Posted at 11.19.2018
The following is the marketing arrange for Ballantynes my brand of sweatshirts. Marketing segmentation refers to the process of dividing market into sections or groups of customers with similar needs or wishes who will probably show similar purchase action. After market segmentation we become familiar with the various types of customers with different types of needs and desires. The target segments for my business would be young generation and adult people. I am beginning sweatshirts business in Christchurch city.
(Ballantynes, n. d)
Two bases chosen for market segmentation in my own sweatshirt business are
Youngsters: - The target audience would be between the age group of 16-25. I would like to start the shop in close to the Christchurch university or college area as it a occupied area and young people normally hangout in that area. I'd target both man and females as both of these wear it. I'd target youngsters who are from middle -higher category, because students would normally like acceptable and trendy clothes. I would have clothes from medium to higher range.
Professionals and Mature People: - The target audience would be both male and females between the generation of 26-40, I'd like open it in CBD area, as there are many commercial and tourist for the reason that area plus they can purchase in throughout their break in the action time, or while doing windowpane shopping, Similarly tourist can buy products as CBD is a famous holiday place. I would focus on customers from middle income to higher class. Corporate people would prefer trendy sweatshirts which is easily simple for them.
Old People:-The market would be males and females between the age group of 50-75, I'd like to start it in North shoreline as there are many retirement life villages and the crowd is posh plus they like trendy clothes, I'd concentrate on income group from midsection to higher school, Old people like to have comfortable and feasible clothing. THEREFORE I can make it easily accessible to them.
I will focus on Young people and Professionals as two potential focus on market segments for my business.
Type of market
Demographic and Behavioral Characteristics
I am going to cover age group from 14 to 25 years in both male and female. They look for style and new designs in the product like chain, hoodies, colorful, pictures of celebrities and sports activities personalities, plus some motivational quotations to have a unique personality in the society. They are piece price worried as their income is bound and are most likely reliant on parents in early ages. They belong to the category of different size and range of price. They are simply proficient in brands however, not loyal to them as they only want to look different. The forex market is large in proportions but less frequent individual of sweatshirts. They have least nervous about service but much hypersensitive about replacing and return assurance. They consider price while buy products.
Professionals and Mature people
This segment belongs to the generation between 25- 50 years. They have got potential to buy quality products and thus have less price level of sensitivity but look for informal designs with sober colors and convenient to wear during office times. They look for brands and quality stuff used to prepare the product. This segment usually prefers simple and plain sweatshirts with benefit for friendliness and personality feature. They desired for product which has brand value on the market and sometimes appears number of that time period in public areas through printing or electronic press. This section prefers to have sweatshirts with detachable hoodies so that they can make use of it without it. They like to buy more durable products while buying clothes.
Company targets and resources
Company goals and resources: Company's target will be maintaining loyalty with existing customers and by making good income attracting clients too. Company will concentrate to reach its rest even as quickly as possible by setting some targets and obtaining them promptly. Company will use various resources to meet their focuses on like advertisement resources.
Definability of sections:
Competitive rivalry - Is going to be high for the product as there are many clothing shops in Christchurch and everyone is competing.
Bargaining vitality of suppliers: The bargaining power of suppliers would be low as there are many suppliers in the market
Bargaining ability of customers: The bargaining ability of customers would be high as there are many clothing companies' joints in the market and they can bargain.
Threat of new entrants: The risk of new entrants is high.
Threat of substitute products or services: sweatshirts can be replaced by coat, jackets T-shirts etc.
Current Size of the Market
Population of youngsters: - 300, 000
Population of Pros: - 465, 000
Industrial progress: - 15% of total population
The above statistics gives me confidence about my product and section attractiveness on the market. And my business is having development potential in long haul because of the need of it according to climatic conditions in New Zealand.
(reports New Zealand, n. d)
A differentiated online marketing strategy is when a company creates promotions that appeal to at least two market sections or target groupings. I am targeting young people through styles, design, mixed price range, stuff like cotton, woollen, fabricated and pictures of personalities, wording they certainly prefer to see on cloths, glowing colours, hoodies attached and promoting through sociable media.
I will get my second target market of professionals and mature people who have informal look, brand custom logo, simple designs in sweatshirts, dual shade and quality products to safeguard from cold and have hoodies which is often removed too. I will provide unique designs to give a feeling of personality sign to them and plan through social press, T. V advert and promotion through publications. (ballantynes, n. d)
Task 4 As there a wide range of competitors of my company Ballantynes, the major competitors
The above diagram shows my placement of my product on the market. . Ballantynes is moderately priced with realistic price and quality. Nike, Adidas, Puma are saturated in quality and even the purchase price is higher. Natural cotton On is below me though it is lower in price however the quality is bad. So I feel I could compete and maintain on the, market with providing reasonable costing and good quality sweatshirts.
Product: 1. PRODUCT:
I have an array of products such as sweatshirts for ladies, men sweat tops, Kids wear, and fashion accessories. My product strategy will be latest design, stylish, stylish, assorted size with hoodies and Chain, pockets inside and outside, replacement or come back service in limited period to appeal to youngsters. I will provide specific custom logo on the sweatshirts entrance and back area. I will provide different textile style sweatshirts it might be design with cotton products and woolen as well. I am going to give products in various colors like plain, blend and quality stuff to get my older and professionals marketplace. I am going to provide different sizes for sweatshirts for example small, medium, large and extra large size.
Price is the factor which allures the customers that is why company's product is from low medium price range. Its service and stuff is very fine so people like to wear this brand and its own price is also very reasonable. The rivals of sweatshirts are selling their product at comparatively high price, so that is fantastic advantage because target segments are attracting towards sweatshirts product as it offers affordable and good quality products. The purchase price range for my sweatshirts would be between $12-$150
For advertising we will advertise in publications that mostly appeals to customers. Billboards are good tool to promote, they are really attractive and everywhere you go could see them. Adverts need to be written in simple vocabulary and easy to understand. We would promote them on communal press as it is affordable and can reach the mass market.
Will open up the store Ballantynes at 23/ Cashel Neighborhood Christchurch besides, that I will also make the merchandise available online = in about nine dialects in order to reach all its target segments from different nationalities. Through the website, customers can reserve their orders, check the latest offers.
Plan of monitoring and mechanisms:
Feedback through Questionnaires: The responses of customers is so important because responses made a decision the sales or popularity of the product. So, I'll do review about our product in available market and will collect reviews from existing customers. This will likely have few questions which they will answer and it will help me to know very well what they think about our product, what exactly are their future objectives and why they provide concern to it on the market? We are able to send questionnaires to your customers through email also. Their positive feedback will be success of our own marketing plan.
Sale Tendency through financial Information: I'll also keep check on my financial information if the business is within profit or loss. If my sales is going up it means my marketing plan is working and I can achieve my targets. I'll check all the information once in the month to be updated.
Market Research attention on my competitors will help me to comprehend what is market tendency or demand on the market and option of respective products. If my product is gratifying the need and it is having gain on competitors it means my marketing plan will continue to work and I could draw in more customers.
Ballantynes. (n. d). Background. Retrieved March 21, 2017, from https://www. ballantynes. co. nz: https://www. ballantynes. co. nz/history
statistics New Zealand. (n. d, n. d). Junior Populace is ethnically diverse. Retrieved March 26, 2017, from www2. stats. govt. nz: http://www2. stats. govt. nz/domino/external/web/nzstories. nsf/fb471f7feb8c8d5fcc256af1000fa1c1/a9f90227a3017a3ccc256b17007aaef3