Objectives & Mission Statement
Marketing Mix: Communications & Promotion
Below is research that has been completed, however it needs to be re-worded with additional information and internet references.
1. Objectives & Mission Statement
To establish a niche for Le De-bra's Boutique in the eco-friendly undergarment industry and establish our brand image by reaching the major stores and outlets in the top 50 cities in the country and capturing 5% market share in the undergarments industry.
Measurable annual goals, including benchmarks or short-term objectives, are critical to the strategic planning process used to develop and implement the marketing strategic plan for Le De-bra's Boutique marketing objectives of eco-friendly undergarments. Once the team has developed measurable goals, the team can develop strategies that will be most effective in realizing those goals, and develop benchmarks and milestones so that managers to monitor or revise the marketing strategy. (Mescon, Bovee & Thrill)
The objective in the first year is to make our brand visible and enhance our presence by establishing distribution channels in the major cities all across the country. This will help the company in capturing the shelf space and making the product and brand visible to the consumers. The establishment of distribution channel will be aggressively complemented and supported by a well designed advertising and promotion plan, which will be aimed at positioning our product as a completely differentiated offering in the undergarments industry due to the fact that is made of eco-friendly product.
2. Customer Targets
Customer Targets & Competitor Targets help managers divide and target customers into smaller homogeneous groups to buy their product or service. For each customer targeted, competitor targets must be identified, to target companies that offer the most competition. (Winer, 2004)
My Company's Target Market: An Application of the Concepts
Le De-Bra's Boutique's mission statement is to establish a niche for Le De-bra's Boutique in the eco-friendly undergarment industry and establish our brand image by reaching the major stores and outlets in the top 50 cities in the country and capturing 5% market share in the undergarments industry. Our main purpose is to sell the best product and cater to the needs of the customer. Le De-Bra's objective is to make our brand visible and enhance our presence by establishing distribution channels in the major cities all across the country. This will help the company in capturing the shelf space and making the product and brand visible to the consumers.
The target market concept for Le De-Bra's Boutique is directly applicable for our eco-friendly undergarments as well in the sense that by providing a differentiated and exclusive product which is very different form the bundle of offerings available in the market, we are satisfying the "special needs" of our target market who are looking for something new in the market which is not only different, but also have some exclusivity attaché to it. Further, we are also answering the needs of the community, especially environment friendly consumers, who are inclined to use eco-friendly products which do not harm the environment.
The need of consumers in our case is a product which delivers them value proposition not offered by similar offerings and provides a different sense of satisfaction and feeling upon use. We have tried to hit the nail on the head by offering a product which is not comparable to any other offering and provides satisfaction of being environment friendly in this respect. To analyze our customer target market, we will use three useful resources of information to help gain the competitive edge such as, product sales literature, our sales force, and trade advertising strategy. (Winer, 2004)
Our target market is all those people who are not only environment friendly but also the ones who want to try something new in the market. Their quest for always finding a differentiate offering and need to possess something different will be adequately answered by our offering. Upon evaluation with our offerings, the special need of differentiation and eco-friendliness will be best answered by our product only which will induce him/her to make a purchase and if satisfied, make repeated purchase as well as refer the product to others as well.
3. Competitor Targets (Unit 2 Individual Project)
My Company's Competition: An Application of the Concepts
In a free-market system, customers are free to buy whatever and wherever they please. Therefore companies must compete with rivals for potential customers. When markets become filled with competitors and products start to look alike, companies use price, speed, quality, service or innovation to gain a competitive advantage. (Mescon, Bovee & Thrill)
Le De-bra's Boutique offers an innovative eco-friendly product which will allow us to command superior prices because the positioning of our product will allow us to quickly capture the consumer's attention and will deliver the value proposition in the midst of hundreds of other products. Consumers will perceive that special "value proposition" in terms of superior and eco-friendly raw material which has been used to manufacture our product. Our company will be able to provide maximum consumer satisfaction and maximum possible solution to consumer needs and wants to be able to sustain in this competitive arena.
The product will specially appeal to those who love to try out new things in the market and are environmentally conscious. Our product will also benefit from positive public relations and word of mouth from the environmental activists who will love the introduction of this product.
Le De-bra's Boutique will continue to conduct studies to understand the competition strengths and weaknesses. (Hoovers, 2006) To analyze our competitive target market, we will analyze similar undergarment offering by using three sources of information to help gain the competitive edge such as, product sales literature, our sales force, and trade advertising strategy. (Winer, 2004) One way of applying the concepts to our competition is by conducting a sales forecast. Conducting a sales forecast will provide our company with an evaluation of past and current sales levels and annual growth, and allow us to compare our company to industry norms. In addition to reviewing past performance, you must also evaluate your competition. For Le De-Bra's Boutique eco-friendly lingerie undergarment products, our company will evaluate other undergarment industries, and watch for other potential competitors that do not exist yet.
4. Product/Service Features
A product is anything offered for the purpose of satisfying a want or a need in a marketing exchange. At this stage, you have formulated your objective and you have determined the customer and competitor targets. Here you will translate the needs into a specific product feature.
The main feature of the product apart from the general ones which are expected in an undergarment is the fact that our product is completely made of eco-friendlily products, thereby appealing not only to people who love to preserve and care about the environment and nature, but also to other consumers who are tired of using typical undergarments an love to try new stuff in the market. Our innovation comes from the fact that we have tried to position a completely differentiated product in an extremely competitive industry where a bundle of offering compete with each other. We have tried to keep our offering separate from the bundle of products by introducing a special element (e.g., eco-friendliness), which no one could have ever thought of incorporating into their products.
Our innovation will allow us to command superior prices because the positioning of our product will allow us to quickly capture the consumer's attention and will deliver the value proposition in the midst of hundreds of other products. Consumers will perceive that special "value proposition" in terms of superior and eco-friendly raw material which has been used to manufacture our product. The product will specially appeal to those who love to try out new things in the market and are environmentally conscious. Our product will also benefit from positive public relations and word of mouth from the environmental activists who will love the introduction of this product.
5. Core Strategy
In order to make the core strategy unique and sensible, your core strategy should align with the vision and mission of the organization. The strategy should not conflict with the vision and mission of the enterprise. Further, one should be consistent with the core strategy in all the elements and areas, and should result in synergy in all the functions. Core Strategy should be able to fully exploit the strengths and mitigate the risks involves in the implementation of the strategy. The company should identify its unique selling proposition and should revolve its core strategy around it.
Core Strategy is the value proposition, where the customer's reason to buy the product are clearly stated. (Winer, 2004)
Our Core Strategy is to offer a unique product in an already existing industry which is full of identical products competing with each other in a fierce manner. We are trying to differentiate ourselves from the bundle of products offered in the market by identifying a niche segment of customers who want to try something new and different and are inspired by eco-friendly products.
Through product positioning, managers make succinct statements about the product to promote their products with a desired image to the customer. (Winer, 2004) When positioning products for target markets, you need to consider the four marketing mix elements (price, product, promotion, and place) plus the external environment (ethics and social responsibility). The overall strategic marketing plan should involve the total effect of marketing decisions on society, and individuals or group decisions.
We are trying to position our product in the market by appealing to those customers who are either bored of the existing offerings which are similar in features or are not afraid to try something new and unique. Our uniqueness comes from the fact that we have tried to incorporate eco-friendliness even a small product like undergarments.
Our positioning of the product is a "differentiated" offering with special features/characteristics for the consumers who want to experience something new. The basic premises of our positioning is that we do not want to mix ourselves with other offerings and not want to capture market share by strategies such as initiating price war, etc. Instead, we are trying to position ourselves for our niche target segment of those buyers who are not afraid of trying something new and are ready to pay a premium for a differentiated offering.
Our value proposition comes from the fact that unlike other offerings, our products are environment or eco-friendly and will appeal to those who care for their environment and would not mind paying extra money to buy a product which preserves the environment. The feeling of wearing something which is better than the rest and is totally different from other bundle of offerings is the value proposition to our customers.
6. Marketing Mix: Communications & Promotion
add the Product Policy, Channels of Distribution, and Customer Relationship Management
Communications & Promotion:
Integrated Marketing Communications is A strategy in which a company coordinates advertising, sales promotion, personal selling, and publicity in order to present a single consistent image for the product and the company.
In order to make an IMC approach effective, a company needs to pay attention to minutest details in evaluating the various alternatives available and chose the one which synergizes perfectly with the company's product or service, is cost effect and produce maximum results. The plan should be regularly reviewed to judge its effectiveness and should be flexible enough to respond to changing environment and business conditions.
Let us discuss each of these elements one by one:
Advertising: Our advertising strategy will comprise of advertisements in print media such as lifestyle magazines to promote our special range of undergarments. Special Care will be taken in the content of our advertisements with respect to the information and design presented and the message with respect to our differentiated product and "value proposition" will be displayed in the adverstisement. For example, since we are promoting an eco-friendly product, color schemes such as use of green color, images such as trees and other symbols of eco-friendliness will be displayed in the advertisements to communicate our differentiated strategy. Similarly, the differentiated approach will get a further boost via the words and content displayed in the advertisements. Apart from the magazines, our advertisements will appear in the newspapers and other forms of print media as well. Electronic media will be avoided in the intial few months due to the high costs involved and will be incorporated once revenues start pumping in.
Apart from the traditional offline methods, extensive online promotion methods such as Search engine optimization, popups at leading ecommerce portals, links on other websites, banners, etc. will be used to highlight the online presence of our products.
Personal selling: Personal selling will hold a great importance in the stores where our product will be displayed in the sense that good sales person will be able to draw the attention of the visiting customers towards the company's products and create an awareness about it. Especially in the initial stages, when the information about the special "value proposition" of the product need to be spread, personal selling will come handy in the leading stores where products will be sold to educate and inform customers about the existence of such product.
Public Relations: A strong PR campaign is essential to know about the image and perception of the product in the eyes of the customers and support the marketing function in generating positive image of the product. By conducting a PR campaign after the initial launch of the product, comapny can gather information about the acceptance of the product among the users and satisfaction drawn from its use. Further, effectiveness of the marketing program can also be analyzed by gathering customer feedback as well as desired improvement in the products can be carried out as per customer's suggestions. The first time user of our undergarments will be an important prospect for us in our PR campaign to know their feedback about our products and its features and their perception about our product as compared to other ...
Below is research that has been completed, however it needs to be re-worded with additional information and internet references.