Course Project Report Submitted to Prof.

Anandakuttan B Unnithan
under the Course Innovation and Design Thinking

WEAR YOUR COMFORT!

Jhanvi Gupta PGP/24/449

Muskan Valbani PGP/24/456
Sunidhi Raje PGP/24/465
Vishwajeet Negi PGP/24/488
 Table of Contents
I. Description of Product ........................................................................................................ 3
a. Interchangeable heels ...................................................................................................... 3
b. Telescopic heels .............................................................................................................. 3
II. Target Consumer ............................................................................................................. 4
a. Geographic ...................................................................................................................... 4
b. Demographic ................................................................................................................... 4
c. Psychographic ................................................................................................................. 4
d. Behavioural ..................................................................................................................... 5
III. Value Proposition............................................................................................................ 5
IV. Value Chain .................................................................................................................... 5
V. Insights from Consumer Research .................................................................................. 6
VI. Features of Product and Needs of Customer Reconciliation .......................................... 6
VII. Market Description ......................................................................................................... 7
VIII. Competition overview ................................................................................................. 9
a. A company that has been successful in a similar venture: Tanya Health, Paris ............. 9
b. Similar Startups: Mime et Moi’s shoes ......................................................................... 10
c. Similar Startups: Flipside.............................................................................................. 10
IX. PESTLE Analysis ......................................................................................................... 11
a. Political Factors: ........................................................................................................... 11
b. Economic Factors: ........................................................................................................ 11
c. Social Factors: ............................................................................................................... 12
d. Technological Factors: .................................................................................................. 12
e. Legal Factors:................................................................................................................ 12
f. Environmental Factors .................................................................................................. 13
X. Porter’s 5 Forces Analysis ............................................................................................ 13
XI. Strategy and Marketing Plan:........................................................................................ 13
a. Positioning Strategy ...................................................................................................... 13
b. Marketing Platforms ..................................................................................................... 13
c. Marketing Strategy........................................................................................................ 15
XII. Customer Acceptance Chances ..................................................................................... 15
XIII. Concept Testing Analysis.......................................................................................... 15
XIV. Prototypes .................................................................................................................. 18
XV. Customer Testing of Prototypes.................................................................................... 18
XVI. Positioning Statement................................................................................................ 18
XVII. Go to market Strategy ............................................................................................... 19
XVIII. Business Plan............................................................................................................. 20
XIX. Annexure ................................................................................................................... 22
 I. DESCRIPTION OF PRODUCT
Our product comes in the following two types of heels mechanisms:

a. INTERCHANGEABLE HEELS
The heels come with a fixed hollow socket at the bottom heightened part of the heel which
allows different types and sizes of loose heels to fit right in. The mechanism is like that of a
screw, where the top part of the heel is fitted with a ball-like structure made of plastic filament
and wrapped around with metallic rings, thus allowing the heels to be changed easily by
screwing the same in and out.

Fig.: Mechanism - Interchangeable heels

b. TELESCOPIC HEELS
Heels are by default hollow, which makes it possible to keep the shoe convenient and
lightweight. Thus, these types of heels are like telescopes. They contract or expand as per the
requirements of the height required. The hollow centre is now filled with a metallic spiral,
which helps to lock the mechanism and keep the heel in place. The heel tapers like a telescope
and hence upon pushing the lower part up into the hollow heel, there shall be a gap, since the
lower part is smaller in size. This is corrected by the heel base of a wide rubber substance, so
that there is no gap when the lower part is pushed up.

Fig.: Mechanism - Telescopic heels

Other features of the product include:
The product range offers trendy and upbeat designs that make comfortable fashion stay in the
game. The customer also gets the luxury of different heel sizes with the purchase of just one
pair. The heel size can also be changed anywhere at the convenience of the wearer. For
providing high quality footwear, we also have added metal rings in order to avoid the wear off
of plastic. Additionally, we also offer free delivery and a flexible exchange policy.

The above-mentioned mechanisms are available in two types of heels being:

• Stiletto Heels: Due to the pointed shape, they are the most painful to wear. They also are
the ones that give the most height to the wearer. Hence, we aim at reducing the
inconvenience to the wearer.
• Block Heels: These heels have a typically squarish, wider base and hence are only medium
to short height. The stability to the walker is more than stiletto heels.

Interchangeable heels are available in both types of heels, however telescopic heels are
available only in the block heels, owing to their mechanism and its working.

II. TARGET CONSUMER

The target consumer is essentially a woman primarily in the age bracket of 16-32, who wear
heels frequently or occasionally. These women can be corporate working professionals,
students, teachers, homemakers and so on.
This can be further looked at from the angles of geographic, demographic, psychographic and
behavioural factors.

a. GEOGRAPHIC
The focus is more on the women of metropolitan cities such as Mumbai, Pune, Ahmedabad,
Bangalore, Kolkata and the likes. Initially the operations and delivery shall be started in
Mumbai and then expanded to other cities. This has been thought out so, because there is more
infrastructure, clubbing and corporate trends and hence more requirements for wearing heels.

b. DEMOGRAPHIC
The women being targeted are those who belong to the upper middle classes and high classes
as they would be willing to spend around Rs. 2,000-4,000 for the convenience of the heels.
There are two distinct categories of women being considered aged 16-26 - who are mostly
college-going and enjoy the partying scene. Since this age group is more into style and
following fashion trends, they will be attracted to this product because of the comfort provided
by these heels. The other category is women in the age group of 22-32 who are working
professionals be it in corporate or other types of establishments, who would be willing to wear
these heels at their workplaces, social gatherings or parties.

c. PSYCHOGRAPHIC
The women being targeted are those who are not brand conscious but will try a new product
based on the utility that it offers. They are aware of the industry fashion trends and are open to
experimenting. They have a high standard of living and earn enough to not mind spending Rs.
2,299-2,599 on the product.
 d. BEHAVIOURAL
At the inception stage, we are targeting women who frequently wear heels and at a later stage
we intend to attract customers to wear heels because of the convenience. The target market has
a low-brand loyalty and low-switching costs. They would choose a product that offers them
fashion, style, comfort and utility.

III. VALUE PROPOSITION

Heels are considered generally as a party accessory, at SoleAce, we are aiming to promote it
as an everyday wear by providing the comfort of adjustable heels, which is the innovative and
unique value proposition that we are bringing to the customer. Being a woman means playing
different roles every day and we aim to aid you in that by bringing the convenience of footwear
for each of those roles. Our product can be worn as high heels for partying or as low heels for
driving, in a matter of seconds.
We offer 2-inch, 3-inch and 4-inch heels height in the block heels category and 2-inch, 3-inch,
4-inch and 5-inch heels height in the stiletto’s category.

IV. VALUE CHAIN

The following is the visual representation of the proposed value chain:

In this proposed value chain, we shall have a cost advantage because of the following:
• The process of assembling the final product, as being outsourced to an external
manufacturer, saves the cost of owning and operating a factory and hence enables
significant savings in the manufacturing costs of each shoe.
• The costs of storage of the final products are also considerably saved, since we have rented
only a small part of the warehouse for storing our end products.
• Also, since we rented the warehouse of the manufacturer itself, there are significant
savings in the transportation costs.
• The cost of owning and operating a physical retail store is saved since we only engage in
taking orders through the online retail store.

Since, we intend to operate out of a coworking space, the cost of owning and operating an
office space is saved.

V. INSIGHTS FROM CONSUMER RESEARCH

For supplementing our idea with research, we sent surveys across colleges, corporate places,
malls and other public places. The results that were received were interpreted as follows:
We realised that almost 86% women wear heels for some or the other purpose an out of that a
whopping 95% women experience some sort of discomfort or pain while wearing heels. The
customers were on an average willing to pay about ₹2,800 for a good pair of heels. We also
surveyed what heel heights were preferred by the women to realise that most-preferred heel
height was 4-inch (52%) followed by 3-inch, 5-inch and 2-inch. Almost 55% of the women
said that they do not prefer wearing heels due to the discomfort experienced during the course
of wearing the heels.

When surveyed about the attributes that the women consider in a good quality footwear, they
voted that comfort was the most important followed by quality and design. The women also
showed enthusiasm in buying local brands for heels. Hence, when we also showed them the
prototype of both the heel designs that we offered, the majority women preferred the Telescopic
Heels. Based on these insights received via consumer research, we were assured that the
acceptance of the product would be positive.

VI. FEATURES OF PRODUCT AND NEEDS OF CUSTOMER RECONCILIATION

Through our project, we intend to offer exclusive and premium heels of two types:
• Telescopic heels
• Interchangeable heels
The heels will be manufactured under the guidance of experts in the field. Our primary channel
of distribution will be an online website. To gain traction, we will also exhibit our product in
various exhibitions and offer counters. We intend to make our product reliable and functional.
The heels will be available in various sizes, patterns, and colors. Our offers and services will
include:
• Free product delivery
• A complementary set of loose heels on purchase of an interchangeable heel set

The features of our products are:

• The ease of changing the heel size on your own
• The variety offered through our unique offerings
• The quality of the product will be better than the present market products
• Comfort is a priority as it is convenient to change the heel size
• The telescopic heel provides the ease of reducing the heel size in a moment
• Saving on wear out cost as the heels can be replaced
• Ease of exchange and delivery
The two types of heels that we offer are stilettos and block heels. Interchangeable heels can be
provided in both formats, but telescopic heels can only be made in block heel format due to
their functionality. The various heel heights we are providing are 2-inch, 3-inch, 4-inch block
heels and 2-inch, 3-inch, 4-inch, and 5-inch stilettos.

Unique value proposition

The prospect that makes our business unique and innovative is the idea of adjustable height in
shoes and the comfort that comes with it. The idea is to promote heels as everyday fashion
wear rather than a party accessory. We want to create an uncompromising product that
compliments both your fashion sense and your comfort. A woman plays various roles every
day, and with our product, they can do so without inconvenience. You can wear them as low
heels while commuting or driving, but then, in a matter of seconds, you can convert them into
high heels in case of a professional call.

VII. MARKET DESCRIPTION

India produces over 22 billion pairs of shoes per year, accounting for nearly 9.6% of global
footwear production. With approximately 1.1 million workers, India's footwear industry is one
of the most important sources of jobs. India consumes about 90% of the footwear it produces,
making it the world's third largest footwear user after China and the United States. Male
footwear dominates the industry, accounting for 58 percent of total footwear retail in India and
expected to rise at a rate of 10% by 2020, while women's footwear is expected to grow at a rate
of 20%.

Casual footwear is the largest group, accounting for approximately 67 percent of the overall
retail market, while non-leather accounts for 56 percent. SME's and the unorganised sector
currently dominate the industry; however, footwear produced by medium and large brands is
expected to generate more sales in the near future. Tamil Nadu, Uttar Pradesh, Maharashtra,
and other states in India produce a lot of footwear. The industry is transitioning from being a
labor-intensive sector to one that is more technology and innovation oriented. With computer
development and a systematic 9 labour flow, the footwear industry has become more
specialized. . The Indian government recently announced a Rs. 2600 crore special package to
help the leather and footwear industries develop. The growing fashion consciousness among
the youth, as well as consumer tastes for their lifestyles, is causing a shift in the industry. The
Indian footwear market is expected to develop at a rapid pace. Furthermore, the growing e-
commerce market and the improvement in footwear retail sector is expected to further improve
the performance of the Indian footwear industry in the near future.

Fig: Market Share in the Footwear Industry

After China, India is the world's second-largest footwear manufacturer. India's annual footwear
output accounts for nearly 9% of global production. Its footwear industry has seen year-on-
year growth in recent years and is expected to continue in the coming years. Over the last
decade, India has seen a growing pattern of consumer health and wellness adaptation. A hectic
lifestyle is the product of rapid urbanisation, which has led to an increase in the incidence of
lifestyle diseases. In India's metro and larger cities, this has resulted in an increase in spending
on comfortable footwear and sportswear.
Starting with Mumbai, our target market, metros, will be an ideal place to work. This industry
is worth between 40,000 and 50,000 crores and is expected to expand to 80,000 crores in the
next five years. Urban India accounts for roughly two-thirds of this industry, with the top eight
metro cities accounting for roughly 40% of urban footwear demand, followed by tier 2 and tier
3 with 35% each. The highest contributors in tier 1 cities are Mumbai and Delhi, which account
for about 60% of the industry, and the highest contributors in tier 2 cities are Jaipur, Nagpur,
and Indore, which account for about 3300 million.
The number of women working in corporations and enrolling in colleges is increasing. This
group has a strong sense of self-sufficiency and therefore spends more on luxury goods.
Equality between men and women has become a subject of debate, with many people changing
their minds regarding women's inferiority. Even in the home, women have begun to have more
influence than they did previously.
 There has been an increase in the sense of independence and self-expression as a result of rapid
modernization and a change in family structure from joint to nuclear. As a result, women have
been gradually leaving their homes for reasons other than household chores.
Fashionable footwear is even more affordable as brands have been able to spread to even
smaller cities. Women can now order goods from brands that are not available in their
hometown through the internet as recognition and acceptance of e commerce grows.

The most preferred product features were comfort, quality, fit, style and design. Other key
features would include price and functionality of footwear.
We aim to create a product that satisfies all these attributes by producing a heel that provides
comfort with superior design. Also, we aim to price the heel similarly to our luxury brand
competitors. Our selling point however is the utility provided in terms of various adjustable
heel sizes

VIII. COMPETITION OVERVIEW

a. A COMPANY THAT HAS BEEN SUCCESSFUL IN A SIMILAR VENTURE: TANYA
HEALTH, PARIS
Every shoe in the TANYA HEATH Paris collection combines creativity with expert
craftsmanship to create the perfect shoe for the modern active woman. “I began searching for
a cure to hurting feet in January 2009,” Tanya Heath told Forbes when asked about her journey.
To cut a long storey short, the R&D process took 14 engineers and shoe technicians, and by
July 2011, they had a proof of concept. It took another two years to get the supply chain right
because they were having trouble with pricing, delivery times, and style in the beginning.” She
regards them as official. September 2013 was the planned launch date as a brand, but it was
still a soft launch. At that time, they didn't have heel walls or shelves to display shoes. Those
came later, and nothing was obvious.
As of 2018, they are in Paris, Toronto, Beirut, Beijing, Canada and the next one that will open
is Hong Kong. The firm has since shipped to 72 countries. Americans are their largest client
group on the website and Tanya Heath’s dream is to open a boutique in New York, San
Francisco, Miami or any of the mega cities. Once she opened her first store in Paris, Heath
began to win awards, including the 2015 MAPIC Award for Best New Retail Concept.
 b. SIMILAR STARTUPS: MIME ET MOI’S SHOES
Mime et Moi was created in Munich, Germany, by four men. They found something after a
night out together. Since their feet were tired from wearing high heels, their partners all went
home barefoot.
After that, one of the guys, a mechanical engineering and construction student, set out to find
a solution.
Following a successful Kickstarter campaign, they are now available for purchase in Europe.
By winter 2017, the company had conducted a follow-up fundraiser, allowing them to debut
their designs worldwide.
If you live in Europe, you can pre-order Mime et Moi heels on Kickstarter or online.
Prices for a set that includes a shoe case, a pair of Mime et Moi shoes, the flat heels as well as
another pair of heels, and a heel bag start at 175 € (roughly $137).
Their high prices have allowed them to earn healthy profit margins, but two years is insufficient
to break even or generate sufficient profits. As a result, Mime et Moe heels are still in
production.

c. SIMILAR STARTUPS: FLIPSIDE

It is a Delhi-based Indian start-up that was established in March 2018. Their prices start at
Rs.3999 for a pair of heels, with two sizes of detachable heels to choose from. They have been
featured in BazaarIndia Magazine since their inception and have chosen the direction of
influencer marketing.
On the 1st of February 2019, they will hold their first public exhibition at the Hyatt Regency
in Delhi. The company's sales are currently inaccessible. At this time, it's difficult to make any
judgments about the company's results. Their target market is the same as ours, but our
telescopic concept sets us apart.
They haven't created a well-connected website in a year and must put in a lot of effort in the
product awareness department. With just 99 posts in a year's time and no partnerships with
fashion influencers, their social media accounts have low interaction. To get to the growth
point, the business needs to tap into a variety of segments.
Below is a competitor-analysis sheet on some important differentiating factors.

Factor Sole-Ace Tanya Mime et Mo Flipside Unorganised

Health Sector
Products Interchangeable Changeable Detachable Flips and Basic heels.
heel, telescopic and loose heels and Slides.
heel, loose heels. loose heels
heels.
Price Rs. 2200-2500 Rs. 6000 to Rs. 16000 Rs. 4500 Varied
50000
Technology Fixed base and Clipping Sole Based Gravity Nailed.
screw mechanism. Mechanism. Lock.
mechanism,
Telescopic
mechanism.
 Advertising Offline and
Offline and Rolled out Inactive Mainly
Online Online ( Youtube presence on offline and
(ExhibitionsStores in videos and social Minimal
and all social
more than 5 Online media. and online
media city, proper marketing. No Offline presence.
platforms). shipping presence.
system
across the
world)
Location India (Mumbai) Paris, Europe India Across the
Canada, (Haryana) Globe.
Middle East
and China
Form of Online. Local Fancy Retail Only online. Online. Stores.
retail stores and
online
ordering
system.

IX. PESTLE ANALYSIS

a. POLITICAL FACTORS:
By providing financial assistance, the Indian government is assisting the leather industry in
improving its competitiveness by upgradation and modernization.
• The Department of Industrial Policy and Promotion (DIPP) offers a wide range of
services. From tanneries to boots, footwear parts, and saddlery, there is a plan for
modernization and technological advancement in all segments of the leather industry.
• “Integrated Development of the Leather Sector” is the name of this programme (IDLS).
It began in 2002 and will be completed in 2012.
• The government has allocated Rs 290 crores to this initiative, which will be carried out
by two Program Implementation Units (PIUs), CLRI and FDDI.

b. ECONOMIC FACTORS:
A larger percentage of the population favours branded accessories in terms of tastes and
attitudes. The popularity of fashion figures and models, as well as awareness of fashion trends,
has increased. The country's demographic structure is favourable to our industry (Median age-
28.6 years female)

1. Trends in the industry:

Rising disposable income, particularly among the lower and middle classes, continues to
encourage consumers to increase their footwear purchases, primarily for higher-value products.
The economy began to show signs of improvement, prompting customers to increase their
spending.
 2. Landscape of the competition:
In 2014, Bata India Ltd remained the market leader in footwear, with a retail value share of
7%. Bata maintains a large presence in terms of store count throughout the region. Advertising
and shop design are two areas where the business spends. Despite not being the best performer
in terms of percentage increases, the organisation managed to post the largest rise in absolute
terms during the year.

3. Prospects
Footwear is projected to rise at a 7 percent CAGR over the forecast period, with sales reaching
Rs860 billion in 2019. The latest trends show a compound annual growth rate of about 15%
and a total market share of Rs 26,300 crores, according to the latest data.

c. SOCIAL FACTORS:
• There has been an upward change in people's lifestyles in recent years as a result of
technological advancements and rising real income levels. Most of that may also be due
to the availability of lower-cost goods. The Indian footwear industry will flourish as a
result of this upward change in people's lifestyles.
• Consumer views and opinions about branded shoes are shifting in favour of them: -
People are increasingly gravitating toward branded shoes as their income and
modernization rise. They would rather buy a more expensive shoe with more durability
than a less expensive shoe with less durability. The sector is expected to boom, with all
of the big brands already having manufacturing facilities in India.
• Consumer demand is driving market dynamics affecting footwear manufacturers,
according to demographics. These demographic patterns are related to the size and
preferences of different demographic groups. Men's footwear accounts for around 55%
of the Indian footwear industry, followed by ladies' and children's footwear, which
account for 30% and 15% of the market, respectively.

d. TECHNOLOGICAL FACTORS:
• The innovation in our product mainly complements comfort, activity and endurance.
• Increase in investment in R&D (has tripled in the last decade)
• It is easier to find research funding in this industry today.
• India occupies the 10th rank in resident patent filing.

e. LEGAL FACTORS:
• Multiple legalities must be taken into account, including labour rules, e-commerce
legislation, job contracts, and business registration.
• Any legislation should hopefully have no negative impact on our business because the
permissibility is straightforward.
• The government has enacted legislation to encourage the country's startup culture by
offering a three-year tax exemption, self-certification consent, and enhanced
intellectual property protection.
 f. ENVIRONMENTAL FACTORS
• A favourable market environment is created by low production costs, abundant raw
materials, and strong demand.
• Product production has become simpler as a result of government efforts, resulting in a
healthier market climate.

X. PORTER’S 5 FORCES ANALYSIS

The pictorial analysis of the Five Forces is attached at the end of the report in the Annexures
section (Annex 1).

XI. STRATEGY AND MARKETING PLAN:

a. POSITIONING STRATEGY
The driving philosophy at Sole-Ace is - "Fashion no longer begins at the end of your comfort
zone." Owing to the innovation involved in the product, we must position it differently in the
market than the other high fashion products. The advantage of our product is also the pricing,
and therefore it would be essential to highlight some features such as:
i. Comfort
ii. Convenience
iii. Design flexibility
iv. Exclusivity
v. Trendsetting

The main idea is to make comfort 'cool' again and combine high functionality with fashion. We
intend to collaborate with some up-and-coming designers and cater to the designs adored by
the market. The fashion market is fleeting and fluctuating, and there is a requirement for
innovation and creativity at every step. That is the aspect where collaborations will help us.
We will also endorse our product through fashion shows and creative displays.

b. MARKETING PLATFORMS
We will run our promotional campaigns on the following platforms:

1. Instagram:
Instagram is a great platform to target millennials and capture their interest in different products
through ads, campaigns, and increasing our following. Our Instagram page will comprise
creative displays of the backend workings, collaborations, fashion displays, product feature
campaigns, polls, and much more. A good strategy would be to collaborate with a famous
Instagram blogger and gain traction using their fanbase initially. We will also reach customers
through advertisements on their feeds and stories.

2. Facebook:
We will run similar campaigns on Facebook as our Instagram endeavor. We will create an
advertisement video explaining the mechanism of the heels and the functionality and usage of
such an innovation. On Facebook, videos will be more effective in gaining traction for our
website apart from the advertisements we will run. We will also create creative posters and
keep sharing staggered information pre-launch to generate a buzz and keep posting for further
engagement.

3. Blogs:
Blogs are a creative source of keeping the audience hooked on upcoming fashion trends and
are followed by crowds of all ages nowadays. As this is a new product, we want to collaborate
with popular fashion bloggers such as House of Misu and That bohogirl. These bloggers have
a great reach in the masses and are a fast way for our brand to make people aware of the product.
People highly trust product reviews, and the final opinion is highly valued. As people feel
connected to the blogger, it becomes a personal experience and therefore induces trust in the
company and wants to purchase the product.

4. Twitter:
Twitter is a platform where discussions are carried out, and personal opinions are shared. This
platform will help us increase audience engagement. We plan to have hashtags that help explain
our USP and goal, such as #GetYourHeelsOn and #ComfortableConfidence. We will also host
contests on current fashion trends to increase engagement across platforms.

5. Website:
Our website will be our central ordering hub and will emphasize the utility of our products and
list down all the products that we will offer along with their prices and heel sizes. Our offerings
will be displayed creatively on this platform to entice the audience. An integrated website
marketing strategy with an effective website and SEO strategy can prove to be efficient in
increasing our sales. The website will be kept minimalist and functional with all sorts of
payment options to ease the process. The website will also ask people to log in but will not
make it mandatory.

6. Magazine:
We plan on advertising our product in popular fashion magazines like Femina. Femina is one
of the most popular Women English Magazine featuring articles on diverse topics like health,
beauty, lifestyle, fashion, etc. Over 60% of readers of Femina lie between the ages of 25-45,
which is the age bracket of our target audience. A large population trusts this magazine for
brand recommendations and therefore shall help boost sales and goodwill.

7. Exhibitions:
Exhibitions act as brand activation and will be required to endorse the product initially while
gaining traction. They are a powerful marketing tool for our product. They engage an active,
highly motivated, and like-minded audience interested in learning about different products and
purchasing them. Also, as our product is pure innovation, it would be more efficient to spread
awareness in a face-to-face environment.

8. Google ads and Emails:

Google engages in over 100 billion searches each month. Google AdWords targets an audience
on the Search network and the Display network. By selecting keywords related to our product,
we will be able to efficiently reach our target audience interested in a similar category of
 products. Effective marketing emails will also help us convert prospects to customers and also
one-time buyers into loyal ones.

c. MARKETING STRATEGY
We will initially sell our product via our website to procure maximum margins. For the first
six months, our primary focus shall be on brand activation. As the concept of our brand doesn't
exist in the market, our main point of scrutiny shall be to make people aware of the utility. We
intend to do Blogger collaborations during this phase to use their fashion-conscious followers
to generate sales. Continuous advertisements on social media using Facebook, Instagram,
Twitter will be conducted to post informative posters and videos. Following this phase, we will
be marketing our product on all the platforms mentioned, and we will also advertise via Google
Ads to make the most of the webspace.

XII. CUSTOMER ACCEPTANCE CHANCES

We carried our primary and secondary customer research by data collection and short surveys.
We also conducted short interviews with some of our peers to get a more vivid perspective.
These methods helped us gauge the general customer response and reaffirm the chances of our
product acceptance. We analyzed the data based on qualitative divisors such as age, occupation,
and location.
The surveys helped us understand the demand and estimate the number of sales we could make
based on the projections. We realized most women opting for the interchangeable idea would
buy our pair of detachable heels more than three times. This helped us in determining how
many loose heels should be manufactured and designed yearly. This allowed us to understand
the maximum utility provided by our product. The acceptance chances for our product are
contingent upon the demand estimated and the success of the initial phase of the launch, which
will give a boom to our product. The chances as determined by concept testing and chance
estimation are high, provided that the quality and other related aspects of the product are
maintained.

XIII. CONCEPT TESTING ANALYSIS

We tested the concept by talking to vendors, suppliers, and consumers to check the project's
feasibility. The demand side of the project was estimated using surveys and interactions with
customers. We pitched our ideas to some renowned vendors and got some acceptance of the
concept and design. We also reached out to designers for initial concept collaborations. The
marketing plan and reach have been calculated along with major financial decisions. This has
led us to the overall estimation of the success of our innovation from both the demand and
supply sides.

Below is some data that we collected through the survey to get a better insight into the demand
for the product:
 Occupation

1% 16%
36%
20%

15%
10% 2%

Student Corporate Freelancer

Self-employed Professionals Government Services
Home Maker

Percentage of women who wear heels

14%

86%

Don't wear Wear

Percentage of women who experience

pain after wearing heels
5%

95%

Experience pain Don't experience pain

 Price range willingness

14%
25%

41% 20%

1500-2000 2000-2500 2500-3000 3000-3500

Heel heights preferred

2%

9% 10%

23%

56%

2-inch 3-inch 4-inch 5-inch >6-inch

Customer Preference

47%
53%

Telescopic Interchangeable
XIV. PROTOTYPES
For the Initial launch a demo prototype of the product has been designed by the team for the
interchangeable and telescopic heels to understand their preference.

Interchangeable Heels Telescopic Heels

XV. CUSTOMER TESTING OF PROTOTYPES

As per our hypothetical testing of the two prototypes amongst the users, the preference of both
type of prototypes were almost identical. Out of our 72 respondents, 33 respondents preferred
interchangeable heels and 39 respondents preferred telescopic. Such results and survey helped
us the shortcoming of our Protypes.

XVI. POSITIONING STATEMENT

For the outgoing working Women, Sole-Ace offers interchangeable heels that lets them get the
comfort as they adject the height of the heel or completely remove it.
 We have priced sole ace interchangeable heels cheaper than our competitors and we are
emphasising on following features:
i. Comfortable
ii. Convenient
iii. Design
iv. Exclusivity
v. Trendy

XVII. GO TO MARKET STRATEGY

To enter into the market, we have developed a go to market strategy, from defining market to
the marketing strategy, below is our strategy for the Sole Ace’s interchangeable heels:

i. Our Target market: Since the concept is highly valid in the corporate environment
where women need to wear heels all day and since we want to deliver comfort for
wearing heels for a long time, out initial sales have been targeted to Mumbai city. The
business is scalable, and we are looking forward to expanding further in other
metropolitan cities such as Delhi, Chennai, Hyderabad, Bangalore and Pune.

ii. Target Customers: Our target customers are primarily the women of corporate world
in the target market’s aging between 15-45 years, who wear heels on a regular or
Occasional basis. We are further bifurcating the customers into categories such as
working women in corporate companies, teachers, students and housewives. Basically,
every woman who wears heels.

iii. Brand Positioning: Now that our target market and customers are defined, we are
positioning our product as per our philosophy, i.e., “Fashion now no longer at the end
of your comfort zone” and we are going for competitive pricing strategy while
emphasizing on following features such as, Comfortable and convenient, design,
exclusivity and trendy.

iv. Our Offering: To our target customers Sole Ace is offering shoes which allows
customers to change the height of their heel either through completely removing it off
or by adjusting the height of the heel using its unique telescopic technology.

v. Budgeting Model: Since this is a new company, we are opting for Zero-based
budgeting with the assumption that all departments budget is zero and we have to build
them all from scratch, hence, every penny spent has to be justified including marketing
budget, operations budget and other internal budgets. We are keeping Initial budget
tight, and we want to avoid unwanted and excess budgeting, thus going bottom up for
the budgeting of the go to the market strategy.

vi. Marketing Strategy: We are planning to market the product through different channels
of media, and by running different campaigns over the social media. We would also be
working on the branding of the Sole-Ace keeping its philosophy as the backbone for
our marketing strategy.
 Below are some marketing elements planned over Social media and the digital
ecosystem:
• Instagram: We are planning to run a “woman’s Day campaign through Instagram,
to spread the awareness of our new product and its benefits. It includes interacting
with women interviewing them and discussing them the negative effects of wearing
heels for a long time. The stories of all these women will connect with the audience
over just posting pictures or having models promoting brands. We want to run
campaigns explaining how our heels would be helping all women, working,
students and even in the LGBT community.

• Facebook: Launch of an animated video and delivering a digital content which will
help us to explain structure of the heel and its USP. Along with the video of our
product explaining how it deals with the problem of current time regarding the
heels. We will be using Facebook advertisement features to display the adds
accurately to our targeted segments. Similar job would be done in the blogs and
twitter connected with our Facebook account.

• Website: Our website will emphasize on the utility of our product and list down all
the products that we will offer along with their prices and heel sizes. This will be
helpful for us as the customers will come to know about the product through picture
and video demonstrations thereby attracting, engaging, and converting more leads
over time. An integrated website marketing strategy with an effective website and
SEO strategy can prove to be fruitful as about 40% of consumers head to the search
engines in order to get more information while making their purchasing decisions.

• Google Ads: Another advertisement avenue is Google ads, with google searches in
billions in each month, Google AdWords target audience on search network and the
display network. By selecting keywords related to our products we will be able to
reach our defined segment.

• Television Media: Running thematic advertisement on television, especially on the

shows watched mostly by our target segment, include special events such as award
ceremony and movies. We would be strategically picking up tv content where we
would be placing Our adds.

vii. Sales Channels: Primarily we are planning to release our shoes in the target area for
our target customers online, where we would be making home delivery for our
customers. We are also planning to open physical store in long run in the targeted
market.

XVIII. BUSINESS PLAN

Below we have developed a business model canvas for the company which covers all the
aspects of the business from the supplier side to customer side.
 The business plan for Sole Ace as 3 major components, first one is the back end of the business
consisting of partners, activities we have designed to deliver value preposition with the help of
resources. Secondly, the customer side which includes the ways of customer relation, customer
segment we are targeting to serve and the channels that will be engaging for the sales. Thirdly,
the financial aspect the revenue model and the cost structure of the operations to understand
expenses. The value preposition of the business would be delivered by the innovative product
of Soul Ace, for which the manufacturing of the shoes would be outsourced to the 3rd party
vendor as Soul Ace would only be producing designs for the products. The suppliers would be
making contracts with the company for the final finishing of the products. Company would be
partnering with IT vendor for the IT infrastructural requirements and advertisements. Soul ace
would Onboard the customers on its website by registering them and by creating their IDs.
Their unique accounts would help us to generate customer analytics and insights to better cater
them. Also, it will help to maintain the loyalty program. Marketing activities such as social
media campaigns and Google AdWords helps target the appropriate targeted customers.
Leveraging the channels such as website and mobile apps, we will be initiating sales in Mumbai
for initial phase and then expanding to other metropolitan cities. For customer retention we will
be utilizing consumer analytics and loyalty programs. Also, customer engagement channels on
social media would also help retaining the customers. Finally, the business models, the
expenses associated with the operation of the company are IT infrastructure cost, advertisement
and marketing expenses, R&D expense and Payroll. Revenue streams for the company would
majorly by the sales of shoes, telescope and interchangeable units of the shoes.

Designed for: Designed by: Date: Version:

Business Model Canvas Sole Ace Internal Team 1/4/2021 4

Key Partners
Vendors (manufacturing shoes)
Suppliers
IT Vendors for infrastructure
Advertisement Firms
Social Media Companies
Key Activities Value Propositions Customer Relationships Customer Segments
Refferal Codes Women Age 15-45
Online sale of shoes Adjustable heels with various heel Loyality Points Corporate Professional
Marketing Events heights that we are providing are 2- Email Communication Teachers
Campigns inch, 3 inches and 4-inch block Social Media Students
Discounts and Loyality Program heels and 2 inch, 3 inch, 4 inch and Customer Support Service Housewives
Customer Registration 5 inch stilettos. LGBT Community
Administrative Activities on the
admin side of the website

Key Resources Channels

Intellectual Property, such as design Sales directly through Sole Ace
of the shoes and heels, and website
trademarks of the company
IT resources of the firm Sales through partnered 3rd party
Contracts and deals with other websites such as Flipkart, Amazon
firms and Ajio
Employees
Design team Mobile App
Marketing team Website

Cost Structure Revenue Streams

IT infrastructure Costs Sales of Shoes
Advertisement and Marketing Expenses Sales of Telescopic adjustable modules
Salries for Employees Sales of Loose heels
R&D Cost for Designs Sales of Adjustables
Adminstrative Costs
Delivery Cost
XIX. ANNEXURE
Annexure 1- Porter’s Five Forces Model: