During this course, you have compiled a marketing plan for your fictional start-up company. Share with your fellow classmates the most important part of the marketing plan, and include an explanation of your company and product/service, situation analysis

Marketing Plan

Michael Adams

Columbia Southern University

Marketing Plan

Segmentation and Target Market Analysis

Since Women on the Go is a startup company, segmentation has to be carried out carefully and properly. This is because a well carried out will make it possible to determine the right customers who will be in a position to purchase the services of the organization. The process will also help to reduce the time spend marketing the wrong services to wrong customers and minimize wastage. There are five criteria for segmentations that the organization may employ. The first criterion is measurable. This criterion should accurately determine the number of customers in different segments. Therefore, the market segment should be measurable to enable the marketers of the company to direct much attention to focusing to the chosen segment. The second criterion is substantial. This criterion calls for looking for a viable market with various groups that have clearly defined characteristics (Weinstein, 2013). There will be no need for the company to spend a lot of money in a market that has very little spending and also a market that is very large. The third criterion is accessibility. A target market should be easily accessible. Differentiable is the fourth criterion. According to this criterion, the market segment should be externally heterogeneous, but it should have similar characteristics and preferences. Finally, the market segment should be actionable. This means that it should practical value.

After segmenting the population, the target market becomes clear. The best target market for the company is affluent women who have less time and knowledge on what and how to wear. This target market has many potential customers with very high spending power. Additionally, these women are readily accessible, and also they are externally heterogeneous, but like trendy clothes. The other target market is affluent men. This market can be serviced well by the organization since they are also readily available and have high spending power.

Competitive and Industry Analysis

There are many competitors in this industry where Women on the Go plans to operate. At the top of the market is Zara. This organization has invested in many markets. What makes this company to be at the top of the market is the speed at which it operates. The company changes its designs twice a week. The second competitor is Galeries Lafayette. This company produces trendy clothes thanks to its talented, experienced, and motivated workforce. The final competitor is Nordstrom Inc. This is another aggressive competitor in the market and it has a very wide network in many locations.

Advising women on clothing and how to purchase clothes that best suit them falls under fashion industry. This means that the company will be operating in the fashion industry. This is an industry with very many players. Over the years, the fashion industry has evident increased growth. Today, there are many international players in the fashion industry, and the industry is also among the biggest employers in the United States.

Understanding competitors is important so as to get to know their weaknesses and strengths in the market. Also, it is possible to determine strategies that will give one competitive advantage through doing competitive analysis. On the other hand, industry analysis plays a significant role in facilitating the understanding of the position of the company in the market to that of other organizations that are producing products and services that are similar. The process of strategic planning can be performed effectively through getting to know the forces that are working in the market. Additionally, performing an industry analysis will enable the management of the organization to determine opportunities and threats that are present in the market (Armstrong, Kotler, Harker, & Brennan, 2015).

SWOT Analysis

SWOT analysis helps to determine the market potential of Women on the Go both externally and internally.

Strength

· Women on Go utilizes cutting out the middleman business model, thereby dealing with its customers directly. This will make it possible to offer services at fair prices.

· Dealing with only women at the moment as the target market makes it possible to focus on the group and provide the required services that satisfy their needs.

Weaknesses

· The organization has limited resources and capabilities. This makes it difficult to penetrate the market that has well established players. The competitors have adequate capabilities and resources, hence it will be difficult competing against them.

· Women on the go has a weak brand name. This is because it is still a new player in the fashion industry. Also, the organization has not built its reputation compared to other players.

Opportunities

· There is a room for global expansion for this new organization. The company does not have market presence in different continents and markets.

· Another opportunity available to the company relates to expansion in e-commerce. The organization needs to concentrate on online marketing. This is a new area that has the ability to make the company reach many women.

Weaknesses

· Fashion industry has very stiff competition from many different players

· The taste and preferences of consumers may change from the services of the company.

References

Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education.

Weinstein, A. (2013). Handbook of market segmentation: Strategic targeting for business and

technology firms. Routledge.