There are non-financial goals in the marketing plan. These include adding more extra products to the product line maybe around ten. Another goal is that they will sell the products in more than three countries and that they will preserve the environment by being Go Green in the procurement of their products. There are financial goals in the marketing plan that affects both social and economic values in the society. These include growing the segment of clothing by revenue of ten percent every year, the segment of accessories should grow by 15 percent annually, and the sales that are done outside the United States by ten percent annually. This would occur after their launch in their first year. The other financial goal is to always obtain return on investment of about 30 percent for the markets in the United States and that they should start receiving their return on investment of about 35 percent in their second year of operations in the international markets. The last financial goals involve raising funds through the public offering by the year 2011. In planning for the markets a clear outline like this one that we find in the ICREW company is very essential and it is always encouraged so that the businesses may grow in the positive direction and earn the company maximum profits whereas they minimize the costs (Peter & Jerry 1996).
In market planning, the company’s directors and the managers concerned with finances should strive for competitive advantage. There are unique needs for all the shoppers and all these needs should be met so that they retain the customers who help them raise their levels of sales. The sources of the materials that are used in the company should be greatly considered such that they get the cheapest materials and of quality. In the ICREW Company, they source their materials from India and China. This makes them to have a price advantage over all other competitors in the local industries. This would help in marketing plan because they gain more attention from the customers because they have confidence in the company (Mc Donald 1999).
When the company realizes that the entry cost is low, it should therefore utilize its competitive advantage to undercut the new entrants either through price advantage or the already established solid market through retention and increase of its customers. The threat of new entrant should not be a discouraging factor but a drive to improve on service and product delivery to enhance its market image. When the supplier power is high, the potentiality the company derives includes use of the opportunity to acquire as many raw materials as it can and also identify new suppliers for low cost measure implementation. When they readily substitute products, the company’s marketing plan should focus on retaining the existing clients as well as expanding market potentials through exploring measures to counter the reduced market sales forces. When the buyer power is very high, the company should capitalize on the opportunity to expand and increase its sales to new and existing market potentials.
The driving force should also establish a channel of company’s diversification strategy to cater for the new increased needs and requirements for customers. This should be focused on the consumer analysis to identify the new potential and existing markets to be explored with consideration of emergence of new threats. Therefore the available opportunities ought to be utilized optimally to ensure growth and sustainability of the company. Marketing research and surveys should be carried out frequently to establish the level of acceptance of the company’s products and identify the potential areas of improvement and market potential segments where the company can utilize its strengths and opportunities for optimal returns
In marketing plan, it is always advisable to do SWOT analysis which is an acronym for Strengths, Weaknesses, Opportunities and Threats analysis of the external and internal factors both from negative and positive considerations. The internal factors include finance, manufacturing, offerings, management, marketing and personnel. The external factors include consumer and social factors, technological and competition factors. The ICREW Company carries out all these analysis which helps them to know how to build up their company and what they should do to safeguard their profits and hence customers. This is mostly done by the Human resource department in terms of workforce and they should organize trainings for every worker so that they would work to improve their weaknesses. The SWOT analysis helps in providing a good framework used in reviewing position, direction and strategy of the business proposition or any other idea (Mclnerny, Francis & Sean 2000).
The PEST analysis which is an acronym for Political, Economic, Social and Technological analysis helps in planning for the markets and is carried out after the SWOT analysis is completed. This method is quick and simple because it only uses the four perspectives that are represented in the name. The political factors that should be introduced include future local and international legislations, the prevailing legislations in the home market, regulatory processes and bodies, government policies and term and change and international pressure groups and conflicts and wars. The social factors are demographics, lifestyle trends, publicity and advertising, role models and fashion, technology, company, brand image and finally the buying patterns of the consumers. The economic and technological factors are maturity of technology, communications and information, innovation potential, research funding, home economy situation and the trends prevailing (Peter & Jerry 1996).