Women's Shoe Store Marketing Plan
• 1.0 Executive Summary
• 2.0 Situation Analysis
• 3.0 Marketing Strategy
• 4.0 Financials
• 5.0 Controls
1.0 Executive Summary
Passion Soles is a women's only shoe store in Tacoma, WA. Tacoma badly needs an upscale shoe store for women because the current stores have an inadequate selection. Currently, women that need a special pair of shoes often must travel up to Seattle to find the right shoes. Passion Soles will have an unmatched, extensive selection of different shoes. Generally, the size of Passion Soles' selection is cost prohibitive due to all the different sizes that must be stocked per style. Passion Soles has a unique business model that allows them to have an extensive selection at the cost of only stocking one size per style. This is accomplished through a special relationship with the wholesaler so Passion Soles can receive a customer's needed size within two days. Rush overnight shipping is available at additional cost. While some people might not like a store where shoes cannot be tried out before purchasing/ordering, women's fashionable shoes are different. When it comes to trendy, nice looking shoes, aesthetics are prioritized more than fit. This is evidenced by the fact that women wear high heel shoes with narrow, pointy toes. Clearly these shoes are not comfortable, but they look so nice and that is what counts. Passion Soles will leverage Holly Heels' extensive knowledge of the women's retail shoe industry to quickly gain market share. Profitability will be reached by month ten and $284,000 will be generated in revenue in year three.
2.0 Situation Analysis
Passion Soles is entering their first year of operation. A comprehensive marketing plan is required to reach profitability and ensure future success. Passion Soles offers an unprecedented selection of current women's fashions.
2.1 Market Summary
Passion Soles has captured good information regarding their market and knows a great deal about the common attributes of the most prized customers. Passion Soles will leverage this information to better understand who should be served, their specific needs, and how Passion Soles can better communicate with them.
|Market Analysis | | | |2001 |2002 |2003 |2004 |2005 | | |Potential Customers |Growth | | | | | |CAGR | |Professionals |9% |12,457 |13,578 |14,800 |16,132 |17,584 |9.00% | |Housewives |8% |14,544 |15,708 |16,965 |18,322 |19,788 |8.00% | |Other |0% |0 |0 |0 |0 |0 |0.00% | |Total |8.47% |27,001 |29,286 |31,765 |34,454 |37,372 |8.47% |
2.1.1 Market Demographics
The profile for Passion Soles' customer consists of the following geographic, demographic, and behavior factors: Geographics
• The immediate geographic target is the city of Tacoma with a population of 254,000. • A 45 mile radius is in need of the products.
• The total targeted population is estimated to be 27,000. Demographics
• Age range 23 - 50.
• 55% of the customers are housewives.
• The housewives have a household income of $60,000-$150,000. • 45% of the customers...
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