- July 4, 2020
CLOTHING STORE 1
Myclothing store, which I named “Trendz Clothing," is located inmy local neighborhood and its main objective is to provide latestfashion clothing to the people in my community. Apart from that,however, my clothing store also provides education to the people inmy community, especially the youth, on the importance of dressingappropriately for the occasion. My store also supports communityprojects like sporting events, community cleanup, and participates inthe various fundraising events aimed at raising money for charitableorganizations.
Sincemy business is relatively new in the market, I settled on the ‘bundlepricing` strategy. This strategy involves selling my clothingproducts in bundles and at a given price. This will help me attractmore customers as I will be offering more products at relativelylower prices. I will also employ the ‘pricing for marketpenetration` strategy which is important in aiding my clothing storein building and maintaining a customer base. According to Schindler,(2012)penetratingthe market will boost sales and consequently increase theprofitability of business. My clothing store is situated near themarket center where more people gather and pass by. This exposes mystore to more people who come to the market to shop for otherproducts. The market center also attracts a large number of youthsdue to the various entertainment spots. I will use attractiveposters, background music, and personal marketing to attractpotential customers.
Employingthese strategies will gift my product a unique brand. My store willhave a modern look with pictures of the latest fashion on the wallsto give the passersby an idea of what am selling. My clothing linewill also include customized shirt printing services to give mycustomers an opportunity to have their own customized brands. Mystore logo will be attractive, and the message on it will be ‘dressfor the future.`
Opportunitiesfor New Locations
Sincemy clothing store has proved successful in its initial investment Ihave plans to expand my operations into new locations. Determiningnew locations is a procedure that demands careful consideration ofcertain factors. First is the availability of market. The newlocation has to provide a sufficient market base where I can access alot of customers. I also have to put into consideration the amount ofcompetition in the new location. I have to assess the competitivenessof my store to avoid being driven out of business. The political andeconomic environment of the potential new location is also animportant factor to consider. The environment has to be conducive forbusiness regarding security and legal requirements. The cost ofexpanding operations in terms of transport, labor, and rent shouldalso be put into consideration to ensure the viability of theinitiative.
Witha $ 10,000 budget for promoting my clothing store, I have allocated $1,000 to cater for the printing of posters and handouts. $ 3,000 willgo to ensuring media presence in the local media outlets. Since Iwill have to attend youth events in the neighborhood to promote myclothing line, $ 4,000 will be invested in those events. $ 2, 000will be contributed towards charity and other community projects.
Toboost profitability and prevent the recent decline in sales, I willmotivate my employees to increase their productivity. I will do thisby assigning them roles according to their skills and giving themdeserved breaks to avoid burnouts. I will also reward success andtrain them to take responsibility for any outcome. In addition totheir salaries and wages, I will reward them with commissions of acertain percentage of the sales they register.
Formy business to take root in the community, addressing their needs andpromoting positive change is important in addition to exercising highlevels of professionalism and business ethics. High-quality productsand service must be a principal by which I will operate.
Schindler,R. (2012). Pricingstrategies: A marketing approach.Thousand Oaks, Calif: Sage Publications, Inc.