Marketing Tips for Queens Inc - Business Plan Example

Marketing plan for Queens Inc.

The Queen’s Inc. is a vastly reputable company dealing in high quality fashions. The company targets the young generation aged between 18 and 45. The company also target trendy fashions that suit all age calibers. With the ever constant stiff competition from other companies dealing in similar products, there is need for the company to create a strong brand that makes it recognized. A strong company brand always distinguishes a company from others and it wins the consumer confidence when it comes to taste of preference. The company aims to operate both domestically and internationally. Hence, there is the need to create an appealing company brand that is recognized worldwide. The company must also identify its major competitors and devise a way of outdoing them when it comes to competition. The company is also aiming to be a follower to maximize on the weaknesses of the major competitors. The company also aims at using latest technology to aid in advertising.

Branding, pricing, and distribution strategy

Since the company has been producing products that target local consumers depending on their taste, it must now come up with branding strategies that appeal to everyone worldwide. Hence the foundation to be established should be appealing and effective (Westwood, 2005). The first step shall involve building a firm foundation and ensure a consistent company culture. This means that the company must stick to producing quality products at all time. For over years, rigid corporate structures has been a vital component when it comes to global branding. Local markets have always been responsible for developing the brand strategy. Hence, this is the company’s goal to obtain in order to be fully independent. Additionally, in the past few years, establishing a consistent and a strong brand practices has to remain well known to our clients.

The most important fact is putting the brand as the promise to our clients. It tells the clients of what they can expect from the company in terms of products and services and differentiates our offerings from our competitors (Westwood, 2005). The brand is derived from who we are, who we want to become and how people perceives us to be. In advertising the brand, we must understand our target population. Consistent and strategic branding ensures firm brand equity, implying that the benefit brought to the organization’s products and services that enable us to charge extra than what our competitors have.

Pricing strategy

Pricing remains one of the typical four “Ps” of marketing (promotion, place, price, and product). It is recognized as one of the key factors in every marketing strategy (Stapleton, 1997). Several factors are considered while developing a pricing strategy whether it short or long term. First, the strategy must reflect the value the company offers versus it competitors. In other words, the price should compensate the value of the product or service being traded. The price should be fair with the kind of service or product in question. The price should be too high that it drives away both existing and possible new clients.

The pricing strategy must match what the markets pay for the offering. The price should be affordable for consumers existing within a given market segment (Sorger, 2012). The price should be set in such a way that consumers keep coming for more products or services. The price should actually attract more consumers within the market segment. For instance, there is no need to set unfriendly prices in markets where consumer income is very low. The class of that particular market should be in a position to purchase the products without much complains.

Thirdly, the pricing strategy must support the brand. Whatever the brand speaks about the company should be reflected in the price offering. In case the brand welcomes all people regardless of class, the same should also be seen in the pricing for both products and services. The pricing should accommodate everyone that is convinced about the brand. The pricing strategy will also enable the company reach its market and revenue share (Fried, 2005). The pricing strategy should enable the company acquire its target market and attract more investors if possible. The pricing strategy will also maximize on the profits. In terms of acquiring huge market share and have more profits, the price shall be set in such a way that more sales continue being reported. For instance, the company will use some holidays to offer promotion activates that will maximize on sales and later on profits. A higher price will definitely result in lower sales volume. More revenue may be generated with few units at a higher price, but this relies on how the consumers are sensitive to price fluctuations.

Distribution strategy

Distribution strategy shall involve identifying the wholesaler, the distributor, and the retailer link that is mapped with an e-commerce plan. In case the company is operated properly, there will be a great spirit of cooperation within the distribution channel. This will help in maintaining the clients at all time (McDonald, 2008). The company shall have a clear and efficient distribution channel that allows the product or the service to reach the destination in time. The distribution channel must consist of competent mangers that are ready to work to achieve the company’s main objective. The strategy will explore both offline and online agents who can take the products to the required destination. Some products and services will be marketed online to cover a wide reach with no physical distribution link.

The protocol for distributing products will be similar in the entire company to make it easy for managers to work anywhere they are stationed (McDonald, 2008). This will also help them identify any gap that needs to be filled or that may be bringing problem. Since the business intends to grow internationally, the geographical areas will be highlighted and a network of distributors shall be established. The strategy must also focus on cost of the selected channel. The distribution should not be too expensive resulting in setting higher prices. Each channel should avail various options for dealing with prospects and customers. In some instances, in case of new market entry, the strategy will be to use existing networks. To ensure that the distributor network operates efficiently on behalf of the company, the strategy will incorporate the appropriate level of support and control.

Company competitors

The company has both inter and intra competitors (Fried, 2005). This is due to the fact that most companies exist locally and not internationally, while others exist both locally internationally. Among the top companies that Queens Inc. is likely to meet internationally include Tommy Hilfiger, American Eagle, Under Armour, Coach, Michael Kors, Levi Strauss & Company, Gap, Old Navy, Ralph Lauren, and Nike. These are established companies and are recognized brand both locally and internationally.

Strengths

The companies have recognized brands and they may spend very little efforts in terms of awareness in any new market. Most of their activities have built brand recognition including being recognized for quality, reliability, performance, and the spirit of innovation. The companies have wide recognized tag line slogans that continue inspiring clients. For instance, Nike has a slogan “Just Do It,” which continues motivating more consumers. The companies are highly profitable due to their strategies that help them do well in the market. Another strength is these companies have been existence for several years; hence, they have a huge customer base as compared to the starting company.

Weaknesses

Most of these companies are owned jointly through partnerships; most of them have been rocked with boardroom wrangles because of mistrust among board members. Most of these companies have been cited to offer poor working condition for their employees, a concern that portrays them with a bad image in the market. Most of them are committed to one particular product, a fact that makes them face threat because of the ever-changing consumer trends. Since they allow distributing with retailer who also places their competitors’ products on the same shelves, there is loss of exclusiveness and the risk that customers may consider other brands due to selection and price. Almost all of them have exclusively high price due to their brand images. This may make them loose customers who may opt for new products with cheaper prices within the same market territory.

Differentiation strategy in relation to the closest competitor

It is important for the company to be unique as possible. This distinguishes it from other competitors when it comes to operating in the same market. In a very competitive business world such as the fashion industry, the company shall constantly examine its products and services to meet the customer’s needs (Fried, 2005). Product and service differentiation is a key part of the company’s marketing strategy and is vital in keeping the business ahead of others. This will also see the company embrace the spirit of innovativeness. The strategy will comprise the incorporation of several attributes such as price or quality, to motivate the target client to perceive it as unique and attractive. For the company to be unique and try outshining other major brands, it will ensure constant supply and quality services.

The company’s intention

The company intends to be a follower. Unlike other mega brands and their challengers, the company’s position in the market as a follower enables it to capitalize of the weaknesses of both. The company shall then use price scheming approaches that maximize the gross profit by concentrating on consumer segments ignored by major companies. Rather than waiting for specific challengers or leaders to vacillate, the company will simply wait and see the way market to their products and services offering before making move on our own. However, many critics have said that being a market follower implies not being innovative; the company shall major on this by establishing a research unit responsible for new products initiation. This will enable the company to rise and becomes unique among its major competitors. For instance, Ford was is well known to be the first successful motor vehicle in America. Over years, it began focusing on cost reduction. During this time, General Motors (GM) established a diverse and distinct product line. By the year 1931, it is reported that GM had 31% of the market while Ford stood at 28%. This is a lead that Ford has never relinquished (Fried, 2005).

Social Media Approach

The internet as greatly revolutionized the world. Nearly six out of every ten people access internet on a daily basis. Human beings have started depending on the internet to access several services at the touch of a button. Some people greatly rely on the internet in purchasing most items. In fact, it has reached an extent where consumers may perceive a company as inferior in case its online presence is minimal or does not exist at all (McDonald, 2008). It has reached an extent where instead of companies devising online platforms, consumers may suggest that one be availed. Researches have shown that people tend to spend most time on social media platforms than any other sites. This offers a great opportunity for advertisers to use platforms like Facebook, Twitter, and Badoo among others. Another advantage that these platforms offer is that the advertiser can specify the target population and the advert shall be displayed for that particular region.

Integrated marketing communications

Integrated marketing communications is essential in ensuring the clients receive the correct products or services. Companies are spending more time researching possible avenues to ensure that the client pays for what s/he is fully satisfied with and is fair in terms of pricing (McDonald, 2008). One method of achieving this is keeping customer records in a given database and eventually uses them to produce goods that suit that particular product. For instance, if a client has a taste for khaki all the time, his or records will be used to produce apparels that are made of khaki and fits him or her.

Conclusion

A marketing plan remains an important tool for both starter and already existing businesses. A business will need a marketing plan to develop its brand and get competitive in the market (Gerson, 1991). The marketing plan shall major on winning and maintaining clients. The plans aims at promoting the business and be ready to operate in new markets. Several measures are taken while planning and executing the plan. Above all, it will be important to have an alternative option just in case the major plan fails.