Approved Marketing Plans for New Products and Services - Term Paper Example

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The paper presents developing an effective marketing strategy for the Versace Men’s Clothing brand. The company specializes in clothing in several countries. After the establishment of Southern Sudan, the company decided to venture into this emerging economy in order to sell its brand…
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Approved Marketing Plans for New Products and Services
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Download file to see previous pages To begin with, it would be vital for the company to clearly define its mission statement before venturing into the emerging market. This can be achieved through the use of strategic analysis, which allows the company to formulate necessary measures that would help it develop and maintain high performance in the market (Collis 1999). In this regard, it would be crucial if the company evaluated factors that would influence its operations in the emerging market. Such evaluations would involve PEST and SWOT analysis. These are crucial in that according to Green and Keegan 2012, in every market, there exist market forces, which dictate operations in the market. In regard to the company in the new market, both internal and external factors need to be assessed comprehensively. For example, it would be vital for the company to know if issues like management or working capital would act as barriers to emerging successful in the new market. Since the clothing industry has many players in the market, it would be crucial if the company assessed external forces like environmental and other factors beyond the company’s control (Hill, & Jones 2010). Therefore, such evaluations enable the company to come up with measures to overcome them. SWOT Analysis It is apparent that venturing into a new market calls for strategic planning in order to develop and establish a strong, competitive advantage. However, one of the major factors that determine how to go about the business is the line of business a company is intending to deal with (Hill, & Jones 2010). In this regard, the business is able to analyze the market in relation to services or products intended to be offered in the market. It is, therefore, necessary to analyze factors that would determine the performance of the products offered. Among these factors are strength, weaknesses, opportunities, and threats of the business. Strengths The clothing industry can be argued to be a fascinating business only if business entities analyze the strength of their operations in the emerging market. Some of the factors to consider include the performance of other brands. For example, it would be vital to study how other brands perform in the market. In light of this, evaluation of the strength of other brands would involve assessing the quality, quantity, and customer service (Green & Keegan 2012). For example, this would involve assessing other men clothing brands. One of the strengths of Versace is that venturing in Southern Sudan would give it an opening to develop a mutual relationship with customers by a way of offering the best quality products (Todeva 2006). The products should also be adequate and steady in order to satisfy the demand of the market. For example, the company may decide to offer a variety of Versace designs, which would cater to the needs of every age group in the market (Hill, & Jones 2010). This would be beneficial in such a way that unlike in other brands where they deal with a niche market, Versace will have the advantage of meeting the needs of all men in the market (Bohm 2009). Additionally, Versace may not require large capital to establish a business in Southern Sudan. Therefore, it would be beneficial for Versace to establish a business in such a market since less capital would be needed. Weaknesses It is apparent that establishing a business in an emerging economy could be tricky in away. This is arguably true because unlike in an already established economy where the company operates or has experience in, the emerging economy may have unknown trends. ...Download file to see next pagesRead More
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