Ralph Lauren Fictional Marketing Plan

MARKETING PLAN For an single(a) Ralph Lauren Retail result in Goa Prepargond by Anisha Shaikh Allan Rebello CHAPTER I INTRODUCTION 1. 1 Ralph Lauren batch is a luxury clothing and goods beau monde of the Ameri freighter fashion ho map decorator Ralph Lauren. Ralph Lauren specializes in laid-back-end casual/semi-formal wear for men and women, as substanti eithery as accessories, fragrances, home (bedding, towels) and housew bes. It has its headquarters in Midtown Manhattan, New York City As of 2009, Ralph Lauren or their licensing partners operated 163 full- expense and 163 go forthlet/factory ancestrys around the reality, including Club Monaco and Rugby stock certificates.Ralph Lauren is iodine of the puffyst sellers in the United States with revenues trying $4. 2 billion in 2007. Ralph Lauren give be coiffurelocated 1. 2 Objectives 1. To create a obtain environment that renders to the app atomic number 18l take of the aid Class segment of Goa 2. To buzz off a 50% profit margin within the premier course of study. 3. To draw a nodebase of aver ripen 1,000 by the end of the first operating year. 1. 3 Mission Ralph Laurensmission is to go case products 1. 3 Keys to SuccessIn golf-club to succeed in the app arl persisdecadece Ralph Lauren must Carry a collection of sizes to fit the more(prenominal) than frames of the design customer base. Provide customers with purloin class personalized customer service in an atmosphere of high class service Advertise and promote in theatres that our prat customer base holding learn about our store Continuously review farm animal and gross revenue and adjust our inventory levels then CHAPTER II DATA ANALYSIS 2. 1 Why should Ralph Lauren and international tell on open up in Goa?Goa is the smallest invoke in India but it is the Indias richest differentiate with a GDP per capita 2 and a half times that of the nation as a whole. It was ranked the best located state by the El result anth Finance concentreing for its infrastructure and ranked on go for the best tone of voice of life in India by the National Commission on Population based on the 12 Indicators. Goas gross state domestic product for 2007 is estimated at $3 billion in rate of flow wrongs. Goa is 1 of Indias richest states with the highest GDP per capita two and a half times that of the countrified as a whole and one of its fastest harvest-feast settle 8. 3% (yearly comely 19902000). Tourism is Goas primary industry it handles 12% of all foreign tourist arrivals in India. Goa has two main tourist seasons pass and summer. As per details from Census 2011, Goa has population of 14. 57 Lakh, an increase from work up of 13. 48 Lakh in 2001 census. Parliamentary Affairs Ashwini Kumar said that Goa transcend the list with an annual per capita in practice (PCI) of Rs. 1,32,719 in the last fiscal. 2. 2 LOCATION AND self- get out 2. 2. 1 Company OwnershipRalph Lauren result form a agreement with swallow up ads (Inter Ads is a steer and re governed organizer of international trade exhibitions and groups in India, in partnership with global exhibition management companies, who atomic number 18 highly acclaimed for insane asylum and excellence in organizing exhibitions). Inter ads willinging help Ralph Lauren from scratch i. e. is from negotiating the jam till the store is ready, and withal the day to day ope balancens of the store. mending The location chosen for the store is Caranzalem in Panjim. 2. 2. 2 Why Panjim? cranial orbit (sq km) 4000 Population (2001 census) 1. 34 million Literacy rate (%) 82. 3 Sex ratio (per 1000 males) 960 Length of coastline 130 km National Highway length 224 km Domestic International airport Dabolim (25 km from Panaji, the capital) Major Ports Mormugao, Panaji (minor port) With a population of 65,000 in the urban center and approximately 100,000 in the metropolitan area, Panaji is Goas deuce-ace largest city s ubsequently 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 Center, Miramar edge and Dona Paula both are famous tourist destinations. Miramar marge is the closest beach to Panjim. It lies 3 kilometers from the city. Its one of the closely scenic beaches of Goa and a really ideal place to set up a Luxury saleroom similar that of Ralph lauren, Un analogous other Beaches in Goa where you will find in the main tourists, Miramar Beach has have wordsors that comprise locals as well as tourists. The beach hosts a lot of cultural events and games. This would act as an added advantage to the fault. The area with the most retail outlets i. . 18th June itinerary Panaji hasnt been taken into consideration because on that point are so many an(prenominal) brands attempting to gain a footh hoar in the grocery store and this would be a problem for Ralph Lauren as the other brands induce a competitive advantage on the price aspect. (Dr Jack Sequeira road nr Goa science center) All business deliveries and shipments will be handled through the store. The kind club office will also be housed at this location. 2. 3 Products Ralph Lauren would withdraw only its Polo brand to India. Polo has huge brand recognition in India and its popularity cuts crosswise generations of young, nub-aged and seniors.Only the apparels will be brought to India under which the Polos, sports en vesture, dress drapes, pants, blue jeans, and a electron orbit of shoes will be sold in the outlet. As before long as the outlet has been established Ralph Lauren will also come up with products of a wide look-a interchangeable chiefly emphasizing on price flexibility. One of the main aims of the company is to increase our target grocery store and to do this there is a need to come up with more products. afterwards a certain point we could eve n 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 operate Polo Rs 4421 Big pony Polo Rs 5000 Brights Polo Rs 5200 Sports clothes straight Poplin Rs 4629 Linen shirts Rs 6500 Premier oxford Rs 5097 Madras workshirt Rs 7452 Formal Shirts Twill trustee Rs 7542 Fit Solid Regent Rs 6502 Fit French Regent Rs 6502 Pinpoint oxford Rs 4421 Pants quintette pocket Chino Rs 4000 Preston t make love Chino Rs 4135 Jeans Stanton Wash Rs 4420 Hudson Jean Rs 5100 Antique Jean Rs 3589 Lispenard gargle jean Rs 2548 NB These prices are the actual showroom prices.In the future Ralph Lauren has plans to come up with products that be possessed of affordable prices which is suitable for mainly the upper middle class segment. The products again will be only from its Polo brand. 2. 4 food market Analysis The primary target customer of Ralph Lauren will be the Premium Class Segment locat ed in the City of Panaji. As we are situated in the center of their residental area we believe they will take up up the largest percentage of our customer base. The secondary target customers are the pep pill 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 see a variety of oddment seekers, and local residentsfrom the area as well as seasonal purchasers during season. 2. 4. 1 commercialise Needs There are several important postulate in the western wear apparel business that are cosmos either underserved or not met at all. Ralph Lauren plans to meet and service those needs. concentrate on and attention to customers personal preferences and customer retention will be devoted high priority. Because of the high rate of employee turnover at major sight retailers, customer service and personal detail has beenlost. . 4. 2 Market trends Goa has administer out so many things and among them is fashion, for the hep and moneyed, Fashion shows have worthy quite common in Goa, and pleasantly enough shifting their focus from the city highspots to the outskirts and Goas splendid beaches Anjuna, Baga and even Utorda. Nowadays fashion folk bring out no adjective untouched. Neither do they leave anything to imagination the cuts and lengths adequate more bold and beautiful than ever before exposing much more shape and curve than exposed ever before coupling the catwalk do with all sorts of in elements and in spots.An fortune 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 old Orange cotton shirts and get going, the Clothes scenario has changed to a great(p) cessation with many international players entering Goa there has been a lot of growth in the market, Goans are ready to shell out a big summation on branded luxury vesture because it gives them a feel of qua lity and comfort. Nowadays wearing branded clothes is become like a trend.Another factor that has led to an increase in the market growth is the increasing per capita income of nation in Goa. Thus the spending source of the pack has increased 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 figurehead felt many of which are in Panaji itself. Mahatma Gandhi track is one of the most popular shopping avenues in Panaji with several stores merchandising branded goods present here. Theres United Colours of Benetton (UCB), Wrangler, Woodlands , Levis Strauss , Wills lifestyle store , Spykar, Allen Solly, etceterato choose from.All these stores are incidentally packed within an area less than a 100 square meters. The 18th June Road runs duplicate to MG road and also hosts some branded showrooms. Arrow has an scoop store here, so does the earth famous brand Lee. Navelkar Arcade located comeby has another 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 diligence 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 down(p) Berry, Lee, Lacoste, 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 tie up with any large retail chain.We will also have a tie up with top modeling agencies to prom ote 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 consciousness among the consumers and the same shall be done by Ralph Lauren. This is the spic-and-span trend that more and more people are purchaseing 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 buy a pair of jeans or a shirt from the shop.Today the Goan customers are eager to shell out a fortune to buy branded cloths. The common concept is that the clothing brands provide high quality and great comfort. And hence more and more people are be approach brand loyalist even though they have to give out quite a huge sum of money while do purchases. Ralph lauren is planning to enter India mainly due to the great demand that has been sight from the customers. Ralph Laurens main target audience will be the people fro m the premium segment .Their disposable 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 gap of the desired target audience is high because there are many industries like Mining, Ship make uping, Pharmaceutical, Hospitality etc in Goa are flourishing.Many rich people are also becoming very fashion conscious and they actively are the spectators for the Goa Fashion week which is gaining a lot of popularity, and our promotional campaigns deals with showcasing our brand at the Goa fashion week, thus providing exposure to our target audience. We will expect to reach our target audience through our various Promotional Campaigns. Age Ralph Lauren segments its c ustomers consort to their age. Its provides all type of brands for the youth (24-26 yrs) Middle age(28-50) ages and old people (60 + yrs)Gender Gender segmentation of Ralph Lauren in Goa right now is for male and females. They make up brands for both genders. Occupations In the occupational segmentation they have segmented their market in different ways. Professionals, business men & women and executives. Education Well improve people. 2. 5 Competitive Edge & Sales Prospects Ralph Lauren has a number of advantages that will allowus to build brand identity, add value to our sell and build a loyal customer basewhile stand up apartfromour competitors. The Ralph Lauren Card will entitle customers to a 15% discount after ten purchases. Our location is central to our target customer base. We will swear a detailed record on each customer, logging addresses, their purchases, size, and brand for customer follow-up and in-house promotional purposes. CHAPTER III MARKETING PLAN 3. 1 Mar keting outline Our marketing strategy will focus hard on sales promotion, niche positioning in the market and customer service with loyalty and retention in sales. Our promotions will always quell in tune with our company bjectives and mission statement. 3. 2 Sales Strategy We will utilize 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 information will be used with our direct poster 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 belligerent yet creative promotional plan.This will allow us to focus directlyon our target customer 3. 3. 1 Store design The store will be exclusively set up as the actual Ralph Lauren outlet. The rich look it gives with the exclusive inside(prenominal)s. This is basically visual merchandising and will lead to attract our target market and rejoin awareness. Prior to starting the store Ralph Lauren fecal matter go for aggressive publicizing 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 assume for a period of 1 month and it will be adorn like Ralph Lauren store. This activity is being carried out in order to generate awareness and create hype about the big brand coming to Goa. 3. 3. 2 Print media Print media is classified as anything that is in mug and is also used to inform the public it is a very good means of conveying the advertisement across.The print media can further be divided into advancedspapers and magazines. Leading Newspaper ads will be dispos ed(p) like The Navhind Times, Herald and the Times of India a skybus ad will be inclined i. e. the ad which attends and the top portion of the newspaper Ads will also be given in magazines like Femine, The Womens era and top leading Magazines in Goa. The cost of putting one full page issue on a magazine averages from 9000/- to 12000/- (Price varies correspond to different magazines) Others modes of Print media advertizement 5,000 45 color flyers/postcards 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 posh 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 after ten purchases will be printed and distributed.The aim of this activity is to allow people to visit and encourage frequent purchasing 3. 3. 3 Creative advertisements o They can have regular ads for various occasions like Diwali Christmas, National years 3. 3. 4 E escape 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 yard opening invites will be mailed to potential new customers two weeks before the grand opening.The invitation will also include a promotional 10% coupon off a customers first purchase. The customer send out list will be made from contacts made by the franchise. Mailers should be sent to customers updating them about the latest offers, discounts etc A press convocation will be organized in order to attract all the media people. A press release kit will be given to all major media outletsin Candolim and Panjim highlighting the grand opening of the new Ralph Lauren apparel retailer in the city, who will also be be 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 sending s to media houses, and the press kit. The average cost will be around 80,000 SMS Marketing will be done in order make people aware about the latest offers, discounts etc. the cost of advertising on mVayoo. com is 50,000 p. a. 3. 3. 5 Online marketingFacebook advertize Facebookis asocial networking serviceand Web 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 expense on clicks and impressions of Facebook ads have both grown dramatically between Q2 2010 and Q2 2011,according topdf data from Ignition One. Results of the Q2 2011 US Online ad 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. aerofoil a Facebook account (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. live 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 als o 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 movie will cost around 25,000 pm which appears around 7-8 times a day 3. 3. 7 Outdoor media Creative Billboards of Ralph Lauren can be put up like hoarding 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 Sunburn festival 2013. Ralph Lauren being a reputed brand will get many appeals to sponsor but only the ones that give us a high mileage shall be ta ken one cause would be India Fest 2013 where we see youth from various places in India making their presence felt. Some steps would be having tie ups with event management companies that are very active in Goa like NBR Kaleidoscope and queasy Heads.The Goa Fashion week has seen an immense positive change with many world famous brands taking 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 Cost per Month ( 27 cm * 21 cm) Total Cost Femine 5330 15990 Womens Era 6000 18000 Provougue 5000 15000 Vogue India 6100 18300 Elle 6100 18300 Total 85,590 printing Flyers maiden month Fly ers 0. 75 5675 Cost of the Advertisements whole year with addition to wonderful (70500) Name of the Newspaper Cost of Colour sq/ cm Total Cost (Size 1010) + Per month p. a colour Times of India Rs. 125 sq/cm Rs. 12,500 37500 450000 Navhind times Rs. 110 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 credit line Cards 2500 Facebook Ads can have have a budget of average 5000 per day using 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 structure 50000000 Interiors and decorations 10000000 Promotions 1785765 114000 Cash on st art 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 ForecastThe sales fancy has been estimated on the basis 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 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 grade 1 Year 2 Year 3 Polo 1949200 2,241,580 2,689,896 Spor ts 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