Marketing Strategy of LynLicious Shoes - Assignment Example

Section/# Marketing Plan Part B Marketing Plan Part B: Developing Strategy Brand LynLicious Shoes Slogan: Nexus between fashion and comfort Brand Extension: Creating a spin off line of compression hose and tights that protect against deep vein thrombosis in flight or while sitting long hours in meetings or at work. Marketing Strategy: Phase 1: The marketing strategy that this particular firm will take will be concentric upon three specific phases. Due to the fact that the monetary constraints necessarily reduce the overall potential for marketing that the firm can exhibit, the first stage, comprising approximately 6-8 months will focus on marketing within the realm of social media. As such, even though this particular form of marketing would be beneficial in generating brand recognition and interest, it will ultimately be useless unless there is a working website associated with the content that the store attempts to offer. As such, the social media marketing will be mainly concentric upon brand recognition and promoting the website as a viable alternative for career women that are both interested in function and style (Kawazoe & Abetti, 2013). Accordingly, prior to this particular phase of marketing being engaged, it will be absolutely interval to ensure that each and every problem that might be evidenced within the initial rollout of the website should be operable and fully functional. And added component of this particular phase that can be utilized is to provide a bonus structure through which individuals that reference which social media outlet they came from and what prompted them to purchase their products will further assist the company in helping to strategize how best practices within social media marketing can be further accomplished in the future. Phase 2: The second phase of the marketing strategy will once again be constrained by the fact that the firm does not have a very large budget and cannot engage in glitzy advertising like many of the more established brands. Nevertheless, the second phase will be concentric upon blanketing some of the most high traffic pedestrian areas within the Washington DC Metro area and passing out pamphlets/suppliers/marketing material that draws attention to the fact that a new women’s footwear store is soon to be opening that seeks to provide a nexus between fashion and comfort. Naturally, even though this secondary phase of the marketing process will be somewhat different as compared to the first, it is necessary for the developers to ensure that a certain level of similarity exists so that individuals that might have been exposed to the first level of social media marketing will not find this to be a conflicting or otherwise separate level of engagement (Jacobsen, 2012). As compared to the social media phase, this particular phase will take place within approximately one month’s time. Similar to the social media marketing campaign, incentives for first time shoppers will also be provided on the pamphlets/flyers that are distributed. This will of course assist the company in understanding the overall reach and scope of the marketing activities as well as encourage a level of first-time buyer engagement that might not otherwise be affected. Phase 3: Phase 3 of this particular marketing strategy will be concentric upon a marketing plan that is concentric upon expanding advertising to media outlets such as newspapers, radio, and billboards. The analyst might question why television outlets have been shined; yet the underlying reason for this has to do with the fact that advertising on television media is extraordinarily expensive and decreases the overall marketing budget that the firm might direct towards more appropriate and cost-effective techniques. In tandem with the radio and newspaper advertising that is contingent within phase 3 of this particular marketing strategy, it will also be necessary to open a pilot store within the DC area just prior to phase 3 be engaged. The underlying reason behind this has to do with the fact that once the advertising for the company has reached a climax and potentially grips the highest number of interested people, it will be necessary to exhibit something beyond merely a website so that individuals engaged by this form of marketing will have a physical address to which they can link this store and shop (Akroush, 2013). However, it is also necessary to understand that budgetary constraints still defined the way in which the marketing campaign is established and constrained. In this very reason, the store that will be established within the DC Metro area will necessarily be small exhibit only a certain selection of the overall goods that the brand has to offer. The underlying rationale behind this has to do with the fact that rapid site to store delivery and sight to home delivery of products that interest the consumer can be affected; rather than keeping a very large stock and requiring further store space in an already exorbitantly expensive real estate area. As such, this particular phase will be expected to take approximately 4 to 6 months to establish effectively. Positioning Statement “Lynlicious provides the individual consumer with a nexus between style and function; all at an affordable and realistic price. As compared to the competition, we do not sacrifice quality or comfort for aesthetics. Instead, we attempt to conquer both with our reasonably priced alternative to fashion and comfort offerings that other brands have dominated for so long.” As the process of developing fashion and comfort is ever evolving, LynLicious will not be a static brand but one that will continue to change as the needs of the market, changes in technology, and changes in fashion are evidenced. The overall time frame for execution of this plan will be approximately 1 ½ years. Marketing Science behind the likely consumers of the Lynlicious Product Existing consumer research indicates that the consumer of LynLicious line of products will invariably be a female between the ages of 26 and 50 that is career minded and has at a minimum the University level of education. Because of this, it is necessary to target marketing campaign to this particular demographic and not seek to engage in pitfalls that might be related to speaking to different demographics outside of the targeted one. It is further illustrated that this particular demographic does have discretionary income and is known to spend in excess of 15 to 20% of their annual income on consumer goods (Pinzaru et al., 2013). With this in mind, marketing to these consumers will be as essential as the overall success of the brand itself. Mission Statement: LynLicious sees its core mission as being a responsible member of the business environment. This responsibility extends beyond truthfulness, ethics, and other core values; and extends to the core goal of providing high quality products that speak to both form and fashion at prices that are affordable to as many individuals as possible. Further, LynLicious realizes that the overall waste associated with packaging and shipment contribute tons to landfills each and every year. As such, LynLicious will continually strive to promote green technology and reduce waste as it sees this as a core component of the way in which a responsible firm should operate within the current environment. Company Introduction: LynLicious seeks to fill a void in the consumer market that is not yet fully addressed. For years apparel and footwear manufacturers have been speaking to one of two things; either comfort or style. At LynLicious, we see no reason why these two should be mutually exclusive. That is why we offer a full range of women’s footwear that aims to accomplish both fashion and comfort at the same time. References Akroush M. Capabilities and new product performanceThe role of new product competitive advantage.Competitiveness Review [serial online]. October 2012;22(4):343-365. Available from: Academic Search Complete, Ipswich, MA. Accessed August 8, 2014. Jacobsen, L., Grunert, K. G., Søndergaard, H., Steenbekkers, B., Dekker, M., & Lähteenmäki, L. (2014). Improving marketing and technology functions for successful product development. Trends In Food Science & Technology, 37(2), 106-114. doi:10.1016/j.tifs.2014.03.005 Kawazoe, M., & Abetti, P. A. (2014). Transition of strategy, marketing, R&D and new product development policies. International Journal Of Technology Management, 66(1), 32-56. doi:10.1504/IJTM.2014.064044 Pinzaru, F., Savulescu, R., & Mitan, A. (2013). NEW PRACTICES IN MARKETING TO GENERATION Y. International Journal Of Academic Research, 5(4), 320-326. doi:10.7813/2075-4124.2013/5-4/B.47 Read More