PREX (2)

More documents

Recommendations

Info

SWOT Analysis Strengths ● PREX is a smaller, niche market, they have a loyal target market that seems to consistently shop there. ● According to the PREX official website, they offer a very wide assortment of options from music to movies offering them opportunities to reach the broadest clientele possible. ● Similar to successful video game chains before them such as GameStop, PREX not only sell products but allow consumers to sell them back products for either store credit or cash reimbursement which sets them apart from their larger competitors such as FYE. ● According to their website, PREX are trying to offer an alternative to the Mall, “Big-Box” and online stores that have come to dominate the music and movie retailing world. As such, they take pride in being able to offer low prices, high quality merchandise, and a great amount of depth in their selection. Weaknesses ● PREX has a niche market ● PREX is small and locally owned making it well known in the surrounding areas of the store, but not to the general public. ● PREX customer reviews on yelp say poor customer service ● PREX customer reviews on yelp state the store is very unorganized Opportunities Threats ● ● ● ● In the market there is room to grow with a strong word-of-mouth influence by local consumers in the niche market and social media sites/ blog sites. According to data collected by Digital Music News and Wall Street Journal (which they received via SoundScan and Nielsen ratings), 9.2 million vinyl albums were sold in 2014. This marks the highest sales number recorded since the industry started monitoring LP sales in 1991. 33.7% of consumers are 45 and older and not into the digital music world CD’s, records, tapes and audiobooks all fall under the industry’s music segment, and represent 39.7%,the largest percent, of total industry revenue. ● ● ● ● Other local specialized record stores can take potential consumers away Hard to reach consumers that are in the market for vinyl records Hard to know what specific vinyl records that consumers will want E-commerce such as Amazon is a huge competitor because of the volume of products and price
Objectives ● We want to increase awareness by 15% directly towards our target market, which as you may recall is young adults in the local area aged 18-34, by the end of the summer. Summer will be a heavy time for advertising in our pulsing campaign strategy. ● We hope to increase the overall amount of people going into the store by 20% by the end of this campaign. ● Increase general store awareness by 25% by the end of the campaign. ● The goal for non traditional events that will be hosted in store will be 10% of total college students in the surrounding schools to attend.
Page 1 and 2: An Advertising Campaign by the JAM
Page 3: Introduction/About Our Agency The J
Page 7: Competitive Analysis Stores PREX’
Page 13: Message Strategy ➢ Our main messa
Page 18: Media Strategy and Plan Continued..
Page 21 and 22: ● ● ● We here at the JAM Agen

PREX (2)

Create successful ePaper yourself

Delete template?

Save as template?