The Company's Approach to Sales and Customer Loyalty
The company sells chic street wear as well as accessories. The enterprise hopes to attract a large number of buyers and thereby increase its sales by stocking trending goods of high quality. Furthermore, by using a cost leadership approach, the goods become more affordable to the customers. The logic is that by offering good quality at a cheap price, the company can attract more buyers and keep them loyal (Hanlon 2017). Trending fashions focused on consumer demand will decide the specifications and designs. However, through an option of customization of the streetwear, the enterprise will also be able to create a brand among its customers. Besides, the variety of the types and designs will be able to fit both formal and informal occasions, as well as weather patterns.
Promotion
The marketing strategies of the products will involve a mixture of many methods to cover a wider market and increase the recognition level of the brand (Hanlon 2017). The primary approach is through social media because of its cheapness and reaching the biggest platform of the trendsetters in the fashion industry (Long 2015). Also, online platforms such as Facebook and Instagram target the users in the youth age who constitute the highest consumers of the products. Other methods also include sales promotions, commissions, and direct marketing in the location of the business. Besides, by offering quality products, other customers can invite their friends to the shops and get discounts hence increasing the customer base and revenue to the business.
Pricing
One of the core business strategies is cost-leadership by providing quality products with low pricing as compared to the competitors as a strategy for market entry and customer growth. The rationale is that having a small profit margin with many customers can drive higher profits eventually through selling more products as opposed to a differentiation strategy which could discourage most clients due to the stiff competition in the fashion industry. Each of the items in the stock has its price indicated in the catalog and online marketing platforms including offers, discounts, and gifts coming along with the purchase of a particular quantity of merchandise. The payment methods will mostly be through online means such as payment to local banks through their mobile applications or cash (Hanlon 2017). The strategy enables clients to order for deliveries at their convenience within the particular geographical area of operation.
Place
The business is located in Shoreditch in London which is known for its originality in fashion trends and graffiti. Therefore, the strategic location not only influences monitoring of the consumer behavior but also is a destination for the streetwear shopping experience hence ready market.
People
In total, the business will operate with a staff of ten whereby only four are permanent and the rest part-time at the start. However, as demand increases, the management will recruit more staff to respond to the needs of the enterprise.
Process
The business operates through a client-centered approach to drive its growth. In this regard, the type of products is determined by the consumer behavior and market changes. Further, the efficiency of the business is boosted by embracing Omni-channels in the online platform and IT-supported website. The purpose is increasing shopping experience, inventory management, and monitoring of buying trends to inform business decisions.
Physical Evidence
Currently, the business is available and evident in social media platforms as a group where it markets the products, has a physical location in Shoreditch London, stocks a variety of streetwear products and accessories, as well as in the process of building a distribution channel for home deliveries.
Reference List
Hanlon, A. (2017). How to use the 7Ps marketing mix? – Smart Insights. [online] Smart Insights. Available at: https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/ [Accessed 15 Nov. 2017].
Long, J. (2015). How to improve your social media marketing efficiency. [online] Online Marketing Consulting Agency. Available at: https://www.marketdominationmedia.com/how-to-improve-your-social-media-marketing-efficiency/ [Accessed 15 Nov. 2017].
