I need help with these 6 questions.... the name of the business would be a CLOTH

Question

I need help with these 6 questions.... the name of the business would be a CLOTHING BOUTIQUE in Michigan....

1. drawingl from an Industry Profile, what concems do you have In your opinion regarding the growth, seasonality, and life cycle of your industry 2. In your opinion drawing from an Competitive Analysis, are there one or two competitors dominating your industry or are there numerous competitors in your industry? uropnraving from an Marketing Communication Pliam.is n your opinion drawing from an Marketing Communication Plan, is your business newsworthy? So, how readily can you stimulate publicity and word of mouth? Support your response. 3. I 4. In your opinion drawing from an Pricing Strategy, will your pricing aligned with your intended image? Support your response. 5. In your opinion drawing from an Pricing Strategy research, will your planned prices competitive with comparable businesses in your industry? Support your response Based on your responses to #1-5, what actions can you take to improve the success rate of your business? (5 points) improve the s rate of your busines? (s poits)sa

Explanation / Answer

As given in the case the business under consideration in a clothing boutique in Michigan.

1. The clothing industry is a seasonal one and one which highly depends on the brand taste that and attractiveness that one can find in the consumer mindset. In case of clothing stores, the boutique can grow if it able to target the right customers and provide the best in class clothes at agreeable prices. The price segmentation is a factor that can play huge role in the perception of a brand. If I am able to provide the latest trends in fashion industry at an affordable cost, the growth will be high in the initial days. To stay in the zone, I would want to change the inventory at the change of every fashion season corresponding to the climatic conditions and latest trends in industry. For any store to sustain long, there will be an initial phase where the investment needed will be huge and return will be minimal. There will only be few loyal customers who are exploring the new venture. After the initial stage, there is growth stage, during which the store can grow well provided it keep the latest fashion in stores. If it not meeting the customer requirements the demand can go down rapidly and store can face losses. Instead if the fashion catalogue is in best in the industry, the store can grow faster and sustain in the longer run.

2. There are many competitors in this domain. Right from big fashion retailors like H&M, Zara there are multiple local fashion retail outlet who are targeting the same audience. The cut throat competition will mean that one has to be on the toes and provide the best services and products to the customers. The entire supply chain has to be designed in such a way that the products are always available for the customer. The customers have high bargaining power and will switch between shops without hesitation.

3. To make the brand a newsworthy and to bring it in the limelight there should be a unique USP to the shop. It can be either from where the products are sources or how different the products are form the rest which can make it unique in nature. For instance, there can be a small section of cloths which are made from bamboo pulp or wood pulp. The pulp is prepared from the raw wood which is usually discarded, pulp can be powdered and yarns and threads can be drawn from it. Such eco-friendly clothes are rising in trend and provide a better alternative to polyester or blended cotton fabrics. Such few initiatives can help in putting the shop on the map.

4. The pricing will be aligned with the brand image. In order to finalize the pricing strategy, the brand distribution and sourcing channels also need to be considered. For a brand in the posh area of Michigan the shop has to be appropriate placed in the locality, meaning the rent of place would be high. Also the shop should be targeted to a particular segment of the society who would want the latest trends. In order to get a significant and sustainable return on the investment, the pricing has to be appropriately done.

5. The prices will be competitive with similar shops in the neighborhood. The consumers must already be loyal customer to one or another shop and to get an alternative there should be significant value proposition. Providing a price which is similar to the other shops helps in providing a better bargaining power to the customer. This can be used to sway the customers to the new shop.

6. To improve the success rate of the business, I would do the following:
• Identify the target segment
• Create brand awareness and do promotions to increase the reach
• Ensure inventory is in sync with latest trends in the fashion industry
• Ensure latest fashion ideas are available with the store
• Ensure adequate customer feedback mechanism are in place
• Conduct customer surveys to identify the needs of customer
• Design an efficient supply chain structure
• Do long tie ups with logistics providers and suppliers

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