JFU Marketing Plan

Introduction 

The only assured way of a business company to thrive in the market and meet its set goals and standards, is first by formulating a clear and conscience marketing plan. There is no business which can survive in the market unless it first plans for its activities prior to engaging in any business activities. For this paper, a company branded as “jeans for you” intends to venture into the textile industry to manufacture and supply jeans in the market. The company must first come up with a good marketing plan which will guide its steps towards achieving its goals and targets. Moving forward with the business development plan for, “Jeans for You”, the attractiveness of the industry and market must be thoroughly assessed for long-term success. By identifying the common factors of attractiveness within the market and industry, marketers can find quicker solutions to stay ahead of competitors, while meeting consumer demands. 

There are two types of environments which must be worked on before the company starts its operations. The first environment entails its internal operations where the products will be manufactured, graded and packaged for distribution in the market. The second environment entails the market environment. This is where the actual selling of the products will be done and the real returns or profits for the company will be realized and determined by the market environment. These two types of markets must be well researched on and fully analyzed for any company to thrive and compete effectively. All the data and information concerning these two environments are contained in the marketing plan for the company intending to venture in the business. For the “jeans for you” company, its marketing plan has touched on the five most important elements which fully cover the two markets for the company to survive in the market.

Situational Analysis

The “jeans for you” is going to venture in a market that is already saturated with other companies that deal with the manufacture and supply of jeans. Some of these companies are fully established and have a good name in the market. The “jeans for you” company must therefore employ the SWOT analysis whereby, it should focus on its strengths, weaknesses, opportunities and threats to be able to fit well in the market (Graham, 2018). The “jeans for you” company must look at its strengths over the other competitors and base its foundation on them. The strengths need to be unique from the other companies so that the “jeans for you” company can storm the market in a unique way. Some of the strengths that the company should consider are the availability of highly trained personnel within its disposal. For instance, the “jeans for you” company has five Chinese experts in the textile industry who have a working experience of more than 20 years. This is an advantage of the JFU over the other companies. The other additional strengths that the JFU Company has over the other competitor companies are the availability of superior machinery and a cheap of raw materials.

The “jeans for you” company must also pay attention to its weaknesses to devise ways of dealing with them. The companies which are already established in the textile industry enjoy the benefit of a promised and steady supply of their products to their customers. The “jeans for you” Company lacks a good channel of supplying its products in the market. The company also lacks support from money lending institutions because they are new in the market and do not have record performances like the other dominant companies in the market. These weaknesses might derail the “jeans for you” company and must be addressed appropriately so that the company can sustain the market competition. The “jeans for you” company will venture in the market with these challenges in mind and will manage to cope properly with issues arising because of these challenges. The marketing plan is an essential tool because it predicts shortcomings before they happen so that a company may be prepared for them like in the case of the “jeans for you” Company. A company that proceeds to venture in the business world without a clear marketing plan is likely to be brought down by challenges arising from its weaknesses.

Despite the weaknesses facing the “jeans for you” Company, it still has unique opportunities it can build itself on and grow to become the top jeans manufacturing company in the textile industry. The company should create a pathway to greatness through maximizing its strengths (Graham, 2018). The company already has the most skilled workforce and the most unique machinery in the market. The company should utilize on these two strengths and produce the best jeans ever in the market. This will automatically advertise its name and products and this will be an easy way of dominating the textile industry and the market at large. It will be in a position to pull customers on its side and also shareholders who would to invest their money with the company. This will also attract outside investors who would want to supply the company with raw materials from other developed countries like china. The good quality of its products and staying put in the market will also open an opportunity for money lending institutions to partner with the “jeans for you” Company in its operations.

Mission oriented statements are also essential in making marketing plans for an upcoming company like the “jeans for you” Company. Mission statements are important for various reasons with the first being that they provide direction for every organization. Providing guidance means that they give a company needs that everyone in the firm is expected to work towards meeting and accomplishing. Mission statements also provide a clear meaning on why a certain piece of work is done. These statements are responsible for explaining the ‘who,’ ‘what’ and ‘why’ questions regarding a firm in a few sentences. The goals are also inserted in the mission statement for customers to understand. For “jeans for you” Company, the mission statement that best fit the industry was “to offer quality wear and describe style for everyone at revolutionary prices.” The above statement gives direction by understanding that their main gain is to produce and sell quality wear to their clients.

Lastly, on its situational analysis in creating a proper marketing plan, the “jeans for you” Company should be aware of the threats that the company might face during its operations. The first threat that a new company might face in trying to come up in the market is labor shortage. Any company will need casual laborers who will do all sorts of jobs within the company to ensure its activities run smoothly. The “jeans for you” Company should be aware of this and must address it prior to its entry in the textile industry. The second threat that the “jeans for you” Company should be aware of is the legislative requirements in the textile industry. The company must be fully prepared to meet all the legislative requirements as stated in the constitution. These threats must be well addressed by the company’s administration in order for the company to operate efficiently.

Technology is also a factor to consider for a new company intending to do well in the textile industry (Weisenberger, 2017). The type of technology that a company is going to adopt will largely determine how far it will in its operations. The technology is highly changing and new ways of doing things are being invented every day. The “jeans for you” Company must be aware of this and be ready to match the technological advancement in the current world. It must employ the latest type of technology available in the market to be able to stay a step ahead of their competitors in the textile industry. Technology for the “jeans for you” company will range from the type of machinery it will use to make the jeans to the mechanisms it will apply to get its products in the market.

The type of technology to be applied by the “jeans for you” Company is also likely to coincide with availability of natural resources, and in some cases, lead to new marketing opportunities that are eco-friendly and can fetch a higher market demand among the buyers. According to a research by Kaplan (2018), a raw material called Sorena which is made from corn-based fiber and is used to make clothing, carpet, and other products (Kaplan, 2018). The Monsanto seed industry claims to help farmers by providing genetically-modified seeds to create sustainable food resources; therefore, an abundance of corn-based fiber should be readily available for raw material; considering the fiber is not compromised. Eco-friendly products always attract investors, and it’s the company’s way of giving back by creating a sustainable environment. This will also ensure that the “jeans for you” Company does not collide with authorities who are in charge of the environmental safety.

Developing a Target Market Profile

The second element that a good and a reliable marketing plan should assess is the target market profile. This element falls within the market environment and must also be researched on properly because this is where the actual selling of the products will be happening. The marketing plan should give a clear profile of the customers or buyers in the market. This element entails three search topics which must addressed adequately. They include the demographic portrait, the estimated demand and the purchase motivation of the buyers. For the case of the “jeans for you” Company in moving forward to formulate a reliable marketing plan to help it feature in the market, the demographic portrait has well been researched on.

The research has established that the jeans clothes are mostly preferred by the young generation. This is because a large number of the adult generation is working and cannot wear jeans at work; therefore they rely mostly on official wear. They only dress in jeans during the weekend and holidays. Therefore, the demand for jeans is higher among the young people, mostly students, because they wear them on daily bases unlike the adults. The research has also noted that the young school going generation prefer the jeans because they can serve the purpose for a longer period of time unlike the other types of clothing. A single jean trouser can serve the purpose for a period of three years. This makes most students want to focus on jean clothing during their time in school and thereafter before they get employment. According to the students, jeans are cost friendly to them because a single purchase can take one through a four-year course without necessarily having to do any other purchase.

The demand for jeans is higher in the learning institutions than any other environment. The colleges and universities will offer a good market for the jean products. There is also a relatively high demand in the working institutions because most of them allow casual dressing during the weekend. Thus, the marketing plan for the “jeans for you” Company has researched well and established the areas where the company’s products will fetch a high market demand. The company should consider the outlined areas and channel most of its products there to maximize on the high demand. A study that was conducted in 2019 by AB Digital via COMTEX shows that the demand for jeans by the youths is higher than by the adults. This tells the “jeans for you” Company that it should concentrate more on producing young size clothes than the adult ones.

The marketing plan for the “jeans for you” Company has also laid emphasis on what will motivate buyers to purchase from the “jeans for you” Company and not from the other companies. The major focus of any company should be to ensure that their buyers are fully satisfied through offering standard quality of goods (Graham, 2018). The most popular jeans in the market currently are the skinny type of jeans which is selling at a 54% demand (Schlossberg, 2016). Most youth both in school and working institutions prefer this kind of jeans. Most textile industries in the United States of America dealing with jeans production have diverted their attention to these types of jeans after Denim kind of jeans ruled the market for several years. The “jeans for you” Company must adopt this type of jeans which is on high demand in the US and bring it out in a more pleasing style. 

Most of the companies manufacturing jeans in the USA depend on the denim fabric raw material which is from China. The quality of jeans made from these raw materials is not very much attractive. The “jeans for you” Company should consider using denim jeans fabric material which is 100% cotton and which makes best quality jeans. This will make its jeans more preferred in the market than those from other companies. The jeans made from cotton are also relatively easy to wash and dry faster than the other types of jeans, therefore, the “jeans for you” Company is likely to establish itself faster in the market if it ventures into making these cotton made jeans. The cotton fabric material is also readily available in the Chinese market and is sold at relatively lower price if a company makes a bulk order (Graham, 2018). The “jeans for you” Company will be able to realize more returns through using this type of material in its manufacturing of jeans.

Setting of Marketing Objectives

A market objective refers to measurable values that are applied to a company’s goals for the workforce to understand better how they can directly impact the company’s outcome. Marketing objectives set out what a business wants to achieve from its marketing activities. They need to be consistent with overall aims and objectives of the business. They also provide an important focus for the marketing team. Marketing objectives are set to be met over a certain period of time. Moving forward with the “jeans for you” Company, it needs to state out clearly its marketing objectives while formulating its marketing plan. Marketing objectives will define the direction which the company takes towards achieving its goals and targets. There are several aspects which must be considered while setting marketing objectives for the “jeans for you” Company to ensure that its entry into the market is successful.

The “jeans for you” Company should ensure that it launches its products in an attractive way. This will make its entrance to the market to be known by many customers. It should also bring out its products quality well and make it known to the customers so that they can start gaining trust from them. This should be the first action that the “jeans for you” takes after it officially enters the market. This will work well towards achieving the goals and targets set by the company. 

The “jeans for you” Company must ensure that it improvises on its brand quality and standard. The company must venture into producing the best quality and standard of jeans to ensure that no other company matches its quality of products. This brand reputation must be maintained throughout the financial year so that maximum returns from its product can be realized. This will also make the company to be popular among the buyers in the market and will make the buyers to gain interest with the company. This will keep the “jeans for you” Company steps ahead of its competitors in the textile industry.

Another marketing objective that the “jeans for you” Company should focus on attaining on a yearly basis is a continuous increment of the cotton made jeans in the market. The company must ensure that there is a constant supply of the cotton made jeans throughout the year and that its supply does not at any given point in time decrease. Rather, it should keep on soaring high in order to rule the jeans market and industry. Again, this will make customers and other business stakeholders to gain trust with the “jeans for you” Company and most will want to be associated with it. This marketing objective should be observed on a yearly basis to keep the company at the top in the textile industry.

The “jeans for you” Company should also try venturing into new markets before the end of its first operational year. After the company has fully established itself with the cotton made jeans manufacture, it should consider turning into another make using the same raw materials. The “jeans for you” Company should consider making the cropped type of jeans which are the second most preferred jeans in the United States of America. This tactic will place it at a better position to meet the needs of a wider range of customers. It will be an advantaged to them considering that most textile industries in the United States of America only deal with one line of products. The “jeans for you” Company will be able to fetch more customers thus increasing its annual returns. 

The “jeans for you” Company should focus on increasing its annual profit margin. The company should lay out clear guidelines of ensuring that its profit margin goes up each and every financial year of operation. This will be through increasing its production and building on a strong customer network to cover a larger margin of customers in each financial year. A company which has stagnant profit margin I unlikely to stay for long in the market because it will be unable to deal with uncertainties properly. It should be each company’s marketing objective to ensure that profit margin keeps on increasing each financial year.

The “jeans for you” Company should improvise a customer advocacy system at the end of its first financial year. In this, the company will implement a customer ambassador program so that the best customers can introduce its products to new prospective customers. These customer ambassadors should act like the company’s agents or distributors and can be used to distribute the company’s products to other customers. The customer ambassador program will help the company to win more customers over the following years. The customer ambassador program will also act as a channel where the company will be able to advertise its products to the outside world.

The “jeans for you” company should also focus on adopting the shareholder strategy after its first operational year. There are numerous business personalities and institutions who would want to invest with business companies who are performing well in the market. The “jeans for you” Company intends to be one of the best performing companies in the textile industry and thus it must be ready to incorporate other business partners through selling its shares to them. This move will firmly establish the company’s financial base and enable it to carry on its internal and external operations in a more efficient way. It will also have strong financial muscles to compete well with other companies in the textile industry.

Setting Appropriate Marketing Strategies

A marketing strategy in a company generally refers to the tactics that the company plans to apply in its operations in order to meet all its set goals and targets. Marketing strategies greatly determine whether a company will be able to survive in the market or not. The marketing strategies to be adopted ought to be unique from those being used by other companies or business organizations if the company wishes to bring an impact in the market (Chan, 2019). Marketing strategies for a new company wishing to rise and rule the market businesswise, should be formulated in such a way that they will be executed in a totally unique way and not the normal way like the other companies.

For the case of “jeans for you” Company, the administration ought to apply the strategy of four Ps which typically cover product, price, place and promotion. The four Ps entail the process from when the product is manufactured until it reaches the final customer and the mechanisms applied for it to reach the buyers or customers (Chan, 2019). The “jeans for you” Company should ensure that it produces best quality jeans by using cotton and corn made fiber which has been tested and found to be the best raw materials for the textile industry. The company should also ensure that it concentrates more with the youth jeans because the demand for jeans is higher among them than the old age. This is a sure marketing strategy for the company to realize its set goals and targets and also be able to get a ready market for its products.

The pricing strategy is another important strategy which determines whether a business company or an organization is going to get value for its goods or not. The pricing of products also determines the number of buyers or customers that a business company is likely to get. Pricing of goods and products should be guided by the quality of goods and the current price of the goods in the market (Chan, 2019). The “jeans for you” Company is not an exceptional in this. For it to fit well in the market, it must ensure that it lowers its prices to attract customers since it is new and unpopular. The established companies in the textile industry already have their prices fixed and they hardly change because they have already secured enough buyers. The “jeans for you” Company should come with the strategy of lowering its prices to draw buyers’ attention and try to win them to their side. 

Place refers to the company’s location and how easily its products can be accessed by the buyers. Place is a very important marketing strategy that every company should be keen on. The market is already saturated with similar type of products, therefore, customers and buyers are likely to go for the products which are at their disposal (Chan, 2019). Place also refers to distribution centers of a company’s products and how accessible those distribution centers are to the customers. Moving forward with the “jeans for you” Company, it must ensure that it can be accessed easily and with the least struggle by its customers. The company must be situated in an area where it can be accessed at any time and with the least transport expenses. The “jeans for you” Company should also establish distribution centers all over the market to make sure that their products get as near to the customers as possible. This strategy will give the company an added advantage over the other companies and will ensure a smooth flow of its distribution channel. It will also assist the company in meeting its goals and standards and also competing effectively with the other companies in the textile industry.

The other very important marketing strategy is to do with the promotion of goods and products. This part is very vital because it determines the popularity of the company and its goods. Promotions mostly entail advertisements, sales promotions and public relations campaigns (Chan, 2019). Some of the promotions methods are costly while others are a bit cheap. For the “jeans for you” Company, the digital marketing way of promotion will be the most suitable because it is less expensive and reaches the target audience easily and conveniently. Digital marketing way of promotion is done through using emails and the social media where most people have an access to. Promotions will work towards pulling the customers towards the company’s side and ensure an all-time chain flow of customers. 

Creating a Financial Plan

A Financial Plan refers to the process of estimating the amount of capital required to start a business and determining its competition in the market. It is also the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise or a business company (Chan, 2019). This is usually the final element of a good marketing plan and it entails all the finances needed for the actual beginning of a business and the total cost of running it. A financial plan depends on the size of the business to be started and also the available capital to start it. A good financial plan must be within the financial frames of the enterprise. 

For the “jeans for you” Company, the total budget for opening and running the textile company dealing with the production of jeans will be a bit high. The financial plan must cater for all the machinery needed, all the staff and casual laborers needed, the starting raw materials and all other bills which might arise on the way. The company will need a total of $500,000 US Dollars to start off the company. This amount will cater for every step towards starting the company and also any miscellaneous expenses which might arise. This amount of capital will also be able to sustain the company for a whole operational year before the company fully establishes itself in the market.

The financial plan has also given clear information on the estimated amount of goods to be produced, their pricing and the estimated profits expected in the first operational year. This financial plan will lay the working foundation of the company because every employee will work towards meeting the estimated amount of goods (Chan, 2019). The estimated cost of delivering the goods to the market and distribution centers has also been included in the financial plan for the “jeans for you” Company to be fully armed and aware of its operations. With all this information and the whole marketing plan for the “jeans for you” Company, the actual operations towards production of jeans can start and run efficiently. The company will be confident of doing better than their counterparts and stand a chance of dominating both the market and the textile industry now and in the future.

Conclusion

Strategic prior planning of any business activity is paramount and more so if the business is new in the market. The business must have clear outline of all the events that take place in the market and in the industry. The business or company also needs to be fully aware of its environment and its competitors in order to stand a better chance of performing well. All this information should be included in one document which in this case is a marketing plan. A marketing plan lays a strong base for upcoming businesses and companies both at the industry level and at the market level. A business or a company cannot perform well without first formulating a marketing plan which gives information about every aspect of the business. Businesses or companies which start their operations without a good marketing plan usually lose focus on the way and are prone to fail. On the other hand, businesses or companies which start their operations on a well formulated marketing plan usually do well in their operations because they already have information concerning their expected encounters.

References

Chan, J. (2019). No Plan = No Customers: How to Build a Profitable Marketing Strategy. (Online). Retrieved from https://foundr.com/marketing-strategy/

Graham, J. (2018). 10 Motivations That Move Customers to Buy. (Online). Retrieved from https://www.bizjournals.com/bizjournals/how-to/marketing/2018/06/10-motivations-that-move-customers-to-buy.html

Kaplan, D. (2018). Farm to label: Turning Corn Into Textiles. (Online). Retrieved from https://www.supplychaindive.com/news/corn-fiber-textiles-supply-chain/544003/

Schlossberg, M. (2016). RANKED: The Most Popular Jeans in America. (Online). Retrieved from https://www.businessinsider.com/most-popular-styles-of-jeans-2016-3?IR=T

Weisenberger, S. (2017). Sewing Digital Transformation into the Fabric of the Textiles Industry. (Online). Retrieved from https://www.industryweek.com/technology/sewing-digital-transformation-fabric-textiles-industry