Final Marketing Plan Presentation
Thank You!
Executive Summary
Executive Summary
I am proposing an online retail store called 'Made for you'. Which consists of women's clothing, but instead of the customers choosing what items they want, we pick out the outfits for them.
"In 2019 e-commerce was responsible for around $3.5 trillion in sales and is expected to hit $4.9 trillion in 2021" (Hatch)
Current Marketing Situation
Current Marketing Situation
- Online shopping saves time and money
- It's convenient for customers
- Makes it easy to send gifts
- Although when online shopping you "lose the inability to evaluate the quality of the product" (Reile).
"I love online shopping because when they arrive..."
SWOT Analysis
SWOT Analysis
- Strengths
- Weaknesses
- Opportunity
- Threats
Strengths
Weaknesses
- The people who prefer shopping for themselves
- Competitors
- Obtaining clothes from the start
- Being an online retail store and the convenience that it brings
- We choose your outfits for you!
- You purchase quality clothing for way less
- The fact that we are open "twenty-four hours a day, seven days a week" (Hudson).
Opportunity
Threats
- Gaining customer trust
- Not being able to have a face-to-face interaction
- Target: Females in high school or colleges around the KC area
- There are thousands of online retail stores, but not many like ours
Objectives & Issues
My objective is to run a successful online retail store that provides ladies with assistance on their style.
An issue we have is working on establishing a strong brand name that is linked to a meaningful positioning.
Objectives & Issues
"exceed customer expectations" (Kapple)
Marketing Strategy
We believe in establishing a community, inspiring our customers, and providing valuable entertainment. We will do this by utilizing our social media platforms by conducting giveaways or raffles that promote our products
Marketing Strategy
"When customers engage with you on social media, you can leverage their loyalty to your brand" (Sawhney)
Action Programs
"customers want to be engaged with meaningful interactions" (10 Steps)
Action Programs
- Prioritizing our customer service representatives
- Making each customers shopping experience convenient for them
- Creating a good brand name
- Utilizing our social media platforms to get to know our customers better
Budgets
- 1 Year goal: $48,000 in sales
- Running the company out of our home
- $1,500 in inventory per month or $18,000 a year
- $1,000 in advertising
- $29,000 in total revenue in year 1
Budgets
"If you truly want to be successful, the only thing you really need to grow is revenue" (Robinson)
- 5 Year goal: $116,000 in sales
- Running the company out of a rented unit
- $3,000 in inventory per year
- $1,000 in advertising
- $2,500 in rent a month
- $49,000 in total revenue in year 5
Controls
We will have a vision board that has our monthly goals on it. This way we can see how well we do or don't do each month. we can then evaluate ourselves to help improve things that need it and congratulate ourselves on the this we do good on.
Controls
References
References
- Hatch, C. (2020, March 11). Be in the Know: Ecommerce Statistics You Should Know. Retrieved May 9, 2020, from https://www.disruptiveadvertising.com/ppc/ecommerce/2018-ecommerce-statistics/
- Hudson, M. (2018, December 26). What Are the Pros and Cons of eCommerce and Selling Online? Retrieved May 24, 2020, from https://www.thebalancesmb.com/selling-online-retailing-storefront-alternatives-2890252
- Kappel, M. (2017, January 13). 5 Ways to Build Killer Relationships With Customers. Retrieved May 30, 2020, from https://www.entrepreneur.com/article/282364
- Reile, W., Reile, W., & Reile, W. (2017, July 11). Factors Influencing on Online Shopping Behavior of Consumers. Retrieved May 16, 2020, from https://www.searchfit.com/2017/05/01/factors-influencing-online-shopping-behavior-consumers/
- Robinson, R. (2020, June 09). 5 steps to setting sales goals that help you grow (quickly). Retrieved June 21, 2020, from https://blog.close.com/setting-sales-goals/
- Sawhney McCormick, M. S., Foundation Chair of Technology, & Center for Research in Technology & Innovation. (n.d.). 5 Ways to Authentically Engage Your Customers. Retrieved June 6, 2020, from https://insight.kellogg.northwestern.edu/article/five-ways-to-authentically-engage-your-customers
- 10 Steps to Building the Perfect Marketing Mix for Your Business. (2018, March 21). Retrieved June 13, 2020, from https://wearegrow.com/10-steps-to-building-the-perfect-marketing-mix-for-your-business/
Image Citations
- "I love online shopping because when they arrive, It's like a present from me to me!" #onlineshopping #o...: Funny minion quotes, Minions funny, Minion jokes. (n.d.). Retrieved June 27, 2020, from https://www.pinterest.com/pin/841469511597367839/?d=t
- Burgundy, R. (n.d.). Ron Burgundy - CUSTOMER SERVICE IT's kind of a bi... Retrieved June 28, 2020, from https://memegenerator.net/instance/54620323/ron-burgundy-customer-service-its-kind-of-a-big-deal
Dollar-money-clipart-1. (2018, December 05). Retrieved June 28, 2020, from https://smoth.org/dollar-money-clipart-