2nd & 3rd Auction Report

Schedule

In the following, the auction schedule is shown.

1-11-2010           Sign up the account for further development, such as Facebook and the account in  
                           forum.

4-11-2010          Go out to find and buy the suitable sock.

8-11-2010          Take some product shots for the later use.

13-11-2010        Copy write the product description.

15-11-2010        Try to put all the information need on different channels.

Limitations

In the auction process, we face a lot of limitation in our promotion stage. As we mention before, we want to use yahoo! auction, Facebook and different fashion forum as our communication channel to the public. However, is it not easy to finish in these channel.

For Yahoo! action, when we sign up for the product auction. They require the telephone number that never used before and the credit card number for further application. However, in our group, we do not have used telephone number and the credit card number. This system in Yahoo! make us fail to promote in Yahoo!. After that, we try to find other popular auction page as our channel such as eBay. However, the same problem occurs.

For the fashion blog, we try to post in the Hong Kong fashion blog such as UWANTS.com.

 

However, the promotion is not allowed. They will delete all the commercial promotion about fashion. The regulations make the promotion process even harder.

At last, the final and only one promotional channel we use is Facebook. We open a fans page “ **socks for sale**”, and type the description and the method of purchase.

Here is the link:

http://www.facebook.com/pages/Socks-for-Sale/160914247277022?v=wall

Besides, for the previous proposal, we have decided that the price was $25. However, in the actual case, we decided to make the price $15 in order to attract more female student to buy as the price is much affordable than before. Therefore, we make a price change on selling the socks.

Promotion

Facebook is our promotion channel in this project.

The descriptions all type in Chinese, as our target group is HongKonger. They are more willing to see some text that they are familiar with.

 

In the page, we have some product shot. The close up shot let the customer can see more clearly.

Results

To measure the result, we would like to divide into two parts, awareness and sales.

In the term of awareness, this page has 18 people “like”. Although not all the people who “like” will purchase our product, that is great to get their attention and they may the one who can spread our page out, hence to get more attention.

In the term of sales, we sold 6 pairs of socks totally.

Celia Chung brought 2 pairs of sock.

Yoyo Tam brought one pair of sock.

Henry Chow brought one pair of sock.

                  Leo Yeung brought one pair of sock.

             

Sales report

Expenditure:                         socks x 6                        $72

Revenue:                              socks x 6                        $90

Profit:                                                                          $18

Stock:                                    sock x 0                            0

To conclude, although we do not have much profit in terms of money, but we are satisfy about the result. 

2010.09.27 the proposal of Internet Aution

Group 1:

Sherrie, Zoe, Vicky

Topic: Middle-cut socks.

Target audience: High school and university female students

Many youngsters buy things not only from shops, but also on internet. Nowadays, most of them have the computer and like surfing the Internet. They occupy a certain proportion of the online shopping market. The reason why we choose female student is because we, as the university students, know what the girls may want to buy. For the male student, we may not know their need as much as the female’s. Therefore, to increase our possibility of having a good selling, we choose the high school and university female students as the target audience.

Proposition: Middle-end, Contemporary

We want to give audience a good image and good sense of fashion in order to persuade them to buy our product. Therefore, our proposition is middle-end and contemporary.

Goal: Sell all products and make a little profit

Our main goal is to sell all products in the specific period. This means that we have successfully making a little online business. Besides, we hope we can sell the product in a higher price which in fact the cost of the product is very low. This means we are successful in the marketing strategy (The repacking strategy). And making a profit is :

Tone and Manner: Smart and stylish

Our target audience is the high school students and the university student. They care about their appearance very much. They want to become more smart and stylish and attract others attention. This tone and manner make them feel our product is very cool and trendy. As they do not want to be old-fashion, they will try to find out something new and hot. Therefore, Smart and stylish tone and manner can attract their attention more easily.

Product: Middle-cut Socks

Our target audience is a kind of maintain their image among their lives. One of the key aspect to present themselves is the items that they put on whatever clothes, accessories etc. Among lots of accessories, the middle-cut socks are chosen. As the autumn and winter is coming, socks is a kind of “Must have” item to outstand the style and image of our target audience.

Price: $25 for each pair

There are two main factors considerable for setting the price. The first one is the research results, normally, the price range is $15 to $55 available on Yahoo! Auction.

Since we aim at middle-end, a relative price at middle level is preferred; another factor is the re-packaging or add-ons packaging, so the cost will be increase. To have a balance point, $25 is neutral. 

Place: Yahoo! Auction

As usual, selling products on an online auction platform is needed. There are several auction platforms providing to hongkongers, such as EBay, Yahoo! However, EBay is focusing on the market of foreigners like Europe. Also, there are most Asian in Hong Kong, the Yahoo! is so familiar to them, a sense of belongings is created. In order to approach our target audience, Yahoo! Auction is the better choice.

Promotion

Internet is the most popular channel in our target group and we can reach them in Internet very easily. Therefore, we would like to use a set of Internet promotion to promote our product.

1.      Yahoo! Auction

Yahoo! Auction is the most popular website for online shopping in Hong Kong and our product will be sell in there. It means that Yahoo! Auction is the point for purchase.  We should have a better design for the webpage, so that increase their motivation to choose our brand when facing a dozen of competitors.

2.      Facebook

Facebook can catch the eyes of teenagers easily. However, facebook contains a lot of information. To pop out from others promotion, we will have some interact promotion, for example the “tagging photo game”, so that more target audience will be involved and being attracted.

3.      Fashion Blog

Socks are a part of fashion. Some target audience may think that our socks are very cool, but they do not but because of no idea to wear it. Therefore, we will open a fashion blog so that people can know how to mix and match. This action can increase the motivation to try and buy the socks.