This report will analyze the strengths of this company in creating the right options for marketing while offering new ways and initiatives which the company can use to continue to expand the product line and interest in the runway. Business Mission The basis of Rent a Runway is to assist individuals who like high fashion but are on a budget or only need a fashion item for one occasion. The objective is to offer individual options from professional stylists while assisting with fashion forward looks for any occasion. The mission is based on women being able to look their best at any occasion while providing fashion forward advice and alternatives to assist with the best looks for any occasion. The team has expanded to designers and professionals that are able to assist in creating the perfect outfits for women and men that are preparing for any occasion (Rent the Runway, 2011). External Marketing Audit: Market Competition The fashion items that are offered through the Internet are continuing to grow and bring attention to the runway items of the season. The main competition is coming from emerging fashion stores that are able to offer luxury and brand name items at a lower price. These are combined with wholesale stores that offer even more opportunities for those looking at different fashions and designs. These are known to move higher into the competition based on price, types of designers available and the region which they are located in. They are furthered with competition that is based on finding the right clothes at a lower price. The current marketing competition for fashion is based on an emerging market that is expected to grow by 7 – 15% by the year 2020. These demands are based on the ability to get low priced fashions that are in style for the season and based on luxury and brand names at a discount (BofF Team, 2011). The continuous growth and expectations for online portals is causing several to turn to Internet solutions for their business. There is now advice that is being sent to those who are looking for new ways to promote business to move online, including retailers and those interested in the fashion business. This is leading brick and mortar retailers, wholesale businesses and others involved in creating other links to customers to set up businesses online. This is combined with emerging designers and brand names that are creating the same links to an online presence. Each of these are combining strategies for a stronger presence, leading to competitive alternatives based on customer loyalty and a growing global market. The association is based on creating a stronger sense of customer loyalty through the businesses that are working together (Haley, 2011). Internal Marketing Audit The association with Rent the Runway is one which is taking the main trends with the online presence among fashion lovers and expanding the market into one that holds several strengths. For the online portal to continue to work; however, there is the need to extensively examine the marketing tactics and alternatives that are available. By doing this, there is the ability to create a stronger presence while moving forward with the competition that is online. Operating Results The operations that are a part of the online portal are based on a process that is required for an individual to be a part of. When one goes to the website, they are immediately
Marketing Plan for Rent a Runway Executive Summary The ability to reach new markets with fashion is an objective which is strongly considered for a variety of corporations. Looking at new ways to create the proper fashion statement and linking to fast fashion is one of the alternatives that are combined with this…
The company feels that the current marketing plan for its products does not put them in a position to reach the profit potential for the small appliances. Success with the new line will depend upon an accurate assessment of the market and a well-crafted, effectively implemented marketing plan that will fit in the current market. As the marketing manager, you are charged with the responsibility of developing a new marketing plan that will enable the company to reach the full profit potential of one small appliance from the new product line. The president has suggested that you use the “clean sheet of paper” concept as you develop the plan; therefore, during the time you
This new branch should facilitate exceptional performance in the four core areas namely: Customer Satisfaction Employee Development Fleet Growth Operating Profit Therefore, this paper has been designed to create a detailed and unique plan for this project.
In order to a marketer become successful, the company must be able to provide greater customer values and satisfaction than its customers do (Armstrong and Kotler, 2005, p. 72) and therefore recognizing and analyzing competitors and their strategic steps seem to be critical elements to business success.
A mass-market segmentation strategy appeals a firm to develop one product or service mix to be marketed to all potential consumers in the target market (Reid and Bojanic, 2009). Under mass-marketing strategy, the firm doesn’t need to develop more than one marketing program, because though consumers can be different, they are alike and react in a similar fashion to fulfilling their needs and wants.
Marketing Plan: Individual Reflective Essay Student’s Name, I.D. Course Number: Course Title Term and Year Instructor’s Name Marketing Plan: Individual Reflective Essay Introduction In the age of market economy, marketing plan has emerged as a major substitute to the standard and traditional tools of budgeting and forecasting in business management.
Facts of the Case Study The Runway Discount is a private firm sale of high-end fashion items. The company wants to increase their online as well as the customer base. In this regard, the company started ‘Refer a Friend’ program in which the existing customer would get an amount of twenty five dollars ($ 25) if the existing customer would refer a new customer to purchase items from the website of the Runway Discount Company.
The important elements of marketing plan are to precisely define the business, identify the goals and serve as the firm’s resume. Pro forma balance sheet, an income statement, planning precise strategies and cash flow analyses comprises the basic components of a marketing plan. Preparing a marketing plan helps in the allocation of resources properly.
The company provides the customers quality products at affordable prices. The company is known for its quality god across the world and being socially responsible in China as well. The company works on the philosophy of combining people and orders in
Using these sites, we will reach a large audience. We will post important details such as our menu items, the date of the event, time and location on these sites. Social media advertising is cheap and will
It is the company’s goal to provide customers with a one-stop shopping opportunity, while maintaining profitability and brand identity. Founded ten years ago by Nicholas Newman and Lucille Russell, Athletics Supreme is run by a highly
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