Introduction
The current report depicts a marketing plan for a new company named Style Tomorrow (ST). The firm will offer a line of biodegradable sports clothing to ensure the items can be decomposed when they are no longer used. The target population will be the environmentally-conscious younger generation who enjoys physical activity, and the offerings will be promoted primarily online. The products will be presented in physical stores nationwide and include articles like t-shirts and pants costing $70-400 to compete with such rivals as Nike. Style Tomorrow is a unique sportswear brand that strives to preserve the environment.
Company Description
ST is a sportswear company that aims to produce and sell biodegradable sports clothing. While global clothing production has increased, society wastes many fashion pieces, negatively affecting the climate (Ek Styvén & Mariani, 2020). Therefore, there has been a need to create more eco-friendly clothes.
ST’s products are unique because the firm designs sportswear made of biodegradable textiles (Ki et al., 2020). ST’s position in the marketplace differs from that of others because ST presents a novel attire that those with active lifestyles can wear without feeling guilty about polluting the planet. ST does exceptionally well at assembling environmentally safe garments based on the findings from the business’s investigation and its partnership with other researchers. ST plans to outshine competing companies by concentrating on ways to make sports clothing that is eco-friendly, relatively affordable, and comfortable.
ST’s current outside and inside environments can be described as promising and expressed through a SWOT analysis. The first two SWOT elements, strengths and weaknesses, represent the firm’s conditions (Tanner & Raymond, 2019). The former is that ST offers an innovative line of products, has an experienced research and development team, and promotes a corporate culture based on shared environmentally-conscious values. ST’s weaknesses are that production is challenging and costly, with employees having to determine how to improve the garments’ durability and comfort. The following SWOT elements, opportunities, and threats reflect the business’s outside circumstances (Tanner & Raymond, 2019).
The former includes finding consumers among the younger generation and partnering with researchers concerned about the clothing industry’s ecological impact (Ek Styvén & Mariani, 2020; López, 2019). ST’s threats are potentially limited access to biodegradable materials, the inability to decrease expenses, and growing competition (Ki et al., 2020). Although ST faces considerable weaknesses and threats, the firm has optimistic opportunities and strengths.
Competitive Analysis
Despite the possibility of increased rivalry, the business environment in which ST operates is not yet very competitive. Potential contenders include corporations like Nike and Adidas, which offer sportswear and utilize some environmentally beneficial practices. For example, Nike has a waste reduction strategy, while Adidas reuses different materials to remake sports shoes (Almiya et al., 2020). However, neither of the two firms seems to offer biodegradable sportswear.
Although ST does not yet have substantial rivals, the company must put effort into attracting clients. ST will attract new customers by appealing to their moral duty of protecting the environment (Ki et al., 2020). The business will retain consumers by promoting its eco-friendly operations and investing in the advancement of its products (Ki et al., 2020). ST does not function in very competitive conditions, but must labor sufficiently to allure clients.
Company Objectives
ST has many goals for the present and the future. By the end of the year, the corporation intends to decrease its expenses by 5% while increasing overall profits by 3% (Tanner & Raymond, 2019). In the short term, the business does not expect a significant earnings rise because it will invest in research and development. Consequently, ST plans to hire ten more employees for different departments, find two suppliers of biodegradable materials, and partner with three sportswear outlets.
In the long term, the company hopes to attract fifteen more experienced workers, open six offline stores, and have a comprehensive supply chain. The firm anticipates an annual revenue increase of 10%. Within the next five years, ST intends to make its garments affordable enough for at least 45% of the nation to buy biodegradable sports attire. ST has moderately challenging goals to achieve by enhancing the enterprise’s products.
Target Market
The target market is represented by environmentally cautious youth who enjoy exercising. The potential customers’ age group is essential because ST intends to appeal to the younger generation in hopes of having them as clients, even when they grow up. Sustainability appears to be a relevant shopping priority for young people, indicating that the future era of consumers may prefer eco-friendly products (Ek Styvén & Mariani, 2020).
Biodegradable clothes are expected to be rather costly, so customers from relatively affluent economic groups will play a role. Finally, clients’ interests in living active lifestyles will matter due to ST offering sportswear. Accordingly, ST’s potential customer looks like an environmentally-conscious, energetic young individual from a financially stable background.
Product Strategy
ST is offering a line of sports clothing made of biodegradable materials. The initially presented products will be t-shirts, shorts, pants, and light jackets created utilizing eco-friendly components such as living organisms like algae and elements like polylactic acid (Ki et al., 2020; López, 2019). Customers will receive different sportswear and will not have to worry about the negative impact their purchases have on the environment.
Pricing Strategy
In addition to offering eco-friendly garments, ST’s prices should withstand competition. For instance, Nike charges around $30-120 for t-shirts and approximately $75-125 for pants made from sustainable materials (“New clothing,” n.d.). In comparison, Adidas asks about $25-200 for t-shirts and roughly $40-280 for pants (“All products,” n.d.). ST’s products will likely be more expensive because the costs of designing biodegradable attire will be higher (López, 2019). Therefore, the best price for ST’s garments will be $70-400 per piece of clothing to cover the developing expenses, but remain competitive with other sportswear brands.
Distribution Strategy
The products offered by ST will reach clients in two ways. First, the customers can physically pick up the items in partnering outlet stores and the company’s shops. Second, consumers can order the attire online and receive it through delivery (Tanner & Raymond, 2019). The clothing articles are not anticipated to require anyone to service them, but clients will receive a description of how each piece will decompose. The product will reach customers through delivery or pickup in a store.
Promotion Strategy
ST’s clothing line will be promoted primarily online. The firm will advertise on its webpage and popular social media platforms (Tanner & Raymond, 2019). The company will also collaborate with athletes and prominent environmental activists (Ek Styvén & Mariani, 2020). Moreover, the products will be marketed to preserve the global ecology and appeal to potential clients’ moral sentiments (Ki et al., 2020). Accordingly, ST’s attire will be promoted online and in partnership with people to whom customers can relate based on common interests.
Conclusion
ST’s clothing line will be promoted primarily online. The firm will advertise on its webpage and popular social media platforms (Tanner & Raymond, 2019). The company will also collaborate with athletes and prominent environmental activists (Ek Styvén & Mariani, 2020). Moreover, the products will be marketed to preserve the global ecology and appeal to potential clients’ moral sentiments (Ki et al., 2020). Accordingly, ST’s attire will be promoted online and in partnership with people to whom customers can relate based on common interests.
References
All products. (n.d.). Adidas. Web.
Almiya, M. S., Kee, D. M. H., Haron, M. Z. B., Nasharudin, M. I. B., Nasruddin, M. M. B. M., & Johari, M. E. W. B. M. (2020). Consumption of plastic and sustainability efforts of Nike towards green environment. International Journal of Applied Business and International Management, 5(1), 60-73. Web.
Ek Styvén, M., & Mariani, M. M. (2020). Understanding the intention to buy second-hand clothing on sharing economy platforms: The influence of sustainability, distance from the consumption system, and economic motivations. Psychology & Marketing, 37(5), 724-739. Web.
Ki, C. W., Park, S., & Ha‐Brookshire, J. E. (2020). Toward a circular economy: Understanding consumers’ moral stance on corporations’ and individuals’ responsibilities in creating a circular fashion economy. Business Strategy and the Environment, 30(2), 1121-1135. Web.
López, A. N. (2019). Sustainable fibers for textile applications. Industrial Biotechnology, 15(5), 290-292. Web.
New clothing. (n.d.). Nike. Web.
Tanner, J., & Raymond, M. A. (2019). Principles of marketing (4th ed.). Flat World Knowledge.