Principles of Marketing
Northern Vermont University
Marketing is the key part for the success of any business and it’s very crucial for a business owner to understand which customers to target and implement strategies that will ensure winning of new customers. Environmental analysis is a strategic analysis that assists a business owner to identify internal and external environmental factors that may impact a business’s ability to conduct its tasks properly. The environmental analysis is mandated to assess the business external environment to find out threats and opportunities of the business and after the evaluation, the business owners develop strategies that respond to the environment.
In my residential area, there is no clothing shop for youths, and Value worth clothing is a business that will fit the area. I have seen a similar business in our nearby city and I have thought of investing in the business in our area as it will be a great opportunity for my business as there is no other business that offers or sells products similar to a value worth clothing business.
The value worth clothing (Murphy, 2019) was established as a retail clothing company has evolved into the marketer of high-quality clothing and it deals with sports clothing such as cotton T-shirts, baseball caps, fleece jackets, and vests. It also deals with selling sports footwear, apparel, equipment, accessories. The value worth clothing sells clothes for both women and men and also clothes for young children for sporting and casual wear. I have decided to establish this type of business in my residential area due to the increase in demand for sporting clothing that has been contributed by the construction of an international sporting center that attracts many people all over the country and international wise (Murphy, 2019).
i. Competitive forces: competition within the sporting clothing industry is very strong and counterfeited attires have emerged in the market offering cheap priced products that make other original products have challenges as customers go for cheap rated products. As a business owner, (Murphy, 2019) one has to come up with his/her strategies to ensure products are appealing to the customers. Value worth clothing has been using a product differentiation strategy to market its products to its customers. We have ensured that our products are unique from those of our competitors. We have introduced climate control clothing such as t-shirts that make athletes feel like a second skin. We also have breathable fabrics that are very crucial during the summer seasons (Murphy, 2019).
ii. Economic forces: Nationwide, many business owners and companies can experience both positive and negative economic factors in the sporting clothing businesses. During the peak phases of the business, many businesses experience more disposable income (Murphy, 2019). Therefore they may end up purchasing more clothing, increasing the rate of sales for clothing retailers. However during the decline in sporting activities, Value worth clothing business will experience low sales on sporting clothing. Value worth business has partnered with lower-priced clothing brand manufacturers to compete with its competitors who sell generic products. Consumers often shop for cheaper brands when they have less disposable income (Murphy, 2019).
Political forces: there are numerous political and legal factors impacting sporting clothing businesses and some of them are export policies, and commodity taxes (Murphy, 2019). Corruption in the country is another impact on the business. Many business retailers have been affected by the corruption within the country as sporting clothing have been delaying to get to the business owners not because the supplier has not been delivering items on time, but its due to corrupt leaders who are mandated to control the entry of sporting products in the country. Political instability (Murphy, 2019) is another factor that has been impacting small retail businesses in the country. This is because, with political instability, suppliers fear delivering the products, and also business owners are unable to travel and get their products as they fear their businesses might be destroyed by chaotic citizens (Stringfellow, 2017).
Technological forces: These factors (Stringfellow, 2017) are concerned with innovating technology that may impact business’s tasks and the market favorably or unfavorably. Technological factors may impact decisions (Stringfellow, 2017) to enter or not enter certain companies, to launch or not launch certain products, or to outsource production activities abroad. By understanding what is happening on technology-wise, business owners can prevent the business from over-spending money on developing a technology that would become outdated very soon due to disruptive changes in technology elsewhere. Use of social media platforms such as Facebook, Google, Twitter, among others, a value worth clothing business products will become more accessible and the process will be more convenient. As the business owner, I will manage to reach out to many customers as they will be able to view a variety of products we have, cost, and our location. Online marketing will promote our business as customers will be purchasing our products online and delivery will be arranged between customers and our sales agents (Stringfellow, 2017).
Sociocultural forces: value worth business (Stringfellow, 2017) has a variety of designs for its products that match the interest of their customers and often available for any gender, age, or lifestyle. We have also focused on health-conscious purchasers with a love for sports through ensuring we have products that favor their health conditions. We have also established corporate volunteer programs to support the community and foster the health of people within the society (Stringfellow, 2017). We have established other programs to support Olympics within the area of operation through offering sporting clothing at reduced prices. This has allowed us to leverage marketing opportunities and attract other customers who can purchase our products.
By focusing on a commitment to service and quality, value worth business has successfully applied a niche differentiation strategy in a somewhat diverse marketplace (Stringfellow, 2017). Value worth clothing has been using a product differentiation strategy to market its products to its customers. We have ensured that our products are unique from those of our competitors. We have introduced climate control clothing such as t-shirts that make athletes feel like a second skin. We also have breathable fabrics that are very crucial during the summer seasons. Our potential customers are energetic individuals between 25 to 40 years of age who are willing to participate in sports games and athletics or are already in the industry of sports. Even though our products are a bit high in price from our competitors’ products, we ensure our products are of high quality and they serve our customers for long period, unlike our competitors’ products that are relatively cheap but last for short period forcing the consumer to spent more money on purchasing sporting attires (Stringfellow, 2017).
Current marketing objective and performance
Marketing objectives (Okhuysen, 2020) are the undertaken actions by the marketing team to achieve the marketing goal. Objectives are the key essentials in the marketing plan thus its necessary to define them first before the start of the business. The main objective of the value worth business is to increase company profit through the use of social networks and other digital media platforms that will assist in reaching more customers whom in return after purchasing the products, the business’s profit will be increased. We are aiming to increase our sales and this will be achieved by involving marketing agents who will assist in promoting and advertising our product. Offering promotions to our customers will also increase our sales (Okhuysen, 2020).
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Murphy, D. (2019). Marketing Plan – Action Steps to Achieve Your Goals. Retrieved 6 March 2021, from https://masterful-marketing.com/marketing-plan/,
Okhuysen, N. (2020). PEST Analysis | Strategic Planning & Environmental Scanning. Retrieved 6 March 2021, from https://www.storyboardthat.com/articles/b/pest-analysis,
Stringfellow, A. (2017). How to Prepare a Marketing Environmental Analysis. Retrieved 6 March 2021, from https://bizfluent.com/how-5001707-prepare-marketing-environmental-analysis.html.