Market planning

Business development continues here

Now that you’ve made your strategic decisions and let them drive the organizational plan, it’s time to move onto the most important action component: marketing. Yes, you’re creative, which sets you apart, but fashion is also a business, and without analyzing, understanding and predicting markets’ behaviors, the business won’t succeed.

1. Focusing the SWOT Analysis

Wait a minute…haven’t we done this before? Yes, and a SWOT analysis is worth repeating, because this time it is focused on the external factors of existing and potential markets.

What assumptions are you making about the marketplace, in terms of consumer behaviors, attitudes and expectations within your sector of fashion? Which elements of consumer behavior and the decision-making process can you use to the benefit of your business?

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Who are your most likely customers, given your business’ already-identified strengths and weaknesses?

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2.Creating marketing objectives and strategies

Using the results of the situational review as your guide, what are your marketing objectives? Which strategy is the most likely to meet those objectives? Will you test marketing strategies against each other?

How will you manage the 4 P’s of marketing: product, price, place (distribution) and promotion?

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How can you use market forecasting to support your strategy?

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2. Action planning and implementation

Based on your chosen marketing objectives and strategies, create a marketing action plan over a 3-year period, to be measured every 6 months.

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Using the marketing action plan as a guide, create an allocation plan for financial, human and physical resources

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