Fashion with ValueMichaela MalijanRupinder KaurNarender KaurProf. Anke Foller-Carroll – TRAV 219 0NATable of contentsExecutive summary 3Product and Target market 5The consumer 6Market summary 7Competitive analysis 8Micro/Macro Environment 9SWOT analysis 10Marketing goals 12Positioning, USP, Branding 13Promotional mix 14Online strategies 16Pricing strategies 17Work cited 18Executive Summary Mission StatementTo add sustainability to fast fashion industry.Product and target MarketFashion with Value’s is to design and manufacture own clothing at international destinations with the help of locals. additionally, the company’s aim is to provide authentic experience of culture, food as well as some learning opportunities and great experiences to clients. Our company is trying to put a contribution in the sustainability of environment.The ConsumerFashion with Value consumers would be businessman, lawyers, celebrities as well as bank managers.
Market SummaryCompany’s job market will decide whether the business will grow and some essential requirements for establishing a new companyCompetitive AnalysisWith competitive analysis, company can analyze other competitors in a job market and have better understanding to use unique market strategies to increase revenue.Micro/Macro EnvironmentThis part tells the internal and external portion that is vital as to how the company functionsSWOT AnalysisThis analysis will help the company know what they can improve on, what they should continue to do, steps to take to be better and the things they should watch out for.Marketing goalsGoals are important in keeping track of the growth of the company and these goals will also help the company succeed in the industryPositioning, USP, BrandingThese will tell the company where they should be and remind them of how the image of company originally is.Promotional Mix These promotional channels will best maximize the audience that can be reached by the companyOnline StrategiesFree social media sites are a great way to boost promotions without the added costPricing StrategiesPenetration pricing, market skimming, and prestige pricing will help the company have a more appealing price for consumerProduct and Target Market Fashion with Value (FWV) is introducing a new tourism product in a market.
The product is designing your own customized clothes and bring your imagination into life. FWV will send people on trips to different countries such as India and China to make handmade clothes as Canada is not a huge manufacturer of clothing. Travellers can go to small cities and design their clothes with the help of professional fashion designers and bring it to life with the help of some local people. Some small hubs will be introduced at travelling destinations. With this idea, people’s clothes will have more personal value and attachment, and they would need to think twice before throwing it away, thus reducing fabric wastes. Travellers can broaden their understanding by getting to know the local’s lifestyles who are putting so many efforts to produce that product.
Travellers can take these trips to prepare some special occasions like a wedding, birthday celebrations and meetings. All trips are international, giving participants to enjoy a new country. At the time of their trip, clients can walk through the farms and get a knowledge about how cotton and silk that are being used to make their clothes, are produced.The consumer The target market would be anybody who have enough budget to spend on these kinds of trips because it is an international trip which would cost a lot. The CEOs of big companies, lawyers, celebrities, bank managers can be consumers for this product. The segmentation criteria for this product would be based on demographic such as age, gender, education, income and family cycle.
These kinds of clients have money, vacation time, education, willingness to learn new and different things and like to learn values from different perspective. From psychographic criteria these people have less time to spend time with a family due to business and to explore new and creative things to live luxurious life. Also, these people are concerned about personality as they have to deal with different people daily. Geographically, these clients living in large cities can experience local lifestyle and hard work hidden behind every expensive thing they consume in their daily life. Those who enjoy trying something new, especially something in the sustainable tourism industry, will likely to go on this experience. They can also learn about different cultures, and learn to value the things they get so easily.Market Summary Company’s market:Fashion with Value will start their business in India.
This country is a huge manufacturer and exporter of clothes to other countries. Additionally, unemployment rates in India is low, therefore, the company will be able to employ local persons which will help the local economy to growTravel market and spending:In our company’s market, unemployment rate is (3.8%) very high as compared to other companies. Canada is spending 29,067 million in 2016 on tourism according to international world bank.
So, our company will raise employment opportunities in other countries to raise their economy by sending people for travelling as well as to fulfil client’s passion. Our company’s aim to put more focus on sustainability and to remove global inequality. FWV also provides special training programs to the employees those would work for our company. They will be well-trained about Canadian culture, unique customer service techniques to provide best quality to our customers. Our company is addressing a current trend of sustainability of tourism. For sustainability, our company will contract with international shops where these consumers can resell their clothes instead of dumping to reduce impact on environment.Competitive Analysis Avid ApparelAvid Apparel is a Canadian company that is manufacturer of custom clothing.
They provide some services like cut and sew, screen printing, embroidery, finishing and branding. This company would be our competitor on micro level as their business is domestic.WS7 companyWS7 is a Canadian boutique-style garment manufacturing company exporting clothing in United States of America and Japan. This company is a competitor on a macro level as it already has global connections.Although both companies are producing custom clothing, they are not providing trips to certain destinations unlike Fashion with Value. This makes the experience of customizing your own clothes not authentic. These companies are also not putting more focus on sustainability and value which is what Fashion with Value emphasizes.
Our company will organize trips to different countries where clients can have a local as well as authentic experiences. Our product combines learning opportunities, making global connections, reformation of thoughts, cultural knowledge as well as influences. Additionally, the client’s finished product would be handmade with their own thoughts and own hard-work whereas these companies are delivering service with the help of their employees. Our clients have great chance to learn something new and creative.Micro/Macro Environment Micro environment is an external environment which affects the company relations from the outsiders.
This involves suppliers, international designers, customers, competitor. Macro environment is a minor environment who don’t have direct effect to the business such as demographic, physical and economic and technology environment. Fashion with Value deals with both locally and internationally competitor and customers. Fashion with Value is a new company who aspires to be known by people who wants to be creative and experience something out of the box. Nowadays, people crave something unique and Fashion with Value satisfy these cravings. Some of the positive impacts of having international designers in our company is that we will be able to better cater to the local since the international designers have first hand knowledge of the demands in their own country.
Having competitors can also be a positive because it will drive the company to do better every step of the way and to always keep up with the quality and service. On the other hand, having a very international based company can be a negative because the company will have to follow different set of rules and regulations depending where the location is. Additionally, some countries may be more accepting and welcoming of the idea of sustainability than others. Communication might also become a problem due to time zones and communication resources such as pre-paid phone calls or if a Wi-Fi connection is harder to acquire.SWOT StrengthsGlobal presence: Fashion with Value will have hubs not only in Canada but in other countries where Fashion with Value will go on trips to such as Bangladesh. By expanding internationally, the company will have a stronger presence in the market and in the fashion industry.Inimitable product: Fashion with Value product will be one of a kind since it will be created by the consumer therefore, it is customized to one single person only.
Additionally, Fashion with Value does not only make clothes, it also creates other fashion items such as hand bags, jewelry, shoes, hats, and so many more. We can bring the customer’s imagination to life.WeaknessesLanguage: when working internationally, we may face some language barrier especially the people who will go on a trip with us.Lack of experience: the company might face unforeseen adversities since we are a fairly new company.
OpportunitiesPartnering with local designers: this will give the company a chance to connect more with the locals, as well as get to know what the locals wantDiversification of product: by expanding internationally, we will come across new needs of local people that we can cater to.ThreatsNew company: people might not give us a time of day and disregard us as just another brand. Additionally, since we cannot produce results until we have clients, people might not have faith in us.Tough competitive rivalry: there are other brands who have already established their name in the market and in the fashion industry who also create customizable clothing. The Polo Create Your Own Shop have the same idea as Fashion with Value where customers can design their own clothes.Marketing Goals Introducing a new product in market means introducing different and consumable products. New company involves setting up of marketing goals before establishment of any new market product.
Fashion with Value needs long term objectives to achieve to get higher success rate in the industry. Marketing goals helps in succeeding aims in future perspective. Brand Awareness: In the marketing goals, building brand awareness is the most powerful step in the company to bring in attention with local and international consumers. Brand name should be attractive which makes consumers to indulge in it. Brand awareness can be done by connecting customers through Facebook, Instagram, following up them.
Enter new market: Fashion with Value is all about creating customized clothing. One of the company’s goals is to be able to make customized religious head gear such as the hijab, so people can better express themselves creatively.Improve internal communication: Because Fashion with Value is a company who will have many branches internationally, we need to be better at communication so the essence of the company, sustainability and value, is not forgotten as the company expand and grow.
Positioning Fashion with Value is company that allows people to be as creative as they want with their clothing.In marketing strategies, positioning leads the most important role in launching new tourism product in market. Fashion with Value is a clothes company in which we need to position a product with needed sources.
Positioning refers to the connection with customers, international trips, financial resources. This company is very new to people therefore, this needs to be more popular and company brand should be more eye catching. Unique selling proposition (USP) Fashion with Value’s unique selling proposition is that the company’s product is one of a kind, customized, and created specifically by and for the customer.
Nowadays, people just wear whatever is the trend, losing all creativity and meaning behind their choice of wardrobe. Fashion with Value will allow people to still be fashionable as well as keep their identity. The company delivers unique product and encourage people to bring their imagination to life.
Branding Fashion with Value aspires to be a brand known to support and focus on sustainability. It is important that this message is clearly sent across from the company to every customer interested in the company’s product. This can be done by effectively adding it to the company’s marketing strategies and training the employees Promotional Mix 1. Internet marketingMarketing over the internet will be an effective way to market the company as well as our products because we will be able to reach a wider and broader audience. By taking a couple minutes of our time to sign our company up on social media, and interacting with other brands, companies, and user, it will be able to boost our exposure and brand visibility. This is also a great way to communicate to our ta-0rget market, and receive feedbacks.
2. Personal selling Personal selling would be beneficial to the company because it would allow the representatives to describe the product and give a demonstration. Because our product is on of a kind, personal selling will give the company the chance to better customize our product to the organization. Although it may be harder and maybe more expensive, this is a better promotional channel because we will also be able to have networking connection. 3. Public relationsGoing to a sponsored event to promote the company and product will help the growth of the company tremendously. As the company is just starting out, press releases would be a great option to put their name out there as it can attract the attention of the media that can then lead to media coverage. The company can also offer familiarization trips to travel agents so they can have firsthand knowledge of what we do and our products that they can then pass onto their clients.
Over time, when the company gained enough publicity, we can rely on earned media to tell what the company is up to. 4. AdvertisingAdvertising on the television, newspaper, magazines, billboards, and other media might be expensive but it will allow the company to reach a different audience.
We will also be able to customize when to show our advertisement to better reach our targeted demographic. Advertising on television will allow the company to show the audience our product as well as demonstrate it. They will be able to see the full extent of our product and company and hopefully persuade them to buy our product5. Direct MarketingThis promotional strategy will work great with the product because any question the public may have can be answered directly by the trained employees. Additionally, if they have any confusion, it can be immediately cleared up.Online Strategies Fashion with Value will utilize the most popular and free social media such as Instagram, Facebook, Twitter, and YouTube.
These will cut the cost of the company’s marketing promotions while still being able to reach a wide and broad audience. Even those who are not part of the company’s target market will be able to see what the company has to offer. On YouTube, we can make short videos demonstrating how the participants create the clothes, where we get the resources, and share testimonies of previous participants; Facebook can be a more communication based platform for anyone who has questions or confusions; Instagram is where the company will share pictures of the products created by the clients who are currently on a trip.Pricing Strategies Penetration Pricing – Because Fashion with Value is a new company, it would be a good idea for the company to start with lower prices to attract customers. This will also take the attention away from our competitors with higher pricing than Fashion with Value.
However, this pricing strategy could affect the overall company income because the prices might not generate enough profit. Over time, the company might have enough attention and loyal customers that it can drive profits while maintaining fairly low prices. Once the company has penetrated the market, it can start raising the price to better reflect their position in the industry.
Market/Price Skimming – This is another strategy that could work well with our consumer because our main target market would be people who already have the financial means to travel internationally whenever they want to. Raising the prices during the introductory phase of the company and then lowering it over time will help the company grow fast while also giving the customer the knowledge that our product is high quality. By lowering the prices gradually, the company is sure to keep their loyal customers as well as attract new customers. Prestige Pricing – Because Fashion with Value offers a unique product, prestige pricing will be an effective strategy.
This will let people know what a new company is offering a quality, one of a kind product. This will also ensure that the company keep up with a lavish or fancy look to create a trustworthy perception. Additionally, the marketing team must keep up their effort to reach audiences. Work CitedIndia Unemployment Rate. (n.d.).
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