A marketing plan is important when running businesses since it analyzes marketing objectives and aligns them with the marketing strategy to be able to meet the marketing goal (Luther, 2001). The products which is sold and sold to the market are designer clothing such as females dresses, dresses, shoes, handbags, men's shoes, sports activities wear and more. The clothing store will concentrate on the upper social class human population in society. In addition to this, baby boomers are also a target market since they have a higher spending power (GENERAL MARKET TRENDS Website, 2009). Women will also form the bulk of the mark market because of their attraction to designer clothing.
The quest of the business is to be the top clothing store in the state next five years and be the very best clothing store in america within the next decade. The aim of the business is to build a fortune among people who own share in the business. Our products were created through the use of the latest technology and trends in the market, and they will therefore fulfill consumer needs. An ambitious campaign will be utilized to advertise products in order to create understanding. A research office will anticipate market trends in the future which information will be utilized to design better quality products than those of competitors.
This paper will assess various aspects of the marketing plan including positioning in relation to competition, business strategies, charges, advertising and product decisions, growing and new market strategies, proper selections for declining and mature marketplaces, effective implementation and measurement and delivery of market performance. Additional information on these issues will be mentioned below;
The product placing assertion will be "For those who have rich tastes in custom clothing that satisfies personal personalized needs through expanding high quality clothing unlike other competitors". The mission of the business is to be the top clothing store in the state of hawaii within the next five years and be the very best clothing store in the United States within the next decade. The objective of the business enterprise is to create wealth among people who own talk about in the business. The combo of aggressive advertising and growing high quality products through market research will ensure the realization of the goals. Unlike many other competitors who do not have accurate home elevators market trends, the study department will forecast these trends and create appropriate products to meet market needs.
The marketplace, this is the upper social course, has learned its product needs due to the option of market information. Relevant research and use of new technology will bridge the difference between your consumer needs and products offered to the market. This provides an advantage over competitors who have not invested enough on market research and new technology. Regular analysis of the marketing plan will ensure that the plan is successful in the long run.
The strategy which will be pursued would be the customer intimacy strategy. Under this plan, the company targets customer service and customer attention (Tracy & Wiersema, 1995). The products which can be purchased are tailored matching to needs of customers. Since these clothing products sold are exclusive and custom made according to purchasers, this plan is consistent with products sold and business targets. Various areas of marketing will be applied using this strategy and these include lifetime value notion, delivery on time, customer associations and consistency of products. These aspects will ensure that customer loyalty is developed which customer needs are attained. This will be favorable for the clothing store as there will be an increase in numbers of repeat customers which will achieve uniformity in sales levels in the long term.
In order to reach your goals in utilizing the strategy, products should be designed by using the latest technology and trends on the market, in order to gratify consumer needs. A research department will forecast market trends in the future and this information will be used to create better quality products than those of competition. An aggressive plan will be used to market products to be able to create consciousness. The coming up with of high quality products and marketing them aggressively will ensure that the marketing goal is achieved.
The products sold will be creator women's clothing wear and they will include shoes, handbags and clothing from designers such as Gucci, Burberry, Tod's, Fendi, Armani, Cavalli, Dolce & Gabbana and Prada amongst others. These are more developed designers and the prospective market identifies with them. They'll be exclusive products which will draw in clients from the higher sociable classes in culture who spend a whole lot on fashion. The merchandise will have good thing about prestige, comfort and the ability to be tailor made according to needs of clients. Some of these products will feature signatures by specific designers in order to increase their exclusivity. They will be made from important metals and exceptional materials such as sterling silver, gold and gem. Their designs and colors will be determined by individual customers relating to their choices and tastes.
The pricing aims will be to set up competitive prices which echo the grade of products developed for consumers. The product prices should also reflect prices regular with luxurious products that your upper social school can identify with. As earlier discussed, a one-size-fits-all costing strategy will be utilized. All similar products will be sold at the same prices irrespective of the market sold. This may be achieved to ensure that the products maintain their prestige as luxury goods. Since they are directed at the abundant, this will be steady with the purchase power. In order to encourage consumers to buy these products, trade and number discount rates will be offered. The trade discount and quantity discount will each be 5% for more than $500 spent on any products.
A pull strategy will be implemented in marketing the clothing wear. This strategy requires delivery of products to consumers once they have requested for the coffee lover. In this case, most products will only be developed after customers have wanted for the kids. The clothing store will package in luxury products and almost all of these are custom-made for consumers. Unless consumers give exact features, it will be difficult to create products which meet market needs.
The target of the marketing plan is to set-up awareness of the products and sell these to the target market in order to meet the sales targets. A mixture of production of quality products, hostile marketing and circulation will ensure the success of the goal. The sales goals as earlier mentioned are $20, 000 for the first month and this figure is expected to increase to $48, 000 by the end of the entire year. Cashflow levels are also expected to rise from $5000 in January to $24, 000 in Dec. The overall budget quotes for the beginning of the clothing store will be $200, 000. The per capita cost of acquisition of customers will change with market segments, but this is expected to be roughly $100 in the first month judging by the advertising costs of $2000 and targeted 20 customers during the first month. However, the figure will increase with growth of the market and clients.
The mass media plan will be steady with the marketing strategies. A cost of $2000 will be incurred during the first month. The target audience will be the business professionals, top actors, music artists and people in the fashion industry. Other focuses on include people in the top social classes. The Internet and media will be generally used in marketing and $1000 and $600 will be the sums used respectively. Advertising on the internet will mainly revolve around the company website. International multimedia such as CNN will also be contained in advertising.
In order to increase into new and growing marketplaces, the marketing department will be likely to research and identify markets which have the potential to consume our products. Since we deal in luxury products, developed countries will form the majority of the market. As part of the expansion plan, the clothing store will develop and open stores throughout America and later endeavor into Europe and other continents. After id of these marketplaces, a Infestation and SWOT examination will be completed to ascertain the marketplace environment in these markets. Other factors such as cultural attributes, politics and economical factors will be assessed to ensure that the market is feasible and there are few constraints to trade.
In order to advertise products in these new market segments, competition will be analyzed and rival strategies evaluated in order to develop unique products which meet market needs. An international online marketing strategy will be used in marketing which will involve use of the web, international press such as CNN and other networks which can be purchased in target markets. Strategic partnerships with major players in these marketplaces will also be an integral strategy since consumers in these marketplaces identify with these associates.
When dealing with adult and declining markets, the most important factor to assess is the feasibility of appealing to new consumers or retaining today's customers (Miller, 2003). General market trends will be carried out in such marketplaces to determine if there are strategies which may be used to induce market development. Factors which cause the market decline may also be evaluated to assess whether they can be reversed. If the marketplace decline is found to be reversible, these factors will be used to induce market expansion. However, where the marketplace is stagnant or is declining and this cannot be reversed, then your store will grab from the market. This may ensure that loss are reduced and costs low in order to attain profitability.
In order to fully implement this plan, both real human and capital resources will be required. Human tool is important in implementing decisions management makes, and these immediately affect the client. Employees should be encouraged using financial and non financial means to be able to improve their output (Fogg, 2000). Since employees straight offer with customers, their inspiration levels will impact the relationship which the clothing store has with customers. Affecting them in implementing these strategies will ensure that their performance is advanced and value put into customer support.
In terms of capital resources, It'll be the major source of information incorporated in to the store to increase efficiency. It'll be included in marketing, research and innovation as well as protection of details and systems which run the store. The store use machinery which complies with the highest benchmarks of quality standards within the clothing market. Periodic assessments will be carried out to establish whether the store complies with all its collection goals. The online marketing strategy will be modified if these evaluations expose that the store will not meet its set goals.
As previously discussed, the marketing plan will be evaluated after every four months to be able to determine whether it matches its goals. There are various pointers which is evaluated and these will include sales levels, customer feedback, profit levels while others. Sales and income levels will be assessed against the mark sales and profits to determine of they are really constant with the focuses on. If there are any shortfalls regarding to focuses on, this will point out problems in marketing and an analysis will be done to unearth the trouble. Customer feedback will be used regularly since it is the best form of opinions for just about any product. Customer feedback will be obtained through the internet on the company website.
Direct feedback will also be sourced through advice containers and dialog with employees at the clothing store premises. You will see a big change in the marketing plan if it demonstrates to be ineffective. Change will involve changes in the campaign and price strategies as well as the overall product quality. A succeeding research will expose the inconsistencies between developed products and market needs, which will form the basis of changing the marketing strategies.