Business studies extended response
Helen’s is an upmarket fashion boutique store in Sydney’s east. Falling sales have been reflected by surveys that reveal consumers view the business as outdated and no longer relevant to consumers’ needs. Strong competition in the area has placed considerable pressure on pricing. The business’s target market, 50-65 year old females, no longer dominated the now younger demographic character of the area. Develop a marketing plan for the business that suggests how Helen’s may improve its performance. It is possible that Helen’s improve its performance by developing a market plan which includes an executive summary, a situational analysis, the establishment of a market objective(s), identifying the target market, developing marketing strategies, then implementing, monitoring and controlling. Executive summary: the business is being faced with falling sales due to consumers viewing the business as outdated and no longer relevant to their needs. There is also strong competition in the area which has placed considerable pressure on pricing. Its target market of 50-65 year olds no longer dominates the area. The clothing boutique, Helen’s can implement a range of strategies and undertake several changes in order to regain hold of large market share in the area. This includes altering the target market to both young and old women, to implement new advertising techniques, and also to change its stock. Situational analysis: due to strong competition in the area, pressure has been placed on pricing at Helen’s. Helen’s is an upmarket clothing boutique; hence the prices of its products are generally high. Due to external influences such as economic recessions where money is tight as well as Christmas were gifts are as crucial as spending wisely, most consumers will opt to spend their dollar at a cheaper store which offers similar products. As a result of the changing demographics of the area, the business’s target market only occupies a...
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