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Market Analysis, Marketing Plan Example

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Marketing Plan

It is very essential for a business to analyze its market to forecast the future. In carrying out a complete market analysis, the fields needing important consideration include industry analysis, target market analysis, the competitive environment analysis, and the SWOT analysis. This paper gives a complete market analysis for “Imagine” fashion boutique stores.

Industry Analysis

‘Imagine” fashion boutique is an upcoming outfit store that has a considerably large market share. It has reported sales amounting to approximately 3.5 billion annually. There is a recognizable growth in sales of about $75,000 per annum. This presents a great deal in the dream of expansion. Like any other industry, there is the evolution into the accommodation of new technologies. Technology has made the “Imagine” fashion boutique have an increasing market share. The trend of purchasing clothing tends to increase seasonally. Highest sales record during Christmas holidays and across the valentine moments, and other holidays. The advertisements, new mode of processing and presenting new designs improve on a daily process, and the outlet is gaining fame and increased number of customers.

Target market Analysis

“Imagine” fashion boutique is a retail outlet for women and men’s clothing. It targets all ages of men and women, while featuring of the best collections from emerging and already established designers. With the target segment of customers distributed roundly, “Imagine” has the commitment of delivering unique, wearable items for men and women across all ages. With the careful selection on fashion, fitness, and timeless style, customers across the country aim at buying from Imagine fashion boutique stores. As said earlier, customers tend to purchase more during Christmas and valentine most probably as gifts. Women would tend to buy prizes to their male partners and their kinds, while men would also do the same to their female partners. There is an approximate of around 0.6 million visitors per month, either to shop or window shop and plan for future purchases.

Competitive Environment

Like any other industry, there exist a number of super powerful competitors as the Walt-mart stores. The “imagine” fashion boutique employs strategic ways to ensure it scopes its share of customers. They offer excellent customer care services while focusing on having return customers. Packaging, wrapping, and home delivery services are some of the tactile approaches to fit into the competitive market.
4) SWOT Analysis
A SWOT analysis presents a very essential procedure in any business. It gives a highlight of the business’s future. The strengths, weaknesses, opportunities, and threats of the “imagine” fashion boutique are as follows.

Strengths

  1. “Imagine” fashion boutique is a big store that holds a large market share, with a lot of merchandises included
  2. It is a one stop shop where one can buy tops, jeans, outwear, skirts, bags, shoes, dresses and other accessories
  3. “Imagine” fashion boutique has established connections with merchandises from Korea, Japan, China and Taiwan, and mostly Asia.
  4. Japan products e.g. UNIQLO, at the imagine fashion design are very popular in America and internationally, and they sell like hot cake.

Weaknesses

The prices at the “Imagine” fashion boutique are a little bit higher, meaning accommodation does not contain. all classes of consumers.

Opportunities

  1. Further innovation and investments into the unique tailoring would make the outlet even more outstanding
  2. With the fact of established connectivity, it would act as a stepping stone to create a different cultural style, with the help of the international vision

Threats

  1. Threat of new entrants into the already flooded industry
  2. Threat from the already existing powerful clothing industries as the Walt-mart

Overall, despite of the threats and weaknesses as presented, “Imagine” fashion boutique has quite a number of strengths and opportunities that would keep the store running.

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Marketing Plan

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