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...

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...…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.





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