Action Programs, Financial Projections and Budgets

 

The next two sections of the marketing plan include Action Programs and Financial Projections and Budget. You will complete phase IV of your marketing plan in two parts. First, you will put together your action programs. Then, you will complete your financial projections and budget.

The Action Program

The Action Programs section of a marketing plan basically serves as a detailed promotions “to do” list. This section spells out specific programs that the company will participate in to promote their products. The Action Program will describe what will be done, when it will be done, who will accomplish the task, and how much it will cost. An example of an item that would appear in an Action Program would be a trade show. The Action Program would list the specific trade show and date. It would state the company’s objectives and reasons for attending it. It would also list who would attend the trade show, expected results, costs, etc.

1. In 1-2 pages, provide summaries of the Action Programs that you will use during the first six months of launching your product in order to achieve your objectives.

Financial Projections and Budgets

The Financial Projections and Budgets section of the marketing plan include budget details of expected revenue, estimated expenses, and a break-even analysis

1. Complete your Financial Projections and budget by providing 1-2 paragraphs about each of the following items:

• Sales Revenue Forecast: What is your projected sales volume by month for the first year?
• Expense Forecast: What is your total expected marketing costs? Break your costs down by each marketing, promotion, and action program strategy that you listed earlier in your plan.
• Break-Even Analysis: The break-even-analysis is the price at which total revenue equals total cost and profit is zero. This shows how many units must be sold monthly to offset the monthly fixed costs and average per-unit variable costs.

Save your assignment as a Microsoft Word document.

Running Head: MARKETING STRATEGY 1

MARKETING STRATEGY 5

Marketing Strategy

Name

Institution

Marketing Strategy

Marketing strategies are plans of action plans put in place by a company in its bid to promote and sell its goods or services. It is an overall plan of the business on reaching as many people as possible and converting them into potential customers of the company (Gupta, 2017). A marketing strategy is designed with the aim of increasing company revenue through increased sales. This paper discusses the marketing strategy adopted by beauty clad collection.

Product Positioning

In order to attract more customers on board, the company would adopt a price discounting strategy whereby customers will pay less for durable products. However, the discount package would be available is goods are purchased in quantities. Elsewhere, the company would use product differentiation method such as producing a variety of clothes for all classes of people including children. The company’s market segment is the women who are working. Elsewhere, the company’s value proposition would the cheap way to look smart. In order to make our products different from others, the company would begin producing customized products that meet the specific needs of different customers.

Product Strategy

The company’s main products are clothes; therefore, in order to build a strong brand, the company plans to zero in the potential customers to its products by creating a brand name and advertising it to potential customers and being consistent in enforcing the brand message to customers.

Pricing Strategy

The company would adopt a penetration pricing strategy so as to attract more customers. This strategy would enable the company to have many customers and remain competitive in the market thereby relying on the big number of customers to earn its return on investment. The price set by the company would more attractive compared to the competitors whose prices remain high in the market. Based on this pricing strategy, the company would factor in the variable costs which are not very significant to affect the profit margins. Moreover, the fixed costs of the company remain the same and do not affect the profit margin depending on the price floor of the company.

Distribution Strategy

The company has the intention of getting its products to the customers through online shopping where the goods would be displayed on the social media platforms and distribute them through sales representatives who would deliver them to customers who give a special request (Racz-Akacosi, 2017). In order to cut down the costs, the company would adopt a direct channel of distribution whereby products go directly to the customers and avoid middlemen who would increase prices. Equally, the distribution channel chosen by the company gives it an opportunity to directly engage with customers and know their preference.

Marketing Communications Strategy

The company would use the social media platform as its main communication strategy since it has a bigger influence on many people thereby making it easy to attract many customers. Equally, the traditional marketing methods such as the use of sales representatives would be used to reach more customers directly. Moreover, the company would use promotion mix such as advertising both in print and television media channels (Racz-Akacosi, 2017). This would enable the company to increase its customer base and remain on a competitive edge.

Marketing Research

The main plan for market research is to identify what the customers feel is not desirable and how to improve it with a new feature or do away with it. In order to do this, there is the need for a good approach to the problem. It would be good to sample customers and listen to their views. Moreover, it is a good idea to use such market research tools as a one-on-one conversation where one is able to get quick feedback from the customers. The market research studies can be conducted by interviewing customers on a one-on-one basis or via telephone conversation. This would enable the company to measure the customers’ preferences and be able to change so as to suit their needs.

In summary, marketing strategies are plans of action plans put in place by a company in its bid to promote and sell its goods or services. The company’s market segment is the women who are working. In order to remain competitive, the company sets a penetrative pricing strategy so as to attract more customers.

Reference

Gupta, V. K. (2017). Marketing Strategy: A War to Win. Journal of Management Science, Operations & Strategies (e ISSN 2456-9305), 1(1), 21-24.

Racz-Akacosi, A. (2017). Differentiation between the Differentiated and Concentrated type of Marketing Strategy. Small.

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.

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.