Purpose
Marketing is an integrated function that is undertaken by the organizations in order to enhance the sales volume of an organization. The smooth functioning of the promotional and marketing departments assists an organization in making the customers aware of the propositions. The discussion will aim at assessing the target markets and the marketing plans of Boman’s Attire. On the other hand, the discussion will also focus on the financial plans and the risks that might be encountered by the organization while marketing the products. The assessment of the industry and competition that might be encountered by the organization will assist the same in enhancing the operations while achieving a competitive edge.
The mission of the organization is to provide most compelling shopping experience to the targeted customers.
The mission will be helping the organization in designing the processes for meeting the expectations of the shopaholic customers. Enhancement in the shopping experience of the customers will be helping the organization in increasing the sales volume of the same.
The product that is being offered by the attire manufacturing organization, Boman’s Attire, is denim jeans. The specialties of the jeans that are planned by the organization are dependent on the fact that the product is fashionable and tenured at the same time. The organization has selected a wide range of target audience in the local markets for marketing their product offerings. The organization will specialize in manufacturing four types of runaway denim editions, which will help in attracting the attention of the customers more viably. The organization will be manufacturing Straight Leg Jeans, Baggy Jeans, Cropped Jeans and High Waist Jeans among the trousers. The organization will also provide the customers with cropped jeans tops and jackets for ranking up to the trends that are introduced in the countries. The organization aimed at providing the targeted customers with attires in a lower price for achieving the competitive advantage. The organization undertook different innovative measures in order to improve the fabric quality of the attire and thereby propose the same to the customers at an affordable price. The organization is planning to undertake different activities in order to support the innovativeness of the venture while operating in diverse international markets (Amini et al., 2012). The Australian customers are more obsessed with the quality of the products. Therefore, the organization aimed at bringing forth modifications in the processes in order to enhance the quality of the propositions that are made by the same in the local markets of Australia.
a) Industry analysis
Topic
The apparel industry in Australia is growing with the enhanced employability of the customers. The revenue of the Apparel market amounts to US$20,356 million in the year 2019. The enhanced lifestyle of the Australian customers has helped the apparel manufacturing organizations to expand in the different regions. As per a research, the Women’s & Girls’ Apparel with a market volume of US$7,515 million is considered to be the largest segment in the nation in the year 2019. The different changes that are undertaken by the organizations are dependent on the assessment of the needs and preferences of the target audience. The chief modifications that are undertaken by the organization has helped the same in maintaini8ng the efficacy of the operations as per the efficacy of the operations. On the other hand, Huang and Sarigöllü (2014) forecasted the growth of the apparel industry in Australia by 3% annually which has attracted the attention of different firms. However, Leonidou, Katsikeas and Morgan (2013) stated that the duopolistic structure in the economy has restricted the growth of different apparel firms in te nation. It has also being reported that the apparel industry has faced a continuous growth in the Australian markets due to the increased affordability of the target audience. Mintz and Currim (2013) stated that US$812.78 revenues are generated per person through the activities that are undertaken by the overall industry in the Australian markets.
However, Hanssens et al. (2014) stated that the Australian apparel industry has faced different challenges while making their growth relating to the intensified competition in the markets, Moreover, apart from the competition the rising cost of rents and the rising operating costs has affected the growth of the apparel manufacturing firms in the market. Chikweche and Fletcher (2012) stated that the low switching costs of the customers has also affected the growth of the organizations due to lack of their capability of retaining potential customers. The different changes that are undertaken by the organizations are dependent on the assessment of the needs and preferences of the customers. However, the lack of suitable knowledge of the consumer preferences has restricted the operations of the business while proposing the most expected products or services. The Australian customers are concerned with the quality of the products apart from the price that the product holds. It has also affected the capability of the companies in anticipating the quality concerns that might be undertaken by the same (Tian and Borges, 2012). On the other hand, the diverse cultures of the Australian customers affect the organizational capabilities of screening the needs of the same. It also affects the capabilities of organizations in profiling or positioning the product offerings as per the demand faced by the same in the Australian markets.
Task Details
Figure 1: Revenue in Australian apparel industry
(Source: Sheau-Ting, Mohammed and Weng-Wai, 2013)
Figure 2: Revenue growth
(Source: Same and Larimo, 2012)
b) Competition
The Australian apparel industry faces an intense competition due to the involvement of different players. The involvement of companies like Visionise and Caryn Luxton Design has helped in improving the standards of the industry and thereby enhanced the competition in the Australian markets. The enhanced competition in the markets has affected the sustainability option of the different SMEs in the nation. The different modifications that are undertaken by the organization in an highly competitive market structure is dependent on the objective of the same to maintain the competitive advantage while operating in diverse international markets. On the other hand, the organizational knowledge of the different technological innovations that are undertaken by the different players in the market will be helping the same in adhering to the competition that is being encountered by the same. Alex (2012) stated that the higher competition in the market helps in enhancing the quality of the products and the pricing strategies that are undertaken by most of the companies. On the other hand, the development of the organizations in the competitive markets ensures the smooth functioning of the systems as per the objectives of the same while operating in diverse international markets.
The primary target audience of the concerned organization, Boman’s Attire, is the women who are shopaholic by nature. This section of the report enumerates the different buying behavior of the Australian women which will be helping the organization in maintaining the efficacy of the operations and inducing modifications in the same.
Demographics
- Shopaholic women (age ranging from 18 to 42)
- Household income of over $2000
- College-educated
Psychographics
- Women who are concerned with the fashion wear and thereby upgrades their preferences as per the trends
- The target market of the organization assesses the quality of the products that are offered by the organization
- The common psychology among the targeted women is to feel good about herself through the attire that is manufactured by the organization
Product
The product offerings of the organization are trousers, jackets, t- shirt and clothing accessories. The organization specializes in manufacturing attires made of the jeans fabric. The different designs in the clothing outfits and the adherence to the trends have helped the organization in maintaining the efficacy of the propositions as per the expectations of the targeted customers. The organization aimed at fusing different designs in order to make the appropriate apparel design for the targeted customers. On the other hand, the organization also provides customized offers in order to maintain the efficacy of the operations as per the expectation of the customers. The diversity of the product offerings will be helping the organization in adhering to the interest of wide range of targeted customers. On the other hand, the enhanced quality of the products will be helping the organization in retaining the customer base while sustaining in the highly competitive Australian markets. Lee et al. (2014) stated that the diversity in the propositions of the business will be helping the same in retaining the customer base of the business. The delineation of the target market of the organization has helped the same in designing the products as per the interests of the customers.
Pricing
Marketing Analysis
The organization will be utilizing the penetration pricing strategy in order to attract the attention of wide variety of customers (Jackson and Ahuja, 2016). The penetration pricing strategy will be assisting the organization in setting lower price for the commodities. Lower price of the high quality commodities will be helping the organization in retaining a larger customer base. Azzadina, Huda and Sianipar (2012) stated that the enumeration of the pricing strategy in an organization helps the same in enhancing the price standardization methods for enhancing the sales volume. The enumeration of the pricing strategies will be helping the organization in maintaining the efficacy of the operations while offering and positioning their products to the targeted customers. The penetration pricing strategy of the organization will be helping the same in maximizing the sales volume in the diverse regions of the Australian markets.
The distribution of the commodities will be facilitated through collaboration with different retail outlets and supermarkets in the different regions. The wider distribution of the products in the relevant locations will be helping the organization in maximizing the positioning and availability of the commodities for reaching out to the end level consumers. The development of the organization is dependent on the efficacy of the same in distributing the commodities widely as per the preferences and demands of the customers. The distribution of the commodities through different regional retail outlets and supermarkets will be helping the organization in maximizing the availability of the products as per the needs of the customers.
The organization will be utilizing different social media platforms and digital promotions in order to make the customer aware of the different products that are proposed by the venture (Bernhardt, Mays and Hall, 2012). Social and digital media promotions will be helping the organization in making mass of the target customers aware of the propositions. Magnusson et al. (2013) stated that the social media platforms helps an organization in making most of target customer aware of the product offerings in the digital era. Most of the target customers of the organization utilize the social media platforms for surfing. Therefore, the exposition of products and quality details in the social media platforms will be helping the organization in enhancing the customer base in Australia.
Initial investment
Profit and Loss
Balance Sheet
Breakeven point
Risks form an important part of assessment that might be undertaken by a venture before designing the processes. Identification of the risks helps an organization in enhancing the operations through modifications for avoiding the different uncertainties that might be faced by the business. The key changes that are undertaken by organizations are dependent on the identification of the risk content. Risk identification and mitigation helps an organization in facilitating the smooth functioning of the same as per the primary objectives of sustainability. The risks that might be encountered by the venture is being enumerated in this section of the report. It will help in identifying the diverse uncertainties that might be encountered by the venture while undertaking business in the Australian markets.
Financial Plan
The intense competition in the markets might affect the sustenance of the concerned organization while operating in diverse regions of the Australian markets. The technological innovations that are made by the existing players have added to their respective competitive advantage. On the other hand, the brand name of the existing organizations might affect the buying behavior of the targeted customers. Loyalty of the customers to the existing brands might also impact on the performance of the concerned business.
The lack of understanding of the preferences of the customers in the initial level might affect the organizational design and planning process. On the other hand, the alack of proper market research might affect the organizational understanding of the capabilities of the same while expanding in the different regions of the Australian markets. Wongleedee (2015) stated that the modifications in the strategies and the processes are facilitated by organization through suitable market research. However, lack of proper understanding of the preferences of the customers might affect the R&D departments in the concerned organization in the initial phase of expansion.
Rising operating expenses, cost of labor and rent costs
The rising operating expenses of an organization are subjected to the cost incurred by the business relating to cost of labor supplies and the cost of raw materials. The maximization of the costs might affect the organizational offerings. The organization aimed at providing higher quality apparels in a lower cost for attracting the attention f the customers. However, the higher costs of operations might affect the organizational capabilities of delivering the propositions as per the assurance of the business.
Conclusion
Therefore, from the above discussion it might be stated that the assessment of the customer preferences and buying behaviors will be helping the organization in maintaining the efficacy of the product design. On the other hand, the marketing proponents that are being discussed as a part of the report help the organization in maintaining the efficacy of the operations as per the objectives of the same. The report enumerated the financial projections and risks that might be encountered by the organization while designing the activities.
References
Alex, N.J., 2012. An enquiry into selected marketing mix elements and their impact on brand equity. IUP Journal of Brand Management, 9(2), p.29.
Amini, A., Darani, M., Afshani, M. and Amini, Z., 2012. Effectiveness of marketing strategies and corporate image on brand equity as a sustainable competitive advantage. Interdisciplinary Journal of Contemporary Research in Business, 4(2), pp.192-205.
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Chikweche, T. and Fletcher, R., 2012. Revisiting the marketing mix at the bottom of pyramid (BOP): from theoretical considerations to practical realities. Journal of Consumer Marketing, 29(7), pp.507-520.
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Magnusson, P., Westjohn, S.A., Semenov, A.V., Randrianasolo, A.A. and Zdravkovic, S., 2013. The role of cultural intelligence in marketing adaptation and export performance. Journal of Marketing Research, 21(4), pp.44-61.
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