MGT 4475 Alabama A & M University Week 7 Marketing Blueprint Business Plan Week 7: Business Plan – Part III 1818 unread replies.2323 replies. Consult the

MGT 4475 Alabama A & M University Week 7 Marketing Blueprint Business Plan Week 7: Business Plan – Part III

1818 unread replies.2323 replies.

Consult the Business Plan Part III handout. Your commentary should consist of a description of your marketing plan, in the form of the 4 P’s of marketing (a.k.a. the marketing mix). Begin by stating your generic strategy. Note that the handout provides two views of the generic strategy, so use both of them. Explain briefly why your choice makes sense for your product or service.

For each element of the marketing mix, explain what you intend to do, in a way that reflects both your generic strategy and the unique aspects of your business. For example, to market a new kind of high-quality dog leash, you would define (and design) the product to satisfy your customers’ motivation to pamper their dogs. You would logically want to place it in a business that caters to those people (e.g., dog-grooming boutiques). Your price would be relatively high, first because your product is high-quality, and second because it is unique. Finally, you might promote using a combination of third-party placement (seeing it in the boutiques) and a nice website. Importantly, the detail in these choices will differ from business to business, even if the strategies are similar on a more theoretical level.

As always with these business plan parts, be sure to reply to two other entrepreneurs as well, and to include an improved version of your commentary in your final business plan (end of Week 8). The length is at least 250 words, but the more the merrier.

Here are the second part and the first part I wrote.

Business Plan – Part I

1. Define the business broadly.

My goal is to own an online clothing store.

2. Define the core product or service narrowly

We will disassemble all the products and divide them according to the user’s target group, that is, user-oriented, so that users can find the product that suits them for the first time. We provide high-quality, medium-priced products. We will also give our customers the best service. We will provide customers with stylish, personalized, high-quality clothing. We provide private tailoring and clothing matching. We have an online service to provide advice for customers’ clothing purchases, in order to help customers choose suitable clothing more conveniently. We provide size measurement services. Customers can give the brand and size of the most comfortable product they bought, and our webpage can calculate the size that is the most suitable for the customer based on this. We also provide first-class after-sales service. If there are customers who are dissatisfied with the size of the clothes and the quality, they can return it at any time within a month.

Mission Statement:

Our mission is to show the user friendly, comprehensive and clear products to the user, leaving a good first impression to the user before the transaction. We will let our customers simply and easily have the clothes that suit them best.

Strategy:

We provide customers with first-class products and services. We put customers first and try our best to meet all the needs of customers. We want to make online shopping simpler, more efficient, more credible, and better meet the needs of different people.

Business Plan – Part II

I plan to open my online clothing store on Taobao. After comparing several online trading platforms, I found that Taobao is the cheapest platform to open a store with a lot of traffic, so I chose Taobao. I checked a small Taobao clothing store online. I used their experience to approximate the cost I will need. I will raise my start-up funds through bank loans. First of all, I have to pay a deposit of about $150 to open a store on Taobao. Out of a lack of understanding of consumer preferences, I will use the purchasing principle of more styles and fewer pieces to purchase. I can use this method to quickly understand what style of clothes the consumer star needs. I will wholesale 100 pieces of each item of my first purchase, and there are not less than 20 types. The estimated cost of the purchase is $4,000. Due to the difference between online stores and traditional sales, there are a few days between the sale of goods and the receipt of payment. This requires me to have sufficient funds to pay for various expenses, such as liquidation of the goods, payment of courier fees, etc. The liquidity is expected to be $1,000. I will also need to purchase data analysis tools to help me analyze the data. The estimated cost of the tool is $1,300 per year. At the beginning, I will work as a customer service person to save the employment fee. I expect that it will cost me $6450 to open an online store.