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The current study is aimed to predict the Marketing plan and the Branding through a mix of marketing products for my Online T- shirt Company based in India for the next 2 years. Therefore the current study has been focused to deliver the appropriate marketing plan supported by effective brand positioning related to market the T- Shirts via internet and how will the techniques attract the customers. Thus the T- shirts of the Online selling firm are being separated from the various other marketing policies and brands through this approach. The appropriate recommendations for effective branding which in turn carry out marketing for my company is as below:
Analyzing the product and assessing the positive aspects of the product.
Preparing the appropriate marketing plan suitable for my firm
Branding the product on the basis of the unique quality through repositioning.
Regain the edge and strengthening the brand values through marketing plans.
Suggesting the future marketing capacity and the opportunity for the firm
Adoption of suitable branding strategies such as branding by planning, branding imageries, branding experience and the branding by self expression.
The situation analysis of my firm Online T – shirt company has been commenced to study the needs and requirements of the target consumers for better satisfaction and thus for improving the business it is necessary for my business to concentrate more on the clients and an effective study about the internal circumstances as well as the external opportunities, current trends of the market – place, and the assessment of the capability of my firm Online T – shirt company. Hence for this, I decided to carry out the situational analysis as the main aim through which the 5 C’s of my firm can be evaluated. The 5 C s is the major aspects that are related with the firm that will help me to take better marketing verdicts and strategies. The basic ideology in carrying out the situational analysis is to study the macro economical, micro economical and the internal aspects of my firm.
The basic 5 C’s are the common factors related with the firms such as company, consumers, challengers, and collaborators and finally the climate. The following are the major aspects of the situational analysis I want to relate with my firm Online T – Shirt Company.
Company: For my Company, Online T – Shirt firm will include the following aspects under this category:
The manufactured goods such as T – Shirts.
Reflection in the market – place
The expertise and familiarity
Ethnicity and backgrounds of firm
Ambitions and future targets
Collaborators: These aspects are the major functional players of my firm such as:
Customers: The main aspects of my business are the target consumers and for the analyzing the situation, the following aspect have been selected:
Size of the Market and its expansion
Major segments of the Market – place
Outstanding profits that customer is aiming to search for both physical and indefinable profits
Impulse behind procurement; significant drivers, profits vs. expenses
Resolution maker or the administrative component of the firm
Study about the current retail trend – that includes the current trend followed by the consumer for real acquirement the merchandise.
The sources of customer data resources about the SEO where the shoppers obtain information about the merchandise.
Process of buying that is by desire or vigilant judgment
Incidence of acquisition, seasonal features of the goods.
Capability of purchase with certain quantity at a time
Recognition of consumer needs, new trends and inclinations and expected change of trend over time
Competitors: the next set of considerations for the analyzing the situations are the factors about the competitors of my company:
Authentic or probable rivals
Straight and indirect rivals
Goods of rivals
Place of positioning of goods
Strong points and limitations of competitors
The climate is the fifth C in analysis or macro-environmental factors related with my Online T – Shirt Company are:
The financial atmosphere such as business cycle, rate of inflation, rate of interests, and other macroeconomic concerns
Authoritarian and the political background like policies provided by the government and policies that influence the souk
Social and the cultural aspects such as fashion and trends of the society
Technical backgrounds such as latest acquaintance that will allow probable innovative traditions of fulfilling the needs of the clients and the blow of expertise on the demand for accessible goods.
Thus for analyzing the about facts of my company Online T- shirt firm special strategic tool will be applicable. This tool availing the analysis of situation is termed as SWOT analysis. The following is the SWOT analysis of my Online T – Shirt Company. (Kotler et al., 2006. Pp. 63)
Strengths for my Online T – Shirt Company:
The products are of good quality and available in various shades
The company has extended line of distribution and global commerce availability
The delivery will be done appropriately and on timely basis
Carry out the process with lower prices
Lesser costs of other expenses and staff costs
Weaknesses: As the online business is growing in extent and is available globally several weaknesses may arise and sometimes these are more compared to conventional commerce threats. The following are some of the anticipated weaknesses for my Online T -Shirt Company for next 2 years:
Chance for no proper retention due to the availability of identical products
No personal feel and checking of products may not be preferred
The expenses of transport and manufacturing may rise from what has been quoted
All the visitors may not make proper sales order
Opportunities: The following are some of the anticipated opportunities for my Online T -Shirt Company for next 2 years:
The rapid growth of online users due to appropriate web hosting processes.
More availability of traffic and more effective sales of the company
The online shopping is very opportunistic and most comfortable
The improved security in transactions have increased the scope for online T – Shirt commerce as well
The company can still be able to provide the service in wide fledge and also in other accessories also that is extension is main opportunity
Threats: For my Online T – Shirt Company many ascertain various threats due to the high internet usage and some of these might be severe as well. The following are some of the threats to the company:
Due to easy entry of various businesses may cause lot of competition and rivalry
Lack of customer relationship management will further cause losses
Duplication of the products and network security attacks
MARKETING AND BRAND OBJECTIVES:
Sales and Price Targets – The sales and price targets is very important for my company as depending on this the future plan can be made. The target price will decide the sales target of the company. In general the EPS forecasts will be made to suggest the sales target and target prices. In my Company, the proposed sales target can be predicted as Rs. 35, 00, 000 per annum whose price target will fall around Rs. 30, 00, 000.
Satisfaction levels and change in awareness – The level of satisfaction is very important for any company. My Online T – Shirt Company shall deliver the objectives such that the satisfaction is enhanced in consumers by providing the services through active comparison from other services both in prices, quality and efficiency, quality, flexibility, lesser operational prices, swift delivery, more revenue of sales, etc. And in turn the loyalty is built. Thus the awareness will be built in consumers regarding the process and product of online T – Shirt Company. The process of uniqueness will develop positive attitude and behavior ultimately providing better opportunity for business.
The branding and the sales objectives for the company are thus framed in order to improve the commerce of the company by keeping various aspects in notion such as Sales & Price targets, satisfaction level of consumers, changes in customer awareness, attitude, behavior etc. all these will enumerate the effectiveness of branding and marketing in return the major objectives are:
To develop viable branding process for my Online T – Shirt company
To assess the benefits, opportunities of company by delivering threats.
To deliver appropriate banding strategies
To predict the target price and sales target for next 2 years.
To assess the marketing delivered through effective branding strategy
MARKETING AND BRAND STRATEGY:
For my Online T – Shirt Company, the following are the appropriate marketing and branding strategies:
For my online T – Shirt Company the development of the appropriate marketing plan approach will be applicable as it mainly concentrates on the core objective of the business, includes various strategies, budget plan, target consumers, E commerce, pricing process, various risks involved and finally the marketing plan will help evaluate the effectiveness of the process. Hence these factors can be appraised as follows:
Present Position – Online T – Shirt Company is a starting firm that will mainly deal the business through internet starting from selection of T – shirts to put a deal and from tracking the consignment to delivering it. Hence my company also wants to improve the off line marketing policy to improve the significance of the company in the Indian market which improves the awareness of clients.
Budget Plan – As my company is dealt through online, the Budget plan include about 20% of total budget towards internet operation and about 10% to the telephone processing etc. the budget plan is perfect to implement and no necessary changes in the plan anticipated.
Customers – The target customers for my Online T – Shirt Company are from genders male and female, all ages, and target client income shall be from high to middle class. As many of these client bases use the internet more traffic can be maintained.
Pricing – For my Online T – Shirt Company, the pricing will be maintained very nominal so that the costs will be enormously low with eminent quality and lower time delivery from other competitors to draw clients from their base.
Marketing Strategies – The major strategy applicable for my Online T – Shirt Company will be through online marketing and offline marketing that will improve the reputation of business and draw consumers. With the advent of the technology and change in the current trends various forms of marketing concepts can be employed in the marketing of the goods and services delivered by the organization in the unique way of approach. All the marketing techniques will however ultimately have the identical goals such as to acquire the large amount of clients and to withhold the clients and this is very important for my company in order to achieve the objective. The company may go for social networking as marketing base where the customers can explain the simplicity of process, product quality, lower costs and other benefits, mouth marketing, by providing special discounts, complimentary gifts, exclusion some type of taxes etc.
Brand Plan – The term branding for my Online T – Shirt Company will be effectively deliver the motivation to the consumer and help retain through proper satisfaction. Thus the loyalty can be increased by highlighting the service opportunity, effective quality, emotional branding and unique t – shirt designs, lower costs, identity as global presence etc.
Branding strategy – The brand strategy will be of various types such as brand planning, branding by imageries, branding by experience and the branding by self expression. In the case of my Online T -Shirt Company, the first and the last approach will be very advantageous though remaining strategies can also be applied. The first method is planning for branding where by proper research of market and demand for good and competence, the brand can be positioned. The self expression of branding will be built through satisfaction of consumers.
The action plan of the company will be carried out by focusing on the 7 P’s of marketing mix in my company. The following are the main factors considered in the company in planning the strategy.
Pricing – This type of marketing strategy is implemented to attract the consumers with minimum mark- up which may be lower from other outlets. My Online T – Shirt Company may mark the goods with nominal prices with better discounts.
Product – The product strategy involves developing of novel products which may change according to the consumer current requirements. My online T – Shirt Company shall be able to develop the products by keeping specific target clients in view with eminent colors and design aspects with current trends.
Distribution – My Online T – Shirt companies have its own distribution channels and means which can be further improved with the growing expansion of the organization. The company will agree the process of delivery of the goods in harmony with local bodies for a timely liberation of the goods.
Promotional – My Online T – Shirt Company generally follows the drastic promotional program with discounts and offers on various product range. A Google AdWords is the main source of promotions even for small and less branded firms to exercise the commerce equally with effective value. This mode of process will charge less money for advertising. Most of the people make use of Google for their main search option.
Place – The concept of the place strategy is very difficult to select in the conventional business compared to that of online business. For my Online T – Shirt Company, the place of business is internet, where it can be operated from any place. But the main concern will depend to select the delivery place.
Participants – The participants are the people who are partaking in the business. The major participants of the commerce will vary based on various aspects such as gender, sizes, age, cultures, life styles, incomes etc. the major participants for the case of my Online T – shirt company will be people both young and grown-ups and from kids to adults. The people also range with various sizes and genders etc.
Process – In my Online T – Shirt Company, the process of service is to deliver the goods of sales through online interaction and online payment process.
Physical evidence – The physical evidence is essentially a form of guide and manual, leaflets that will guide the client to make the necessary operations such as keeping an order in the case of my Online T – shirt company.
PROJECTED PROFIT AND LOSS STATEMENTS:
For the Online T – Shirt Company to deliver the profit and loss statements it requires various aspects such as resolution of income, recognition of gains and revenues, recognition of loss and profits
Rs. 30, 00, 000
Rs. 35, 00, 000
Rs. 75, 000
Rs. 1, 00, 000
Gain on Sales of T – Shirts
Rs. 25, 00, 000
Rs. 30, 00, 000
Rs. 55, 75, 000
Rs. 66, 00, 000
Costs and Expenses:
Costs of T – shirts sold
Rs. 30, 00, 000
Rs. 35, 00, 000
General and Administrative expenses
Rs. 6, 000
Rs. 10, 000
Rs. 12, 000
Rs. 40, 000
Rs. 42, 000
Rs. 50, 000
Rs. 60, 000
Rs. 10, 000
Rs. 12, 000
Total Costs and Expenses
Rs. 31, 40, 750
Rs. 36, 62, 500
Rs. 24, 34, 250
Rs. 29, 37, 500
The control methods are the basic requirements of any form of business organization as it will directly effect on the success of the firm. Various plans or strategies are followed in the firm in order to control the process.
Annual Plan – The annual plans are to deliver the flow of process, goals and objectives which my company wants to achieve at the end of the year. The long range vision is observed to be the key function that will provide with the annual plan of the firm. My Online T-shit company goals are to achieve the target sales of Rs. 35, 00, 000 for next 2 years.
Profitability – The profitability will be determined as the capability of the firm to deliver the anticipated total income constantly in all the years. My online t-shirt company anticipates a net income of Rs. 30, 00, 000 for the next 2 years. This can be calculated in terms of return of Investments or ROI. Where
ROI = (Net profit – Amount Invested) / (Amount Invested)
Efficiency – The efficiency is the most significant term where the achievement of or ability to carry out a job with a least expenses of time and effort: The assembly line increased industry’s efficiency
Strategic controls and Marketing Audits – The audits are carried out internally in the firm so as to appraise the system of accounting. As a management tool, the audit measures and evaluates the effectiveness of management controls. The Naval Audit Service provides an independent audit of programs, activities, systems, and procedures.
Hence it can be concluded by carrying out study on marketing plan and branding on my Online T-shirt Company is that the effective branding and marketing will in turn carry out the marketing that will help the organization to make strategic positioning. The process of branding will improve with the selection of benefits that may catch the pulse of target consumers and generally the emotional benefits whereas the marketing is the strategic process which will help the organization to sketch the plan of action so as to achieve the goals and objectives of the company. Any marketing technique will focus mainly over the 7 P’s of the product or the service delivered by the company and to study the benefits of rivals and prepare for the plan to defy the responses of the rivals. This concept will also assist the company to determine the level of performance of his company and the rival company. For achieving the goals to generate more sales and brand position as eminent firm will necessities to make a plan of action which is carried out by marketing and brand strategies and early estimation of profits and losses along with the better control factors.
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