Today we met as a group for the second time to discuss our ideas and directions with them. Here is a brief summary of the meeting for those that missed it;
-Alex had begun research into projects that changed colour with temperature and found a company that specialised in it called 'Hypercolour'. He discovered that the products could change into nearly any colour via a difference of 5/10 degrees and we would have to research into how these clothes needed to be washed so as to prevent being damaged.
-Our products name is 'Chameleon'.
-The products mainly available similar to ours were t-shirts.
-Raja suggested an interesting marketing strategy - begin by selling our product as a jacket, then think about expanding into other clothing accessories like hats and scarves. There is a strong possibility in our product for future value depending on how well they sell.
-Alex suggested they could also be 'double-layered' (you can wear them inside out which would feature a different colour and could compensate for a change in season and therefore fashion).
-The types of shops we want to target are ones in the main market - NEXT, debenhams, top man... since there aren't any products similar to ours out there at the moment. We could be the company to drive this fashion forwards.
-Another marketing strategy by Raja; begin sales with introductory offers in late summer/autumn. Sales will hopefully pick up for Christmas and then we can generate a steady income from them. We could even have deals such as buy one get one free or buy a tee-shirt and get a hat half price... It won't be too hot by then but the weather will be changing and can show off what our product does.
-We thought a little about the faults of our product;
how would sweat and other liquid spillages affect sales? Temperature-changing clothes make body moisture more noticeable!
where should the logo go?
how much would the material cost and how much should they then be sold for?
and what should it look like - plain and simple seems to be the way to go as its already quite complicated.
We have arranged for another meeting next Wednesday after we have all gone away and done further research... 1pm at the entrance to the Broadcast area!
For then here is the 'homework';
Alex - come up with logo designs for the product
Leonard - design the look of the product
Raja - research how to initially make and sell the product within the first quater of the year (could have a 3-year plan overall?)
Michelle - do some market research - who would buy it and for how much?
Daljeet - research what the most popular shops our target audience goes to are (teenagers to mid-twenty year olds)
Mantas - research into how much the product would cost to create
Luke - research ways of advertising it e.g. billboards, newspaper ads etc. and how much that could cost
Wilson - further research into similar products out there and how well they did