Marketing Plan Case Study

securities industrying Plan Case Study understructureThe following is the commercialiseing plan for Ballantynes my brand of sweatshirts. foodstuffing cleavage refers to the process of dividing a market into segments or groups of customers with similar needs or deprivations who ar desirely to show similar purchase behavior. After market segmentation we get to know the different types of customers with different types of needs and desires. The drive segments for my business would be boyish generation and mature people. I am open uping sweatshirts business in Christchurch city. (Ballantynes, n.d)Two bases selected for market segmentation in my sweatshirt business are Demographic ( Gender, Income, lifestyle)Behavioral (Attitude and Benefits imageing for)PROSPECTIVE CUSTOMERSYoungsters The chump audience would be between the age group of 16-25. I would like to open the shop in near the Christchurch university sweep as it a busy subject area and youngsters normally hangout in that area. I would scratch both young-begetting(prenominal) and females as both of them wear it. I would target youngsters who are from middle -higher class, because students would normally choose reasonable and trendy clothes. I would perk up clothes from medium to higher arena.Professionals and Mature People The target audience would be both male and females between the age group of 26-40, I would like open it in CBD area, as at that place are many corporate and tourist in that area and they rear end demoralise in during their break time, or while doing window shopping, Similarly tourist provide steal intersection points as CBD is a famous tourist place. I would target customers from middle class to higher class. embodied people would prefer trendy sweatshirts which is easily feasible for them.Old People-The target audience would be males and females between the age group of 50-75, I would like to open it in North shore as at that place are many retirement villages and the crowd is posh and they prefer trendy clothes, I would target income group from middle to higher class, Old people love to necessitate comfortable and feasible clothing. So I impart defecate it easily accessible to them.I am going to focus on Youngsters and Professionals as two potential target markets for my business.Type of marketDemographic and Behavioral CharacteristicsYoungstersI am going to cover age group from 14 to 25 years in both male and female. They reckon for style and new designs in the output like chain, hoodies, colorful, pictures of stars and sports personalities, and some motivational quotations to have a unique personality in the society. They are bit toll concerned as their income is limited and are probably dependent on parents in early ages. They belong to the category of different size and range of price. They are knowledgeable close to brands but not loyal to them as they only want to look different. This market is Brobdingnagian in size but less frequent user of sweatshirts. They have to the lowest degree concern with service but much sensitive about replacement and return guarantee. They consider price while buy products.Professionals and Mature peopleThis segment belongs to the age group between 25- 50 years. They have potential to buy tincture products and thus have less price sensitivity but look for casual designs with sober colors and convenient to wear during office times. They look for brands and quality stuff use to prepare the product. This segment mostly prefers plain and plain sweatshirts with benefit of warmth and personality feature. They sought for product which has brand value in the market and is seen number of times in public through issue or electronic media. This segment prefers to have sweatshirts with detachable hoodies so that they can use it without it. They love to buy more durable products while buying clothes.Company objectives and resourcesCompany objectives and resources Companys object ive will be maintaining consignment with existing customers and by making bang-up cyberspace disemboweling new customers too. Company will focus to exceed its break even as soon as possible by setting some targets and achieving them on time. Company will use various resources to meet their targets like advertisement resources. Definability of segmentsCompetitive rivalry go away be high for the product as there are many clothing shops in Christchurch and everyone is competing. bargain power of suppliers The bargaining power of suppliers would be low as there are many suppliers in the marketBargaining power of customers The bargaining power of customers would be high as there are many clothing companies joints in the market and they can bargain. curse of new entrants The threat of new entrants is high.Threat of substitute products or services sweatshirts can be replaced by coat, jackets T-shirts etc.Current Size of the MarketPopulation of youngsters 300,000Population of Profes sionals 465,000Industrial growth 15% of total populationThe above statistics gives me assurance about my product and segment enthrallingness in the market. And my business is having growth potential in long poke out due to the necessity of it as per climatic conditions in advanced Zealand.(statistics New Zealand, n.d)Task 3A differentiated market strategy is when a company creates campaigns that appeal to at least two market segments or target groups. I am targeting youngsters through styles, design, varied price range, stuff like cotton, woollen, man-made and pictures of personalities, wording they do like to see on cloths, glowing colours, hoodies attached and promoting through social media.I will attract my second target market of professionals and mature people with casual look, brand logo, simple designs in sweatshirts, dual colour and quality stuff to protect from cold and have hoodies which can be removed too. I will provide unique designs to give a feeling of persona lity symbolization to them and approach through social media, T.V advertisement and promotion through magazines. (ballantynes, n.d)Task 4 As there are many competitors of my company Ballantynes, the major competitors Cottton onThe above diagram demonstrates my positioning of my product in the market.. Ballantynes is moderately priced with reasonable price and quality. Nike, Adidas, Puma are high in quality and even the price is higher. Cotton On is below me though it is low in price but the quality is not good. So I feel I can compete and sustain on the, market with bighearted reasonable pricing and good quality sweatshirts.Task 5Product 1. PRODUCTWhat does the customer want from the product / service?What needs does it satisfy?I have a wide range of products much(prenominal) as sweatshirts for women, men sweat shirts, Kids wear, and fashion accessories. My product strategy will be latest design, fashionable, stylish, varied size with hoodies and Chain, pockets inside and outside , replacement or return facility in limited period to attract youngsters. I will provide specific logo on the sweatshirts front and back side. I will provide different fabric style sweatshirts it may be design with cotton stuff and fleece as well. I will give products in varied colors like plain, combination and quality stuff to attract my mature and professionals target market. I will provide different sizes for sweatshirts for example small, medium, large and extra large size.PriceWhat is the value of the product or service to the buyer?Are there established price points for products or services in this area?Price is the factor which attracts the customers thats why companys product is from low medium price range. Its service and stuff is very fine so people like to wear this brand and its price is also very reasonable. The competitors of sweatshirts are selling their product at comparatively high price, so that is great advantage because target segments are attracting towards sw eatshirts product as it provides affordable and good quality products.The price range for my sweatshirts would be between $12-$150Promotion What is the value of the product or service to the buyer?Are there established price points for products or services in this area?For advertising we will advertise in magazines that mostly attracts customers. Billboards are good tool for advertising, they are attractive and everywhere could see them. Advertisements have to be written in simple language and easy to understand. We would pass on them on social media as it is cost effective and can reach the mass market.PlaceWhere do buyers look for your product or service?If they look in a store, what kind? A medical specialist boutique or in a supermarket, or both? Or online? Or direct, through account?Will open the store Ballantynes at 23/ Cashel Street Christchurch besides, that I will also make the product available online = in about nine languages in order to reach all its target segments f rom different nationalities. Through the website, customers can book their orders, check the latest offers.Task 6Plan of supervise and mechanismsFeedback through Questionnaires The feedback of customers is so important because feedback decided the sales or popularity of the product. So, I will do hatful about our product in open market and will collect feedback from existing customers. This will have few questions which they will answer and it will help me to know what they think about our product, what are their future expectations and why they give priority to it in the market? We can send questionnaires to our customers through email also. Their despotic feedback will be success of our marketing plan.Sale Trend through financial Information I will also keep check on my financial information whether the business is in profit or loss. If my sale is going up it means my marketing plan is working and I can achieve my objectives. I will check all the reports once in the month to b e updated.Market Research eye on my competitors will help me to understand what is market trend or prerequisite in the market and availability of respective products. If my product is fulfilling the need and is having advantage on competitors it means my marketing plan will work and I can attract more customers.Ballantynes. (n.d). History. Retrieved March 21, 2017, from https//www.ballantynes.co.nz https//www.ballantynes.co.nz/historystatistics New Zealand. (n.d, n.d). Youth Population is ethnically diverse. Retrieved March 26, 2017, from www2.stats.govt.nz http//www2.stats.govt.nz/domino/external/web/nzstories.nsf/fb471f7feb8c8d5fcc256af1000fa1c1/a9f90227a3017a3ccc256b17007aaef3