Marketing and Economics Plan for Rose Klothing
We will provide our clothing brand in New Zealand as well as all over the world. People can make an order online of any clothing product and we will deliver that product to their doorstep. (a) Marketing plan Target Market As the target audience, we are going to take the region which is the very big city of New Zealand known as Auckland. According to a survey in 2016, the population of Auckland city was approx. 1,415,550 (Harris Roby & Dibb, 2016). This exhibit that the clothing industry in New Zealand has expanded nature with most clothing retailers engaging in distinct product segments such as men wear women wear or kids wear. Descriptions of Product and Service The Rose clothing will deal with cloth brands for women, men, and kids.
It will offer various cloth brands such as casual wear, western wear, formal clothing and fashion clothing. It will deal with men cloth brands such as official and casual shirts and Polo, T-shirts, Jeans and coats. Rose Klothing will deal with women's clothing such as dresses, skirts, coats and Jackets, Jumpers and socks. Our business will get much revenue from the sale of cloth brands. The first year sales are forecasted to be $ 300,000 and we anticipated sales to more than $ 450,000 in end of the third year. We will realize month to month high sales volume which will guarantee steady cash flow in the first year. Marketing mix (product, price, promotion place) Product is a tangible item which has untouchable features such as customer service and brand name.
We will focus on establishing a product which will meet the prevailing demand of customers in terms of their taste and preferences. We will consider the use of video footage, tablets, and another reputable medium to spread information regarding our products loudly and clearly. We will utilize short attention spans as well as the need for prompt satisfaction in our advertising campaign particularly online in order to gain a competitive edge. We will use social media campaigns such as increased courting of the online target customers. In this context, we can introduce an interactive music video which will show our various cloth brands in different store and it will also be accompanied by a link where customers can click to view various new brands in our store.
(a)Economic Plan Economic problem Businesses experience economic problems such as scarcity, opportunity cost and making ultimate choices (Bernanke Antonovics & Frank, 2015). On another hand, supply shows what the producers are willing and able to bring to the market when getting a certain price. Demand and supply model applies demand as well as supply curves to determine price and quantity in a given market. The demand curve depicts amount of a given good that consumers are willing and capable of purchasing at a particular price in a specific period of time while supply curve represents what sellers are willing to provide for sale in a certain price in the same period (Bernanke Antonovics & Frank 2015). Combining the two curves, we will be able to establish a price at which amount of goods buyers are able and willing to purchase equates the amount of goods sellers just like Rose Klothing are willing to provide for sale.
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