Increasing Sales of Vet Life Apparel

Marketing and Increasing Profits / Marketing Plan: Vet Life Apparel

Strength

Weakness

Opportunities

Threats

Trends

Customer Service

The Price

Promotion

Sales and Profits

Competition

Direct Competition

Indirect Competition

Vet Life Apparel

Vet Life Apparel, based in the Wilmington NC is owned and run by two Marine veterans Corey and Kevin, who after completing their active duty service and having participated in a number of combats decided to venture into the private sector. Vet Life is creative and full of purpose. This is why it will always give you something to wear and give the veterans community something to be proud of. Vet-Life raises awareness about PTSD, helps the homeless veterans get off the street, and helps the disabled have access to living conditions through nonprofit charities (Vet Life 2016).

The objective of this report is to discuss a marketing plan that can help the company increase its overall sales.

1.Mission

To manufacture more than patriotic apparel, i.e. giving back to those who give more (Vet Life 2016)

2. Product/Service offering

Vet Life is a company that specializes in making patriotic t-shirts, head wear, gear accessories. The company is not just focusing at the military veterans but also honoring both Patriots and Responder. It pays tribute to warriors who have been in military service at any time. Vet Life goes beyond the clothing line and typical apparel (Vet Life, 2016)

3. Positioning

Vet Life also honors first responders and patriots. It is different from other brands since it pays tribute to warriors who have rigorously defended the nation. It helps to raise awareness about PTSD, get vets off the street, and at the same time enables them to improve their living conditions. Anyone who buys an item from Vet --life, should know that he is not doing something only for themselves but also for their veteran colleagues (Vet Life, 2016).

4. SWOT Summary

Strength

Fashionable and creative (Vet Life, 2016)

Has a purpose hence builds emotional attachment (Vet Life, 2016)

Presented as a company through which customers get a chance to help veterans (Vet Life, 2016)

Supports charities such as Live to tell, Student Veteran and support homeless (Vet Life,2016)

The goods are very reasonably-priced

Weakness

It has a limited penetration in India as well as the other global market compared to other leading brands (MBASKool, 2015)

Brand visibility is limited compared to competitors (MBASKool, 2015)

Opportunities

Increased retail space that has a huge growth potential (MBASKool 2015)

Can use corporate tie-ups to target new business hubs (MBASKool 2015)

The market is largely unsaturated (MBASKool 2015)

Tapping into the new and emerging avenues such as online retailing

Threats

There are new entrants and foreign players through strategic alliance and test marketing (MBASKool, 2015)

The government tax policies are increasing the cost of production and the cost of the units (MBASKool, 2015)

High bargaining power lowers the price of the products

Currency fluctuations can impact on its export division (MBASKool 2015)

Trends

The digital marketing entices clients to play a leading role today. The Company target customers outreach as its shoppers, hence increasing personalized offers. This can increase the volume of customer's data and ability to deliver on the targeted outreach. For instance, there is a shift from using general email to using emails that targets a particular clientele, and which results in an increase in the browser-to-purchaser conversion rate.

The company has an option of seeking to adjust its promotional strategies. This will help it benefit from transactional data and understand the impact of the changes on the size of sales as well as metrics. Retailers can experiment with different approaches so that they can identify the promotion that drives sales up and increases the size of the basket; without necessarily reducing the profit margin. If a test indicates a promotion of $10 off from purchase promotion of $50, it would increase the transaction volume and the transaction size, while the BOGOF (buy one get one free promotion) may not generate enough purchases to offset margin erosion, then companies that measure consumer response using a transaction lens may succeed if they can refine their promotional strategies to help improve their margins. The company should also integrate its performance metrics in the channels so as to understand the effect. By doing this, it will enable them understand how it impacts the business. This helps to look at transaction composition, the frequency, and the size differences when the customers are allowed to use different purchasing services. This kind of insight helps to inform sales executives about the optimal way of implementing the programs. For instance, if the company discovers that the in store pickup offer results in a smaller transaction size because it reduces impulse buying, in such a case, the company may actually want to test different options that may be used to mitigate the effect. The company may want to test if a purchase threshold for a certain service helps to reduce the units per transaction. Also, the company may want to customize the in-store experience using the mobile technologies and also adopt inventory management technology. (Howard 2015)

Historical Results

Customer Service

Since the start of the year 2016, the company has been providing good customer service and has been able to give the customers a feedback, a thing that makes the customers get more satisfaction resulting in an increase in the company's customer base (Vet Life, 2016).

The Price

The price strategy adopted is aimed at meeting certain objectives and providing added value. (Vet Life 2016).

Place

Information is provided to the customers through the internet and advertising. The delivery channels used include use of shipping companies and online retail stores. (Vet Life 2016)