2021 Virtual HS Business Language Competition
Marketing Plan Prompt
HSBLC 2021 Marketing Plan Challenge
Focus Product: Thread Wallets
PRODUCT LINES: Traditional elastic thread wallet with an attachable lanyard and phone case.
Available resources to assist with company and marketing research:
- Thread Wallets website: www.threadwallets.com
- Thread Wallets social media accounts
- Business and Marketing Videos page on the HSBLC website
- Four Marketing P’s Guiding Questions (below)
*These questions will be helpful to consider while addressing the marketing strategy challenge. These questions should act as a guideline of thought, and not a concrete outline of questions to be answered. They focus on the Four Marketing P’s= Product, Place, Price, Promotion.*
- Can Thread Wallet products be expanded/redesigned for a different purpose?
- How can Thread Wallet change their product materials/design/colors to resonate with a wider audience? Or can you customize products to appeal to a specific demographic?
- Does Thread Wallet need to introduce a wider variety of products to grow their customer base?
- Which retailers should Thread Wallet sell to in order to increase sales?
- Does the Thread Wallet website reflect their brand image correctly? Can it be improved?
- Does Thread Wallet need to adjust their pricing to sell more effectively to the target audience?
- How can Thread Wallet adjust their current marketing strategy to follow current fashion/cultural trends?
- How can Thread Wallet’s mission statement be communicated with customers?
- How does Thread Wallet communicate their social responsibility platform to their customers? Is it important?
- How can Thread Wallet incorporate their products into popular experiences and activities?
- What values or issues are important in the target culture and how can Thread Wallet promote them through marketing?
- Which brands or people could Thread Wallet collaborate with to help promote their products?
- Color Run Model Questions:
- What do our customers want?
- What do we want them to say?
- What are our customers saying?
- What is our experience saying?