Fero Beauty Boutiques

Marketing plan
Introduction
Fero Beauty is a boutique that sells the latest, fashionable and chic clothing, shoes, and accessories for women in the market. The company will be situated in Manhattan, New York City. Specifically, the product offerings will include shoes, accessories such as bracelets and earrings, and clothing for women such as dresses, jeans, and blouses. The purpose of this paper is to explain a comprehensive marketing plan for the company. The marketing plan will include the mission statement, short-term and long-term goals, and the suitable ways of measuring them, an environmental analysis, and SWOT analysis.
Mission Statement and Vision Statement
The mission statement of the company is "To make every consumer feel stylish, chic and beautiful in every way."
The vision statement of the company is, "Transform the fashion world one item at a time."
Short Term and Long Term Goals
The short term goals of the company include the following:
1. To generate 15 percent returns in the first year
2. To increase clothing brands within the store in six months
3. To achieve sales targets of 30 percent per month
The long term goals of the company include:
1. To achieve 15 percent market share within five years
2. To open a second retail shop within three years
3. To increase the number of employees to 50 to increase sales and consumer satisfaction
Appropriate Ways to Measure
The ways to measure the goals above include:
1. Using consumer feedback and reviews to determine consumer satisfaction and progression of the company
2. To check the monthly inventory turnover rate for clothing brands
3. To examine employee retention and turnover per year
4. Examining the number of consumers entering the store.
Environmental Analysis
PESTEL Analysis
PESTLE analysis is a marketing tool that ascertains the external forces that influence the operations of a company. It helps to gain an understanding regarding aspects of the framework by examining the political, economic, sociological, technological, legal, and environmental factors affecting a company (Jeannet and Hennessey, 2005).
Political Factors
One of the key factors affecting the company will be political stability. New York is a relatively politically stable city. Beauty will have to be located on a site where there is stability. It is imperative to ensure that the location does not have any kind of insecurity. Typically, in New York, some gangs might impact the security, stability, and operations of the retail store.
Economic Factors
Economic factors that will impact the company will include the economic growth rate of both the city and the nation as a whole. This significantly determines the disposable income that consumers have to purchase clothing items and also the economy of the city. Secondly, since the company will be importing some of its products, the import and export levels of the company will also influence the company. This implies that if the importation rates are high, the company will incur greater costs in importing products, which implies that its products will be more expensive for the consumer. Third, the rate of inflation will also impact the company in terms of the price levels for the products.
Sociocultural Factors
In the contemporary setting, consumer preferences are regularly changing. Therefore, Fero Beauty will have to ensure that it is up to date and keep up with the constantly changing customer preferences and needs. Secondly, cultural shifts will also impact the company. It will be pivotal for the company to ensure that it offers consumers with the most recent, chic, and fashionable items in the market. More so, Fero Beauty will have to ensure that its products are in line with the different seasons. For instance, during the summer, the company will have to change its product lines from the winter product offerings.
Technological Factors
Technological advancement has significantly influenced the fashion and clothing industry. Online shopping has become a major preference for numerous persons in the present day. Rather than physically visiting a clothing store, consumers can now access an online clothing store, check out the different clothing categories and select the clothing or accessory item desired, picking the size, and have the product item delivered in a few days. Furthermore, the significant progression and adoption of the internet have instigated the capability for any individual to open and own an online store and sell the clothing items online. For instance, setting up a website or an Instagram page detailing the different products being offered has become simpler. This has become a major competitor to physical stores (Menon et al., 2016).
Environmental Factors
In the present day, companies are required to be environmentally friendly. In the case of Fero Beauty, the company will have to ensure that its products are environmentally friendly. Also, the company's retail store will have to conduct its operations in an environmentally conscious manner. For instance, the trash will have to be collected and thrown out correctly.
Legal Factors
From a legal standpoint, Fero Beauty will have to ensure that it has all of the required licenses and legal permits. Ranging from business registration and taxation, the company will need to ensure that all of its operations are lawful and recognized by the state. The State of New York has to offer legal licenses for any business to operate. Also, the company will have to undertake legal business transactions with all of its suppliers. Whether sourcing locally or importing from overseas, it will be imperative for the company to conduct lawful transactions.
Competitive Analysis
The fashion and apparel segment is a cut-throat and exceedingly competitive market. Ranging from different players in the market, constantly changing consumer preferences, and also the presence of imported products, there is intense competition. Fero Beauty will experience competition from the following:
1. High-end retail stores
Existing high-end retail apparel stores located in New York that already have a huge following and loyal consumer bade. Furthermore, these stores sell specific brands that are appealing to numerous shoppers. It is imperative to note that female shoppers know precisely what they want and the stores in which they can get them. Therefore, competing with these stores will be a daunting task for Fero Beauty. Some of these high-end retail stores comprise of Prada, Gucci, Ferrogamo, and others.
2. Online stores
In the present day, consumers prefer shopping at the palm of their hands. Online stores have become a prevalent aspect of the fashion world. By reviewing product items on websites, purchasing them, and having them delivered to your doorstep has increased the level of convenience for consumers. This will be a key rival to a physical shop such as Fero Beauty.
SWOT Analysis
SWOT analysis is a strategic planning and marketing technique that is used to examine both the internal and external factors of a company. The internal factors examine the strengths and weaknesses of the firm, whereas the external factors examine the opportunities and threats faced by the company (Boone and Kurtz, 2013). The SWOT analysis for Fero Beauty is as follows:
Strengths
1. Location
Fero Beauty will be situated in one of the uptown locations of New York. Manhattan is one of the places in New York that comprises of the elite who are inclined to frequently shopping. The company will have a likelihood of having frequent and recurrent consumers and sales.
2. Diversity
Fero Beauty has a strong suit for having a diversified range of products. The company will offer consumers clothing from different brands, different sizes, and different seasonal items. Also, the store will consumers different types of shoes ranging from casual to formal wear. There will also be a wide range of accessories, including sunglasses, bracelets, earrings, and necklaces. This will ensure that the company is generating revenue on all three different avenues.
3. Chic and Stylish
Fero Beauty will be stocked with the latest, trendy, chic, and stylish product offerings. This is an appealing factor for female shoppers. The company will constantly stock and restock items to ensure they are the latest ones.
4. Proficient employees
Fero Beauty will comprise of personnel who are well versed in the beauty, fashion, and style world. The employees will ensure that the store is stocked with the items that consumers are largely in love with at the moment and unique.
Weaknesses
1. Competition
Manhattan is an expanse that is filled with plenty of shopping and clothing stores. Being new in the market, the company will experience plenty of competition from the already existing companies.
2. Market Share
The company will barely have any market share or recognition as it is a newly established store. This implies that it will take time to pick up a huge and loyal consumer base.
3. Consumer loyalty
A weakness that the company will experience is the fact that consumers are usually loyal to certain stalls or retail shops where they have been shopping for a while. This is large because the female shoppers know they can get clothes and shoes their size there compared to a new store.
Opportunities
1. Expansion
Fero Beauty will have the huge opportunity of expanding its business operations to other areas such as Harlem. This will increase the sales and revenues generated by the company and also market share.
2. Growing demand
There is a continuing level of demand for clothing, shoes, and accessory items. With the growing number of the middle class and increasing populations in New York, the store will have the opportunity to capitalize on the increasing level of demand to generate greater sales and also capture a sizeable consumer base.
3. E-commerce
Owing to the advancement of technology, Fero Beauty has the opportunity to sell its products online. By opening a website, it will be easier for consumers to purchase the store products and also increase the scope of the store's consumers.
4. Social Media
Social media platforms have become an essential tool for any business. Fero Beauty will have the opportunity to market its products on different social media platforms, including Facebook and Instagram. This will increase the company's consumer base.
Threats
1. Changing consumer preferences
In the contemporary fashion world, consumer preferences are regularly changing and at a quick pace. It will be essential for the company to keep up with these changes to avoid losing potential clients.
2. Online retail and delivery
Being a physical retail store, Fero Beauty will experience major competition from online stores that sell and deliver products to clients through online transactions. This is becoming a progressively preferable option for consumers.
3. Product Substitution
Fero Beauty will also face the significant threat of product substitution being easily accessible. It is imperative to note that it is easy for consumers to switch from one store to another, devoid of experiencing significant difficulties. Even though the store will offer distinctive products, they can still be easily substituted with other similar products from other stores.
Conclusion
Fero Beauty is a women’s boutique that plans to sell clothing, shoes, and other accessories. Situated in Manhattan, New York, the company’s main aim is to ensure that it makes every consumer walking into the store, feel stylish, chic, and beautiful in every way. In the short term, the company endeavors to achieve sales targets of 30 percent every month, generate 15 percent returns and also increase clothing brands within the store. In the long-run, the aim is to increase market share, expand and open a retail shop and also hire more employees to address consumer needs. Despite having strong suits such as a prime location, diversity in product offerings, competent personnel, and stylishness, the company must work in the intense competition in the business, achieve a high market share and create loyal consumers. For growth prospects, the company needs to consider e-commerce, social media, and cater to increasing demand.



References
Boone, L. E., & Kurtz, D. L. (2013). Contemporary marketing. Cengage learning.
Jeannet, J. P., & Hennessey, H. D. (2005). Global marketing strategies. New York: Dreamtech Press.
Menon, R. V., Sigurdsson, V., Larsen, N. M., Fagerstrøm, A., & Foxall, G. R. (2016). Consumer attention to price in social commerce: Eye-tracking patterns in retail clothing. Journal of Business Research, 69(11), 5008-5013.