Arnold. He came up with the line and
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discovered it during the time he sipped a cup of mint tea in Paris, France and this

was his conceptualization as he designed and introduced Mint Clothing that is

elegant and flirty here in the Philippines.

MINT Company is dynamic as the people that wear their energetic clothing line.

This dynamism is proven by its fast paced opening of chain of stores in major

malls across Philippines. The presence of this retail store in the malls has

provided a fresh and trendsetting collection of clothing garments. Mint currently

has more than 20 stores nationwide and has acquired the calmness in operating

in a very dynamic world. Being a purveyor of the ever-changing fashion industry,

Mint has always kept abreast with the discriminating and changing taste of the

fashion-conscious Filipino.

The collections of this clothing line was first meant for the ladies apparel, for

them to be more recognizable and continuously attract customers they chose

Riza Santos and Cristine Reyes as their top celebrity endorsers. As years have

passed Mint introduced Mint Men in 2006 and tagged Jericho Rosales as their

Mint Men ambassador. This promotional skill expand a very interesting stuff in

the part of men society wherein they could now shop in this kind of clothing store

knowing that this was for ladies wear only.

This is currently creating a stir in the countrys fashion setting with almost the

same product line of Folded and Hung, Tomato, and Genevieve. Mint arises from

the interrelation between a quality product with a distinctive design and a unified

brand image. Its somehow like whatsoever looks of outfit you desire; Mint is the

place to go. The store offers different apparels and accessories which are easy to

fit on and ensemble.

As the fashion and retail industry tends to be overly youth focused. However, by

closely following generational fashion trends as well as the customers'

purchasing preferences, we made the Mint as one of the retail stores that will

cater the different needs and wants that the fashionistas and on-the-go adults will

be solely focused.

Anyone who chooses to visit any of Mint stores will surely want to come back and

explore further surprises because our group decided to create a pleasant

presentation and developments, specifically, in retail plan that our customers will
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definitely and certainly appreciate the collections of the mint clothing line as well

as for them to experience the extreme enjoyable shopping.

Our group aims to give a full overview of the strategic plan that we will implement

for the whole year of 2010 with the objectives of making the appropriate

decisions on various techniques that can be used in strategic planning which

specifically done to avoid or beat the competition and eventually outperforms

them in the future state of the company and also improved services to cope up in

the ever-changing trends and wants of the target consumers. This plan also

involves monitoring and getting feedback from implemented processes to fully

control the operation. Ultimately, we want Mint not just to sell either clothing or

accessories. We want them to sell the look. We want them to be part of the

activity, part of the memory, part of the tradition of dressing in the latest fashions.

II. RETAILING ENVIRONMENT ANALYSIS

INDUSTRY TRENDS

The retail fashion industry is a solid business with ever-changing styles and ever-

present consumer demand. While supercenters and megastores ruled the past

two decades, more and more consumers are looking for change. Theyre

searching for a more serene and customer-friendly shopping experience. This is

true especially for those nearing retirement age. In reality, as the Baby Boomers

numbers decrease, there will be fewer older Generation X-ers to sell to.

However, this market decrease will not occur for at least twenty years. Even then,

clothing will always be in high demand.


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The clothing retail industry includes stores specializing in family clothing (50% of

industry sales; womens clothing 25% or mens clothing 6%; childrens clothing

store includes infant wear. Accessory stores may specialize in hats or caps,

costume, jewelry, make-up and perfumes.

STRATEGY & IMPLEMENTATION

Mint recognizes the importance of marketing. And to that end, we plan to

promote our retail business with an ambitious, targeted marketing campaign,

which will include local media coverage, print advertising and a direct-mail

campaign. Our goal is to keep our marketing budget to no more than 5% of our

gross annual sales, and we will form partnership with local advertising agency

such as Cosmopolitan, we already have connections in all the necessary places.

These strategic partnerships will allow us to piggyback on publicity for local

events, as long as they are within our targeted demographic. MINTs initial

marketing efforts will remain local as we establish a presence in our community.

These will rely heavily on local print and broadcast media coverage, traditional

advertising, signage, a direct mail marketing campaign and networking. A

significant portion of our advertising budget will be allocated to print and

broadcast media.

MARKETING STRATEGY

MINT has strong marketing backgrounds and recognizes the significance of

effective marketing. We expect our strategy to draw consumers into Mint from the

very beginning. Moreover we will develop and implement a strategic marketing

plan and guide our publicity efforts in a cost-effective manner. Our marketing

message, logo and slogans will revolve around the idea of the MINT as

revolutionaries and trend setters. Party goers are in their prime and at their best,

meaning these men and women deserve to be recognized as a force within the

fashion industry.

CONTROLLABLE FACTOR

PRICE

Mint is currently using a discount pricing strategy to cope up with the challenging

competition of the market. While price remains the top consideration of poor


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Filipinos in purchasing products, this is not necessarily true for the whole

population. Filipinos are known for their penchant for foreign-made goods,

particularly those made from the United States. A number of American middle-

class brands have carved their niche in Philippine market, particularly among

richer Filipinos in Metro Manila and other urban areas.

PROMOTION

Mint is frequently promoting its discounts strategy to attract walk-in customers.

Mint has its in-store collaterals that give their little promotion to the walk-in

customers. Mint should have asolid marketing m ix. A strong marketing mix that

is consistent with the brand positioning is a must for ensuring that a brand will

continue to sell. Each element of the mixproduct, packaging, pricing,

distribution, promotions, advertisinghas its own characteristics, but each must

be carefully considered in its relationship with the other elements and with the

overall marketing strategy to ensure that the delivery of the brand promise is

maximized. This marketing mix should be balanced and made consistent with the

brands desired position and image in the market. To have it any other way would

just confuse consumers and weaken the standing of the brand in their minds.

These are some of the strategy that we will use: Buzz marketing. This viral type

involves getting mass media celebrities to discuss their experience with MINTS

products, preferably on a provocative but always positive note. The idea is to

deliberately create noise and buzz about the product among the readers,

viewers, or listeners.

We will also use alternative advertising which includes the: Transit advertising

or what is commonly called as transport ads, to target ever-growing number of

commuters that take public transport. These ads usually come in the form of

wrap around posters on the body of busses or passenger jeepneys and

signboards, in these aside from offering a mobile advertising it can reach wider

ranging target consumers across almost all the demographic classes.

PEOPLE

MINT employees is a very important factor that a store should develop because

as the retail industry goes as it is a strong customers focus is the main concern

because nobody buys anything for what it is. Customer buys the product for what

they think it does for them and a good sales person inside the store is a big factor


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that can help because they should know what their customers want to buy or to

purchase by having a good relationship with them to give the opportunity of

repeat purchase and profit follows.

PLACE

MINTs location is primarily located inside the mall area which was frequented by

their target market and also gives more awareness to potential customers

because many people used to go and shop in malls. It is one of the most

important factors in choosing a good location of the retail store which has a

profound effect on the entire business life of a retail operation. A bad choice may

all but guarantee failure, a good choice success.

III. COMPETITORS ANALYSIS

MAJOR PLAYER MINOR PLAYER

FOLDED AND HUNG CINDERELLA

PEOPLE ARE PEOPLE TOMATO

GENEVIEVE YRYS

2. COMPETITION MATRIX


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3. WINNER/LOSER ANALYSIS

BRAND PRODUCT PRICE PLACE PROMOTION

MINTW W W L

FOLDEDAND HUNG

W W W W

MALDITAW L W L


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GENEVIEVEW W W L

4. MARKETING MIX ANALYSIS

BRAND PRODUCT PRICE PLACE PROMOTION

MINTProduct linesare ladies top,mens top,mens shorts,ladies dresses,bags,accessories.

They arecurrentlyusingdiscountpricingstrategy.They

lowerprice atall times

Commonlylocatedonmalls

Theircelebrityendorsersare KristineReyes andJerichoRosales,

havebillboards.

SIGNIFICANT ANALYSIS:

Mint mainly focuses on the girls and boys product lines. Their ladies tops

are mainly one of the eye-catching line because of its colors, some are bright that

catches mainly the attention of a party-goers woman. Their mens top possesses

a modern-man image. It is one of the good choices for a metro-sexual and vein

guys that want to look so cool and so neat. They also has additional product lines

like shades, fancy watches and bags but these are the product lines that are

slow-moving. In terms of pricing Mint is using a discounting strategy. They mainly

catches peoples attention by front-lining the products on sale that offers a very

low price. They are always on sale on different items from 30-70% off maximum

on some product lines. But it is one of the reason why Mints image was a bit

degraded on its quality focus because one of the perception of the consumers is

that the higher the price of the product the higher the quality of it. It is commonly

located on malls which are mainly their prerequisites in putting up a branch. Their

celebrity endorsers are Jericjo RosALES and Cristine Reyes. They are currently

advertising in billboard in Edsa.


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VI. RETAIL MARKETING OBJECTIVES

GENERAL OBJECTIVES

To be able to expand the market share to 50%.

Generate repeat and referral sales.

Generate 30% higher profit net after tax at the end of the year 2010.

To be well known as a clothing line not just for fashionistas and on-the-go

adults but also for metro sexual men.

SPECIFIC OBJECTIVES

Our company aims to achieve the success of our retail plan for MINT by having

these objectives:

To have aggressive marketing campaign to outperform the competition.

To completely renovate in-store atmosphere.

Host a successful event that will penetrate and raise awareness in 60 percent of

our targeted consumer market.

Improving customer service.

To develop customer-friendly policies, train employees to provide

outstanding customer service, and learn how to create customer loyalty.

To train the crews as being a fashion consultant only within the store

premises as a part of our internal strategy.

VII. STORE POSITIONING

1. MINT has a new logo

OLD ` NEW


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MINTs concept arises from the interrelation between a quality product with a

distinctive design and a unified brand image. Whatever look you crave for, Mint is

the first place to go to. For the last word on style, Mint has provided an

exclamation point. It is a fact that their patrons show diverse personalities, yet

they can count on them to supply an array of choices that will match every

distinct personality. They have become a Mecca of expression, which is thereason their patrons keep coming back again and again. Behind this concept,

there is a great team that works day to day to ensure that the company ambition

becomes a reality. In order to achieve this, they combine enthusiasm, creativity

and continuous training with the values that prevail in our environment: harmony,

affection and humility.

2. I WANT IT , I NEED IT , I GOTTA HAVE IT

To provide male and females a comfortable and quality clothing line

where each gender of each diverse background can be their personality. MINT

Clothing is concerned primarily with bringing unity to people through a clothing

brand. The objectives are to present MINT Clothings ability to be distinct in a

number of different market audiences. Our strategies are based on our

audiences preferences and purchasing behaviors.


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VIII. IN STORE RETAIL PLAN FOR THE MONTH OF JANUARY-JULY 2010

TIMEFRAME

TITLE OF THESTRATEGY TACTICS

TARGETGOAL OFTHESTRATEGY

JanuaryFebruay2010

MINTsCRAZE

MAGALOUGEFashion Mini-

Magazine2010

Celebrity-Buying

Strategy

We will becoming up witha mini-magazine at thesame time acatalogue thathas the latesttrends in theclothing lineshowcasing thelatest, hip,trendy clothing

beyond theMetros finestyoung modelsand includingfashion tipsfrom thedesigners. Wewill team-upwith Preview

To gainadditional40%awarenessand 40%market share.

To be wellknown as thetrend-setterclothing line.


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Magazine asthe best fashionmagazine tocarry-out ourmini-fashionmag

March-April2010

EXCLUSIVITYCARD

We will begiving freeEXCLUSIVITYCARD for aminimumpurchase ofPhp1500. Forphp1000purchase thecard will be soldforphp100.Therewill beautomatic 50points in the

card and inevery 300minimum therewill becorresponding50 points.Whenever theyearn a total of100 pts they willget a freeTrendycustomizeshopping bagwhich is one ofthe perks of thecard and alsothere will beless 5% in thenext purchase.

To retain loyalcustomers.

To generaterepeatpurchase fromexisting andnewcustomers.


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May-June2010

PhilippineFashion WeekparticipantScene-Stealerwith MINT

Thousands ofspectators, morethan a hundreddesigners, 30shows, 9 days,and one bigevent. Thisyear'sPhilippineFashion WeekHoliday 2009will be held onMay 26 to June3, 2009 at thegrounds ofSMMall of Asia

and SMXConventionCenter.Fashion and topretailer brandslike Bench,Penshoppe,Kashieka,Human andPlains & Printswould alsoparticipate inthe 9-day event.

To be wellknown as aclothing linewith aafforduxury

garments.

Tocontinuouslygenerateprofit.

July-August2010

MINT:

I AmSensational

MakeIt

NaturallyTrendy

We will becalling theattention of theparty-goers toattend the nightat the BlueOnion Bar ateast wood, thehosts of thesaid event arethe Boys NightOut known aspopular RadioDJs in thePhilippines. We

To be ableincrease themarket share.


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will also invitethe twoambassadors ofMint, JerichoRosales andCristine Reyes.

This seems tobe the shiningcollaboration onthe event.

.

IX. IN STORE RETAIL MERCHANDISING PLAN FOR 2010

1. ACTUAL LAY-OUT OF THE STORE


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The actual current lay-out of the store is too compact and unrefined. From the moment

pass-by the store you will not be enticed to get in because of the small space in the

entrance and looks like overcrowded inside because of the unorganized discount cornerand other product category. The cashier as you will notice is at the side with so many

accessories all over the cashier and we have observed that this will be one reason of

changing the minds of the customer to pay for the product for another reason that the

cashier is very small and not so accessible within the other side of the store because

when the cashier is far from the clothing lines there will be a possibility that consumers

would change their minds while walking near the cashier. One problem is that they only

had one fitting room thats why there are certain instances that the customer will not

have the willingness to fit for the clothes and just leave it behind. The bags are located at

the back of the mens category so there are misleading instances that they are not

interested in taking a look at the bags and also because it is located up the shelves.

NEW PROPOSED STORE LAYOUT


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The window display should be on the two different sides of the store and the

mannequins are separated from ladies line at the left and mens line at the right side to

ensure uniformity and differentiation. The entrance should be wide and looks like

welcoming in the eye of the consumers or the passers-by. The New product line should

be emphasized in the center of the store to be given a full attention to the consumers.

The store should look like a round one so that there will be a flow and ensure that they

will be going around the store. The discount corner should be located in every corner of


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FOR PULL-OUT

MINT LUSH BOTTOM

NEW CATEGORY KILLER

MENS TOP

3. NEEDS IMPROVEMENT

The decor of the store should be a good representation of what is all

about. Mint signifies a cool store with bright colors and flamboyant. They should

have famous faces displayed on their walls wearing fashion from the store and it

will be an additional attraction.


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INVENTORY

To avoid in store traffic delay like having items that is out-of-stock we

proposed that the MINT inventory tracking system should tell the management what

merchandise is in stock, what is on order, when it will arrive, and what was sold. Withsuch a system MINT can plan purchases more intelligently and quickly recognize the fast

moving items that need to reorder and the slow moving items that should markdown or

specially promote.

4. WINDOW DISPLAY

The window display should be eye-catching. If

ittakes only a few seconds to walk past a store window. It should grab

their attention, so that the store will not lose the sale. Priority one is to

divert the focus of the shopper to the store. At a minimum, your store

windows need to be more edgy and engaging than the competition

next door to you and across the street.

X. CONTINGENCY PLAN/CONTROL

1. SAFETY NET/BACK UP PLANS


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After the said activities and plans are implemented it is very important

to continuously monitor and evaluate the status of the plan-as important as

identifying strategic issues and goals. This also used to ensure that the

company is following the direction established during strategic planning.


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Documents

Mint as in Final