Sunday, January 12, 2020
Company Profile Essay
Introduction BAYO is example of a specialty store that now competing to other leading specialty store. We aim to meet the following objectives upon conducting this study: To Identify the retail format of BAYO and its competitors, To study and understand the companyÃ¢â¬â¢s retail format, To identify the advantages and disadvantages of BAYO with its competitors, To identify the strength and the weaknesses of BAYO and aTo help improve the service provided by BAYO to its customers. Brief history of the company BAYO started out as a made-to-measure dress shop in Makati. The need to expand grew bigger when BAYO launched its ready-to-wear line. In 1992, the growing demand triggered the establishment of Lyncor, Inc., then a manufacturing firm, to support BAYO. Ã¢â¬Å"BAYO,Ã¢â¬ an ilonggo term which means, Ã¢â¬Å"dressÃ¢â¬ in English was chosen by the owners of the company since they are from Bacolod. BAYO reflects a clean, classic image. BAYO caters to women who embody the laid-back, casual lifestyle who have preference for stylish yet classic apparel. BAYO is a testament of what the Filipino can do in todayÃ¢â¬â¢s competitive environment. BAYO is proud of what it has achieved as a Filipino retailer and it expresses its full pride in being Filipino. This is what set the brand apart, its devotion to staying true to its roots as a Filipino brand. It has no pretensions on what the brand image is all about and rather keeps in tune with the brandÃ¢â¬â¢s origin, which is still Filipino. BAYO revolves around who the Filipina truly is in all her different facets and how she evolves with time but still maintaining her distinct cultural attributes. Company profile People behind the company: Lyn Agustin and Corcor Bitong, the owner of BAYO. What the company does: BAYO, a ready-to-wear clothing company that now has a total of 53 branches Ã¢â¬â 18 franchised and 40 company-owned Ã¢â¬â within Metro Manila and Bacolod City. When the company started: Agustin and Bitong started their business in 1992 and started franchising in 2001. How the company grew: Agustin and Bitong started out a simple made-to-measure dress shop in Makati City. But when their demand and clientele grew, the sisters, together with their husbands, established Lyncor Inc., a manufacturing firm and began market their womenÃ¢â¬â¢s clothing designs in earnest. BAYO philosophy BAYO has always taken pride in our continuous effort to provide the Filipino people with the following: Ã¢â¬ ¢ Quality Merchandise. Ã¢â¬ ¢ Quality Service. Ã¢â¬ ¢ Reasonable Prices. Ã¢â¬ ¢ Comfortable and world class shopping experience. Ã¢â¬ ¢ Fair labor BAYO started out as a made-to-measure dress shop in Makati. The need to expand grew bigger when BAYO launched its ready-to-wear line. In 1992, the growing demand triggered the establishment of Lyncor, Inc., then a manufacturing firm, to support BAYO. Ã¢â¬Å"BAYO,Ã¢â¬ an ilonggo term which means, Ã¢â¬Å"dressÃ¢â¬ in English was chosen by the owners of the company since they are from Bacolod. BAYO reflects a clean, classic image. BAYO caters to women who embody the laid-back, casual lifestyle who have preference for stylish yet classic apparel. BAYO is a testament of what the Filipino can do in todayÃ¢â¬â¢s competitive environment. BAYO is proud of what it has achieved as a Filipino retailer and it expresses its full pride in being Filipino. This is what set the brand apart, its devotion to staying true to its roots as a Filipino brand. It has no pretensions on what the brand image is all about and rather keeps in tune with the brandÃ¢â¬â¢s origin, which is still Filipino. BAYO revolves around who the Filipina truly is in all her different facets and how she evolves with time but still maintaining her distinct cultural attributes. BAYOÃ¢â¬â¢s strength lies in its ability and skill to create classic and stylish apparel and keeping in tune with what its market demands. Its focus is centered on its products, making them of good quality at very affordable prices. BAYO offers classic pieces of ready-to-wear apparel from blouses, tees, pants, jeans, skirts, accessories such as footwear, bags, jewelry and other merchandise, which can be easily be mixed and matched. BAYO aims to create a lifestyle for women by providing them with diverse range of products. BAYOÃ¢â¬â¢s corporate structure has a very casual environment as well as a friendly atmosphere between management and employees. People treat each other like family, which makes it easy to communicate and deal with each other. This contributes greatly to the success of BAYO because it paves the way for a better working environment, which in turn promotes teamwork. BAYOÃ¢â¬â¢s national commitment is to be able to provide employment and to be able to raise the local industry to higher levels. Its goal is to be able to penetrate the global market and promote it as a Filipino brand. Statement of the problem: 1. What is their merchandise? BAYO is focused on providing wide variety of merchandise assortment and other accessories. They did not only focus on clothing but also offer complementary accessories to have overall makeover. 2. What is their Store Design? BAYO arranged and designed their products according to color. This is one way to attract customerÃ¢â¬â¢s attention. The storeÃ¢â¬â¢s wall is made of glass so that customers can see the products through the glass. They also have chairs for customers to sit on while waiting. They also have a separate rack for accessories and every week they have a new set of design of their product. 3. What is their Market Segment? Geographic City and Municipality: Makati City and Taguig City Population Density: Urban and Suburban Demographic segmentation Age: 17-22 and 23 up Gender: female Family life cycle: Single, young, married, in a relationship, married with children, separated and others. Occupation: Young urban professionals, students, housewife, white collar jobs. Psychographic Segmentation Females usually go to mall to seek for a need or to window shop realizing that females are innately sophisticated. Because of this reason probably they are the possible target audience. As clothing stores the focuses on womenÃ¢â¬â¢s apparel, we are targeting females that are willing to submit or adopt the latest fashion. Instead of targeting females in the upper class, we focused on the market segment in the middle class realizing that upper class would prefer to visit stores having more expensive products. Behavioral Segmentation Females generally provide sufficient time in visiting malls to look for products that will make them feel more beautiful. They give more effort in choosing, scrutinizing and deciding on which product they want to purchase from the factors of price, design, fashion and quality. Usually, females buy a product to have self-esteem and be in. Primarily, females who seek for job, already workers and students probably have the intention to go to BAYO store as well as using it for applying for a job and hang-outs. Need Segmentation Ã¢â¬ ¢ Females that are looking for classical but casual wear Ã¢â¬ ¢ Accessories that will complement in the casual wear that will fully satisfy the taste, preference, occasion, professions and social activities for the customers Ã¢â¬ ¢ Apparel with good and high quality materials that can be used in applying in profession and occasionally purpose. 4. Why did they situate on that Location? BAYOÃ¢â¬â¢s location in MARKET-MARKET TAGUIG is advantageous because itÃ¢â¬â¢s located near at activity center which you can find a customer, and their location of the store is easy to be seen because it is near at entrance and it is good for competition. BAYO location in Market-Market has a 96.50 square meter and they are one of the branches of BAYO. 5. What is their marketing approach and their market positioning? sss Based on observation, BAYO intensified their advertisement by having lots of billboards. Also, BAYO strategically use well-known artists to promote their products so that it will be attractive and convincing. These appeal made the products easy to remember. They also have a company sale which is held every whole month of July and the other sales promotion of their store is depending on the mall sale. BAYO Company have a color campaign, those are Yellow for Happiness, Pink for Sweetness, Orange for Creativity and Purple for Sophistication. 6. Who are their competitors? Their competitors are penshoppe, folded and hung, forever 21, kamiseta, tribal. 7. Who are their target markets? Their target markets are the teenagers or middle ages. 8. What is their customer service? BAYO is giving a high customer service by means of providing free iron and fold for purchased apparels. There is also a salesperson assisting the customers in the dressing area. 9. How do you handle your customerÃ¢â¬â¢s complaints? BAYO should know first their complaint about their product and give them possible solution to satisfy their customers. 10. Do you have your regular customers? BAYO have their regular customers like teens and middle ages.