Marketing Plan Homework Help
In this marketing homework help, we have described the marketing plan for fictitious
company. Then, you are ready to start building the marketing plan with a focus on segmenting and positioning your product and service.
Marketing plan can be understood as the document that introduces a company, its product and a new market in which company can enter to earn potential benefits. Marketing plan facilitates the business firm to forecast potential growth in a particular market. Significance of marketing plan has been increased in the present corporate world because it provides detail description about products and the market in which company wants to expand its business.
The main purpose of preparing this marketing plan is to introduce the product range of Trendy Version Fashion Shop for the business expansion in Brazilian Market. This marketing plan is developed to present company’s mission, products range, strengths and weakness of the firm, threats and opportunities available in the target country, potential target market for the products, segmentation, positioning statement for the product for its future growth, etc.
Trendy Version Fashion Shop is a retail company, which operates in England in clothing and accessories sector. It has several retail showrooms in England. Trendy Version manufactures clothes and fashion accessories for ladies and teenagers. Company has a wide range of designer clothes that comprises traditional, ethnic, occasional, formal and party wear garments. In addition, ladies can also purchase matching jewellery and other accessories like perfumes, shoes, deodorants, etc. from the retail outlets. Apart from this, company also manufactures maternity clothes for women, who are pregnant and want to feel a lovable touch with high comfort.
As the internationalization has become popular and essential for the growth and profitability of business firms, owner of Trendy Version Fashion Shop has expanded business in Asian countries such as Japan, Taiwan, and Singapore. Now, Trendy Version Fashion Shop wants to enter in a new market apart from Asian countries. Thus, market of Brazil is targeted by the company for expansion of business.
The main purpose behind expansion of business is to achieve its objectives, which are as follow:
- Trendy Version wants to become a global brand in this highly competitive clothing industry.
- Trendy Version Fashion Shop wants to increase its market share by 20% in international market by 2015.
- Company wants to increase its number of customers by 15% by 2015.
- Another objective of Trendy Version Fashion Shop is to enhance annual sales volume by 5% and respectively.
Mission Statement of the Company
Mission Statement of Trendy Version Fashion Shop is to develop emotional touch with the wearing of the customers by offering high quality and designer clothes to ladies with contemporary label within their budget.
The main aim of the company is to satisfy the needs of the women and teenagers, who want to look different at every day because company believes that “Your dressing shows your personality and shape your attitude”. As it is a very common fact that ladies and teenagers are very choosy about the clothes and impression, they always want to look different and attractive, thus, Trendy Version Fashion Shop manufactures western, ethics, formal and casual wear, so that customers can improve their look and personality by wearing the cloths of this brand and develop their confidence level also at both social as well as professional places. Company also offers quality products at low prices.
Foreign Market for Product Introduction and Rationale behind its Selection
Company is selected market of Brazil to expand its business and introduce its product range in the clothing and fashion industry of Brazil. According to the report published by Textile Intelligence (2011), Brazil has high opportunities in coming years, because the growth of clothing retail industry of Brazil is increasing 7% annually. From 2010 to 2015, Brazil will be the leading target market for the retail companies. This is the main rationale behind selecting this foreign country.
Apart from this our management homework help experts described that, women are contributing a high share in clothing industry of Brazil by purchasing business and party wear with the combination of ethnic and western look, which is also an attracting feature of Brazil. The domestic business environment of Brazil offers numerous opportunities for the international firm due to availability of flexible labour and high demands of consumers for trendy and designer products.
Potential Audiences and their Needs
The potential audiences for Trendy Version Fashion shop will be both working women as well as housewives. Apart from this teenagers and youngsters will also be potential customers for the company as the designer clothes and accessories are liked by teenager girls very much (Ferrell and Pride 2006). The potential market for the company will be based on different dimensions such as behavioural, psychographic, geographical, demographics, etc.. As per these dimensions, potential customers of the company will be the consumers, who are willing to use designer clothes and want to look attractive and different in the society as well as corporate world.
Company’s potential customers will be the men also whose wives are pregnant and who are looking for maternity clothes. All potential audiences will have a need of variety of clothes designer and comfortable cloths with a wide range of accessories, jewellery and shoes, which are offered by Trendy Version Fashion Shop. Working women needs formal wearing with cool and shiny fabric. On the other hand, housewives need comfortable cotton clothes and traditional wear for parties. Teenagers need funky and designer clothes with bright colours to hang out with friends and also need decent college cloths.
Marketing Segment and Rationale
The major segmentation for trendy Version Fashion Shop will be based on business to consumer model and company will concentrated on consumers directly instead of focusing on other business franchises of B2B model. Market segment for the clothing and accessories will be based on behavioural dimension mainly.
The rationale behind selecting this segment is that, ladies are highly conscious for their clothes, designs, accessories, etc. and Trendy Version Fashion Shop also offer product with different design to satisfy the needs of women as per their behaviour. Apart from this, teenager are also choosy to wear clothes and accessories and they all have different behaviour due to their age effect, so company will segment consumers as per the behavioural dimension. As, company specially make maternity clothes for pregnant women, thus, they also segment their audiences according to the psychographic dimension, as some women have psychology that they should wear comfortable and easy clothe during pregnancy.
Target Market and Rationale
According to the dimension of market segmentation, Trendy Version Fashion Shop will target their potential consumers as per gender, age and income level. Company will target only Feminine gender such as ladies and girls, as it is making clothes for women only. Apart from this, women between the age group of 18 to 50 years will be targeted by the company. In addition, young girls and teenagers from 10 years to 18 years will be attracted by the firm to become consumer of the firm.
This age group is very enthusiastic about their looks and use of designer accessories colourful and attractive cloths, etc. thus, company will target these groups. Company will also target college going girls because they need trendy clothes and fashion products with brand name and low price. Company will target these customers to capture high market shares and become popular.
SWOT Analysis of Company
Strengths: A wide range of products and fashion accessories along with fashion jewellery is one of the significant strengths of Trendy Version Fashion Shop. This company has innovative marketing practices such as personal selling and sale promotion techniques, which is also strength to attract large target market. In addition, Trendy Version Fashion Shop has its own designer, manufacturing facilities, retail outlets, etc. Company directly targets consumers through its retail outlets to offer them low prices with high quality. Financial performance of the company is also good to expand business in foreign market.
Weakness: Trendy Version Fashion Shop is highly dependent for its profit on clothing sector, which is especially for women. Fashion and accessories sector of the company generate only 25% revenue, which is a weak point of the company. Company’s supply chain is also not very effective due to lack of effective implementation of information and transportation technologies. Company is not targeting children and youths (masculine), which is also a weak point for the long term growth of the company.
Opportunities: Trendy Version Fashion Shop is operating in England and Asian countries and there are several opportunities for the firm to expand its products range. In the Brazilian market, as the coming year will be very fruitful for textile industry, thus, expansion of its business will also be profitable. Due to availability of cheap labour and highly technical environment, Brazil will be very profitable market for Trendy Version Fashion Shop. Company can also target American market to gain opportunities and also utilize the opportunities in male accessories sector by introducing a product and accessories range for men and boys along with sports accessories.
Threats: Clothing industry in UK as well as in USA is highly competitive and unpredictable due to regular changes in the demands of consumers, this is a biggest threat for the company and it can be a hinder in its success. In Brazilian market, there are strong players such as Zara, Gap Inc., etc. which can control the growth of Trendy Version Fashion Shop. Due to high competition, profit margin on the company will be less.
Market Positioning for the Product
In order to draw a strong image of product’s of Trendy Version Fashion Shop in Brazilian market, company should develop a positioning strategy. The positioning statement for clothes of Trendy Version Fashion Shop will be “Be Trendy with Trendy Version”, “Look Trendy with us: Trendy Version Fashion Shop”, “You need to be Trendy: Visit Trendy Shop”, “Feel the Latest Trend with Us” etc. All these positioning statements will reflect the image of the company with its brand name. As youngster and women needs to be in fashion in trend, all these statement will attract them to use trendy clothes and accessories. All these quotes will be fruitful to attract a large target market not in Brazil as well as in England and Asian countries.
Thus, according to the above explanation, it can be sum up that Trendy Version Fashion Shop should enter in Brazilian clothing sector as there are numerous opportunities for growth in textile market. Trendy Version Fashion Shop has a wide range of products and company should also concentrates on male segment by expanding its products range and to ensure long term success in this highly competitive industry.
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