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Now that you have defined your goals and conducted your situation analysis, it’s time to create a strategy to help you to achieve your goals. Next, you will complete your
Marketing Strategy
. In the Marketing Strategy, the marketing manager defines the company’s strategies for increasing sales and gaining a competitive advantage.
Complete Marketing Strategy by providing 1-2 paragraphs about each of the following items:
Marketing Strategy
- Positioning Strategy: Discuss your strategy for positioning and differentiating your product. What market segments will you target? What is your value proposition? Discuss how you will differentiate your product from similar competing brands.
- Product Strategy: Discuss your product and strategy for building a strong brand.
- Pricing Strategy: Determine how you will price your product or service. Talk about how you expect to remain competitive with your pricing and still earn a return on your investment. How will your product price compare to the competition? Don’t forget to take all of your variable and fixed costs into account when defining your pricing strategy.
- Distribution Strategy: How do you intend to get your product into the hands of the consumer? Incorporate the use of the Internet and other technologies in your Distribution Strategy. Also, discuss a traditional method for distribution such as, mail, retail, sales representatives, etc. Finally, specify the exact distribution channel that you will be using. Distribution channels include: direct distribution channel (product goes directly from manufacturer to consumer), or indirect distribution channel where intermediaries are used. An example of an indirect distribution channel would be the product going from the manufacturer to the wholesaler to the retailer to the customer or from manufacturer to retailer to consumer.
- Marketing Communications Strategy: Your communications strategy must incorporate traditional methods, as well as methods utilizing the Internet and Social Media. Discuss the elements of the promotion mix that you will use to promote your product.
- Marketing Research: Describe your plans for market research. What will be your approach and which tools will be utilized? How will you conduct your studies and what will you be measuring?
Save your assignment as a Microsoft Word document
Running head: EXECUTIVE SUMMARY: BEAUTY CLAD COLLECTION
1
EXECUTIVE SUMMARY: BEAUTY CLAD COLLECTION
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Executive Summary: Beauty Clad Collection
Student’s name
University Affiliation
Executive Summary: Beauty Clad Collection
Beauty clad collection is the ultimate ladies fashion clothing distributer across the state. The company is determined to market, sell, and supply a wide variety of ladies/women fashion clothing to every corner of the state. The business is motivated by the high demand for quality fashion for different age groups. The company has been in business for the past two and a half years, and it has managed to keep up with the ever-changing fashion trends both globally and locally.
The business deals with a variety of fashion products from women’s clothing, shoes, and accessories such as belts, purse, watches, and jewelry. These products have been classified into two main classifications which carter for both the needs of children fashion and ladies fashion. The children fashion section caters to fashion clothing needs of female children aged up to 15 years whereas the ladies fashion section caters to the needs of teenagers and women. There is a high market demand for these products which has greatly attributed to the success of the business. With the increasing market size and manufacture of quality products, the company has been able to sell all of its stock.
Besides providing quality and trendy products, the company offers sales in two types of consignments that is retail and wholesale packages. This has made it possible to expand the scope of services and products delivery as well as improve the relationship with different suppliers. In a years’ time, Beauty Clad Collection will embark on expanding its operations to the manufacturing of customized and new products in the market. Its long-term financial goal is to increase its sales from the current $750,000 to $5 million by the year 2020. This will be possible as the company will embark on intensifying its internal operations and expand its business location.
Running head: EXECUTIVE SUMMARY: BEAUTY CLAD COLLECTION
1
EXECUTIVE SUMMARY: BEAUTY CLAD COLLECTION
2
Executive Summary: Beauty Clad Collection
Student’s name
University Affiliation
Executive Summary: Beauty Clad Collection
Beauty clad collection is the ultimate ladies fashion clothing distributer across the state. The company is determined to market, sell, and supply a wide variety of ladies/women fashion clothing to every corner of the state. The business is motivated by the high demand for quality fashion for different age groups. The company has been in business for the past two and a half years, and it has managed to keep up with the ever-changing fashion trends both globally and locally.
The business deals with a variety of fashion products from women’s clothing, shoes, and accessories such as belts, purse, watches, and jewelry. These products have been classified into two main classifications which carter for both the needs of children fashion and ladies fashion. The children fashion section caters to fashion clothing needs of female children aged up to 15 years whereas the ladies fashion section caters to the needs of teenagers and women. There is a high market demand for these products which has greatly attributed to the success of the business. With the increasing market size and manufacture of quality products, the company has been able to sell all of its stock.
Besides providing quality and trendy products, the company offers sales in two types of consignments that is retail and wholesale packages. This has made it possible to expand the scope of services and products delivery as well as improve the relationship with different suppliers. In a years’ time, Beauty Clad Collection will embark on expanding its operations to the manufacturing of customized and new products in the market. Its long-term financial goal is to increase its sales from the current $750,000 to $5 million by the year 2020. This will be possible as the company will embark on intensifying its internal operations and expand its business location.
Situation Analysis
The most important part of any business is marketing. Therefore, the main target market is the ladies of between eighteen and forty-five years. This is mainly because these are the largest purchasers of women’s clothes, most preferably office ware. The main demographic for the target market is the women who are working class. The company is targeting to extend its operations to other countries so as to meet the ever-growing demand. The main market need is the provision of quality shoes and clothes. Moreover, there are several unmet needs in the market such as the children clothes that are still provided on a small scale as well as women suits. Based on what the company produces, the customers are able to benefit from the provision of a wide variety of clothes that are more durable compared to what the competitors offer. Elsewhere, the market offers market trends that one can capitalize on. This includes influencing the customer’s needs by introducing new and durable products at an affordable price. Equally, the provision of personalized and simplified products would bring more customers on board (Hicks, 2017). Worth noting, the company has experienced a tremendous growth in the market due to an increase in the number of customers who are associated with the products provided by the company.
Like any other business, the company conducted a SWOT analysis to gauge itself in the market (Melchiorre & Johnson, 2017). In its finding, the company’s key strength is its ability to provide durable clothing that meets the demand of customers. However, its main weakness is the inability to provide more women ware like the competitors are doing. Elsewhere, its main opportunity is the reduction of taxes on clothes by the State which enables it to use the surplus funds in expanding the business. On the other hand, the company’s main threat is the competitors who are employing a high-end technology that enables them to produce many and durable clothes at once that sometimes surpasses the demand. The company’s key competitors are the Ralph Lauren who controls a bigger share of the market. The competitors employ the 4 Ps (product, price, promotion and place) marketing strategy that enable them to reach their target audience. However, our company is able to remain competitive due to its ability to the customized and durable clothes that meet the needs of the customers. This is important because our customers would not wish to invest in clothes every other time.
In summary, Beauty clad collection is an amazing distributor of modern clothes for women of all classes within the United States. The main target market is the ladies of between eighteen and forty-five years. SWOT analysis enables a company to gauge itself in the market and know its strength and weaknesses and identify the areas for improvement.
Reference
Hicks, S. (2017). Strategic Analysis for Marketing Graduate Education (Doctoral dissertation, California State University, Northridge).
Melchiorre, M. M., & Johnson, S. A. (2017). Finding New Ways to Reach Older Students: Creating a Social Media Marketing Plan for Professional and Continuing Higher Education Programs. The Journal of Continuing Higher Education, 65(2), 73-81.
