Royal Clothing Marketing Plan and Price Strategy Marketing Plan
Excerpt from Marketing Plan :
Royal line clothing Marketing Plan
Royal line clothing is a company that undertaking production and distribution of casual clothing for both men and women. The company's clothing lineup is ideal for individuals with a passion for outdoor activity as well as those aspiring to embrace this type of life style. Manufacture of the clothing lineup is undertaken in such a way to afford the users a feel for their love and passion for outdoor activities. This is by making logos on the clothing for different sporting and outdoor activities. This labeling creates an opportunity for royal line clothing to capture interest of many outdoor enthusiasts thus widening the potential customer base.
Royal line clothing understands that casual clothing line up needs to deliver to the potential and existing clientele a feel of the outdoors. This is achieved by picking colors for the clothing closely related to nature. The colors used in the manufacture of the product place the urge to connect with nature. The choice of these colors is undertaken by researching the market's understanding on nature aspects and identifying the ideal colors to use. The clothing lineup produced by Royal Line Clothing include: T-shirts, fleece jackets, baseball caps and vests. On these clothing the company logo is affixed to provide the mark of quality for the product as well as create customer loyalty. Company logos on clothing lineups install consumer confidence as well as creating the desire for customers to identify with the product.
Royal Line Clothing Target market
The market for casual clothing is divided in to two distinct groups: the corporate and individuals. Under the corporate groups we have institutions and companies that encourage their patrons to engage in outdoor activities by buying the clothing line up or requiring that the patrons buy casual outdoor clothing. The institutions in this group include schools and colleges. These institutions include outdoor clothing requirement for the students and staff as a measures to guarantee wholesome training to the beneficiaries. In the case for company inclusion of casual clothing lineups is in cases where there are team building activities aside of the company's normal operations. The other group comprising of individual form a sizable volume of the market for Royal Line clothing with the demand coming from those individuals with a passion for outdoor activities. The individuals undertaking to embrace outdoor activity associate casual clothing as a necessity to their outdoor activity making it their way of life.
Engagement in outdoor activity is a healthy way to make a balance in life activities where one affords an opportunity to detangle themselves from the daily ways of life. This makes Royal line clothing lineup part of the people needs and successful marketing of the product ensures that the clothing line up will gain a sizable market share (Kotler, 2000).
Royal Line Clothing Competitor
The target market for casual clothing for outdoor activities in the region has a number competitor with large clothing lineup coming from internationally renowned companies. Royal line clothing major competitors are the small clothing company based in the region of operation targeting household and individuals with a passion for outdoor activities. These small companies undertake to manufacture and distribute their clothing in the market that Royal line clothing distributes. Their share of the market stands at 45% with the other proportion of the market share going to the big sportswear companies and Royal line up product.
Pricing strategy for Royal Clothing Line Up
Price strategy has an influence on a products performance in the market as signaling mechanism. Price can signal to the market that the product or service is premium or let the competitors know you are taking on an aggressive measure. The intended communication in the price strategy is not necessarily the received signal. In some cases the interpretation of the market may give a completely different signal
(Gibson & Eric, 2006). For the purpose of pricing strategy for royal clothing line up will be to communicate to the market the presence of quality products and affordable prices.
Product prices in the market have largely influenced company performance in capturing the market. However, significant price reduction may influence the demand in expansion ventures by Royal clothing Line up. Since Royal clothing intends to market its clothing lineup in other states and towns, considerable reduction in price where there is high competition will be considered. In case where institution and company place orders for the clothing line up, quantity discounts will be offered.
Prices set for the clothing line up will be a reflection of the cost outlay in the production and distribution the commodities. These prices will show will be set at a markup where the company will be in a position to offset its cost and make a marginal profit on the manufacture and distribution cost.
The price set by the organization for its product will be influenced highly by its distribution and manufacture cost. If the company is well positioned to streamline it production and distribution exercises in a way that they will be able to minimize cost then this would influence reduction in the commodity prices.
The price of Royal clothing lineup product is also likely to be influenced by the objective of distribution outlets collaborating with Royal clothing lineup. Since royal clothing line up uses independent store to serve as outlets for their product, the price set for the commodity is not necessarily the price the distributors give to the end consumers. In this case, the price of their clothing line up is influenced by the price objective end consumer distributor hold.
To safe guard against highly different prices for their product, royal Clothing company will opt to market their product through the company website. The marketing using company website will create awareness to the existing and potential customer allowing them to explore the stores of the company. Web advertising will also serve to communicate to potential corporate client the discounts available on bulk purchases. Further negotiations with collaborating stores to regulate prices for the Royal clothing lineup may be considered. This will encourage price standardization and regulation in-order to ensure that the prices do not differ significantly.
Bundle pricing strategy will give the customer a discounted price if they opt to purchase products as a bundle. In the company's product market for clothing it is observed that the introduction of combination of matching casual wear for a family or an institution is likely to be embraced. This creates an opportunity to encourage bulk purchase and this may be exploited through offering discount on bulk purchases.
This bundle pricing strategy adds business to the company first by safeguarding existing product market and revenues and adding to the revenue base. The bundle pricing also adds to the market leadership potential where a company earns innovation and customer loyalty (Fleisher & Bensoussan, 2007). Bundle pricing will also attract new business for the company by attracting potential customers to the exiting noble idea. This measure will strengthen the company's position in the market increasing their customer loyalty as customer will feel that the company has some consideration for their welfare.
Casual clothing lineup companies have a history of associating their product with sport personality and sporting activities. The selling point stands out to foster demand through real life affiliation (Fleisher & Bensoussan, 2007). Royal clothing will embrace this strategy for its products creating demand for its products through association with sporting activities. The clothing lineup will give consumers the feel of outdoor activity and entrench affiliation for these activities.
Additional to this affiliation, Royal clothing will come up with a program to engage companies and families in outdoor activities. The program will arrange outdoor group activities for companies and individual. This will create demand for casual clothing where Royal company will aggressively…
Sources Used in Documents:
Fleisher, C.S., & Bensoussan, B.E. (2007). Business and Competitive Analysis Methods: Effective Application of New and Classic Methods. Upper Saddle River, NJ: Financial Times Prentice Hall.
Gibson, & Eric. (2006). Sell What You Sow. The Grower's Guide to Successful Produce Marketing. Auburn, CA: New World Publishing.
Kotler, P. (2000). Marketing Management Analysis, Planning, Implementation and control. New Jersey:: Prentice Hall.
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