Marketing Plan "Rewaj Boutique"
Marketing Plan "Rewaj Boutique"
Marketing Plan "Rewaj Boutique"
MARKETING PLAN
1 INTRODUCTION
REWAJ
Clothing is a beautiful visual demonstration of the social and emotional needs of people wearing it. It also portrays in a clearly understood visual manner, what people of different cultures and styles want socially. Fashion, through times, has gone through many rapid changes and bizarre extremes that it has examples of nearly every kind of clothing function. However in a boutique business the specifications and description of the designs and clothes are so general that they can fit more than one customer, which actually are quite different from each other in nature and this is solely dependent on the taste of the people. Similarly in our boutique we are going to provide the highly trendy and fashionable clothes first time ever in the history of Bahawalpur. Right now our main focus is on women aging 20 to 55. But in the near future we are having plans to expand it to other segments as well. We are also having plans to open the men boutique under the same name in near future. We are focusing businesswomen, and housewives finding less time from their work to stick to the fashion magazines, TV and others. We will provide them the platform where they can come select the trendy ones and feel confident in their circles.
Mission:
Satisfying our customers by providing them best qualitative stuff and unique designs keeping in view their comforts and excellence
2 ENVIRONMENTAL ANALYSIS
2.1 EXTERNAL ENVIRONMENTAL ANALYSIS
By the careful external environmental analysis w find out the following factors important to consider in order flourishing in the industry
2.1.1 POLITICAL
Pakistan is very instable political country. We are having laws but no enforcement at all. This thing is devastating for any industry. Elections run through almost every year although for none but for many reasons. Every government brings new rules and policies. Even different political parties are against fashion industry like MMA. Taxes, FEDs and other import duties are being imposed making hard to survive. Despite of all these fashion industry is flourishing and renowned in the world.
2.1.2 ECONOMIC
Inflation rate in Pakistan is rising every year. In 08-09 it was 22.3% that was 10.3% in 07-08. This is very point of tension. Interest rates are other freaky thing. And the recent world recession though had less impact on Pakistani economy yet has its importance. These things are like hurdles in fashion or in any industry. The price wars are also of great important. Countries with high technologies are striving with low prices dragging developing countries towards down.
2.1.3 SOCIAL
Pakistan is the 6th largest populated country of the world. Due to the increased literacy rate and advanced media people are aware of new trends and fashions. Due to the entrance of foreign market tastes of people so as living styles are being changed. People are becoming more fashion conscious and careful in their selection. Advanced telecommunications has improved sociability of the people. At the same time religion is on the move. These all things has a great impact on fashion industry as people are more aware of their needs so as to satisfying them.
2.1.4 TECHNOLOGICAL
Though fashion industry is not technology driven but in ever dynamic and global market its now being essential to prosper in the technology area. Now a day without technology success seems far. Its a great tool of competitive advantage and a source if brand equity as well. The concept if e-business is having great impact on fashion industry. Enhanced Internet, mobile and media activities are gaining much importance in the fashion world.
2.1.5 LEGAL
Certain legal acts cant be left as unimportant. Different business laws should be kept in mind to abstain any problem in the future. Though there is no enforcement of laws in Pakistan but laws are of great importance. In the recent government many new laws are made. Different trade policies with the neighboring countries are signed. These all things according to us should be considered in the business.
2.1.6 ENVIRONMENTAL
Weather has a great influence on fashion or apparel industry. But weather in Pakistan is not changed unexpectedly. But the electricity crisis are of great important so as devastating.
Proposed capacity
2.2.5 TRAINING
Required in order to give familiarity with new trends and styles.
Working hours 8 Rent out outlet (as per following infrastructure components)
Gender: women Social class: upper middle class Age: 20 to 55 Housewives and workingwomen are main focus Demographics House wives, Professional woman, college or uni girls (ages 20-55)
Psychographics Looks for bargains (seasonal fashion) but willing to spend money on quality, core items
Would like more time or help in understanding what clothing is right for her
She wants to look her best because she wants to feel good about herself as well as make a good impression at her job
Reads the news, dawn, Daily post, Fashion magazines Watches style 360, F Tv, geo, Hum etc Internet user She enjoys eating out as well as taking time for herself
25%
Market Growth Rate:
Market is growing rapidly as more and more women are being fashion conscious.
Market Micro-Segmentation:
Clothing
Key Publications:
Conferences on fashion awareness, and shows in universities and colleges, exhibitions in Multan, Lahore, Rahimyar khan
Weakness #1 no mission statement Weakness #2 inside bazaar congested area Weakness #3 Stitching problem Weakness #4 late delivery Weakness #5 customization problems
Weaknesses
High rates and prices Less supportive financial and govt institutions Lack of idea sharing
Opportunities
Expand into emerging economy Enter new product market Acquire more market
Threats
Lack of knowledge Brand cannibalization Substitute
New entrants
Competitors Political instability
First time the boutique like ours is being introduced in Bahawalpur. It is very much necessary to convey about boutique, generate awareness and make people know about the benefit of boutique. Second increasing the length of business is crucial to every business. Entering into the new and potential market is very much important. So finding new prospective market is also important.
4 MARKETING OBJECTIVES
Objectives:
Non-financial objectives:
To be among the top ten favorite brands To add new designs in every season To drive awareness and build sales through mentions in both local print and the nation's top fashion magazines
Financial objectives
To maintain an inflation growth in earning per year at a rate of 12% To obtain a return on equity of at least 30%
Providing stitching facilities to other boutiques in 2012 who are lacking this facility To maintain profit margins at 15-20% through close attention to expenses and cost of goods sold
5 MARKETING STRATEGY
5.1 STRATEGIC OVERVIEW
Due to the demand for up-to-date fashions, inventory turns are projected at 5
From the above projected overview it is obvious that business is heading towards growth.Which is a prosper sign for boutique business.
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Target: Women Position: Time; less time to find latest and trendy fashions in a single place. Without utilizing much energy, effort etc
Both primary and secondary customers are women, key influencer is woman, Decision maker is woman, and economic buyer is woman and man.
Positioning Statement
Rewaj Boutique provides women with upscale designer clothing and exclusive personal services. Our main competitive advantage is the unique Style Assessment and education emphasis in helping women develop their personal style.
Brand Positioning
Brand personality
Innovative | Stylish | Contemporary | Modern | Fresh | Approachable | Elegant The overall brand personality of Rewaj aspires to be fashionable, customer-oriented, innovative, refreshing, stylish and educational. The boutique is a place where women can go to
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transform themselves with beautiful clothes and take advantage of the Style Assessment and other services that help them determine the right clothes for their unique selves. We are a shop that educates. We help women learn about the designers, gather with their friends, and have fun during the process. We not only carry items that help them look good, but we also help our customers maintain these items. Owners will work with their top design advisors to create the atmosphere, colors and wording that encapsulates these thoughts.
6 PRODUCT STRATEGY
6.1 PRODUCT PORTFOLIO
Product Class: Fabric/ clothing Product Category: Casual Wear Semi Formal Wear Formal Wear
Product line: Each product line will have the following product lines Ethnic wear Contemporary Wear Western Wear
Product Mix Category Casual Wear Semi Formal Wear Formal Wear Percentage of total outfit 34% 33% 33% % Cost of sales 35% 32% 30%
colors, designs, fabric and so as the best environment that women will find ease and would surly love to buy form our boutique again after first buying. Our clothes will appeal image conscious, fashion aware, and choosy type of women. Women will feel high among their social circle. Estimated annual sales: 40lac Estimated profitability: 25lac Market Growth rate: 10% as the increase in incomes and awareness in the gentry. Geographical scope: Bahawalpur is a trade city. Nearer cities to Bahawalpur are Multan, Sadiqabad, Rahimyarkhan, and Ahmadpur. Moreover Bahawalpur is developed city as compare to most of these cities. So this city has vast coverage. And people can easily come to our boutique. Consumer buying process: due to the less markets and shops people find ways to festive. Normal trend is that women love to buy visiting the market. In our outlet they would love to cone and buy.
AND
ANALYSIS
6.3.1.1 Competitor 1 ENTER COMPETITOR NAME 6.3.1.1.1 Contact Details: Address: Wahid Clothe house and boutique, Chowk bazaar, Shahi bazaar, Bahawalpur Telephone: 0622288745
It is the only considered competitor yet it is far behind competition. But its proposed plan can be bring it into hard competition. Right now they have captured the highest market share. They are having boutique whereas they accept alteration and made on order as well. Though they are not having any website, mission or vision statement but they have prospered. They are even selling in Lahore market but on minimal level. Their prices are moderate to high and their products are perceived as of high quality. The perceived weakness they are having is of congested area, lacking in quality of fabric and sometimes in stitching, whereas perceived strengths are of dealing in men suiting, having different shops for different categories and owning large area.
Possible new entrants can be those small boutiques working on small level right now not having much investment but got experience like Fashion ghar, Huma silk center and small home made boutiques
7 BRAND STRATEGY
We brand our product with brand laddering: emotional brand laddering, our product is of image conscious wich requires highly image positioning Our boutique focus on latest trends and less time to reach them. Woman can get what they want without any problem and with great ease. We are providing value, image, elegance and style of what woman are hungry. Brand name: Rewaj suggesting that what is in the fashion. Easy to pronounce and easily accepted all over the Pakistan without any discrepancy. We can even extend our boutique to men under the same name this name has no limitations. Logo: needle and thread expressing the nature of business. It is memorable generating loyalty and protectable. Adaptable to any culture. And having no cultural problem all over the country. Similarly have no limitations. Acceptable for both genders. Color: red and black. Quite neutral color easily memorable and associations can be developed without any problem. The R written in capital font and with red color getting attraction and attention. Slogan: Its easy to be trendy positioning on time and easy to memorable. Also it delivers that we are giving what ever is in fashion and is in. It is also protecable and acceptable in culture. Symbol: girl wearing contemporary dress. Focusing on latest designs and fashion. And it also shows that boutique is of women. Women can generate associations with the symbol.
8 PRICING
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Pricing is set according to market indicators. Set in such a way that it covers cost and generate revenue for the boutique. In the start it requires lower prices in order to penetrate in the market. Than high the price for the assurance of high quality as it is perceived.
Product
Intro. Prices Rs
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10 DISTRIBUTION STRATEGY
Manufacturer
Customer Direct chain as we are having both backward and forward integration. Selectivity Shopping good so exclusive outlet and selective distribution as product is of high image. Waiting and delivery time Product will be available in the outlet so customer doesnt have to wait for the delivery. Variety and Assortment We will provide this as we are dealing in three categories; casual, semiformal, formal
Information provision: We will provide training to our employees so that they can facilitate the customers as much as possible. Following flows would be performed to produce the above services outputs. These flows would be performing from manufacturer to consumer through whole seller and retailer. Physical possession
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Ownership Financing Risking Negotiation Promotion Ordering Payment Channel Function and Flows A marketing channel performs the work of moving goods from producer to consumers. It overcomes the time, place and possession gaps that separate goods and services from those that need or want them. It perform number of functions: They gathering information about potential and current customer, competitors, and other actors and forces in the marketing environment. They develop and disseminate persuasive communication to stimulate purchasing They place an order to the company They provide for the successive storage and movement of the physical products.
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Key Assumptions
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