The Insider Fashions Store Marketing - Essay Example

The Insider Fashions Store Marketing Plan Executive Summary Fashion has lately undergone a tremendous revolution. There is a great change in how people used to put on in the 20th century and 21st century. Most ladies in the United States hardly take two months without replacing their wardrobes. This can tell the speed at which fashion is changing. It is for this reason that The Insider Fashions was started to give the best and generational taste in clothing to its clients. The Insider Fashions has got a good reception to in the market, thanks to its broad range of customers. Its target market has found the place a one stop shop for all the family fashion. This has brought the need for the store to stretch its branches in various parts of the state. Therefore, it is only from a good marketing plan that the operations of this company can be well executed. Mission Statement, Goals and Objectives The mission of The Insider Fashion Store is to ‘’use the displayed opportunity in the current trends in fashion to provide the best outfit solution to all categories of customers, under one roof, through vigorous market research and rapid product design’’. Its vision is to ‘’become a world class store of the best outfits to all consumer categories’’. As a progressive store, The Insider has a goal to cover all the states in the USA by 2014. SWOT Analysis i. Strengths The Insider Fashions Store is a one stop shop for all the family cloths; therefore it attracts a broad range of customers. There is a welcoming mood created by the store’s employees, where customers are ushered in, well attended to and even provided with snacks to keep them shopping even for longer hours. The store stocks a range of products from all over the world, most of which, come from the most reputable brands in the world. It has partnered with children's entertainment companies to provide various entertainment facilities like video games for the children. This makes the parents to prefer the store since they can move in with their children and stay for longer hours without the children complaining Provision of trial rooms where the outfits are tried by customers to confirm the sizes. ii. Weaknesses The store is forced to charge relatively higher prices than its competitors since it deals with exclusive high quality products which come from far and at high prices. There is need to train employees thoroughly before they are employed, this makes the store to lose a lot of money in training iii. Opportunities All the store’s branches have been strategically placed at busy malls and near big colleges where there is a thrilling lot of customers There is a need for a one stop shopping store for all the family outfits which the store has exploited. There is still need for such stores in various parts of the state, an opportunity that the store has taken up positively and planning for further expansion. The store specializes in training its employee and is now planning to start up a commercial training college for such services. iv. Threats There is stiff competition that the store receives from several other stores set up in the state. By opening up a commercial training facility, there are high chances that the store will disperse its idea of success which other people will use to start up other stores like The Insider. There is also a threat of the new companies that are entering the market with new strategies The store has a threat of losing its international customers in case similar stores are starting up in the customers’ respective countries. Market Segmentation The market will be segmented in the strength of the customers’ demographic characteristics. The stores around colleges will be stocked up with various youth outfits, more than the other outfits of other age categories. The prices at these stores near colleges will also be lowered to consider that the targeted clients at these places are students who have tendencies of spending less money. For example, one store near Boston University will have its item prices ranging from $1 to around $20 for the most expensive outfits. Stores around the cities and at busy malls will be stuffed with all ranges of products to cut across all age groups. For example, the store at the mall at Fox Run, 50 Fox Run Road, Newington in Boston, and the prices of the products shall range from $1.7 to around $100 on average per item. In this store, new fashions shall be priced higher than the old fashions in stock. Ladies outfits shall be stocked more than the men outfit since ladies do shopping more frequently. Product The store will continue building on its name as a shop for genuine and true quality products. The products it offers are divided according to the intended consumers’ sizes and/or ages. There will be three sections with different products; children's section, the youth and adult section. These sections will enable each customer group to find its desired products easily. The products will assist the customers in convenient shopping as all varieties and sizes will be offered at the store. Extended Product The extended product of the store will be better trained employees that the store trains from a facility within. The store intends to make this a commercial training center that will be opened even to outside people. Product Promotion The store will do product promotion through advertisements in various Tv Channels, magazines, its own website, social sites and road shows. Some of the TV channels to be used include the Fox 2 Detroit in Michigan, Vicksburg TV23 in Mississippi, 3ABN and WGN TV from Chicago. The US top ten fashion magazines like the Cosmopolitan, Marie Claire, Elle, Vogue, Harpers Bazaar, InStyle, Glamour, Lucky, allure and W will be considered for product promotion randomly. Billboards will be put in the major cities and towns to show a variety of the store’s products. The store will use recyclable and stylish packaging material with the store’s name, trademark and logo, and this will help a great deal in the promotion of the store. Target Market The target market for this store will cut across all categories of buyers. Both low income earners, medium and high income earners have their products. Both sexes, male and female will have their products and also the clients will cut across the age divide; from children to adults. Pricing Objective The prices will cater for all costs and the store will be expected to make a profit after all and at the same time, make a lot of sales. The price should not be lower than other stores as low prices are associated with low quality products. The prices of products at the busy malls will be higher than the prices at store near colleges. This is due to the income level of the customers who visit the malls which is far much different from the income of the students, some of whom do not work. Main strategies To achieve its goal of covering all the states in the USA by 2014, the store will employ various strategies. The store is thinking of participating in buyouts where it will buy other similar stores in order to expand its branches. It will also get into franchising to enable other entrepreneurs to use its well developed name to start up branches all over the states. The store will also apply turn-around strategy to make the business fresh once again after purchasing other stores with similar products and are not doing well. Promotional Pricing The store will offer promotional pricing once a month, for any purchase above $250, there will be additional free offer of a $50 item(s). Distribution The store will include both direct and indirect distribution strategy. The customers can purchase direct from the stores and branches. In addition, the customers will be able to find the store’s products from retailers and other wholesalers. The distribution strategy the store will use is considered intensive and will be applied in order for the store to make a lot of sales within a short time period. Monitoring and Evaluation The store will use the computerized sales system to effectively record and track its sales at each branch. This will again be relayed to the main branch where sales and purchases will controlled from to minimize loss. The store will use survey method to find out the level of satisfaction of the customers. It will also use quantitative techniques to find out how much profit or loss the store makes. Since much of the promotion will be done through the TV channels and Magazines, there will be an interactive segment in each medium to allow the customers, viewers and readers to give their view about the products or the company as a whole. In the TV channels, a special SMS number will be displayed on the screen to enable viewers comment about the product. In the magazines as well, there will be a segment that the reader will need to fill out then cut and send back to the company concerning their views about the company’s products and service delivery. This will enable the company to be able to get feedback about their performance and adjust as necessary. Read More