This section details how the performance of the marketing strategy will be evaluated. Performance standards will be established against which to compare actual performance.
I have attached environmental analysis, SWOT analysis, Marketing objectives, Marketing Strategies and Marketing Implementation please use them
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Samantha Charron
Principles of Marketing
Northern Vermont University
March 6,2021
Marketing is the key part for the success of any business and it’s very crucial for a business owner to understand which customers to target and implement strategies that will ensure winning of new customers. Environmental analysis is a strategic analysis that assists a business owner to identify internal and external environmental factors that may impact a business’s ability to conduct its tasks properly. The environmental analysis is mandated to assess the business external environment to find out threats and opportunities of the business and after the evaluation, the business owners develop strategies that respond to the environment.
Executive summary
In my residential area, there is no clothing shop for youths, and Value worth clothing is a business that will fit the area. I have seen a similar business in our nearby city and I have thought of investing in the business in our area as it will be a great opportunity for my business as there is no other business that offers or sells products similar to a value worth clothing business.
Environmental analysis
The value worth clothing (Murphy, 2019) was established as a retail clothing company has evolved into the marketer of high-quality clothing and it deals with sports clothing such as cotton T-shirts, baseball caps, fleece jackets, and vests. It also deals with selling sports footwear, apparel, equipment, accessories. The value worth clothing sells clothes for both women and men and also clothes for young children for sporting and casual wear. I have decided to establish this type of business in my residential area due to the increase in demand for sporting clothing that has been contributed by the construction of an international sporting center that attracts many people all over the country and international wise (Murphy, 2019).
Marketing environment
i. Competitive forces: competition within the sporting clothing industry is very strong and counterfeited attires have emerged in the market offering cheap priced products that make other original products have challenges as customers go for cheap rated products. As a business owner, (Murphy, 2019) one has to come up with his/her strategies to ensure products are appealing to the customers. Value worth clothing has been using a product differentiation strategy to market its products to its customers. We have ensured that our products are unique from those of our competitors. We have introduced climate control clothing such as t-shirts that make athletes feel like a second skin. We also have breathable fabrics that are very crucial during the summer seasons (Murphy, 2019).
ii. Economic forces: Nationwide, many business owners and companies can experience both positive and negative economic factors in the sporting clothing businesses. During the peak phases of the business, many businesses experience more disposable income (Murphy, 2019). Therefore they may end up purchasing more clothing, increasing the rate of sales for clothing retailers. However during the decline in sporting activities, Value worth clothing business will experience low sales on sporting clothing. Value worth business has partnered with lower-priced clothing brand manufacturers to compete with its competitors who sell generic products. Consumers often shop for cheaper brands when they have less disposable income (Murphy, 2019).
Political forces: there are numerous political and legal factors impacting sporting clothing businesses and some of them are export policies, and commodity taxes (Murphy, 2019). Corruption in the country is another impact on the business. Many business retailers have been affected by the corruption within the country as sporting clothing have been delaying to get to the business owners not because the supplier has not been delivering items on time, but its due to corrupt leaders who are mandated to control the entry of sporting products in the country. Political instability (Murphy, 2019) is another factor that has been impacting small retail businesses in the country. This is because, with political instability, suppliers fear delivering the products, and also business owners are unable to travel and get their products as they fear their businesses might be destroyed by chaotic citizens (Stringfellow, 2017).
Technological forces: These factors (Stringfellow, 2017) are concerned with innovating technology that may impact business’s tasks and the market favorably or unfavorably. Technological factors may impact decisions (Stringfellow, 2017) to enter or not enter certain companies, to launch or not launch certain products, or to outsource production activities abroad. By understanding what is happening on technology-wise, business owners can prevent the business from over-spending money on developing a technology that would become outdated very soon due to disruptive changes in technology elsewhere. Use of social media platforms such as Facebook, Google, Twitter, among others, a value worth clothing business products will become more accessible and the process will be more convenient. As the business owner, I will manage to reach out to many customers as they will be able to view a variety of products we have, cost, and our location. Online marketing will promote our business as customers will be purchasing our products online and delivery will be arranged between customers and our sales agents (Stringfellow, 2017).
Sociocultural forces: value worth business (Stringfellow, 2017) has a variety of designs for its products that match the interest of their customers and often available for any gender, age, or lifestyle. We have also focused on health-conscious purchasers with a love for sports through ensuring we have products that favor their health conditions. We have also established corporate volunteer programs to support the community and foster the health of people within the society (Stringfellow, 2017). We have established other programs to support Olympics within the area of operation through offering sporting clothing at reduced prices. This has allowed us to leverage marketing opportunities and attract other customers who can purchase our products.
Target market
By focusing on a commitment to service and quality, value worth business has successfully applied a niche differentiation strategy in a somewhat diverse marketplace (Stringfellow, 2017). Value worth clothing has been using a product differentiation strategy to market its products to its customers. We have ensured that our products are unique from those of our competitors. We have introduced climate control clothing such as t-shirts that make athletes feel like a second skin. We also have breathable fabrics that are very crucial during the summer seasons. Our potential customers are energetic individuals between 25 to 40 years of age who are willing to participate in sports games and athletics or are already in the industry of sports. Even though our products are a bit high in price from our competitors’ products, we ensure our products are of high quality and they serve our customers for long period, unlike our competitors’ products that are relatively cheap but last for short period forcing the consumer to spent more money on purchasing sporting attires (Stringfellow, 2017).
Current marketing objective and performance
Marketing objectives (Okhuysen, 2020) are the undertaken actions by the marketing team to achieve the marketing goal. Objectives are the key essentials in the marketing plan thus its necessary to define them first before the start of the business. The main objective of the value worth business is to increase company profit through the use of social networks and other digital media platforms that will assist in reaching more customers whom in return after purchasing the products, the business’s profit will be increased. We are aiming to increase our sales and this will be achieved by involving marketing agents who will assist in promoting and advertising our product. Offering promotions to our customers will also increase our sales (Okhuysen, 2020).
References
Marketing Environment: Macro and Micro Marketing Environment. (2018). Retrieved 6 March 2021, from https://www.iedunote.com/marketing-environment.
Murphy, D. (2019). Marketing Plan – Action Steps to Achieve Your Goals. Retrieved 6 March 2021, from https://masterful-marketing.com/marketing-plan/,
Okhuysen, N. (2020). PEST Analysis | Strategic Planning & Environmental Scanning. Retrieved 6 March 2021, from https://www.storyboardthat.com/articles/b/pest-analysis,
Stringfellow, A. (2017). How to Prepare a Marketing Environmental Analysis. Retrieved 6 March 2021, from com/how-5001707-prepare-marketing-environmental-analysis.html”>https://bizfluent.com/how-5001707-prepare-marketing-environmental-analysis.html.
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SWOT analysis
Samantha Charron
March 10, 2021
The value worth clothing was established– as a retail clothing company, which has evolved into the marketer of high quality. It deals with sports clothes like vests, baseball caps, fleece jackets, cotton t-shirt. It sells sport shoes, accessories, apparel, and equipment. It sells cloths for both adults, youths, teenagers and children both sports and casual wear. The reason for establishing this clothing line is due to higher demand of sports cloths, which was due to the construction of an international sports center. In order to build on what the cloth line(Gürel, E., & Tat, M. 2017) does well SWOT analysis is needed which will also help in minimizing risks and taking any advantage of any chance for success.it can also help in business planning to achieve goal of the value worth clothing(Krasavac, B. C. at el,2018).
SWOT analysis for the value worth clothing.
| Strength-Value worth clothing has ensured its products are unique from the competitors.-Their products are of high quality and serve the customer for a long period thus most customers will be satisfied with the products.- Have introduced climate control clothing such as t-shirts that feel like a second skin. This will increase the number of the buyers during different season like summer or winter.-It is the only clothing business in the area for athletes hence making the best fit. Since no competition, it will be easier for the brand to grow at a faster rate.-Value worth clothing does not major on athletic cloths only but also casual thus during off sports seasons the clothing line will still earn from the casual cloths.-Value worth clothing does not major on youths alone but both women, men and children hence they will reach a bigger percentage of people.-Have cloths for people with health issues. This will be queue thus the cloth line will earn more praises thus attracting more people. | Weakness-Experience low sales on sport cloths during decline sporting activities.- Selling products at higher price because they are of higher quality. It will be hard for some customers to afford thus they will buy cheap products that emerged. |
| Opportunities- Use social networks and digital platform will increase companies profit since they will reach as many as they can through platforms like twitter, Facebook and Instagram.-Increasing sales by involving marketing agents who will assist in promoting and advertising the products.-Online selling which due to online marketing will increase sales and the products will be delivered to customers. | Threats-Competitive force as cheap products have emerged from counterfeited attires.-Political forces that affect sporting clothing such as the export policies and commodity taxes.-Corruption that delays the sporting clothing businesses to get to their owners due to the corrupt leaders who control the entry of sporting products in the country thus leading to late delivery of the products by the supplier.-political instability is another thread facing value worth clothing line. This causes fear for products destruction or lose of products due to chaos. |
Reference
Gürel, E., & Tat, M. (2017). SWOT analysis: a theoretical review. Journal of International Social Research, 10(51).
Krasavac, B. C., Radosavljević, K., & Bradić-Martinović, A. (2018). SWOT analysis of the rural tourism as a channel of marketing for agricultural products in Serbia. Економика пољопривреде, 65(4).
1. Marketing objectives.
The foundation of marketing objectives development is the analysis of the environment where an organization intends to do its business, the Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis, the organization’s resources and its overall objectives.
An organization’s objectives must be specific, measurable, achievable, realistic and time bound (SMART). They should be achieved within a specified amount of time.
2. Value Worth Clothing Company.
The company was formed following the construction of an international sports center. There was a high demand for sports clothing. Value worth is a retail company that deals in cotton t-shirts, baseball caps, fleece jackets, sports footwear, apparel and equipment accessories. The consumers of its products range from children to men and women. Youths between the age of 25-40 are also consumers (Murphy, 2019).
2.1 Environmental analysis.
This analysis may be internal or external. It consists of a number of factors that may be internally or externally impact the operations of value worth clothing. From this analysis, the owner of a business determines the business’s strengths, weaknesses and opportunities and helps one to come up with a sound business strategy to achieve his objectives.
There is no other business in the area that sells sports products and value worth comes in handy to bridge the gap. Similarly, no business sells products of a better quality than those of value worth (Murphy, 2019).
There is stiff competition in the sports clothing business. This has seen many businesses produce counterfeit products which are sold at cheaper prices than the original products. There are a number of other external factors that affect a business such as political factors including political instability, corruption, technological forces, socio-cultural forces and the nature of the target audience.
2.2 SWOT Analysis.
2.2.1 Strengths.
a) Value worth company has products of higher quality than any other business and its products last longer than those of others, affording more satisfaction to consumers.
b) The company has products that are unique from those of the competitors making the company stand out.
c) The company has introduced all climate friendly clothing that is suitable for both summer and winter. They have cotton t-shirts which when worn during winter, feel like a second skin. This will increase and retain the customer baggage.
d) During off sport seasons, value worth produces casual wear for its customers. This retains the customers.
2.2.2 Weaknesses.
a) During seasons when there are no sporting activities, the company sells less or no sports clothing hence the proceeds do not fully fletch its potential.
b) Value worth sells its products at higher prices than those of its competitors. Most customers would go to purchase cheap counterfeit products to reduce spending.
2.2.3 Opportunities.
a) The involvement of marketing agents to promote and advertise the products will help increase the company’s sales.
b) The putting into use of the digital platform generally and social media and networks in particular like Facebook will help reach many potential customers hence increasing sales and profits.
c) Moving the market online means more sales and more profits. Products are also delivered online.
2.2.4 Threats.
a) Stiff competition is a threat. Counterfeit products emerge and are sold cheaply than original products. Customers flood to purchase them as there is little income circulating in the economy.
b) Corruption causes unnecessary delays in the delivery of products from suppliers to the value worth company. This results in less or no sales.
c) Government export policies and product taxes that are unfair and unfavourable political forces affect the company negatively.
d) Most organizations fear that their products might be destroyed due to political instability and that they may be injured when chaos occur. This affects particularly small retail businesses.
2.3 Overall business marketing objectives analysis.
These are actions taken by the business owners to achieve the goal of marketing (Okhuysen, 2020). The main objective of the company is to make profits through maximizing the digital platforms and offering promotions to customers.
2.4 Company resources.
During the peak seasons and when there is more disposable income, the sales are high increasing profits. When sporting activities reduce and there is less income circulating, there are less sales and the customers opt to purchase cheap counterfeit products.
REFERENCES.
1. Murphy, D. (2019). Marketing Plan- Action Steps to Achieve Your Goals. Accessed 6th March 2021 at https://masterful-marketing.com/marketing-plan/
2. Okhuysen, N. (2020). PEST Analysis| Strategic Planning & Environmental Scanning. Accessed 6th March 2021 at https://storyboardthat.com/articles/b/pest-analysis,
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Samantha Charron
Principles of Marketing
Northern Vermont University
March 6,2021
Marketing plan implementation
Implementing a marketing plan is a critical element of the marketing process. An effective plan of implementation shows the activities to be done and who is responsible as well as the people in the various organizational units and who will complete every particular activity (Wood,2003).
Products
The correct product mix is identified as an important key to success for Value Worth Clothing Company. The importance to deliver products that meet the needs of customers cannot be overlooked in anyway. Part of the reason to shop at Value Worth Clothing Company is that the customers will find unique merchandise they are not likely to find anywhere within. Our customers could be aware of some of the brands they meet online and fashion magazines but not readily available in the local retail outlets (Piercy, & Morgan, 1990).
Value Worth Clothing Company’s highly knowledgeable staff shall create awareness to our customers on the brands which are unfamiliar to them and that offer design elements they have not been previously exposed to. The prices for Value Worth Clothing Company will range from moderate to upscale. The QuickBooks inventory management software will be handy to track daily sales as well as soliciting the customer feedback and new suggestions.
Merchandise assortment
Value worth mainstay inventory will include cotton t-shirts, baseball caps, fleece jackets, sports footwear, apparel and equipment accessories. Cotton jackets have become a particularly on hot demand over past few years, with a huge consumer demand for the fashion coordinates. Value Worth Clothing Company will have unique displays to feature a complete array of sports footwear, apparel and equipment accessories. This will enable the customers to select whatever item as per their style and preferences. The appetite for comfortable, sporting footwear has constantly been increasing out of the high interest in wellness as well as exercise.
Location
Location remains one of the critical elements to our clothing business. The right location will be essential to our success and most of the purchases will result from impulse buying and influenced by the traffic in the nearby stores (Cohen, 2005). Our store will be located in a location that has high foot traffic necessary to create high and cheap awareness and also that contribute to impulse purchases.
Customers
Value Worth Clothing Company will aim at some specific market segments such as the women aged 21-56 years and the sportspeople. This numbers will translate to increased purchasing power of our products and therefore with presence of young population, the market for t-shirts and sportswear apparel will be high.
Features of the target customers:
Women 25-59-Females who are over 35 remain lifestyle and status conscious and prefer premium brands.
Young women 17-24 will shop more and we can target them with good customer service, and a variety of selection.
Teens (13-16) read more about fashion from the fashion magazines and therefore the purchasing patterns are influenced by the content in the publications and their peers.
In addition to employing several techniques, the channels to use to reach our customers shall remain always updated and client queries responded to in shortest time possible. Furthermore, regular trainings shall be conducted for the salespersons to ensure they are fully knowledgeable about the current fashion trends and change in customer’s tastes. The marketing manager shall be in charge of the activities of the sales and marketing activities and work closely with the IT and product development teams.
References
Cohen, W. A. (2005). The marketing plan. John Wiley & Sons.
Piercy, N., & Morgan, N. (1990). Internal marketing: making marketing happen. Marketing Intelligence & Planning.
Wood, M. B. (2003). The marketing plan handbook (p. 224). Upper Saddle River, NJ: Prentice Hall.
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Samantha Charron
Principles of Marketing
Northern Vermont University
April 11,2021
The scope or overall strategy of the value worth clothing company should be directed towards marketing and promotion the unique, high quality sports clothing products. Value worth clothing company deals with sports clothing as well as sport shoes, accessories, apparel and equipment. There is a need to invest in strategically to introduce new products as well as finding alternative means of sustaining already existing development (Palmatier, R. W., & Crecelius, A. T. 2019). The company works toward increasing sales through digital platforms and developing the company countrywide, selling more sport cloths to other sport center outside the area. Goal or objective for creating marketing strategy is to maintain existing customers, regain lost customers and creating new customers. Value worth clothing company targets sports companies, clubs and group as well as youth who are majority sports players’ adults and the children. Market competitors are small businesses who sell cheap sport equipment and clothing.
Value worth clothing market strategy
Social media strategy
Using social media to share contents, picture and videos, which will give the company a new or additional market place. The sites to be used are YouTube, Facebook and Instagram that will help in reaching targeted audience (which are youths and social sports clubs) and perhaps boost the sales. The reason for using social media is that 80% of our targeted customers, current customers and lost customers have at least one social media profile, which provides a better opportunity to reach the customers. However, social network will also help in brand recognition and inbound traffic.
Advertising strategy
In this case, the company will pay different brand ambassadors from platforms like Instagram to advertise the products. However, launching a television advert from local television channels due to the companies budged will also help achieve company’s objective, which is to increase company profit. However, marketing agents will be used for promoting products both the old and new launched products.
Retargeting marketing strategy
This will help identify individual who visited the site and bounced before completing conversion. Retargeting will help in gaining new customers since it will get value worth clothing brand in front of the customers who are interested in the products (& Chari, S. et al, 2019). This will increase marketing sales of the company hence more sales and income.
Earned media and paid media strategy
Satisfied customers, blogs or brand fun advertisement of the brand will help attract more customers and it will cost the company nothing since it is a free advertising channel. This will create awareness to the targeted market and due to the trustworthy content; there will be an increase in sales. However, paid video ad, pop-up will also enable help reach the audiences that were unaware or never come cross to this brand and develop interest.
Conversational marketing strategy
Interactions with customers via live chats will help audience get the right information about the products since there will asking and answering the question about the brand. This also will encourage the development of clear communication between the customer and brand representative as well as understanding customers’ needs to improve on businesses. Moreover, this creates awareness to older customers who are not in social media.
Marketing strategies plan outlines the moves that will help the company achieve its marketing objective (making profits through maximizing digital platforms and increasing sales) and market target both current and future targets.
Reference
Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy. Journal of the Academy of Marketing Science, 47(1), 4-29.
Palmatier, R. W., & Crecelius, A. T. (2019). The “first principles” of marketing strategy. Ams Review, 9(1), 5-26.
