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Segmentation and marketing study are necessary to have to determine what demographic would be best for the new product/service strategy. Upper middle class and career women would be the target market for Women on the Go. These women would not mind spending the extra money for assistance in clothing for social or professional settings. Women on the Go would not only support with choosing of the clothing but would also have a rental option to choose from so that their closets would not be overwhelming.
It has been determined that affluent women in suburban demographic areas prefer shopping online and in small retail stores such as boutiques. They are looking for high quality clothing and accessories. By ensuring a social relationship with women well- being to the product/service the company can ensure a long-term brand loyalty (Kotler & Keller, 2012). Le Tote personalized clothing is already a household name for clothing subscription service with the top brands. Subscription boxes exist for almost all interests, from socks, pet supplies, make up, clothing anything else you can think of (Giovacchini, 2017). By creating brand loyalty with the overview of the new company Women on the Go system the target market already has origins within the demographic. Le- Tote has been named the number one online shopping site for women.
To magnificently achieve competitive analysis, we must first choose competitors for which products may or may not entering the market (Kolter & Keller, 2012). In searching for locations at these situations with the properties possibly to replica Women on the Go, a competitive product analysis has been made to demonstrate their product lines and distribution channels. In estimating the competitive company for which have the capability of creating our products, it is been determined that this is a different stratagem must organize its pricing construction. Online shopping and small retail store such boutiques are in high demand for social and business women. Many Le Tote customers enjoy the ease of shopping form home, and letting the stylist choose their attire. They don’t have to stress about going into retail stores shopping when they don’t have the time because most of all the women are working and have children. The focus on Women on the Go is would be exclusivity of the products as well customers reviews for Le Tote. A study on of the competition which conveys brand loyalty in their own products/services will position long-term market sharing. Le Tote product pricing for subscription runs from $79-$115 a month with a maximum of 15 items including accessories. There distribution is on the east coast in California. Le Tote has grown over the years and have expanded their pricing to meet the needs of all their customers. Rent the Runway is another competitor. They offer unlimited rental or purchase trail monthly fees of $99 a month. Many customers of Rent the Runway enjoy the flexibility of changing out cloths, and the unlimited rental fees. Gwynnie Bee is another competitor. They service unlimited styles for women with top brands for every occasion such as social, work attire, or evening wear. They offer two free items for free when you first join. The subscription is $69 dollars a month with unlimited rental or purchase. A competitive cost structure from the inception through the highest of the growth model will determine a strong market set (Wheelen, Hunger, Hoffman, and Bamford, 2015).
To study a business’s potential and assembly in a quantifiable way it is important that an organization look for their strengths, weaknesses, opportunities, and threats as it relays to the company environment meaning that it is necessary to be ongoing updating to remain competitive (Wheelen, Hunger, Hoffman, and Bamford, 2015). In creating a SWOT analysis for Women on the GO, customers will be able to see the weakness in the current structure and be able to detemaine the likely risks acceptance the company possesses.
The strengths for Women on the Go would include their goal for significant growth. As a subscription box service, Women on the Go will survey the customers about their preferences, and will keep account of which items they keep and return fast. We will have free shipping and returning polices. Customers profiles will be update monthly to keep up with the lastest trends and fashsion.
This product/service will enter the market as with many startup, carrying the burben of time assiocated with introducing lines not seen in previous markets (Lekhanya & Mason, 2013).
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