Charm Bracelet Marketing Information...4P's, Life Cycle etc

Now that my charm bracelet has been designed, I am going to begin thinking about how to market them including their life cycle, 4P's, market level, taget customer and sustainability etc.

4P's

PRODUCT/STYLE/FUNCTION - The product is a silver charm bracelet which comes with a standard 3 charms; letters M, A and C. However there are other charms available to buy to add on to your bracelet including a compact mirror and a lipstick.

PLACE - The bracelet and charms will be sold online and in store.

PRICE - Upon completing my market research I have decided to price the basic bracelet with the 3 letter charms at £59.99

The individual charms, the lipstick and the compact mirror would cost an additional £19.99 each if customers chose to buy them.

I think these prices are definately reasonable due to the bracelet being made from silver and being trendy and something new to the market.

PROMOTION - Similarly to how I will promote the sunglasses, I will promote via word of mouth, A List MAC events, and to originally launch the product, there would be advertisements in stores and staff would be upselling the product. As the product is completely new to MAC it would be important for customers to take the product seriously and see it as just as good as its competitors like Pandora and Links of London. This would be done by staff selling skills. Staff members could each wear a bracelet too so customers could see what it looks like and be encouraged to buy one.

MARKET LEVEL

The market level of the sunglasses will fit in with the same as the brand as a whole, Middle to High market level.

TARGET CUSTOMER

The target customer for the bracelet would be women aged 16 - 30. As charm bracelets tend to be a youthful type of jewellery, I have lowered MAC's usual target age to 16, as I feel this product would appeal to those that bit younger. However the product would also be aimed at women going up to the age of 30, as it can be kept simple by not adding too many charms, which can add a bit more maturity to the bracelet.

PRODUCT LIFE CYCLE

My bracelet wouldn't necessarily be seasonal even though it is to be launched at the same time as the sunglasses in Spring Summer 2013. Therefore this product could have a long life cycle, as new charms can continuously be made in order to encourage customers to continue buying into the product.