Business Plan for Smoky Ridge Apparel Company

Paper Type:  Business plan
Pages:  3
Wordcount:  722 Words
Date:  2022-10-19

Introduction

Based on our contextual analysis and on survey results our company shall introduce sportswear products of Smoky Ridge Apparel Company into the Market.

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Our Mission

Through a combination of our unique and cost-effective design, we aim at introducing and advancing the market grip of firms through structured campaigns.

Marketing Strategy

We are going to introduce products of Smoky Ridge Apparel Company by employing marketing techniques such as penetration pricing, advertising for these products extensively, expanding the distribution channels of these products by combining both online retail and physical retail locations in order to increase the revenues of your company and its growth. The first retailer location will be the Lynchburg outlet which will also serve as the main outlet.

Market Research

Having identified the target market for sportswear from Smoky Ridge Apparel as college and university students aged 18-24 we conducted a survey with the following goals

  • To understand how the market will respond to the new product
  • To understand the customer views about the quality of the product
  • To understand how well the product will meet customer needs
  • To examine the possibilities of customers buying it
  • To understand the rigidity of the market given the continued presence of substitutes
  • To examine the likelihood of a student recommending the product to a fellow student

In that consideration a survey was administered to a sample of 120 students from Southern Appalachia. The following were the survey questions

Survey Questions

What is your initial response to this product?

  • Very Positive
  • Somewhat positive
  • Neutral
  • Negative
  • Somewhat negative

What do you think about the quality of this product?

  • Very positive
  • Somewhat positive
  • Neutral
  • Somewhat negative
  • Very negative

How innovative is the product?

  • Extremely Innovative
  • Very Innovative
  • Somewhat Innovative
  • Not so Innovative
  • Not all Innovative

When you think about this sportswear, do you think it is something you need?

  • Definitely need
  • Probably Need
  • Neutral
  • Probably don't need
  • Definitely don't need

How would you rate it considering the value for money?

  • Excellent
  • Above average
  • Average
  • Below Average
  • Poor

If the product was in the market, how likely are you to buy it?

  • Extremely Likely
  • Very likely
  • Somewhat likely
  • Not so likely
  • Not at all likely

How willing are you to replace your current product with this?

  • Extremely likely
  • Very likely
  • Somewhat likely
  • Not so likely
  • Not at all likely

How likely are you to recommend this product to a friend?

  • Not at all
  • Likely Extremely
  • Likely

Results

From the survey the following information can be deduced about the new product from Smoky Ridge Apparel

During the survey, there were questions that were answered while some clients skipped the entire survey. However, a good number of them responded to the question and the results that will help Smoky Ridge Apparel while making decisions regarding the launch of their new sportswear have been shown above. The bar graph represents positive responses from all the questions that were answered. These responses indicate that marketing campaign for this product can be launched in the near future when the company is ready to meet the expenses that are likely to be incurred. The marketing campaign will create awareness about the availability of the product in the market.

Market Analysis

Products from Smoky Ridge Apparel Company will compete directly with other brands. The market size for sorts wear is estimated to be $324 retail dollar which is estimated to grow to $396 retail dollars by 2019. The market growth is expected to grow by 6% over the current growth rate.

Market segmentation

Table 1: Age

Age Sportswear buyers Population over 18 Purchase Index
18-20 21 12 1.75
21-22 34 18 1.88
23-25 23 27 0.85
26+ 19 24 0.79

From the table above it is clear that the target market of Smoky Ridge Apparel Company comprises the majority of sportswear buyers with 78%. Although purchase behavior also changes by gender we are currently going to focus on the total just allow the brand to position itself in the market.

Action Plan

Smoky Ridge Apparel sportswear is uniquely designed to meet the diverse sporting and leisure lifestyle of Southern Appalachia. We will retail them at $35 to allow the brand to gain a market grip. To stand out during the campaign, the agency shall use the tagline "The Only Appalachian Leisure Comfort". This tagline shall be imprinted on campaign t-shirts and all brand adverts. Additionally, customers who shall purchase sportswear from Smoky Ridge Apparel will be gifted with an armband bearing the logo of the company.

Cite this page

Business Plan for Smoky Ridge Apparel Company. (2022, Oct 19). Retrieved from https://proessays.net/essays/business-plan-for-smoky-ridge-apparel-company

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