Marketing Strategies

 The marketing plan clearly specifies and describes the target markets toward which the organization will aim its marketing efforts. The difference between this section and the earlier section covering target markets is that the earlier section deals with present target markets, whereas this section looks at future target markets. 

 I have attached environmental analysis, SWOT analysis and Marketing objectives please use them.  

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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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).

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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

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Murphy, D. (2019). Marketing Plan – Action Steps to Achieve Your Goals. Retrieved 6 March 2021, from

https://masterful-marketing.com/marketing-plan/

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Okhuysen, N. (2020). PEST Analysis | Strategic Planning & Environmental Scanning. Retrieved 6 March 2021, from

https://www.storyboardthat.com/articles/b/pest-analysis

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Stringfellow, A. (2017). How to Prepare a Marketing Environmental Analysis. Retrieved 6 March 2021, from

https://bizfluent.com/how-5001707-prepare-marketing-environmental-analysis.html

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