marketing

Introduction

Elegant Wears will venture into the production of apparels based on the taste of modern fashion. The business purpose is to manufacture and sale of outfits that address the needs of the middle-income earners using synthetic fibers for manufacturing finished products. Materials will be human-made based on the highest quality raw materials available in the market. Apparels will include casual wears, formal dresses, sports, and kids’ wears. Finished products would be sold at competitive and affordable prices.

Hence, the feedback received previously would aid in improving the company’s marketability which is the objective of the marketing plan considering competition and other market aspects. Based on the review from assignment A in the second week of class, the marketing department received and collected feedback from diverse types of participants in this venture. Some of those inputs have particularly inspired and suggested a new marketing approach. For instance; the necessary change for the visual requiring a gender-neutral color for the logo, the necessity to communicate directly with customers over social media platform, the needs for dress advisors to advise and guide undecided and new customers, and the massive interest of customer of big sizes to be taken into account in a fashion show.

Those pieces of information inspired a new approach and avenue to enhance the showcasing plan. They allow a better understanding of the market, clients expectations and the branding strategy. For example, the inspiration to facilitate communication directly to consumers using the social media platform will ensure that customers find an efficient way to ask anything pertaining to the products and services marketed and the involved parties will get a chance to address those concerns efficiently. Also, addressing new customers in every market improves the marketability of the products involved since building the association between business and those clients will likely improve how products and services involved shall be known to other potential customers.

Branding Strategy

Elegant Wears will model its brand around quality products that meet the highest standards of comfort and style for modern professional and casual wears. The attempt of customer satisfaction is based on the deep understanding that our dresses speak most about our character, our values and belief system. The tagline for the company will be “Dresses that Express.” Our mission will be to establish market leadership in hand-made garments through the production of affordable, high-quality apparels for any life’s circumstances.

Brand Name

Elegant Wears

Logo

The logo of the company is a purple hexagon in different colors tones. The decision on the color is based on the need for a gender-neutral color, and the different tones symbolize the diverse circumstances in lives in which the brand can assist customers with their outfits

Slogan

The tagline for the company will be “Dresses that Express.” Our mission will be to establish market leadership in hand-made garments through the production of high-quality apparels.

Factors influencing primary and secondary target markets

Elegant Wears will operate in an industry that is impacted by various factors. These factors are not only out of control of the organization but also affect its viability. However, the company will need to prepare for their potential impact on profitability.

Political Factors

The garment industry faces an unstable political environment. The industry is affected by laws and regulations that the new company will be expected to abide by including specific government regulation (Islam & Pattak, 2017). Policies on export and imports, taxation regime, and laws on recycling of waste significantly affect the effectiveness of operating in the garment industry.

Economic Factors

The economy affects the garment industry through policies that govern the interest rate. If the interest rates remain low, Elegant Wears will afford to borrow funds to run the business and repay it without affecting its viability (Mullins et al., 2012). Furthermore, the rate of inflation will affect the pricing strategy that the company adopts. This factor affects both the buyer and the producer.

Social Factors

Social factors that affect the garment industry include the social behavior and attitude of potential buyers toward products. Certain cultural beliefs may affect the kind of garments that a given segment of the population prefers buying (Islam & Pattak, 2017). For example, Muslim women wear long dresses only.

Technological Factors

Changing technologies affect how garments are produced in terms of quality and quantity. The type of technology adopted by an organization will undoubtedly affect the cost of production effectively impacting the competitiveness of Elegant Wears’ competitive advantage. It also affects the processes used in the production of finished goods (Brewster, 2015).

Legal Factors

The government enacts laws from time to time that regulates the industry. Laws on copyright and trademarks affect the kind of patents that a company registers. Other legal issues that will affect Elegant Wears include laws on competition and consumer protection.

Environmental Factors

Adopting environmentally friendly policies is an issue that affects the garment industry. Other issues include the exploitation of natural resources for purposes of producing garments and global warming (Islam & Pattak, 2017).

Positioning Statement and Perceptual Map

The perceptual map:

The figure below is a sketch of how Elegant Wears strategize its marketability particularly those involved in analyzing value, competition, and opportunities. High cost and high quality are considered to match based on the usual market behavior while low cost is considered to go hand in hand with the low quality. However, the company seeks to improve its quality, yet with low cost as represented by green color in the sketch provided. Hence, the organization’s marketability is considered to be on top notch compared to those of its competitors.

Figure 1: A sketch representing Elegant Wear’s perceptual map

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The positioning statement: “Elegant wear is the only quality oriented designer and producer of all kinds of wears that suits you. We offer wears ranging from casual ones to the formal ones since we value all your contexts and we always seek to make you not only comfortable in any settings, but also happy. Also, Elegant wears consider your environmental sustainability and we always seek to remain eco-friendly in all our operations.”

The target market and the consumer behavior

Elegant wears targets clients across the social-contexts. The key value that this wear has is a gender-neutral color, and the different tones which symbolize the diverse circumstances in social settings of the people. Elegant wears targets customers ranging from 10 years and above and there is no limit concerning the specific age limit. Hence, marketing of the company’s products targets every customer regardless of their age as long as legal and social perspectives are considered.

The lifestyle values and segmentations varies depending on various factors such the geographical context, cultural, and religious provisions among others. Elegant wears are considered classy and suitable for customers with an average wage living and above. However, a gender-neutral color that those products targets every customer irrespective of their earnings since the company offers products ranging from different prices. Also, the gender the products does not have gender specific colors since it targets both genders without any discrimination, educational levels, or stages in the household life levels.

Furthermore, marketing of the company’s products is done in all places including rural and urban areas. Hence, all significant values including the cultural, social, and legal ones are considered while designing and adding any attachments on Elegant Wear’s products.

Conclusion

The study justifies Elegant Wear’s effort to remain competitive and sustainable against its competitors. Some opportunities that this company has include having the market of human-made garments sector is not fully exploited with opportunity for growth and consumers wishing for new designs will create new market opportunities (Mullins et al., 2012). However, despite its endeavors, the company is threated by aspects like low pricing for inferior competitor product and better distribution channels for competitors (Islam & Pattak, 2017). Hence, there is a need for the company to utilize the possible strengths to increase the room for opportunities and lessen those of its threats. One strength that Elegant Wear has is having unique products in its design and material which will be used as a competitive advantage. Despite numerous marketing challenges, the company proves to be competitive and serves its customers and the potential one satisfactorily implying that its sustainability is unquestionable.

References

Brewster, K. M. (2015). A quantitative analysis of the effect of textile mill water quality labels on consumer purchace intention for apparel (Doctoral dissertation, University of Missouri--Columbia).

Islam, M., & Pattak, D. C. (2017). Impact of Macro Environmental Factors on Garments Industry That Drives Export in Bangladesh. Studies in Business and Economics, 12(2), 100-111.

Journal of Advertising Research, 52(4), 459-464.

Keller, E., & Fay, B. (2012). Word-of-mouth advocacy: A new key to advertising effectiveness.

Mullins, J., Walker, O.C. and Boyd Jr, H.W., 2012. Marketing management: A strategic decision-making approach. McGraw-Hill Higher Education.