Essay:

Essay details:

  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

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Executive Summary

Bucketfeet is a footwear company that collaborates with local and international artists to design limited edition shoes, spark conversation and create brighter world (Bucketfeet, 2016). Artists are given an opportunity to tell their stories to the world through their designs on a canvas shoes and socks.

The company is primarily an online store with four retail stores in the east coast, and several stores around the globe. Over the past few years, the company has shown that there is an increase in the purchase of Bucketfeet's products, primarily shoes, because of the increase in their profit. Although the company sells their products at a much higher price than their competitors, such as Vans, the uniqueness of artist-designed shoes and socks gives the company opportunity to market their products and expand nationwide and internationally.

Company Overview

Bucketfeet offers premium quality shoes and socks that provide comfort, trendy and original designs to its consumers. The company gained attention throughout the world because of its unique designs. Local artists submit their original designs to Bucketfeet and the company selects the top artworks to be featured on their shoes and socks. As of today, the company has at least 40,000 artists from more than 120 countries. “Artists range from graphic designers, fine artists, street artists, graffiti artists, photographers, students and everything in between” (Bucketfeet, 2016). The company offers an up-front payment to designers and also pays royalty for each shoe sold back to the artist who originally designed the shoes.

Objective/Goals

The company's mission is to increase brand awareness by selling footwear apparels with creative expression of each artist's individuality using shoes and socks as a medium of art. The company also aims to be differentiated from their competitors by focusing on the artists' and consumers' originality and creativity. Bucketfeet believes that every person is unique and has a story to tell. Since the company is based primarily in the East coast, Bucketfeet relies heavily on on-line marketing platform to reach areas or regions to market their products. Social media, such as Facebook and Twitter, plays an important role to increase and reach the company's target market as they put great emphasis on word-of-mouth promotion. Furthermore, consumers serves as advertisers to increase brand awareness.

Situation analysis

Industry Analysis

The company started in 2011 when co-founders Raaja Nemani and Aaron Firestein launched their first store in Chicago. In the early days of the company, it primarily sold Firestein's original designs on their shoes. They then eventually reached out to the community and collaborated with local artists to submit their designs. Today, the company grew and expanded worldwide through the collaboration with local artists to produce footwear apparels that target a wide variety of population.

SWOT Analysis

Strengths Weaknesses

• Bucketfeet has high product quality.

• Bucketfeet shoes are originally designed by local artists—painters, graffiti artists, writers, illustrators, tattooists, and many more.

• Bucketfeet has a story to tell based on the designs of their shoes.

• Bucketfeet shoes are designed for all genders with wide variety of selection.

• Environmentally friendly with the company's shoeboxes are made with 100% recyclable materials.

• Bucketfeet has colorful history that has evolved into creative designs. • Bucketfeet is primarily based in the east coast.

• Bucketfeet's main marketing platform is on-line.

• Bucketfeet's products are pricier than its competitors.

• Bucketfeet's product material, canvas shoes, is not meant for different weather conditions.

• Bucketfeet sells only sells a few selection of style of shoes but with different designs.

Opportunities Threats

• Offers a unique medium of art for artists locally and globally to express their creativity.

• Original artwork design from artists from different geographic locations.

• Great opportunity to expand even more globally through collaboration with other artists.

• The originally designed shoes starts conversations that serves as word-of-mouth advertising.

• Wide selection of designs for men and women, and different age groups. • Relies heavily on social media which creates word-of-mouth promotion.

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