After conducting a future outlook and Legal Concerns for my Urban-ware and clothing line business venture, the next thing that I will embark on is conducting marketing research for the venture. By this, I intend to look at find the best marketing strategies to use in marketing my products fully to the customers. This involves identifying my market and since I already have my target market, the next and important thing to do is to formulate research on the marketing process to use. In my business plan, I will use Qualitative and Quantitative market research strategies.
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Qualitative research involves the study of human behavior and how the attitudes, perceptions, and general feelings of a person affect their buying behavior. Qualitative research on the defined market will help me know what feelings my potential customers hold about my products and what areas they will want me to work on and perfect (Kennedy, 2006).
Quantitative research on the other hand refers to systematic and logical research based on facts and through this, I will research the disposable income that my potential customers have and how the products I am offering to the market will be of use to them, and whether it has value for their money. Through quantitative research, I will be able to determine and set the prices for my products. It will also assist me in determining the pricing strategy to use for my products.
Marketing research assists in knowing the marketing strategies to employ to remain relevant in the market and also be at par or better in comparison to one’s competitors.
Target Market for my products
My products will target majorly the people in the urban centers and those who are interested in urban products. People engraved into the urban culture are my main target because due to lifestyle, they are influenced to buy my products and are a ready market.
I will mainly be targeting children, teenagers and young adults, and that will determine the amounts by which I will be producing these products, and the highest percentage and production, from research, will by teenage wear, followed by kids-wear and finally clothes for the young adults. This is because research has shown that that is the degree of preference for the products in the market. This brings the conclusion that my products are preferred by customers depending on their age. I will therefore be targeting customers from 0-35 years.
Product strategy will look at the positioning of the products about the competitors and customers. This will mean that I will have to consider products that I provide to the market in relation to the competitors. This will therefore mean that I will have to position the product in the consideration of price, brand and class. I will ensure that the brand is competitive in relation to the market’s competitors (Luther, 2001).
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I intend to use the competitive pricing strategy and this will mean that I will set the products’ prices on the same level as my competitors. Some will be set higher while others are lower. Due to my plan to target the up-market customers, I will use the premium pricing strategy for some of the products, and this will make sure that I have customers and consequently products for people from all walks of life.
I intend to set up five retail shops all around town, one in the central business district and the other four in the town’s outskirts. I will be transporting the products from the main store by van.
Promotion (market communication)
Promotion of products is very important because it introduces the product to potential customers. I intend to promote my products through advertising them in fashion magazines, exhibitions in fashion galas. This will help me to market my products especially to people who are interested in fashion.
Legal business structure and rationale
This will include the legal framework that I will have to follow before setting up my business. This will involve registration of my business, application for an operating license and a PIN Number for the payment of taxes. These are requirements in every state and every country in the world for any entrepreneur to carry out any business activities.
Organizational structure and rationale
The business will have one central store and this is where the head offices will be located, headed by a general manager. All the branches will have a branch manager, a cashier and two salespersons. As the entrepreneur, I will be collecting the funds from the cashiers after which I will liaise with the financial advisor who will help me define the way to divide the money, plan for the money to inject back into the business and the amount to save.
The rationale for this is to ensure that the business does not collapse, and there is a centralized form of governance and that there is the flow of order in the business.
Kennedy, D.S. (2006). The Ultimate Marketing Plan: Find Your Hook. North America: Adams Media.
Luther, W.M. (2001). The Marketing Plan: How to Prepare and Implement It. New York: AMACOM.