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Boohoo - Marketing Plan Assignment
Question: Develop a marketing plan by conducting research to find out if a new demographic would be potential customers in your clothing stores in the suburbs.
The results are in and it appears that this new demographic in the suburbs will be willing to purchase your products.
Solution:
Introduction
The clothing store is the shop that sells ready-made clothing items for all the customers. Some of the clothing stores are being opened by the boutique, which is one of the most costly stores as they sell an expensive product with exclusive design. In this assignment, the researcher will be going to be focusing on designing new clothes to attract all the suburbs population. The name of the store is known as boohoo, which sells different types of clothing products like a shirt, t-shirt, jeans, trousers, frock and other garments for all types of age group. However, brand boohoo is facing a lot of troubles to provide the best design, which is very time consuming and requires lots of money. The company boohoo needs solid research work for identifying the potential customers in the suburbs.
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Demographic of the suburbs people
The suburb is the residential or mixed-use area that is existing as the part of urban area or city. The suburbs in New Zealand and Australia suburbs are becoming the crucial geographic subdivisions a had been utilized by the postal service. Majority of the people who are living in the suburbs are having a stable economic condition and can afford to buy mid or high range clothing products. The major attractions or a targeted audience in the suburban areas is the teenagers and adults. Majority of the immigrants resides in suburban areas than the rural areas.
For this reason, it is a great opportunity for the brand boohoo to create mid price range clothes for all the customers with a unique design. Suburban people focus more on the price of the products than the design. As said by Lidstone and MacLennan (2017), if the suburban population finds good quality clothing design at mid-price range, then they will be going to buy it. The customers in suburban areas less prefer high price range of clothing products. The number of the adult population is high in suburban areas. Majority of the poor people resides in the suburbs is looking for a job as the job opportunity is high. For this reason, it is important for the brand Boohoo to come up with a simple design that will be very less time consuming for them because the majority of the poor and mid income people requires mid range products.
Marketing objective by boohoo
The competition in the clothing industry is rising at a drastic level, and for this reason, the brand boohoo needs to understand the requirements of the suburbs people to gain the top position in the market. It is important for boohoo to find out the reliable distributors for exposing their label in the present market. The distributions of the clothing product could appear in many ways. As said by Lamb and Crompton (2017), the brand boohoo is targeting to gain raw materials from the distributors at a low price and the designers, according to the likings of the targeted audiences, will create the designing process. Identification of the suburbs customers' trends is very important and it is one of the long term objectives for the brand boohoo. Every customer wants to know what their needs are in the future and keep their overall demand high. Maintenance of the profit is important for the brand to boohoo to gain the attraction of all the targeted customers easily with their popularity in the market. Branding is another most important strategy for the brand boohoo by maintaining the price and quality of the products to attract all the suburban customers.
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Communication strategy to attract suburban customers
Communication plays an important role to attract all the customers who are from suburban areas, and one of the most popular offline communication is creating signs for ensuring all of their offers could able to reach the customers very easily. Providing sales in stores, newspaper, television, and radio will go to attract the majority of the customers for the clothing store boohoo. As said by Holliman and Rowley (2014), creating an online presence in suburban areas is important that attracts the majority of suburban customers very easily. With the help of online presence, boohoo can able to provide their designs in their website or social media page to understand whether the suburban customers prefer the design created by the brand boohoo.
Identifying the holidays celebrated by the suburban population is important to provide an attractive discount to the unique designs created by the brand boohoo. Majority of the population in the suburban areas are looking for offers and attractive discounts to buy clothes. Design is not the major concern for the population who are staying in the suburban areas.
SWOT analysis
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Strength
1. Expert in entering a new market to gain success
2. The automation activities had brought up all consistency quality of clothing products and able to meet the customers' demands in time.
3. Boohoo brand has a very strong distribution network and can understand the potentiality of the market.
4. The customer satisfaction level is high for the brand boohoo
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Weakness
1. Boohoo is not very good at demand forecasting that leads to an increase in the rate of all the missed opportunities for all the competitors.
2. Boohoo brand needs to understand the scale of expansion and must try out other geographic locations to gain more business growth
3. Boohoo needs to invest their time with the research and development group to improve their products.
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Threat
1. No regularity in supplying all the innovative clothing products for their customers
2. Boohoo companies are facing lots of lawsuits in different market regions
3. The shortage of all the skilled workforce for all the global market.
4. The demand for highly profitable products is rising among the majority of the brands.
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Opportunity
1. The number of customer spending is increasing at a higher level of clothing products.
2. Majority of the customers prefer to buy clothing products from the online store.
3. New trends are an uprising that altering the behavior of the consumer.
4. New trends help the market to provide an opportunity for building revenue streams and diversification to create all the product categories.
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Competitor analysis
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The threat of new entrants
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1. The brand boohoo needs to create a low pricing strategy and reduce the total cost of production to attract all suburban adults.
2. Building the economy of sales at a fixed cost per unit is important.
3. Building up capacities on the research developments brings out new opportunities in suburban areas
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Bargaining power of suppliers
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1. Building a more efficient supply chain with the help of multiple suppliers
2. Experimentation of all the product designs with different materials
3. Development of dedicated suppliers to attract all the third party manufacturers
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Bargaining power of buyers
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1. Building large base customers to provide more opportunity for the firm to gain a production process
2. The rapid innovation of the new products to seek new offers and discounts
3. New products to lower the defection for all the existing products for their competitors.
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The threat of substitute for services or products
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1. Following service oriented than product oriented
2. Understanding the core required by the customers
3. Increasing the total switching cost for all the clients
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Industry rivalry
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1. Building more differentiation in the sustainability
2. Building the scale to compete against the competitors
3. Collaborating with the local markets in the suburban areas for competing for the small market
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Industry analysis
Boohooo is targeting to provide the online presence for all the customers who are living the suburban's areas. The majority of the department store is retail established that helps to offer a wide range of consumer goods. The boohoo products are present in various discount stores that create a huge amount of opportunity for all the suburban population. Boohoo consist of different workout gears, sports, and other clothes that are suitable for the adult population to gain the attraction of the customers. Providing affordable price clothing products is important because suburbans people are poor. As said by Aremu and Saka (2014), brand engagement is important to make the population know about their new designs. Majority of the population in the suburban looks for products in various discounted stores with a simple design. It is important for the organization boohoos to come up with attractive offers like " buy one get one free," " Flat 30% discount" etc. to attract all the poor suburban population. Some population in the suburban areas prefers to buy mid range clothing products with a unique design. Both the teenage and adult population prefers unique design products at a given price range.
Conclusion
From the overall analysis of the marketing plan for the brand boohoos in Australian suburban area it could be found that majority of the population wants to buy cheap products, or any quality products are being provided with discounts. Improvement of the distribution network is important to generate all the products at a low price. Driving all the efficiency for their customers is important for the brand to boohoo to gain the attraction of the fast growth of the retailer.
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