Thai-Lay Fashion Company is a well established garment manufacturing company in Hong-Kong. In order to compete with the continuously changing business environment of garment manufacturing, and to sustain its market share, it needs to develop a modified marketing plan considering the financial and economic conditions in the environment. “In today’s very competitive marketplace a strategy that insures a consistent approach to offering your product or service in a way that will outsell the competition is critical.” (Marketing Plan. 2008).
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Marketing Plan for the Thai-Lay company
An effective marketing plan requires a well designed marketing strategy. Thus Thai-Lay Company has to prepare adequate marketing strategy for sustaining in the changing market environment.
Cost leadership marketing strategy: The sustainability of the business concern always related to its cost effective marketing strategy. Thus Thai-lay is considering a cost leadership strategy for the market growth. Advanced production techniques should be employed in the business for increasing the productivity with minimum cost. Thus the profit margin can be increased even though the price of product is lower. A cost- effective production strategy and cost control measures should be adopted for reducing the production cost and ensuring quality.
Product Differentiation strategy
Product differentiation must be employed in the business for attracting different types of customers. Promotion of the brand image among the targeted customer segments through appropriate advertising strategies, product differentiation can be employed in the market. Supply of superior quality and unique designed products at lower cost should help product differentiation.
All the promotional measures adopted for the product promotion should be focusing on the targeted customer segments of the product. Thus for the Thai-Lay product the targeted customer group is belonging to the age group of 15 to 35 years. Through this, appealing of product to the specific customer segment can be ensured. It helps to serve the specific customer segment in an exceptional manner as compared to the competitors.
The specific feature of the targeted market will have to be identified for developing an efficient market plan. The most likely buyers of the product together with their product needs and expectations have to be identified for formulating effective focusing strategy (Genduza 2008).
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For sustaining the market share in the industry, proper pricing strategy is essential. It is an important part of the operational strategy of the business. For obtaining the targeted revenue and long term market control, a market penetration strategy has to be selected. The company should reduce cost of production with advanced production strategy together with effective cost control management.
The promotional measures of the product should be based on the push strategy. In this strategy all available mediums are used for informing the customers. By offering generous discounts and incentives for promoting the offers of the company to the customers, the efficiency of promotional mediums can be ensured. This is also helpful for reducing the advertising cost.
As a result of the publicity of the company as a supplier of quality garment product, a product family advertising strategy is effective under the new marketing plan. As a supplier of vast variety of garment products, a family based adverting is helpful for promoting the sale of existing products also. For transacting the advertising message different medias such as website development, TV promotion, setting up of fashion shows etc. can be adopted.
A cost effective distribution strategy has to be adopted for customer attraction. Existing retail outlets of the company will have to be properly re-designed for attracting the customers. Sales personnel should be properly trained and inspired to promote the product sales.
Human resource strategy: The selection of human resource for the business should be based on the requirements of the firm. Thai- Lay should consider efficient and well experienced candidates while selecting human resource personnel for the business. It is necessary for performing the functions of the business in accurate manner.
The setting up of a business venture would need adequate finance for meeting the costs related to each segment of the business operations. An entrepreneur should find out the most economical; source of finance for reducing the financial burden to the minimum level. In the initial stage of business diversification, the estimated cost is $ 200,000. An amount of $ 100000 can be raised by the internal sources. The remaining $ 100000 is planned to acquire from banks and other financial institutions.
Business Opportunity: Present business conditions in Europe, where the export of Thai-lay is planned to focus, is providing better opportunity for garment business firms. The market growth of garment business in the region is showing high annual rate. The keen competition in the industry necessitates adequate competency in cost effectiveness. By following the cost leadership strategy Thai-Lay can ensure better market share in the business by acquiring customer satisfaction through better pricing and quality strategy.
Advisors: The successful working of any business requires information regarding the requirements of the market. Thus for getting information and advice in production and market fields of the industry, Thai-Lay should be appointed professional market advisors. Together with this services of financial and legal advisors also should be accepted for the better functioning of the business.
After getting the targeted market growth, Thai-Lay should follow expansion strategy in terms of total turn over and product diversification. Additional production and marketing units will be started by the reinvestment of profit in business itself. The diversification in product also should be adopted for attracting different types of customers.
“A good marketing plan will save you money by cutting out unnecessary expenses while at the same time presenting you with new marketing opportunities.” (Viliamu 2008).
The marketing Plan for Thai-lay Company is prepared by considering all the factors in the present business environment in the industry. The cost effective marketing strategy will help business firm to acquire customer loyalty and business growth. The production and human resource strategy of the firm should help to attain targeted cost effectiveness in their operations. Thus the penetration pricing strategy can be effectively employed in the business. The services of advisors in various business sectors also would help to modify the business in adequate way and thus competent operations can be ensured. Thus Thai-Lay Company can improve their market share and profitability in the highly competitive garment markets of Europe.
- GENDUSA, Joy. (2008). The Importance of a Marketing Plan. [online]. Ezine articles. Web.
- Marketing Plan. (2008). [online]. Center for Business Planning.
- VILIAMU, Peter. (2008). The Benefits of a Marketing Plan: What is a Good Marketing Plan. [online]. Ezine articles. Web.
- Introduction, Marketing plan, Center for Business Planning.
- Determine your target market, The importance of a marketing plan by Joy Gendusa. Web.