Marketing plan Essay Example | Topics and Well Written Essays - 1000 words - 1

Marketing plan - Essay Example 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 befor e 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 mark et 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