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Retail Company - Marketing Plan Assignment

Question: Develop a marketing plan by conducting some research and developing a survey that can be sent to this new potential demographic.

Also also consider new technologies, such as social media to reach this new demographic.

Solution:

Marketing plan of Retail Company

Executive summary
The paper will provide a marketing plan for the Forever 21 Company of the United States, which will be going to expand its business in the suburbs region of this country. The reason for expanding the business in this area is to reduce their competition rate and to increase their market share respectively. Following this vision, appropriate objectives have been provided that can help the firm to get positive results after expanding the business in the new market. A survey has been conducted that demonstrates the market needs of the selected area and for this the firm introduces the fashionable clothing line. The firm targeted the women of age ranges from 15 to 24 years, and for them, they incorporate social media positioning strategy. Furthermore, a budgeted sales forecast report has been provided in the context which describes their sales rate for the upcoming three years.

Background of the company

The company Forever 21 is the fast fashion American retailing firm whose headquarter lies in Los Angeles, California, US (Forever 21 Inc., 2019). The company manufactures clothing and accessories products for the past 30 years but the presence of high competition rate has reduced its market share in the United States. Due to this reason, they will be going to expands its business into the suburbs where the competition rate is low than that of the major cities. For this change, they want to manufacture fashionable products for women only for a particular demographic so that they can increase their market share in this country. For making this change, the firm does a proper survey so that they can understand the market needs and change their clothing line as per this market.

Marketing vision of the company

Forever 21's main vision is to change their clothing line by targeting a particular group of females of the suburbs area, which can cause a positive impact on their marketing procedure by growing the sales rate and market share. The marketing vision chosen by the company can increase their visibility in the chosen community by focusing on the value of consumers and selling the goods through both retail shops and online outlets(Pedersen, Gwozdz and Hvass, 2018).

Marketing objectives of the firm
The marketing objectives of the firm for this new demographics are as follows:
• To maintain a steady sales rate in the selected suburbs market of the US
• To increase the growing sales rate by 12,000 dollars in every year
• To enhance the market share by 2% from the current market share

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Marketing materials of the firm
The median income in the suburbs is high, and due to this reason, the clothing line becomes expensive for them(Park and Kim, 2016). Therefore, to reduce their problems, Forever 21 introduce this new fashionable clothing line at reasonable price offerings so that they can easily grab the attention of their selected consumer base. Thus, for marketing purposes, they include two types of marketing materials of which one is the marketing kit, and another one is the consumer marketing material.

Marketing kit includes:
• An introductory letter from the management of Forever 21 that tailored to the specific consumer(De Angelis, Adigüzel and Amatulli, 2017)
• The letter demonstrates the product differentiation and vision of the firm
• Consumer testimonial and demonstration of the referral program

Consumer marketing materials include:
• Personal and store distribution card for manager and supplier respectively
• Profile card for suppliers who supply the products to the chosen consumers

Segmentation, targeting and positioning strategy of the firm
Forever 21 new segmentation strategy is to segment the market based on the fashionable clothing line of the women of suburbs areas at an affordable price(Caro and Martínez-de-Albéniz, 2015). The segmentation and targeting approach for the new suburbs market of Forever 21 are provided below:

Demographic segmentation- For this population-based segmentation, the firm new target consumer is the women whose age ranges from 15 to 24 years(Martino et al., 2017). The firm targeted a particular age group of women because they have more attracted to fashionable products than any other age group.

Psychographic segmentation- Based on this segmentation, the firm targeted school going, college-going and working women of the selected area where they are going to operate their business in the United States(Caro and Martínez-de-Albéniz, 2015). The lifestyle of these women is quite different from other age group women, and due to this reason, they are targeted by the firm.

Behavioral segmentation- Based on behavioral segmentation, the firm targeted the middle and upper-middle class women who possess different activities and interest over fashionable products(Yang, Song and Tong, 2017). The reason for choosing this group of people is only to fulfill their desire for fashionable clothes.

Geographic segmentation- For this segmentation, the company targeted the women of suburbs area because in this area the competition rate is less and the products are sold at a higher price which causes problems for the women to purchase their desired goods(Martino et al., 2017). Due to this reason for the new clothing line of fashionable goods, the firm selected this area for expanding the business.

Positioning strategy
Positioning is considered as a significant strategic consideration, which is used for increasing the brand position in the chosen market(Kong et al., 2016). By introducing new clothing line of fashionable products, the positioning strategy of Forever 21 firm is to provide the goods at a reasonable price so that the targeted women population can easily purchase it. Besides this, another positioning strategy of the firm is to improve its technological field by introducing social media approach for reaching this new demographic. With the help of social media, they can easily post their clothing in several online sites, which help them to increase their selected consumer base(Yang, Song and Tong, 2017). Thus by incorporating this process, the firm can increase its business position in the suburbs area of the United States.

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Description of the market with appropriate survey

A survey has been conducted for selecting the correct demographics for this new clothing line and to make a suitable market research report that should be beneficial for the Forever 21 firm to enhance their market share in the US(Kong et al., 2016). The market description that has been found from the survey are provided below:

• From the survey, it is seen that targeting women of 15-24 years is the best approach for enhancing the company growth(Brito et al., 2015)
• Middle and upper-middle class women such as students and working women are mainly attracted to fashionable goods
• The social media platform is the best way of attracting this selected consumer base(Stathopoulou and Balabanis, 2016)

Sales forecast
Products are sales into two different categories such as one is sold as women fashionable items, and the other one as small gift items which will come under 25 dollars. The budgeted sales grow in the first two years will be 15% from the former year(Stathopoulou and Balabanis, 2016). In addition, the direct cost rate will be at an average of 60% of the total sale price.

Options

Year 1

Year 2

Year 3

Unit sales

 

 

 

Women items 

548

986

1445

Gift items 

852

1347

1842

Total unit sales

1400

2333

3287

Sales

Year 1 (in dollars)

Year 2 (in dollars)

Year 3 (in dollars)

Women items 

41968

75201

83561

Gift items 

20451

33251

39561

Total sales

62591

108452

123122

Direct Unit sales

Year 1 (in dollars)

Year 2 (in dollars)

Year 3 (in dollars)

Women items 

46

46

46

Gift items 

14

14

14

Total direct unit sales 

59

59

59

The direct cost of sales

Year 1 (in dollars)

Year 2 (in dollars)

Year 3 (in dollars)

Women items 

25487

43586

49863

Gift items 

12541

16547

23568

The subtotal direct cost of sales

38028

60043

73431

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