Marketing Plan
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,