baylor balloons and flowers. background information
TRANSCRIPT
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Baylor Balloons and Flowers
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Background Information
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History
Originally established on Speight Avenue/11th St.
Acquired by Kathy Dove in 2000
Moved to Bagby Ave./4th StreetHours: M-F 9 a.m. to p.m.
Sat 9 a.m. to 12 p.m.
Closed Sunday
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Scope & Purpose
Meet unsatisfied niche of student populationMission statement: To provide quality,
beautiful floral arrangements to members of the Baylor and Waco community.
Also offers other merchandise that complement floral purchases.
100% satisfaction guarantee on all floral and gift items.
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Major Products and Services Offered
Cut flowersFloral arrangementsPotted plantsHelium latex/Mylar balloons Gourmet fruit basketsPlush animalsCandlesSorority paraphernaliaChocolate trufflesDelivery service
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Retail Establishment Layout
Main cut flower displaysRefrigerated coolerMerchandise displaysPayment counterDesign areaConsultation area
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Managerial Structure
Owner
Designers
Student Employees
Delivery
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Customer Environment
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Target Markets
Baylor Students Most homogeneous group
Baylor FacultyParents of Baylor Students
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About the Purchase
Two ways to purchase In Store Online
Primary use Gifts Decoration
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Trends
Internet Social Media
Increase interaction with customers Easy and free
Online ordering Increase retail range Customers see products
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Contact With Customers
Social Media Interaction via Facebook Daily & Weekly promotions
CRM Gather information from online sales In store
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Competitive Analysis
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Major Competitors
Other Florists in WacoGrocery StoresOnline Flower Shops
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Waco Florists
Competition based on history and internet presence Baylor Flowers, 35 years Reeds, 80 years Croziers, 50 years Rosetree, 20 years Bloomingals, 8 years
Specialized arrangements, typically more expensive
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Grocery Stores
Simpler, less expensive arrangements that customers must put together themselves HEB Wal-Mart Target
Not always the high quality that can be provided by a florist
No internet presence
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Online Florists
Similar arrangement styles and pricing as brick-and-mortar stores 1 (800) Flowers ProFlowers FTD TeleFlora
Allows customers to order anytime and provides an easy, efficient system
Cuts down on human error in information input
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Market Position
·ProFlowers InexpensiveExpensive
Specialized
Generic
·Reeds
·Croziers
·Rosetree
·Bloomingals
·Wal-Mart
·Target
·HEB·FTD
·Baylor Flowers ·1 (800) Flowers
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Market Position
Similarly placed with other Waco florists and online ventures
More expensive than a supermarket
Overall position is positively placed among competitors
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External Environment
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Economic Stability
Floral industry as a whole falling by approximately 3.6% yearly for the past 5 years Threats by supermarkets and online ventures Diminishing disposable income due to economic
recession and cutting spending on non-necessities
Florists cutting prices by up to 70%, creating a ripple effect on loss of revenue
Need to keep up with change in technology and stay price sensitive to stay in operation
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Political Issues
International tariffs with Colombia, who holds 65% of imported flower market, and Ecuador US/Colombia FTA signed April 2011 will phase out
tariffs over next 10 years
National Floriculture and Nursery Research Initiative $6.25 million per year Improve product quality and enhance competitiveness Improve crop production tools Provide protection against pests and diseases Promote environmental stewardship
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Legal Issues
National Antitrust lawsAmericans With Disabilities ActTaxes & transport fees
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Regulatory Issues
Quarantine 37 Targets horticulture and livestock that could bring
invasive diseases and pests at port Florists must deal with reputable growers to insure
they get the supplies they need
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SWOT Analysis
STRENGTHS- Name -Location-Quality-History
-Sponsor of Baylor Athletics
WEAKNESSES-Advertising
-Lack of Baylor Directory-Small Market
-Grandfather Clause
OPPORTUNITIES-Social Media
-Online Presence-Unified Appearance-US/Colombia FTA
THREATS-Loyalty to Other
Florists-Online Retailers-Grocery Stores
-Reliance on Disposable
Income
SWOT Analysis
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Strengths
Name with “Baylor” in it Provides affiliation with
schoolLocation
In “Baylor Bubble” furthering school connection
QualityHistory
In business for 35 years with a solid reputation
Sponsor of Baylor Athletics
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Weaknesses
Advertising No strong, effective advertising campaign to draw in
new customersLack of Baylor Directory
Hard to target parents with direct mailSmall Market
Strong competition from local floristsGrandfather Clause
Forced to keep “Balloons” in name which could convey the idea of lower quality service
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Opportunities
Social Media Reach largest target market, students, more
successfully More options than traditional advertising
Online PresenceUnified Appearance
Current logos not cohesiveUS/Colombia FTA
Pass tariffs on to customers
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Threats
Loyalty to Other Florists Many historical florists in Waco that clients have
stronger loyalties to Florals are a relationship business
Online Retailers Pricing and convenience
Grocery StoresReliance on Disposable Income
Cannot control economy but can price to continue to attract customers
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Major Marketing Issues
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Product Mix
Wide range of products, not just flowers
Website increases variety of flowers carried
Offers inexpensive and highly priced flowers
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Advertising
Difficulty marketing to students and facultyHeavy advertising during Homecoming and
Parents WeekendLack of uniformity in advertisements
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Research Needed
Facebook statisticsTwitter statisticsWeb site statisticsMarket research
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Recommended Changes
Word of mouth campaign by Utilizing Facebook and Twitter more efficiently
Reach students and faculty more aggressivelyCreate homogeneous advertisementsHandcuffed by lack of funding
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Priority of Issues Confronting the Company
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Company Name
One of few with “Baylor” in title
Remove “Balloons”
Make name simply: “Baylor Flowers”
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Technology
Company websiteEstablished Facebook
accountIn process of setting
up Twitter account
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Action Areas and Solutions
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Product Issues
Products vary all the time
Need to have staple products
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Pricing Issues
No set pricesBased on shipping costs and tariffsBe more “student-friendly”
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Advertising and Promotion Issues
No access to Baylor students’ home addresses
For online purchases, suggest e-mail list
Facebook, TwitterThe Lariat, Waco
Tribune-Herald
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Specific Promotion and Marketing Strategies
Facebook Increase number of fans Utilize page to dost daily deals and specials Post pictures
Twitter Updated more frequently than Facebook Daily deals Trivia questions Retweets
Lariat Advertisement Coupon Thursday
Direct e-mail Newsletter Promotions Reminders
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Ad Concepts – New Logo & Print Ad
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Ad Concepts - Newsletter
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Promotional Strategy for Each Segment
Social Media Students
Print Media Students & Faculty
Customer Database Parents
New Logo All Segments
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Goals and Expectations
Higher in-store traffic
Larger promotions
Increase orders by 10% for next year
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Questions?