Assumptions, you are about to started a occasion clothing outlet, and thus plann

Question

Assumptions, you are about to started a occasion clothing outlet, and thus planning to set marketing targets for the same, the following are the marketing objectives to be meet:

- you have a successful men's wear line, you have to start a new women's wear line and penetrate in the market.

- expand the business.

Specific:

It is really important to be specific as to where you want to reach and how do you want to reach there. There is wide range of market for garments, every person in this earth needs clothing so it has a wide scope for it. But our latest target market is women. Since we are into occasion wear, we target on ladies who are about the get married or are close relative of the bride or groom, age cannot be considered much here as anyone can get married in any age. We are already in the occasional men's wear clothing, and getting into women's wear, is because of the public demand we have for the same. It can be a one stop shop for both the bride and the groom. We have already designes few gown collections considering the preferences and demands of the Bride's, but getting the outs costumised will be our USP.

Measureable:

With our men's wear running successfully we have an income of $10,00,000 turnover annually, but after introduction of women's wear we are targeting to reach an invomi of approximately $20,00,000. We target this because of the buying patterns of women, they are more into shopping and plus women are considered to be impulsive buyers and when it comes to weddings they think about nothing than looking good.

Attainable:

Both the targets set are attainable and are dependent on eachother, the introduction and success of a new line will obviously lead to expansion of the store, plus the tragets set are set after considering the demands of the customers, their buying habits and patterns, the quality we provide and the base we already have. So achievement of what we have thought of is has really a good chance.

Realistic:

The goals set are realistic in nature, we have to come to these goals after a lot of research. The product line to be introduced after a survey conducted in our store, we asked a lot of women as to how eoulw they like if they could buy their and their fiancee's cloths together and they were really excited about it. And looking at the base we have created for men, and the way it has grown in an span of just one and a half year to the turn over of $1000000, we are sure to achieve out targwt for women too.

Timely:

Considering the sellability of our products only during occasions we consider to reach this mark in an year, the reason to attain this in an year is that there are few months which are slack and few are at peak...so when the average of overall year will be considered, we are sure we would be at or beyond our target.

Based on your analysis of the market data, and a comprehensive understanding of the customer and the buying processes, write a 2-3 page description of the major segments of the market and the specific target market segment you have chosen to serve. Be sure to include a discussion of demographic and psychographic factors if you are targeting a consumer segment, or for business targets, a discussion of whether you are serving a producer, reseller, institution or government unit. Include your reasons for concluding that this is the target market segment that is most likely to be served profitably by your firm.

Please combine all sections of this draft (Marketing Objectives and Target Market Strategy) into a single document, along with citation of sources.

Explanation / Answer

Clothing business is one of the most versatile as well as challenging business to operate. In this specific case availability of the dresses are directly oriented towards women's clothing or bride's clothing.

Some major market segments that would be served by our clothing company are as follows

Bride’s Entourage
Attendants
Brides

Bride’s Entourage

This is specific market segment is as essential as the main serving segment for the organisation. As no marriage happens without specific Entourage , focusing on this is which segment would provide additional support to the overall operation structure of the organisation as well as to maintain better quality of standard in Operation. This type of market segmentation would not only help the organisation to be more productive but also it would provide an adequate support to the main market segment benefiting it buy a good margin. This would include a dresses for mother of the bride as well as mother of the groom as they also have to be serviced for the specific wedding. Providing a package of 3 or the choice of the bride would be appropriate approach of implementing such a specific strategy.

Attendants

This market segment would be appropriate to and some additional revenue from the specific business. As most of the bride's attendant want to match their clothing with the bride availability of the business opportunities would also increase and providing services to this segment would be highly beneficial for the organisation as well.
Attendants are also one of the major segment of revenue generation due to availability of many dresses been sold at one time. Providing options as well as providing a whole pack of customization to attendants and bride would be an appropriate method of influencing the customer as well as creating a better impact on availability of business opportunities.

Bride

Directly targeting this specific market would require intensive understanding of ongoing Trends as well as choices of brides for new dresses. As the price segment is a relatively high according to the case, implementation of high quality materials and using designer terms for increasing adaptability and influence of the store would be appropriate.
Knowing about the current trends as well as assessing online training would be the most appropriate way of looking into the demographics for the specific market segment. As most of the brides go with the celebrity trends, keeping the clothing line align with the celebrity Trends as well as upcoming trends in the society by using forecasting fashion techniques would also be an appropriate way of implementing such a specific strategy to maintain better revenue from the same market segment.

By using this is specific market segments we can easily increase the chances of business opportunities as well as we can also provide adequate support to the overall operational structure in terms of increasing the revenues and maintaining better brand identity by using this approach. It will also provide possibility of mouth to mouth publicity benefiting the environment for creating and influencing customers using this earned media.

Reference- https://www.bplans.com/bridal_shop_business_plan/market_analysis_summary_fc.php

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