29 Jun MARKETING PLAN FOR A NEW/CREATED APPAREL, ACCESSORIES, OR HOME FASHIONS COMPANY
Question
MARKETING PLAN FOR A NEW/CREATED
APPAREL, ACCESSORIES, OR HOME FASHIONS COMPANY
Procedure to Complete the Marketing Plan
What is a Marketing Plan? How Do I Get Started?
A marketing plan for a company is an ongoing, dynamic document that provides a company with an analysis of current activities, identifies external and internal forces affecting the company, and sets out strategies for change. Marketing plans are typically internal documents, and therefore the audience for the marketing plan you will write will be other decision makers in the company. Although marketing plans will vary depending upon the company, the primary components of an effective marketing plan include a mission statement; a description of the target market; an analysis of the company or product lineâs marketing mix; an analysis of external and internal forces; and strategies, tactics, and action plans for change.
The Mission Statement
The mission statement is a short statement of the general nature of the business of the company. In writing the mission statement, answer the following questions:
· âWhat business is the company in?â
· âWho does the company serve?â
· âHow will the company make a profit?â
· âWhat is the goal of this company?â
The marketing plan will focus on the mission of the company.
1. List the types of products and services the company produces, the general goals of the company, and the general clientele served. Be specific in identifying the operations of the company:
2. From this list, write a description of the activities of the company in narrative form.
3. Review what youâve just written. Does it answer the questions âWhat business is the company in?â; âWho does the company serve?â; and âWhat is the goal of this company?â If not, revise as necessary.
Description of the Companyâs Target Market
A description of the companyâs target market identifies the gender, age, average income, lifestyle, geographic location, and price zone of the customers of the company. If the company has a variety of product lines, select one to focus on and describe that lineâs target market. Use this product line for the remaining components of the marketing plan.
1. List the demographic and psychographic characteristics of the customers of the product line.
2. From this list, write a description of the target market in narrative form.
3. Review what youâve just written. Does it give enough information about the target market so a reader can visualize the typical customer? If not, revise as necessary.
Analysis of the Companyâs Marketing Mix
An analysis of the marketing mix (product, price strategy, promotion strategy, and place strategy) is an important component of the marketing plan. This analysis answers the overall questions âWhat competitive strategy does the company employ?â and âDoes the company compete in terms of price, quality, service, location, or a combination of these attributes?â
1. Product Line Analysis: Answer the questions âWhat is the product line?â; âWho are the primary competitors for the product line?â; âWhat are the strengths of the product line compared to its competitors?â and âWhat are the weaknesses of the product line compared to its competitors?â
2. Pricing Strategy Analysis: Answer the questions âIn what price zone is the product line?â; âWhat makes the companyâs product/service unique?â; âDoes the pricing strategy position the product line as âtop of the lineâ or âbargain basementâ?â; and âIs this price zone appropriate for the described target market?â
3. Promotion Strategy Analysis:Answer the questions âWhat is the image of the product line?â; âHow is the product line advertised or otherwise promoted to the customer?â; and âIn your opinion, How effective do you believe this promotion strategy is?â
4. Place Strategy: Answer the questions âHow is the product line distributed?â; âWhat is the distribution strategy?â; âIs this strategy effective in getting the product line to the described target market?â; and âIs it easy for customers or potential customers to obtain the product line?â
External Influences
An analysis of the external factors affecting the company is important to understand changes the company might want to make in the future. These external influences relate to the overall business environment as well as specific issues facing the company. These include, but are not limited to:
· new technology that might affect the product line and competitorsâ product lines
· changes in the industry that might affect how the product is designed, produced, marketed, or distributed
· market trends that will affect customer wants and desires (i.e., how the companyâs target market will change)
· legal, economic, political, and environmental trends that will affect the companyâs target market or how the product line is designed, produced, marketed, or distributed
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