Marketing Planning

CURRENT SITUATION ANALYSIS

Internal Analysis:

Mission

Business has got their mission statement to be the largest global online boutique retailer of women’s fashion and to nurture the community of quirky, confident and bubbly SHOWPO girls.

Resources

SHOWPO is an organization which used to carry out their sale of products by using online media. In order to be very constructive, it is one of the sources which business needs to look after for having exponential growth in their operation (Taylor and England, 2006). They need to build a team which will be looking after this media channel and will also be a proper support towards information technology department of the enterprise. Organization will also be requiring a department that looks after the designing of latest clothes as per the current trend. For initiating the entire functioning of business, most important resource that SHOWPO need to look after is with respect to finance (Ellis-Chadwick and Johnston, 2009). It is one of the sources that company needs to effectively segregate within the business for initiating future operation of the organization.

External Analysis:

Technological trends

There are various factors with respect to technology that need to be looked after by SHOWPO which can lay down the impact on product or service within market (Varadarajan and Yadav, 2009). The aspects which are included in these criteria are expenditure that government incurs on technology in this regard. Even it is important for the business to bring out advancements in the technology as per the latest trend functioning in the market. Management even needs to look after life cycle of technology available and the role played by internet in their business operations.

Economic

In this aspect, SHOWPO needs to look after all the economic aspects which can affect the operations of enterprise. There are various factors which can have impact on the operations of business such as economic growth, unemployment policies, business cycle of the country as well as economic (Yu, 2006). Along with that, management of the organization needs to bring out their consideration in the area of interest and inflation rates of the country.

Political/Legal

It is very important for SHOWPO to fulfill the criteria with respect to political and legal factors. This is because these aspects have got direct impact on the overall functionality of enterprise relating to their success and profitability of a business (Rudd and Mills, 2011). In this respect, organization needs to look after political stability, employment laws, safety regulations and trade regulations.

Socio-cultural

It is the most important aspect that SHOWPO needs to look after as it covers the area relating to cultural and demographic aspects that determines whether business has got competence to stay in the market or not (Venkateshwara Rao and Smith, 2006). In this case, organization needs to follow the latest trend which is pursued by the individuals who are living in a society. These are age distribution, lifestyle changes, population growth, demographics, environmental, health and educational consciousness.

Natural environmental trends

There are policies and acts which have been passed by the Government, state and territory government legislation in order to protect the consumers, environment and community. These all aspects need to be looked after by SHOWPO in order to promote fair trading and competition (Stahlberg and Maila, 2012). Such laws help out the business to interact with their suppliers, customers and other businesses. Laws which need to be looked after by SHOWPO are competition laws, consumer laws, product liability regulations and environmental legislation.

Market Analysis:

Market definition

It has been observed that SHOWPO aims to be one the largest online boutique retailers of women’s fashion. However, now business must spread its wings to different Asian and European countries of the world for attracting larger base of women from the entire world for products of SHOWPO (Wrenn and Mansfield, 2014). It will help the company in acquiring greater market share and in achieving future goals and objectives.

Market trends

One of the other factors that can affect the functioning of SHOWPO is heavy comp-etition which can be seen in the e-commerce business. Organization is going to face heavy competition from various other online sales giant which are selling out their products in the similar zone (Scott, 2013). Business is going to face competition from companies such as Amazon, Flipkart etc. Even there are various other organizations that carry out their functioning by selling out female casuals online by using their individual website.

Competitive situation

Level of competition

After undergoing the market, it has been found that there is high level of competition in this area. Business which is using this platform for selling out their clothes is undergoing with heavy competition as every individual seller in this market has got their own style of products and price tag attached to it (Valos, Ewing and Powell, 2010.). It has been observed that every small enterprise which is dealing in clothing products are transforming their line and are trying to establish them as an e-commerce company for carrying out the sale of their products.

Types of competition

SHOWPO in the market is undergoing with monopolistic competition which is said to be a market structure that is characterized by different firms which are selling out their products are similar but not identical. Under such a situation, organization used to compete in the markets which are based on other factors with leaving price aside (Gabrielli and Balboni, 2010). Such kind of competition has also been termed as the imperfect competition because in this, the market structure is in between pure monopoly and pure competition.

Key players

There are various key players which can be identified in this area who used to carry out the selling of online women fashionable products. Among them, the major players are Amazon, Flipkart and Deal (Kotler and Armstrong, 2010). Even there are other companies which used to carry out online sale of products by using their website such as Asos marketplace, Bib+Tuck, Klury.com, Material Wrld, Poshmark, The RealReal, Re{Fashion}er, Shop Hers, SnobSwap, Threadflip, Tradesy, Twice, Walk In My Closet etc.

SHOWPO competitive advantage

They are the company which is one of the boutique retailers of women fashionable products. SHOWPO have been carrying out their functioning in one single line which is selling female fashionable products. It is one of the best competitive advantages which have been achieved by them while carrying out their operations in the competitive market (Klever, 2009). It has been seen that there are different online businesses that are carrying out their working in similar line. However, they have got varied products that they use to sell out by using the same channel. But SHOWPO will be concentrating only on one single line which will helps them in enhancing their efficiency and growth in the market (Roberts and Zahay, 2012). Still it can be said that, they have also got a disadvantage that they are dealing in one single product and other enterprise in the similar line has got different products to sale online. This allows other organization to gain greater profit margin while carrying out their operation.

Customer needs

SHOWPO has got all variants of product that a female can use in their personal and professional life. Business has got different types of dresses, tops, bottoms, outerwear, accessories etc. It can be seen that, management is able to fulfill all needs of a female customer in a one roof of their website (Olu Adeyoyin, 2005). However, organization has got a drawback thatthat; they are initiating their functioning in the perspective of female customer only. They in this respect can also look after the fashion trends which a male customersmale customers are looking for while carrying out their purchase online.

SWOT ANALYSIS

SWOT analysis is a tool used for market analysis. In this S stands for company's strength, W stands for weakness of the company, O stands for opportunity for the company in the market and T stands for threats for the company in the market. SWOT analysis analyses do not incur doesn't occurred any extra cost as it is done by the firm's manager. This analysis develops a strategy and tactics to help in the business growth and success (Lotz and Marais, 2007). As SHOWPO is a largest global online boutique retailer of women's fashion, they need to know the recent trend of the market. To make place in the market they need to first conduct a SWOT analysis:

Strength: Strength means the positive side of the company. They have competitive advantage in the market. Their customer service is very good. They have the benefit advantage of having good market condition, and they also gain the faith of customer in last several years. Their quality has also proves as a strengthstrength of the company (Aaker, Kumar and Day, 2008). Many of their customercustomers just buy their product because of its good customer service. A company stands on a leadership position. Their advertising campaign is also very effective. A customer wants their product after seeing advertisement only. As it is an online firm, customer ordered the product on internet,internet; it is a company's duty to place the order on time. And on this, SHOWPO has a very good reputation in the market.

Weakness: Weakness means the negative side of the company, or it can be said that, can say company is lacking on some aspect in the market. Company is not doing any kind of innovation in the clothing business. Their designs are old. So, it is not able to grab the new customers. Their employees work efficiency must be improved (Gabrielli and Balboni, 2010). Company makes the product for a specific age group. It is also a weakness for the company. They face difficulty in aligning business application in business.  Customer areCustomers are not allowed to leave comments on their online portal. It is also a weakness of the company.

Opportunity: There are several opportunities present in the market for an online business. A big market area has remainremained untouched. So, it is a big opportunity for SHOWPO to cover up the market. They can make innovative product (Rudd and Mills, 2011). In addition to this, they can target the new age group also. SHOWPO also makes their online portal too convenient that anyone can access it which results in increasing the saleand buy this their sale may get increase. They can take advantage of their competitor's weakness also. Company's technician can make a Tory blog on every blog site. This would make site a daily destination for fashion lovers.

Threats: SHOWPO is not going beyond the boundaries it has started.  It covers a little area of the market. It does not doesn't increase its area of working. So, it can be converted as convert in the threat for the company. It also includeincludes the political, climatic, technological and other factors (Wrenn and Mansfield, 2014). Like SHOWPO is not able to get its good quality raw material because of climatic condition, then it can cause big threat for the company. Customer taste, preferences has also changed so, if the company is not able to meet customers need then it will create blunder for the organization.

TARGET MARKET SELECTION AND POSITIONING STRATEGY

It is very important to do segmentation in most appropriate manner so that, company can target the right customer with right strategy and can gain good market share. SHOWPO is one of the best companies in US for the women’s clothing and it is coming up with a new product that is the sports collection for the regular women and also for the women who belongs to the professional sport field (Taylor and England, 2006). In order to do the segmentation for this new product, it is very important for them to do the segmentation based on the 5 criteria’s which are

Measurable- It is important for the company to consider that market segments are usually measured in terms of the sales value or the volume (Wilson, 2010). It is very important to do the reliable market research by the company so that, it can identify the size of the market and create strategy based on that in appropriate manner.

Substantial- It is very important for company to know that, there is no point in wasting the marketing budget which is large and has negligible market budget (Gabrielli and Balboni, 2010). So, SHOWPO should consider a viable market which can be clearly defined in terms of age-social status.

Accessible- While doing a marketmarket segmentation, it is also very important for SHOWPO to consider the ways in which the market will be accessed and that falls within the marketing department in an appropriate manner.

Differentiable- It is important for the company to consider this that and ideal market is homogeneous which means that, the segment that company is considering should have similar structures and behaviors (Aaker, Kumar and Day, 2008). If company is going for two markets then, there should be proper differences.

Actionable- It is also important for the firm company to know that, a market segment should have a good and actionable practical value and all its characteristics must provide some kind of the supporting data for the sales approach.

Market Segmentation for the new sportswear of the company can be targeted for the two segments which are based on the psychographic as well on the basis of demographic segmentation (Venkateshwara Rao and Smith, 2006). Psychographic segmentation will target the women that belong to the in the professional sports category and demographic segmentation can be based on the targeting normal household women who love to do meditation, jogging, etc. Further, the main target of the company with its sportswear will be on the regular household women by providing them with good clothes with high quality.

In terms of targeting, there are three types of the targeting which are called as differentiated, undifferentiated and concentrated (Valos, Ewing and Powell, 2010). As company wants to target the regular household women with its sports clothing, it is beneficial for company to do the undifferentiated target marketing as because of this, company will be able to target huge target market and with different media strategies like on television, radio, internet marketing and many more. The market of household women is very big in US and ad slowly the importance of maintaining health is increasing in the country (Chaffey, Smith and Smith, 2012). On that basis, company can target these people and capture the market very easily.

In terms of positioning, there are different types of the strategies like the brand, product, competitive pricing, etc. In order to target the household women for the sports clothing, company will try to use the brand positioning in which company will identify as well as determine points of the similarity and the differences so that it can crate right brand and identity in market (Gabrielli and Balboni, 2010). Company with this product will try to explain the brand detail, uniqueness of its clothing products and the manner in which this particular product of company is better than its competitors (Yu, 2006). Company can place this sports clothing in the mind-set of customers on the basis of its flexibility as the product will be very flexible and sweat proof which will allow women to stress and still stay fresh without any sweat. Further, company will also create positioning on the basis of competitive pricing by comparing it with other brands as this particular sportswear will be cheap that is middle ranged but with very good and appropriate quality. This will allow company to target and position itself in most appropriate manner.

OBJECTIVES

The main objective of the organization company behind launching the sportswear for household women is to encourage the importance of being healthy and also to provide them with the finest and good sports clothing in very reasonable amount.

The other objective of the company will be to become a good brand in the US market in terms of the company that provide the best sports collection which fulfills all the needs and demands of women.

In terms of market share, company would like to capture 30-40% of the household market in first 12 months. Further, company would also like to create brand awareness by indulging some of the famous sports personality so that, it can target the women in more effective manner. The sales target of the company will be $5 million in first 12 months.

In terms of overcoming its weakness, company can do the good market analysis and can present this cloth with the material that is new in the market. It will help the company to bring innovation and will also create different brand identity fir them in appropriate manner.

MARKETING MIX STRATEGIES

Product- Main product of the company will be the sports range of clothing for women of all ages because company is not in this category. The health awareness in the US is increasing day by day and because of that, women are searching for good sportswear. Most of the products in market are either costly and not of good quality (Katz and Green, 2007). So company with this product will like to create a good professional type of sportswear with the finest material. The product will come for all the sports in terms of swimming, jogging, meditation, etc which will serve the need of complete sports market.

Price- The price of the product varies will vary in terms for different sportswear but if particular one product will be considered than, company will sell its complete jogging suit kit in 35$ which is very cheap and will also be made from the finest material. The price of the product is kept 35$ because company is following the strategy of price penetration as it will target the market with low price and when the product will become popular then, it will raise the price slowly (Wrenn and Mansfield, 2014). The price point is very minimal in the US market because most of the highly branded company provides the jogging suit in almost 75-80$ which is very costly so this price range will attract people in appropriate manner.

Distribution- The main aim of the company is to sell this product through its website and the delivery charges will be taken if the price will be less than 75$. Company by selling the product through online store will reach more market and customers will be able to see different products in an appropriate manner (Klever, 2009).

Promotion- Organization Company firstly will use its own website to target the potential customers by offering different types of discounts. Further, company will also make use of different television ads, bill boards and women magazines as it will allow the company to reach even niche market (Rudd and Mills, 2011). Company can also go for the social media marketing and by offering some discounts as it will gather more customers for them. Television advertisements will be shown in the day time when women watch television. At least 2-3 advertisements will be shown for 2 months and the main aim of the with this media is to gather the attention of all the women in UK. In terms of social marketing, company can post about its product in every hour with an aim to create some fan following over internet (Valos, Ewing and Powell, 2010). In terms of magazine, prints add in each publication can be provided for 3 months with some discount offer so, it can reach the women which belongs to some upper middle class.

People- People that will be doing marketing belongs to the marketing field so o that, they can attract these people  effectivelyin most appropriate manner.

Physical Attribute- selling Sell of these products will be carried out over the website of company where the different sport section will be created and people will be able to go over it easily and place the product by selecting it (Katz and Green, 2007). Payment will be made through debit, credit of wallet and cash on delivery will also be available.

Process- People will go to the website of company, they can select the product from the sports tab and during the payment coupon code can be applied to get additional discount otherwise, checkoutand checkout will be done by doing payment through different options in terms of debit, credit, wallet card and also by the cash on delivery (Scott, 2013).

ACTION PLAN

SHOWPO needs to initiate different action plans in order to bring out changes that have been formulated for carrying out the new product development:-

Getting Ready- This is considered to be one of the first step through which management of SHOWPO needs to undergo in which they need to bring out certain changes. In order to fulfill this aspect, they can identify issues in which they want to bring out changes which are in terms of   ambiance, leadership, expansion, etc (Taylor and England, 2006). This is considered to be one of the effective work planplans and will allow organization in bringing out changes.

Mission and Vision- SHOWPO can also redefine their mission and vision for bringing out changes in order to fulfill short term objectives of the enterprise (Klever, 2009). Even, it is significantly important for the business to know about their future plans, so that they are able to define their principles, values, based on the objectives.

Situation- In order to understand the current situation of SHOWPO in the market management can make use of various strategies such as PESTLE, SWOT analysis. Using these techniques, organization can formulate various strategies which can be applied in the form of segmentation, targeting in order to carry out the expansion process of organization (Yu, 2006). Even, it is important for the management to understand different situation of employees by initiating one to one conversation with them by undertaking proper measures against it.

Development of strategies- Once management analyzeanalyzes the entire situation, they need to undergo different methods such as just in time, leadership, etc. It will help SHOWPO in the development of new objectives which can be applied in a most effective manner.

Completing plan and review- After undergoing the implications attached with different strategies, SHOWPO needs to review all changes that have been expected and occurred (Taylor and England, 2006). Further, if any kind of mistakes arekinds of mistakes are observed by management then they have to bring out changes accordingly.

CONTROLS AND CONTINGENCIES

Marketing: SHOWPO Company had to take several risks through various marketing strategies so that, it is easy for them to target the audience and to achieve the objectives. Moreover, if the conditions in the market are changing, the brand must adapt to the changing conditions which might create problems and business failure of the company (Wrenn and Mansfield, 2014). Therefore, the organization had to adopt various marketing techniques such as proper planning and promotion of the brand which can be helpful for the organization.

Trend analysis: This is one of the major reasonreasons that can affect the business in the longer span of management. SHOWPO Company is an online fashion industry in which the trend is changing rapidly due to which they might lose their customers. To satisfy the needs and wants of the customers the company havecompanies have to adopt the changes according to the taste of the customers. The firms have company have to maintain all the latest brands in their store so that there is no negativity of old stock will be left in the store (Klever, 2009). To cope up with this situationsthese situations the store manager need to have proper checking so that, there is no risk incurred in it (Aaker, Kumar and Day, 2008). Further, Proper feedback from the customers should be taken about the products and then it can be implemented in their on their marketing strategies as per the need and wants of the customers so that they can serve better.

Inventory management: In this respect it can be said that, SHOWPO need to keep an adequate supply of clothing on hand and it is considered to be one the important aspect in clothing industry. There may be situation in which consumers of the business may demand for high features as well as different colors in the clothes cloths (Kotler and Armstrong, 2010). If they the fail to purchase enough inventoryinventories then, they may fall under lost sales. However, if extra buying will be initiated then, it is going to create risk of excessive storage costs. For managing the cost in an appropriate manner it is important  for business to look properly towards their inventory management.

From the above discussion it can be said that, there are various controls and contingencies which SHOWPO have to look after and it can be minimized by undertaking various appropriate methods.

CONCLUSION

From the above study, it can be concluded that in order to initiate an appropriate marketing plan for an organization there is a need to look after various strategies that businesses need to adopt for achieving various goals and objectives of the SHOWPO. It is necessary for them to carry out different internal and external analyses in order to formulate effective strategies.

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REFERENCES

• Aaker, D. A., Kumar, V., and Day, G. S., 2008. Marketing research. John Wiley & Sons.
• Chaffey, D., Smith, P. R., and Smith, P. R., 2012. eMarketing eXcellence: Planning and optimizing your digital marketing. Routledge.
• Ellis-Chadwick, F., and Johnston, K., 2009. Internet marketing: strategy, implementation, and practice. D. Chaffey (Ed.). Pearson Education.
• Gabrielli, V., and Balboni, B., 2010. SME practice towards integrated marketing communications. Marketing Intelligence & Planning.
• Katz, J. A., and Green, R. P., 2007. Entrepreneurial small business (Vol. 200). McGraw-Hill/Irwin.
• Klever, A., 2009. Behavioral Targeting: An Online Analysis for Efficient Media Planning?. Diploma Verlag.
• Kotler, P., and Armstrong, G., 2010. Principles of marketing. Pearson Education.
• Olu Adeyoyin, S., 2005. Strategic planning for marketing library services. Library management.
• Roberts, M., and Zahay, D., 2012. Internet marketing: Integrating online and offline strategies. Cengage Learning.
• Stahlberg, M., and Maila, V., 2012. Shopper marketing: How to increase purchase decisions at the point of sale. Kogan Page Publishers.
• Taylor, M. J., and England, D., 2006. Internet marketing: web site navigational design issues. Marketing Intelligence & Planning.

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