Marketing Plan for a New Fashion Brand for Women
The collection will contain casual, cocktail and evening dresses, coats, shirts, jackets, skirts etc. The business intense to market its line as an alternative to existing clothing lines and differentiate itself by marketing strategies, exclusiveness and high brand awareness. All the collections will be manufactured in E. U. using “made in Europe” components. The Market Market Description The R. O. I. and UK fashion industry is large, mature, and highly fragmented. Clothes sold in Ireland and United Kingdom are produced both domestically and in foreign locations.
The UK market can be divided into two tiers: national brands and other. National brands are produced by approximately 15 sizable companies and currently account for some 30% of all wholesale sales. The second tier, accounting for 70% of all apparel distributed, comprises small brands and store (or private-label) goods. Apparel is sold at a variety of retail outlets. Based on data from NPD Group, discount stores, off-price retailers, and factory outlets accounted for 30% of 2009 apparel sales, while specialty stores and department stores accounted for 22% and 18%, respectively.
Another 17% were sold at major chains, and direct mail/catalogues accounted for 6%. The remaining 7% of apparel sales occurred through other means of distribution Market Segmentation The company plans to target females between the ages of 30 and up with a combined household income of more than €60,000. Within this group, there are no ethnical barriers, and customers have diverse backgrounds. The brand customer is a versatile woman who can fit into any environment and is willing to pay a middle market price for quality clothing.
Customer currently shop in quality department stores and boutiques for mid to high value items that are used on special and semi-special occasions in a work and personal context. Customer is socially active, eating out, travelling and entertaining at home in addition to attending business related functions. The company’s target group is seen as having enough disposable income to spend on middle market priced quality clothing.
Competition in our market segments is usually driven by who is offering the best quality, most interesting design for less. The key to success is the quality of the clothes: how and where it was made and with what materials. The buying factors include what is “in” for each season, and the relation of comfort to style each woman is aiming for. A few of the main competitors are: L. K. Bennett Karen Millen Hobbs Reiss Marketing strategy and Implementation The brand will leverage its expertise, product offer and marketing strategy to increase its customer base while driving sales and profit. The following sections review the various strategies that will support this effort. SWOT Analysis
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing the brand. Strengths • Strong relationships with suppliers that offer credit arrangements, flexibility, and response to special product requirements • Distinctive signature style and USP • Excellent and stable staff, offering personalized customer service • Strong merchandising and product presentation. • Contact with very good PR and Marketing company • Beautiful and clear website • All the brand collections are manufactured in E. U. using “made in Europe” components. Weaknesses • Owner is still climbing the “business experience curve” • Cash flow • Challenges of the seasonality of the business • Customer base not yet established
Opportunities • Growing market with a significant percentage of our target market still not knowing we exist. • An innovative e-Bespoke application which will allow women to customize the clothing of their choice • Strategic alliances offering sources for referrals and joint marketing activities to extend our reach. • Growing sell in Luxurious goods sector • Changes in design trends can initiate wardrobe updating and generate sales • Internet potential for selling products to other markets around the world. • Potential to take on a selling agent and PR company • Potential to diversify into subsidiary products such as bags, shoes, homeware etc. Strategic alliances or opportunity to partner with others with complementary skills Threats • Continued price pressure due to competition or the weakening market reducing contribution margins • New competitor enters market • Changes in import and export laws that affect pricing or supply sources • Changes to exchange rates or interest rates. Marketing Strategy The company’s promotional plan is diverse and includes a range of marketing communications: • Press releases and pictures are issued to fashion magazines and to the fashion bloggers around the world. • Website and online shop and company blog • Online e-Bespoke application • Company representatives will attend and participate in several trade shows
London-Pure, Paris -Who’s next, Berlin-Bread and Butter) • Print advertising like brochures, business cards, catalogues. • Advertisements in magazines and on Fashion and lifestyle websites and blogs. • The company also plans to use various other channels including Google Ads, and social media like Facebook, Twitter and Pinterest. • Dressing local celebrities • Organizing charitable donations • Host a private trunk shows • Hiring PR company and sales agent Sales Strategy The business intense to market its line as an alternative to existing clothing lines and differentiate itself by marketing strategies, exclusiveness and high brand awareness.
There will be three distribution channels of the brand: Online store with ready-to-wear collection focus on export and local market, wholesale to the boutique owners around the world and thru an online e-Bespoke innovative application which will allow women to customize the clothing of their choice (export and local focus). The vast majority of our sales (app. 70%) will be generated by our online shop and an innovative e-Bespoke application which allows customers to customize the item of their choice with the few clicks of the mouse. The third channel of distribution will be placing the collections in the high-end boutiques and department stores. The company sales goal is to generate repeat business and strong word-of-mouth advertising based on great buying experience.