Developing A Marketing Strategy

Developing A Marketing Strategy

Fashion clothing boutique plan.

 Fashion clothing boutiques sell clothing and fittings through brick-and-mortar stores and websites. Unlike superior sector stores and clothing retailers, boutiques generally serve a narrow target market with positioned clothing products; depend on long-term loyalty from their target customers for success. Effective strategic plans for clothing boutiques focus on a crucial, profitable target customer group, centring all strategic decisions on a single niche. The strategies and tactics to implement and realize the objectives, measures, and targets can be summarized by looking at the different target market tactics that can be used to achieve the objectives. This includes marketing segmentation which includes selling clothes of different categories considering age, income difference, geographical consideration based on climate, regional styles and psychographic characteristics, such as social affiliations. Also, Cost- efficient and innovative advertising tactics can be much more effective than more costly and less well-thought-out strategies. The Laying out of the plan for placing advertisements in media outlets that appeals to the target customers. This includes placing advertisements in home and garden publications and parenting websites with local editions for clothing lines catering to middle-aged moms and placing promotional strategies around the target market’s psychographic and behavioural characteristics. Information technology strategies will include creating of website that will enable customers to purchase any described category of the cloth. This site will include the price, size, type and number of cloth available in the boutique. Also, communication service will be provided when the customer logs into the account of the boutique store.

Developing monitoring and control methods for assessing the market and competitors is essential for a successful strategic plan. This may include; Create Plan Review Dates in which a strategic plan is reviewed regularly on the expansion of the business, cash flow operations and introduction of new products or services. Also, this may include aligning the review dates with the short-term and long-term goals outlined in the strategic plan and conducting a comparative analysis monthly. Secondly, there will be the development of a Tracking System for measurable goals; a tracking system is to assess where the boutique business stands regularly and also in the circumstances for earning a certain amount of revenue per month, track revenue on a daily or weekly budget to monitor and control the process. This approach will allow tweaking the system if the business numbers are far off the mark.

This helps to monitor critical elements frequently, such as the market and competition research and revenue projections. Thirdly coordinating the business and marketing plan is another method I can use for monitoring and controlling the business operation. Since the business overlaps in several ways, reviewing both documents simultaneously regularly helps monitor and control each plan’s goals and measurements. This will also help if the plan changes dramatically, as I can evaluate its impact on the other plan and will be able to make any necessary modifications.

Ethical, legal and regulatory issues are concerns that traditional brick-and-mortar businesses have dealt with for years. Becoming an e-business increases the number of concerns that business-to-consumer and business-to-business establishments must address. Many ethical, legal and regulatory issues faced by business-to-consumer and business-to-business companies are similar; however, some differences exist. Ethics can be defined as a set of moral principles or values. Ethics treat people, or in the case of businesses, customers, with respect by providing the customer with an environment that protects privacy.

Cultural ethics should be general to accommodate every citizen to be free because some individual members don’t appreciate some practices and accuse designers of cultural appropriation. Additionally, forgeries are another ethical issue that the organization faces as the forgers take advantage to create cheap clothes and sell them to customers. This will destroy the company’s image by producing similar clothes. I recommend the company create a unique trade mark to differentiate its product from similar ones. This will improve corporate citizenship with the customers by identifying the organization’s trade mark and making their decisions.

Legal and regulation issues are concerns with regulations that the law should provide. I recommend the law issue only one license for all businesses and tax registration to reduce the Cost incurred in acquiring these materials.

Additionally, a non-disclosure agreement is another legal issue that faces the organization, as the signing of the agreement by the suppliers should be confidential; hence, the competitor cannot select the product the organization has chosen. This agreement is more important, and the supplier should be considered when they connect the organizational products to the other competitor organization. This will improve corporate relationships by maintaining trust and honesty with suppliers. The structure of the business is another legal and regulation issue that faces the business as the boutique business is supposed to be a sole proprietorship since it does not involve many workers in the business activities. This will improve customer trust and loyalty as they only deal with one person who owns the business.

Starting a business that will be successful is hard, even if a person has all the required resources and time. This is because a lot must be considered before the process begins. Much research on the chosen field should be done if the business is to be a success. This should be made to avoid the loss of time and finance since many risks are involved.

Starting and maintaining a successful business is hard since much dedication, sacrifice, and hard work are required. The business should also be driven by its mission and its vision so that it can be able to achieve the purpose it was intended to. A business vision is the key to success; effective business planning would be impossible without it. The business vision provides the direction in which the business is heading to. The business’s vision and mission should go hand in hand, and one should be used to complement the other, or one can be used to achieve the other. BA lot should be considered before business vision or mission statements are made; They include the goals and objectives and the business plans.

Establishing a fashion boutique is very difficult since styles change daily in the fashion industry, and one must keep up with the changing trends to be marketable. First and foremost, one must be pretty clear on the style they prefer to sell. It can either be punk, fancy, casual or rock. Once this has been made, the business mission and vision concerning the fashion product can be created. The vision statement of the boutique will be to provide the latest trends in the fashion market to everyone and affordable prices to all. Operating a fashion boutique is difficult since different people have different fashion tastes, and all of these tastes need to be met. So, the one operating the boutique must be conversant with all the trends in the business and be able to advise appropriately depending on the occasion or purpose one is buying a cloth.

The business vision clearly states that the boutique will always provide everyone with the latest fashion trends. This is to show that the boutique will not be choosing the designer of the clothing, but as long as the cloth is fashionable, the boutique will be selling it; this thus shows that the boutique is willing to offer the public the latest trends in all the categories of fashion and will not be a specific wear shop like a shirt shop or dress shop. By providing all types of wear: men and women, the boutique will have a more extensive scope of clients. The clients will range from business people to teenagers to working-class ladies. Thus, They will have a large market to supply and thus be successful and make profits. They can satisfy all the public’s demands by offering all design forms. Also, the vision states the boutique will provide its clients with the latest fashion in the market at an affordable price. Thus, they care for the people and would not like to exploit them for their finances. They will thus have faithful and loyal clients who will significantly benefit the business’s success.

The mission of the company is used to describe what the business does. The mission shows what the business does, how they do it, to whom they do it and why they do it. This shows the summary of what the business deal with. The mission statement of the fashion boutique will be: we are a business that provides the latest fashion trends in the market at all times by ensuring that we are in conduct with the world so that our clients can be satisfied and be able to dress well. The mission thus shows the boutique will always have the best and latest fashion in the market at all times and that their goal is to keep their clients happy and well-dressed so that they can be confident. Its shows that customer satisfaction is their number one concern always. The mission statement shows the uniqueness of the business. It tells your clients what you are all about and what your greatest priority in the business is.

Different people have different cultures, which might significantly influence what they wear. A good example is the Hindus, who have a particular cloth for their men and women. In Hindu, women’s clothes are designed to be graceful, while men’s are for comfort and warm climates. The women’s clothes include the sari and the chilli, while the men’s outfits are the lungi and the dhoti. So, when setting up a fashion boutique, the culture of the surrounding people was extensively considered so that the business could be relevant and have to buy clients. The type of clothing being sold in the boutique should not encourage the people of the surrounding areas to wear indecently and be immoral. The clothing provided should not encourage immorality and should not go against the code of clothing ethics.

The boutique’s future in business greatly depends on its mission, vision and value statement. A great deal of time was spent in coming up with them, and they are the ones that help to define the strategy, directions and decisions made in the fashion boutique. The allybusiness’s strategic plan is strategically planned through the vision, mission and values. The business’s path to take is made clear, and one can work towards their objectives and goals to make the business successful.

The business can address the client’s needs by offering a variety of styles of clothes. This gives the clients a variety from which they can choose from. The business can achieve a competitive advantage by providing tailor-made services. This means that if a client cannot get something of their taste from the available collection, something unique can be tailored just for them. This will include the design and size they want. By doing this, the clients are made happy and satisfied. The boutique can now have a competitive advantage over the clothing competition.

The purpose of this paper is to conduct an internal and external environmental analysis for my fashion clothing boutique-custom made and tailoring business by taking into consideration the external forces/ trends as well as internal forces and trends, including the legal and regulatory, global, economic, technological, innovation, social, environmental and competitive analysis. The external forces and trends include the following areas:

Legal and regulatory

The business is registered as a private firm and certified to carry its services in purchasing and selling custom-made clothing. Most of its mission is to be conducted all over the globe. The relevant authorities regulate the activities of this business in this field. For this reason, we keep our business activities in conjunction with the various legal environments we operate in.

Global

 The firm has developed a global reputation for its pioneer work in designing and tailoring new clothing per the client’s requirements and has also been up to the global fashion trends. The business is currently joining the global platform by being the sponsor of various models in beauty contests all over the world. This is achieved by dressing selected models throughout the contest. In short, our products are being marketed by the models. This is an indication that the work of the business is growing globally.

Economic

 The products of our business (name) are economical. The first time clients visit the facilities, they are given an attendant who guides them on our products, takes the customers’ requirements, and provides the client with the most economical Cost ever. After coming to a consensus with the client, the client must commit him or herself to a ten per cent down payment of the total job cost. This means that the company invests its resources in meeting the client’s needs before even generating revenue from the jobs, and for large-scale jobs, we also issue discounts to our customers.

Technological

 The firm has invested heavily in modern and up-to-date machines used to execute customer jobs and orders from all over the globe. We have also invested in software that helps design and improve the needs of various jobs and orders we get. For the financial presentation, we have installed systems that help us monitor our resources and the jobs categorizing the different items as either assets or liabilities. We also invest in research and development to enable being more innovative and inventive.

Innovation

 We have significantly invested in product research to improve our creativity. We develop new clothing lines regularly and also carry out talent promotion activities to tap talents outside the firm. We conduct talent shows in fashion designs, and the winners are then absorbed into our firm and given further training and motivation to produce even better products. The fashion world is very dynamic, and we have to be ahead of this dynamism; our products are always on the top of various magazine covers due to the value we have added to our products.

Social

 Our products have been accepted globally, and we are interested in the customers’ feedback, so we have developed a website to get feedback from our global community. We also undertake corporate social responsibilities within our business outlets in various locations. These CSR activities are developed to benefit our communities, thank the entire client population, and market ourselves to acquire new clients.

Environmental

 We operate within the social and cultural environment that practices free markets economies all over the globe. The clients are drawn from all over the world, primarily through our market strategies online, and they appeal more to people in the fashion and beauty industry. Research we recently indicate that in contemporary society today, our first-time clients tend to be as is evident in the Supermarkets, TV, internet and print media being flooded with messages and products selling ideas on maintaining fashion. We operate in a very dynamic environment, and as such, we are equally dynamic, and we put the desires and needs of the clients first.

Competitive analysis

 The fashion and design industry has become a massive global market, giving rise to competition in this field. The current obsession with body looks, fashion and beauty has opened doors for more research and development in fashion and design. This is where our innovation and creativity have brought new changes, and we can produce new products frequently.

Internal forces and trends considerations: Strategy

 Our strategy as a company is based on the concept of innovation and creativity. The products being offered are unique compared to others in the market. We consider customer service as the only way of approaching new clients and providing better products to our clients.

Structures

 The products are centred on the client’s demands. The client is the biggest concern and the primary target. The end goal is the client who is given priority; a discount is offered or/ a special price so that they can be back for more. The client is the VIP who often gets unique and personalized treatment and derives the highest value for the money paid.

We also have a talented management and other personnel team who drive the organization towards achieving its targets. We have representatives all over the globe who steer our businesses.

Processes and systems

 Our employees are meant to care and provide the best for the clients. The motto behind these products is to go beyond the client’s imagination. The supply chain operation of this organization begins with consultations with the clients followed by other assessments, placing the orders and delivering the product as per the customer’s requirements. We have a controlled way of doing things, and there are always no delays in our production system. The end of this process is when we finally receive payment from the client after satisfying their needs.

Resources

 We aim to finish a customer job in the shortest time possible and allocate more resources to the big jobs. In short, we re-evaluate our resource allocation per the number of orders. We have also invested heavily in our personnel and greatly motivated them to undertake various jobs requiring creativity and innovation. For financial resources, we try to be as economical in applying them where they are best required. We plan to get listed to increase expansion capital for our unending product demand.

SWOTT analysis summary.

STRENGTHS	WEAKNESS	OPPORTUNITIES	THREATS	TRENDS
Our products are based around the clients. The client is the VIP and gets proper treatment and unique notice.   Delivering our customer’s jobs on time and the marketing channels we have all over the market place us in the forefront of the customers’ minds. The personnel we recruit are client needs-oriented, thus giving the best products to the market.	It’s not clear how we will be able to adapt to changes in legislation and culture. We operate under different legal environments and invest a lot of our resources trying to adhere to the legislation. There is also the aspect of dynamism in the fashion industry that requires a lot of resources to handle.	We have developed innovations in this field by conducting continuous research, thus improving our creativity and innovations.   We have many untapped markets which we intend to venture into.	Flooding the markets also means there is a need for new strategies, research and development to discover and provide affordable quality products to our clients.	Fashion and design is a dynamic world, and we need more investment in research and development to input the findings on our products backed by intensive creativity and innovations.

Balance scorecard.

 The balanced scorecard is used as a tool by management to measure the performance of the boutique. This balanced scorecard ensures that all the boutique’s operations align with the boutique’s values, mission, and vision. From the SWOT analysis, we identified the business’s strengths, weaknesses, opportunities, and threats. In developing this balanced scorecard, we use all the information from the SWOT analysis to ensure success in the business. The balanced scorecard helps employees and management look at organizational needs and requirements differently.

Figure 1.0: The balanced scorecard

Strategic objectives		Measures	Targets	Strategic priority
Financial Perspective	•         F1: increase return on investment	•         ROCE   •         Net margin	•         20% •         30% •         $700mm	• Become a financially stable business
	•         F2: growth in profits	•         Cash flow
	• F3: Asset utilization
Customer Value	•Meet client needs and requirements	•         Customer ratings • Profits earned by dealers	•         24% •         30% •         6.4%	• Ensure customer satisfaction •Establish a good relationship with clients
Perspective

	•         Develop good relationships with the costumer s • Improve brand image	•  Portion of the segment
Internal Operations Perspective	•  Cost leader  • Inventory management • Innovative services and products	Perfect orders  Activity competes for edition vs Cost.  New service s/ product s ROI	90%+  80%   30%+	Escalate customer value Excellent ce in operation Establish the franchise
Learning and Growth (Employee) Perspective	•Compete once •  Improve d skills • Better leadership • Establish an organizational culture	•  Strategic competencies •Employee survey • Personal balanced scorecard	• 24%+ •  >75% •  > 84% • 75%	• Creating a conducive work environment • Developing a good relationship between management and staff members

The strategic objectives were derived from current outcomes, research, and managerial expectations, among other factors influencing the boutique’s performance. The balanced scorecard acts as a platform and catalyst for learning. The objectives were also derived from these questions; what are the common failures in the boutique’s operations? How can the boutique’s performance be measured? Does the boutique meet current demand and customer needs? Answers to these questions and others came a long way in ensuring the right strategic objectives were developed for the boutique. To link various forms of performance measurement, the business must critically analyze the mission, values, vision, and SWOT analysis. Developing the strategic objective starts with reflecting on the company’s visions, values, SWOT analysis, and mission. In this stage, the management must scrutinize all factors affecting current performance before developing new strategic objectives (Fulmer and Goldsmith, 2001). The management needs to define what is expected in future. Consulting with colleagues and top managers is advisable to develop strategic objectives.

Consultation from top managers is advised, as one can know the business expectations in the future. Each business forms its goals and objectives based on the future, usually in terms of years. With the organizational strategy in place, management now has a guide to derive its objectives and goals. The corporate strategy guides the management in deriving the strategic goals and objectives about the set durations. All the strategic objectives derived need to be based on learning and growth, clients, financial growth, and processes. The main aim of developing the strategic business objectives is to ensure the business improves its current performance and profits. The key reason for any individual or group of people to be in business is to increase profits; hence, it is essential to develop strategic objectives. The balanced scorecard methodology associates each objective with targets and measures. Each developed goal is achieved in time with a few or no deviations through the scorecard. The balanced scorecard cascades measurements and objectives to individuals, business units, and even teams.

The goals and objectives to be developed require precise scrutiny of the SWOT analysis, mission, vision, and values of the boutique. Failure to match the set objectives with the business’s vision and mission would bring about immense failure. The management has two alternatives in managing the boutique: either take charge of its direction or respond to industrial forces beyond its management. Taking control of the business is the best alternative, and the way to control the business is by creating realistic objectives. The strategic objectives are aimed at helping the business become competitive in the market (Winslow, 1996). Developing the strategic objectives starts with evaluating its performance and predicting what is expected. The mission statement of the boutique is supposed to define the business’s core in brief. For instance, the boutique’s mission should be to become the best clothing company for the clients. This way, all the goals and objectives will be aimed at ensuring success. The balanced scorecard ensures the set objectives are specific, measurable, attainable, realistic, and time-bound (SMART). Before deriving the objectives, evaluating internal factors such as staff, market share, financial resources, and intellectual property is essential.

External factors such as emerging technology, customer base, economic conditions, vendors, and competitors must be analyzed before achieving the business objectives. All the information gathered from the SWOT analysis should be used to develop the goals and objectives. This helps management to identify the factors that will assist or hinder their ability to achieve all set objectives. The strategic objectives need to have deadlines; this helps to ensure accountability and responsibility. The staff members also need to be divided into groups and be in charge of particular objectives. Defining the specific needs that must be addressed in the strategic objectives makes it easier for all to achieve their tasks. A lot of communication and consultation is required to develop the strategic objectives. After all the strategic objectives are set, the next step is to develop a balanced scorecard that guides the management in achieving these objectives.

The objectives set will differ based on factors such as the size of the business, business vision and mission statements, business target and the industry of operation. Proper organization of the set strategic organization leads to the easy and fast achievement of all the goals in time. The balanced scorecard is one of the best approaches towards achieving strategic objectives. The boutique needs to adopt this approach if they are to succeed in achieving all the set objectives in time.

Conclusion

 We are currently on the right path and have continuously experienced business growth. There is more room to expand; we can get there with continuous research and constantly acting on the client’s feedback. Since the industry is fast growing with different kinds of demand daily, we shall beat our odds and become one of the globe’s best designers.

References

 

Winslow, W. (1996). Strategic business transformation: Achieving strategic objectives through business re-engineering. London: McGraw-Hill.

Fulmer, R. M., & Goldsmith, M. (2001). The leadership investment: How the world’s best organizations gain strategic advantage through leadership development. New York: AMACOM.

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Choosing an Organization

In this first week of your course project, select an organization to study in depth over the next five weeks. Each week, your assignment will require you to evaluate this organization. You may use an organization you currently belong to, a past organization, or an organization you identify through research. Be sure to review the types of information you will need for the project (all five weeks) before choosing your organization. You might need to create some hypothetical details to fill gaps in researched information. However, the project should use as much accurate information as possible.

You should have your organization approved by your instructor before moving forward with the assignment. Contact your instructor early in the week to gain approval.

For the Week 1 paper, complete the following tasks:

• Summarize critical details about your organization. What does it do? Who are its customers, clients, prospects, or constituents? For convenience in this class, we will call them customers.
• Perform a SWOT analysis, emphasizing long-term trends affecting your organization and what your competitors are doing.
• Analyze the organization’s mission statement. Does it address the following core components?
  • Customers—who do we serve?
  • Product/service—what do we provide?
  • Market—who/where are our customers?
  • Core competencies—how do we provide or deliver our product/service? What gives us a competitive advantage?
  • Measurability—how do we know when we are successful?
• Defend a new/revised mission statement. It should be a brief statement of what the organization is, what it does, and its customers. Be sure to support why your revisions improve the current mission statement.

Submission Details:

• Submit your plan in a 3- to 4-page Microsoft Word document using APA style.