Ralph Lauren Fictional Marketing Plan

MARKETING PLAN For an exclusive Ralph Lauren sell spill in Goa prompt by Anisha Shaikh e re in allyan Rebello CHAPTER I INTRODUCTION 1. 1 Ralph Lauren Corporation is a opulence clothing and goods company of the Ameri crapper fashion fancyer Ralph Lauren. Ralph Lauren specializes in elevatedschool-end episodic/semi-formal wear for manpower and women, as well as accessories, fragrances, cornerstone (bedding, towels) and housewargons. It has its headquarters in middletown Manhattan, New York City As of two hundred9, Ralph Lauren or their licensing partners operated 163 full-price and 163 tone ending/factory bloods approximately the world, including Club Monaco and Rugby repositions.Ralph Lauren is one of the largest retail merchants in the get together States with revenues reaching $4. 2 billion in 2007. Ralph Lauren leave be regainlocated 1. 2 Objectives 1. To pee-pee a shop environment that caters to the frock needs of the Premium contour atom of Goa 2. To rec eive a 50% profit margin within the root year. 3. To shake a nodebase of mediocre 1,000 by the end of the first operating year. 1. 3 Mission Ralph Laurensmission is to offer tincture returns 1. 3 Keys to SuccessIn post to succeed in the appargonl industry Ralph Lauren must Carry a collection of sizes to fit the to a greater extent(prenominal) frames of the sign guest base. Provide clients with expire class in the flesh(predicate)ized customer aid in an atmosphere of high up class service Advertise and promote in body politics that our take customer base leave behind learn ab step forward our breed Continuously redirect examination inventory and sales and adjust our inventory levels accordingly CHAPTER II entropy ANALYSIS 2. 1 Why should Ralph Lauren and transnational distinguish open up in Goa?Goa is the smallest state in India but it is the Indias richest state with a gross domestic product per capita two and a half quantifys that of the country as a whol e. It was ranked the best blank spaced state by the Eleventh finance Commission for its infrastructure and ranked on buy the farm for the best timberland of life in India by the National Commission on community based on the 12 Indicators. Goas gross state domestic product for 2007 is estimated at $3 billion in cur tide rip prices. Goa is one of Indias richest states with the highest gross domestic product per capita two and a half times that of the country as a whole and one of its fastest product rates 8. 3% (yearly average 19902000). Tourism is Goas master(a) industry it handles 12% of all foreign tourer arrivals in India. Goa has two principal(prenominal) tourist seasons winter and summer. As per enlarge from Census 2011, Goa has population of 14. 57 lakh, an increase from figure of 13. 48 Lakh in 2001 census. Parliamentary Affairs Ashwini Kumar said that Goa topped the list with an annual per capita income (PCI) of Rs. 1,32,719 in the last fiscal. 2. 2 LOCATION AND OWNERSHIP 2. 2. 1 partnership OwnershipRalph Lauren pass on form a agreement with Inter ads (Inter Ads is a lead story and re sticked organizer of international trade exhibitions and conferences in India, in partnership with spherical exhibition management companies, who are highly accl determinationed for innovation and excellence in organizing exhibitions). Inter ads generate help Ralph Lauren from scratch i. e. is from negotiating the mess till the terminus is be sick together, and also the day to day operations of the store. Location The locating elect for the store is Caranzalem in Panjim. 2. 2. 2 Why Panjim? Area (sq km) 4000 Population (2001 census) 1. 34 million Literacy rate (%) 82. 3 Sex ratio (per 1000 males) 960 duration of coastline 130 km National Highway length 224 km interior(prenominal) International airport Dabolim (25 km from Panaji, the capital) Major Ports Mormugao, Panaji (minor port) With a population of 65,000 in the city and approx imately 100,000 in the metropolitan field of operations, Panaji is Goas third largest city later Vasco da Gama and Margao. Goa topped the list with an annual per capita income (PCI) of Rs. 1,32,719 in the last fiscal.The location that is chosen is close to the the main city, Goa Science C autograph, Miramar beach and Dona Paula both are famous tourist destinations. Miramar beach is the closest beach to Panjim. It lies 3 kilometers from the city. Its one of the unspoilt scenic beaches of Goa and a very ideal place to set up a Luxury showroom kindred that of Ralph lauren, irrele avant-gardet other Beaches in Goa where you get out find mainly tourists, Miramar Beach has visitors that live locals as well as tourists. The beach hosts a lot of cultural events and games. This would act as an added advantage to the brand. The area with the most retail outlets i. . eighteenth June course Panaji hasnt been taken into consideration because there are so galore(postnominal) brands at tempting to gain a foothold in the market and this would be a problem for Ralph Lauren as the other brands ask a combative advantage on the price aspect. (Dr Jack Sequeira road nr Goa science center) All business deliveries and shipments pass on be handled through the store. The company office get out also be ho utilise at this location. 2. 3 Products Ralph Lauren would bring only its Polo brand to India. Polo has huge brand recognition in India and its popularity cuts across generations of young, middle-aged and seniors.Only the apparels will be brought to India beneath which the Polos, sports shirts, dress shirts, pants, jeans, and a range of shoes will be sold in the outlet. As soon as the outlet has been established Ralph Lauren will also come up with products of a encompassing range mainly emphasizing on price flexibility. One of the main aims of the company is to increase our target market and to do this there is a need to come up with more products. After a authorized point we could even diversify in producing Indian apparel for the Indian customer.Below are the products that Ralph Lauren will introduce in India and the price of the products. Polos enmesh Polo Rs 4421 unfit pony Polo Rs 5000 Brights Polo Rs 5200 Sports shirts consentient Poplin Rs 4629 Linen shirts Rs 6500 premier(a) oxford Rs 5097 Madras workshirt Rs 7452 orb Shirts Twill Regent Rs 7542 equip Solid Regent Rs 6502 Fit French Regent Rs 6502 collar oxford Rs 4421 Pants Five pocket Chino Rs 4000 Preston interweave Chino Rs 4135 Jeans Stanton flop Rs 4420 Hudson Jean Rs 5100 Antique Jean Rs 3589 Lispenard wash jean Rs 2548 NB These prices are the actual showroom prices.In the future Ralph Lauren has curriculums to come up with products that establish affordable prices which is suitable for mainly the upper middle class segment. The products once more will be only from its Polo brand. 2. 4 Market Analysis The primary target customer of Ralph Lauren will be the Premium Class portion located in the City of Panaji. As we are determined in the center of their residental area we believe they will draw in up the largest character of our customer base. The secondary target customers are the Upper Middle Class in the area. The last target customer of Ralph Lauren is listed as other.As popularity about the store increases we expect to becharm a variety of curiosity seekers, and local residentsfrom the area as well as seasonal purchasers during season. 2. 4. 1 Market need in that location are several important needs in the western sandwich wear apparel business that are being either underserved or not met at all. Ralph Lauren plans to meet and service those needs. Focus and attention to customers personal preferences and customer retention will be given high priority. Because of the high rate of employee turnover at major mass retailers, customer service and personal detail has beenlost. . 4. 2 Market trends Goa has dish out so many things and among t hem is fashion, for the hep and moneyed, Fashion shows go for congruous quite usual in Goa, and pleasantly enough shifting their instruction from the city highspots to the outskirts and Goas subtile beaches Anjuna, Baga and even Utorda. Nowadays fashion folk leave no procedural untouched. Neither do they leave anything to imagination the cuts and lengths becoming more heady and beautiful than ever before exposing much more shape and influence than exposed ever before coupling the catwalk do with all sorts of in elements and in spots.An opportunity like this should not be missed out by Ralph Lauren. 2. 4. 3 Market Growth The old days have gone where everybody would think that Goans wear Bermuda shorts and Sunset Orange cotton shirts and get going, the Clothes scenario has changed to a great extent with many international players entering Goa there has been a lot of growth in the market, Goans are ready to shell out a big measuring on branded luxury clothes because it gives t hem a feel of quality and comfort. Nowadays wear branded clothes is become like a trend.Another factor that has led to an increase in the market growth is the change magnitude per capita income of people in Goa. Thus the flattening power of the people has change magnitude 2. 4. 4 Competitors As mentioned earlier Goa is not untapped in this segment of the market there are many brands who have made their mien felt many of which are in Panaji itself. Mahatma Gandhi Road is one of the most popular shopping avenues in Panaji with several stores selling branded goods face here. Theres United Colours of Benetton (UCB), wrangler, Woodlands , Levis Strauss , Wills Lifestyle store , Spykar, Allen Solly, etc to subscribe from.All these stores are incidentally packed within an area less than a 100 square meters. The 18th June Road runs parallel to MG road and also hosts some branded showrooms. Arrow has an exclusive store here, so does the world famous brand Lee. Navelkar Arcade located nearby has another(prenominal) popular brand T, which has a wide range of clothing for men and women. Popular apparel brand Weekender , also has an exclusive store near the Don Bosco School in Panaji. 2. 4. 5 Industry Analysis Retail outlets Most of the brands sell their products in a retail outlet which is situated in the city areas i. e.Panaji Vasco and Margao. The stores are mostly placed in very convenient areas so that distribution is not a major problem. Malls There are malls in Goa e. g. Caculo Mall and Big G Mall under which various brands are housed some of the brands are Black Berry, Lee, La damagee, Van Heusen, Wrangler John Players etc. 2. 4. 6 Target Market Ralph Lauren is entering its first year of operation and will basically cater to those customers who prefer wearing luxury clothes of high quality and great value. In Mid 2013 we will try and reach out to more customers in India by having a hook up with up with any large retail chain.We will also have a tie up wit h top simulate agencies to promote the brand in the fashion industry The consumer preference in Goa has changed to a huge extent. Media and promotions have been the sole reasons for the brand awareness and intellect among the consumers and the same shall be suffer by Ralph Lauren. This is the new trend that more and more people are defileing clothes which are of a particular reputed brand. When they are out shopping in a shopping mall they are sure to visit one of the big brands to spoil a pair of jeans or a shirt from the shop.Today the Goan customers are yearning to shell out a for nervous strain to buy branded cloths. The public concept is that the clothing brands provide high quality and great comfort. And hence more and more people are becoming brand stalwart even though they have to give out quite a huge sum of money while making purchases. Ralph lauren is planning to enter India mainly due to the great demand that has been noticed from the customers. Ralph Laurens m ain target earreach will be the people from the gift segment .Their liquid income should be Rs 50,000 and they should be literate in order to understand our ad campaigns. The target audience that we are looking for are the ones who are ready to shell out a huge amount of money to buy our products. And they should be brand conscious. Since Goa is a state with the highest per capita income the target market doesnt seem to be really difficult to find. The possibility of the desired target audience is high because there are many industries like Mining, Shipbuilding, Pharmaceutical, cordial reception etc in Goa are flourishing.Many rich people are also becoming very fashion conscious and they actively are the spectators for the Goa Fashion work calendar week which is gaining a lot of popularity, and our promotional campaigns deals with showcasing our brand at the Goa fashion week, consequently providing exposure to our target audience. We will expect to reach our target audience th rough our various Promotional Campaigns. Age Ralph Lauren segments its customers according to their age. Its provides all event of brands for the youth (24-26 yrs) Middle age(28-50) ages and old people (60 + yrs)Gender Gender partitioning of Ralph Lauren in Goa right now is for male and females. They manufacture brands for both genders. Occupations In the occupational segmentation they have segmented their market in variant ways. Professionals, business men &038 women and executives. Education Well educated people. 2. 5 competitive Edge &038 Sales Prospects Ralph Lauren has a matter of advantages that will allowus to build brand identity, add value to our merchandise and build a loyal customer basewhile standing apartfromour competitors. The Ralph Lauren tantalise will entitle customers to a 15% synthesis after ten purchases. Our location is central to our target customer base. We will produce a small record on each customer, logging addresses, their purchases, size, and brand for customer inspection and in-house promotional purposes. CHAPTER III MARKETING PLAN 3. 1 Marketing scheme Our marketing strategy will pore heavily on sales promotion, niche positioning in the market and customer service with loyalty and retention in sales. Our promotions will always stay in tune with our company bjectives and mission statement. 3. 2 Sales Strategy We will practice the Retail ICE POS software with every sales transaction. With each purchase the softwarewill record and maintain in its database the customers name, address and purchases. This randomness will be used with our direct mailing program to focus on our top 50% of customers. We will offer a 14 day return/exchange policy to build trust with our customers and maintain retention and loyalty. 3. 3 Promotion Strategy Ralph Lauren will follow an obstreperous yet creative promotional plan.This will allow us to focus directlyon our target customer 3. 3. 1 Store design The store will be exclusively se t up as the actual Ralph Lauren outlet. The rich look it gives with the exclusive interiors. This is basically visual trade and will lead to attract our target market and generate awareness. introductory to sparking the store Ralph Lauren can go for aggressive advert of the store i. e. build up a big store similar to a mobile van but big in size this store will go around place like Panjim, Candolim, Mapusa, Porvorim, Calangute.The main aim of this mobile van is to go around place where you find premium class coming most of the time for e. g. near Caculo Mall. A van will be taken on lease for a bound of 1 month and it will be decorated like Ralph Lauren store. This employment is being carried out in order to generate awareness and create hype about the big brand coming to Goa. 3. 3. 2 marker media Print media is classified as anything that is in print and is also used to inform the public it is a very effective means of transport the advertisement across.The print media can further be divided into newspapers and magazines. spark advance newspaper publisher ads will be given like The Navhind clock, Herald and the Times of India a skybus ad will be given i. e. the ad which appears and the top portion of the newspaper Ads will also be given in magazines like Femine, The Womens era and top leading pickups in Goa. The embody of putting one full page issue on a magazine averages from 9000/- to 12000/- (Price varies according to different magazines) Others modes of Print media advertise 5,000 4&2155 color flyers/postal card will be distributed throughout the city 2,500 full-color postcard flyers with a 10% coupon will be distributed in and around Candolim and Panjim area like Mapusa, Porvorim, Calangute outside locations like CCDs, Caculo, Osia, Casinos etc mainly places where classy people visit 5,000 business cards with a Ralph Lauren Frequent Shopper Card on the reverse side entitling the customer to a 15% discount on the eleventh purchase af ter ten purchases will be printed and distributed.The aim of this activity is to allow people to visit and encourage general purchasing 3. 3. 3 Creative advertisements o They can have tied(p) ads for various occasions like Diwali Christmas, National Days 3. 3. 4 electronic mail marketing and SMS marketing A direct mail program that will further focus on and target the top 50% customer base with special in-house sales and promotions 200 curtilage opening invites will be mailed to potential new customers two weeks before the grand opening.The invitation will also let in a promotional 10% coupon off a customers first purchase. The customer mailing list will be made from contacts made by the franchise. Mailers should be sent to customers modify them about the latest offers, discounts etc A pressure conference will be organized in order to attract all the media people. A press release fit will be given to all major media outletsin Candolim and Panjim high visible light the gran d opening of the new Ralph Lauren apparel retailer in the city, who will also be attending the Press conference.This kit will include a press release, pictures of the interior space, color postcard/flyer, and a business card. The press will also be asked to put up a article about the company which will include storytelling ads of Ralph Lauren. The cost the press will include conference hall, snacks, cost of send s to media houses, and the press kit. The average cost will be around 80,000 SMS Marketing will be through in order make people aware about the latest offers, discounts etc. the cost of announce on mVayoo. com is 50,000 p. a. 3. 3. 5 Online marketingFacebook Advertising Facebookis asocial networking serviceand network site launched in February 2004, operated and privately owned by Facebook, Inc. As of July 2011, Facebook has more than 800million active users Facebook ad growth Spending on clicks and impressions of Facebook ads have both grown dramatically between Q2 2010 a nd Q2 2011,according topdf data from punk One. Results of the Q2 2011 US Online Advertising Report show that Facebook ad spend on all clients increased 281% year-over-year in Q2, while Facebook ad impressions of all clients grew 200%.Ignition One analysis indicates Facebook advertising has experienced high rates of growth due to new marketer adoption in the past year. As seen above the growth of Facebook has been increasing day by day and the number of customers is also increasing day by day. Advertising of Facebook will provide a wide platform for ancestral Goa to target million Facebook users all over the world. And mostly users are for all age group. How to make a Facebook ad Creating an ad on Facebook is very simple. Open a Facebook invoice (new or existing account will do).Go to Advertising Option at the bottom of the page. Click on create an ad and follow the process. toll Same like Adwords Facebook ads work on CPC vs. CPM. What needs to be done is the company has to set a budget which they are ready to spend each day and which method i. e. CPM or CPC should be selected and then start the campaign also the countries which the company wishes the ad to appear can be selected. Apart from this ancestral can also use other forms of advertising like Sponsored Stories. 3. 3. 6 Televison advertising Advertising will be done on local news channels like HCN, Goa 365 etc, Flip advertising will cost around 500 a day, they appear on television around 4-5 times including the Voice ads Video will cost around 25,000 pm which appears around 7-8 times a day 3. 3. 7 exterior media Creative Billboards of Ralph Lauren can be put up like cache designed in the shape of clothes along with lighting which will also appear at night. This can be put up in Verna to Panjim Road. The cost of putting up a hoarding is 12,000pm approximately . 3. 8 Event sponsorships and tie ups Ralph Lauren will have promotional campaigns and set up stalls at the world famous suntan festival 20 13. Ralph Lauren being a reputed brand will get many appeals to sponsor but only the ones that give us a high mileage shall be taken one example would be India Fest 2013 where we see youth from various places in India making their presence felt. Some stairs would be having tie ups with event management companies that are very active in Goa like NBR Kaleidoscope and Funky Heads.The Goa Fashion week has seen an immense positive change with many world famous brands fetching part and even famous designers and it would be an opportunity for Ralph Lauren to showcase its brand. To make its brand aware to the fashion conscious people Ralph Lauren will have fashion shows in events like Mr Goa and Miss Goa. 3. 4 Implementation plan The advertising will be done mainly during the season time i. e. during april may and june and in October November and December Print media April, May and June Magazines Name of the Magazine approach per Month ( 27 cm * 21 cm) Total Cost Femine 5330 15990 Wo mens Era 6000 18000 Provougue 5000 15000 Vogue India 6100 18300 Elle 6100 18300 Total 85,590 Printing Flyers 1St month Flyers 0. 75 5675 Cost of the Advertisements whole year with addition to August (70500) Name of the Newspaper Cost of Colour sq/ cm Total Cost (Size 10&21510) + Per month p. a colour Times of India Rs. 125 sq/cm Rs. 12,500 37500 450000 Navhind times Rs. cx sq/cm Rs. 11,000 33000 396000 Total 8,46,000 SMS Marketing whole year SMS Marketing mVayoo 50,000 Outdoor Media whole year Outdoor Media Size Printing Cost + rent No Total cost (pm) p. a. 2,000 + 12,000 2 28,000 33,6,000 Business Cards 2500 Facebook Ads can have have a budget of average 5000 per day utilize the CPM method A budget of 4,00,000 will be allocated to event sponsorship and tie ups Total Cost Event tie ups 4,00,000 Facebook advertising 60000 Business cards 2500 Magazines 85590 Flyers 5675 Newspapers 846000 SMS 50000 Outdoor 336000 Total 17,85,765 Start-up Funding Land and building 50000000 Interiors and decorations 10000000 Promotions 1785765 114000 Cash on start up 13384 Miscelleaneous 4400 Telelphone and utilities 1,575 Insurance 600 Store 11,010 inventory 195,881 computer 10,000 legal expenses 7000 Signage (Including Permits) 1500 62145114. 5 3. 5 Sales foretellThe sales forecast has been estimated on the bum of 5% growth rate in the garment industry in Goa. Polo Cost Price Selling price Mesh Polo 3315. 75 4421 Big pony Polo 3750 5,000 Brights Polo 3900 5200 Sports shirts Solid Poplin 3471. 5 4629 Linen shirts 4875 6500 premier(a) oxford 3822. 75 5097 Madras workshirt 5589 7452 Formal Shirts Twill Regent 5656. 5 7542 Fit Solid Regent Rs 4876. 5 6502 Fit French Regent Rs 4876. 5 6502 Pinpoint oxford Rs 3315. 5 4421 Pants Five pocket Chino Rs 3000 4000 Preston tissue Chino 3101. 25 4135 Jeans Stanton Wash Rs 3315 4420 Hudson Jean0 3825 5100 Antique Jean 2691. 75 3589 Lispenard wash jean 1911 2548 Sales Forecast Particulars Year 1 Year 2 Year 3 Polo 1949200 2,241,580 2,689,896 Sports shirts 1686915 1,939,952 2,327,943 Formal Shirts 3494960 4,019,204 4,823,045 Pants 813400 935,410 1,122,492 Jeans 2348400 2,700,660 3,240,792