Gagnon A MAGIC MIRROR 4 .docx - Term Project Magic...

Term Project
Magic Mirror
Presented to
Brent Pearce
by
Concordia University
Introduction to Marketing, MARK 201
April 8th, 2019

Table of Contents
Identification of Product 2
Macro-Environmental Impact 3
Demographic forces 3
Natural forces 3
Technological forces 3
Political forces 4
Economic Forces 4
Cultural forces 4
Segmentation, Targeting, and Positioning 6
Two potential and viable markets 6
Target market chosen to be pursued 7
Value proposition 7
Differentiator 7
Positioning statement 7
Secondary Data & Sales Potential 8
Sample page from one source 8
Estimated sales potential 8
Marketing Mix 10
Product 10
Design / Variety 10
Services /Features 10
Quality 10
Packaging 10
Price 11
Place 11
Distribution 11
Online 11
Promotion 11
Pop-up locations 12
Growth hacking 12
Social Media 12
Conclusion 12
Bibliography 13
Appendix 15
1

Identification of Product
The Magic Mirror is a tool that uses Augmented Reality (AR) to show how clothes
would look on the user virtually. The current problematic with online retail in Canada is
the “lackluster customer experience” [1] when buying online. With Quick Response (QR)
codes integrated into the e-commerce market, the user can sift through possible outfit
pieces and make a decision without being worried of wasting time returning an ill-fitted
item. In addition, the purchased items of clothing will be stored in the user’s database
and save the professionals valuable time when in need of quick outfit decisions.
Doubling as a tablet, the Magic Mirror will be able to play video and game applications,
bringing entertainment to the user. In conclusion, the Magic Mirror is providing clients
an easier way to purchase clothes and a time-efficient solution for outfit selection in
everyday life while staying versatile and entertaining for the user.
VERY GOOD MULTIPLE REASONS FOR THE “WHY” BEHIND THE PRODUCT
2

Macro-Environmental Impact
Demographic forces
Millennials are currently the largest generation representing about 27.5% of the
Canadian population or 10.4 million people [2]. Based on a statistics Canada study
Millennials will represent 50% of the Canadian workforce by 2020 [3]. As the biggest
trend in the Canadian demographic environment, the changing age structure of the
population will most likely impact the sales of the Magic Mirror [2]. Admittedly, the
growing purchasing power of the Millennials coupled with the fact that they are the first
generation to be born in a world filled with technology will positively impact the future
sales of the Magic Mirror. On the other hand, the demographic income will negatively
impact the sales of the Magic Mirror. According to a statistic Canada survey, the median
total income for lone-parent families in 2016 was $45,220 and they represented 19.2%
of all the families a 1.4% increase from 2001[4][5]. This increase in lone-parent families
could negatively impact the sales as the Magic Mirror is new and expensive. Therefore,
the affordability for most single-parent families is of concern. Also, 69.7% of all the
children aged 0 to 14 years old live in an intact two-parent family which is a 1.7%
increase since 2014 and the median total income for these families is $89,610[4][5]. In
fact, this increase in two-parent families will increase the sales of the “Magic Mirror”
since they are the families who could afford the product.