Answer the following for a fictional online clothing company called "Fashionnate" that features an all-inclusive sizing range for men, women, and children.
● Present evidence that a market exists for your business. In other words, you must convince investors that a large enough market exists for your product or service and that your business can be competitive in that market.
● Identify the target market of your business and state the size in dollars and units. How will you remain competitive? How will customers' needs be assessed over time? Who are the main competitors of your business, and what are their strengths and weaknesses? What percentage of market share do the competitors have, and what percentage can you expect to get?
● Address pricing policy and how the business’s prices will penetrate the market, maintain its market position, and allow the business to earn a profit.
● Address promotion strategy, distribution strategy, and service policies.
The market study shows that almost half of the customers are dissatisfied with the present online fashion brands since there are often size issues , delivery issues, product quality issues and the belief that the duplicate copy or old stock of the brands these dissatisfaction can be converted by us in advantage since we know what the customers expect out of online brands.n We can target these customers along with the customers who are addicted to online and cheap shopping. We will target customers who are socially active since social media plays an important role in spreading awareness about the product. Our business will be competitive since we will make sure that the quality keeps improving throughout both plus size and other sizes are available at the required time with best delivery services and customer feedback evaluation will help us to improve further. Clothes are an essential element in our daily to daily life routine so the demand is high and given that these days right from the children to teenagers to adults even the senior citizens are concerned with comfortable good quality and trendy clothes all we need to do is to follow trend provide goods according their demand and the market is ours then. E commerce fashion industry size as of 2018 is $481 billion. The competitors are the big online retail companies like amazon,walmart gap . The market share occupied by them as of 2017 was 20 % by amazon 25% by walmart and the rest by other various companies. If we get strong investment in an year we can occupy upto 10 % of the market and with more efficiency it will increase during the year. The customers will be made aware through advertisements social medias and promotion college campaigns. Then as and then they start buying their tastes will be assessed and so will their feedbacks. The pricing strategy will be psychological pricing and market penetration pricing both will help us to draw the attention towards our product from the competitors , once the attention is drawn and the sales start increasing we will shift to economic pricing which will help us to reduce cost and increase our marginal revenue. Economic pricing will help us to maitain in the market since it will help us to analyze our cost as well as competitors cost. We will try to reduce cost and not to rise price at such level that the competitors would start gaining. Promotion Strategies - Advertisement through televisions , radios and banners. Social Media promotion campaigns - facebook pages, insta pages, pop up ads on google etc. College campaigns spreading the word about our brand through college seminars as the students will know about us and then will let their parents and relatives know .Distribution will be done through fastest courier services which will be easy to track and service would allow refunds online transactions, repurchase and returns.
Answer the following for a fictional online clothing company called "Fashionnate" that features an all-inclusive sizing...
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