Balfour Collegiate Class Rings: Lamar University. Emily Sumrall, Tori Smith, Jacob Deese

Transcription

1 Balfour Collegiate Class Rings: Lamar University Emily Sumrall, Tori Smith, Jacob Deese J

2 T Table of Contents - Executive Summary - Background Information on Balfour - Situational Analysis - Marketing Objective - Advertising Objectives - Target Market - Media Plan - Creative Strategy & Big Idea - Ad Samples - Promotions - Conclusion 2

3 Executive Summary Product Description/Objective -Balfour is a company that sells class memorabilia to high school and college graduates. Target Audience -The target audience for Balfour is primarily high school and college seniors. Competition -Jostens is Balfour s biggest competition they have. They sell the same variety of products, and with similar prices. Risk/Opportunity 1. A challenge that Balfour is facing is their lack of college students that are purchasing their class rings. 2. They have an opportunity to potentially make money off of students from Lamar University if they created an advertising plan promoting the rings. E Conclusions -Creating an advertising plan that gets Lamar University students excited to purchase a class ring for graduating college is something that is imperative. 3

4 Background on Balfour - Started out selling high-quality fraternity and sorority jewelry in Began creating personalized yearbooks for wealthy schools - Designs personalized letterman jackets and class rings for high schools and colleges around South Texas - Was the first to use new technology to redesign the yearbook with desktop publishing and digital photography - Sells and caps and gowns to many high schools in Texas J 4

5 SWOT analysis of Balfour Strengths: Existing customer base Quality Products Weaknesses: Doesn t stray from current plan Lacks Social Media Use T Opportunities: Rings are a tradition Threats: Josten s- uses social media better & Lamar could potentially switch to them 5

6 Primary Research We conducted a face to face survey. We just walked up to people and asked a few questions. What they knew about the rings? What they would do with them (ie wearing T 10

7 Situation Analysis 6

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9 How do we get these proud and involved students to buy a Lamar ring? Reasons people don t think they will purchase a ring: They are expensive and college students are known for being poor. They would not wear the ring once they got it. Lamar doesn t make it a big deal. Reasons people would buy a ring: E It represents all of their college memories It stands for something they accomplished. It is a tradition for graduates to buy rings. 8

10 Situation Analysis Balfour produces class rings that preserve students memories. The problem is these rings are not promoted and students do not know about them. Many students say they would participate if Lamar made it a right of passage of sorts. Students are also concerned about the price of the rings, however, there are payment plans available to ease these worries. An overwhelming majority of students say they are proud to be Lamar students so getting these students interested in the tradition is key. Competitors are not a concern, because Lamar University only uses Balfour to produce the class rings. J 9

11 Advertising Background Balfour doesn t currently have any advertisements running on campus for students to see. They use Direct Marketing by sending mailouts to students who have completed the hour requirement to earn your ring. Occasionally, representatives set up at Grad events and talk to the seniors. The Advertising Budget for Balfour is $2, We intend to use this entire budget. E 11

12 Marketing Objective To increase participation and purchase of Lamar class rings by 25% by May 2019 J 12

13 Advertising Objectives To increase awareness of Lamar University class rings by 45% To increase interest in ring program by 35% T 13

14 Target Market Balfour s target market is High School juniors and seniors, along with college seniors. We will focus on Lamar University seniors. - Students who are proud of their school and their achievements in school make up most of the consumers. - Their target market is based on the school s popularity and school spirit for each school. E 14

15 Media Schedule J 15

16 What s the Big Idea?: Creative Strategy WHO KNEW? Since we most of the students didn't know or really want one. We decided that we would go for the idea "Who Knew? We choose this idea because we feel like most students did know about it, and this would give students an opportunity to get. As we said in our media plan, we plan to run ads during the early middle and last months of each semester. This addresses the lack of information about the rings. This also brings attention to seniors too. If they want a ring before graduation they can order it in enough time if they see the ads. E 16

17 Sample: Radio Script T - Hey Lamar Seniors! - Have you ordered your class ring yet? - WHO KNEW, right? - The deadline is approaching to have your ring before graduation! - Order yours online today at balfour.com! - Don t miss out on the tradition! 17

18 Sample: Print ads J 18

19 Sample: Print Ads J 19

20 Promotions We plan on doing a discount event and seminar. This will give students a chance to get a break from spending so much of their money. We will also build up their Social media promotion. They have promotion on sites like Instagram and Twitter, but it is for it s for a different state. None for the ones near our region in Texas. We will put signs and flyers around the university. This will catch the eye of the students or at least put the idea in their head. T 20

21 Conclusion - Creating an advertising plan that gets Lamar University students excited to purchase a class ring for accomplishing graduation is something that is imperative. - We chose this campaign to promote the need of awareness for Lamar University class rings. - Sales would rise if Balfour and Lamar create a reason and a desire for buying a class ring. E 21

22 Project by: Emily Sumrall Jacob Deese Special Thanks to: Lindy Danna of Balfour- for answering our questions Melinda Gonzales- for the amazing class ring photo Charlie Rowland- for giving us permission to take photos with his ring Tori Smith 22