ENTREPRENEURIAL MARKETING: Report on Rowlinson Knitwear Strategy

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AI Summary
This report analyzes the entrepreneurial marketing strategy of Rowlinson Knitwear, a UK-based company specializing in school and formal dresses. The executive summary highlights the company's goal to increase market share through social media marketing within four months. The report includes a marketing audit, examining the internal and external environments, including a SWOT analysis. It identifies the target audience through demographic and psychographic segmentation. The main body details the company's marketing objectives, focusing on increasing awareness on social media platforms like Facebook and Instagram. The report outlines an activation plan, including social media zones and vehicles, an experience strategy, and a method to manage and measure the results. The analysis emphasizes the importance of ethical values, organizational structure, and skilled human resources. The external factors such as political, economic, social, and technological influences are also considered. The SWOT analysis assesses the company's strengths, weaknesses, opportunities, and threats. The report concludes with a discussion of the company's objectives, including increasing sales and enhancing social media presence, and a focus on attracting customers through social media marketing.
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ENTREPRENEURIAL
MARKETING
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Executive Summary
Entrepreneurial Marketing is a proactive identification and exploitation of opportunities
for acquiring and retaining the profitable customers through innovative practices. Rowlinson
Knitwear deals in school and formal dresses at small level in UK. The company is working to
increase their market share by implementing the strategic plans. The objective of the study is to
create awareness about their products on social media platform to increase their market share and
their target need to be achieved within the period of 4 months. The company had analysed the
internal and external environment and gather insight into the target audiences in the form of
demographic and psychographic segmentation to create a good strategy like promoting the
products on social media webpages and later analysing and measuring the feedback to verify
whether the strategy is achieved or not. They best way to promote Rolinson Knitwear products
and services can be done through Facebook and Instagram pages. The large number of customers
can be attracted if the plans are implemented effectively for social media marketing and it will
also increases the profitability of the business.
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Table of Contents
Executive Summary.........................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Introduction of business executive summary sample for report.............................................4
Marketing Audit/ Current marketing situation.......................................................................4
Objectives...............................................................................................................................7
Gather insight into target audience.........................................................................................8
Social media zones and vehicles............................................................................................8
Create an experience strategy.................................................................................................9
Activation plan.......................................................................................................................9
Manage and measure..............................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Entrepreneurial marketing is the on going process in which major focus is emphasised on
identifying and evaluating the opportunities for achieving targeted goals. Plans and strategies are
generally formulated for retaining the customer's in the best possible manner. Entrepreneurial
marketing is very much different from traditional marketing. In this type of marketing innovative
tactics are made so that satisfaction level of customer's can be increased(Carlsen and Andersson,
2011). The organisation chosen for this report is Rowlinson Knitwear which is operating its
business functions at small level in UK. This report will majorly cover introduction of business,
internal and external analysis, formation of objectives, using best social media zone for
implementing plan for the social media. Budget will also be set for the plan so that goals and
objectives can be achieved in the best possible manner.
MAIN BODY
Introduction of business executive summary sample for report
Rowlinson Knitwear is the UK based organisation which is providing school and formal
dresses to its potential customer's. The major objective of the organisation is to provide high
quality of products to the customer's so that their satisfaction level is increased. With the help of
this strategy management of Rowlinson Knitwear works for increasing their business in various
parts of UK so that their market share can be increased. For this organisation is planning to
implemented better strategies and plans. This can be done by formulating and implementing
social media marketing plan. With the help of social media Rowlinson will be able to identify the
needs and demands of its customer's. By using this management of organisation will also able to
increase its market share within limited period of time.
Marketing Audit/ Current marketing situation
Social media marketing is a difficult task because it generally involves various kinds of
planning and strategy formulation(Fillis, 2011). This task can be made easier by analysing the
internal and external environment, which is discussed below-
Internal environment
These type of factors can be easily controlled by the management of Rowlinson
Knitwear. This is because such type of factors are internal to the organisation. These generally
include-
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Actual/current likes and followers: Rowlinson Knitwear has over 636 followers and
806 likes on their official page along with 800 tweets on their offerings and updates.
Rowlinson appoints Co-Directors of People Services in job-share role: The company
announces two co-Directors of People Services in a job-share role. Nicola Ryan, former Head of
People Services at Rowlinson, and Leanne Gainford, former People Development Manager at
Rowlinson, whose first job share role and a board level appointment. The role is the first
appointment to Rowlinson’s new senior management board which will lead the company to
achieve its next growth goal.
Value system- This type of factor is related with ethical values and beliefs of the
individuals and organisation working in Rowlinson Knitwear. These directly help in achieving
the goals and objectives in the efficient manner. If the management of Rowlinson wants to
increase their business than appropriate values and strategies can be formulated. Keeping this
factor in mind top management of Rowlinson Knitwear follows ethical values and also tries to
follow systematic code of conduct.
Organisation structure : This structure lays a very important role in taking vital
decisions in Rowlinson Knitwear. If the management of organisation is not able to take quick
decision as per current situation than its financial stability can be negatively affected(Issa,
Chang and Issa, 2010). Major reason behind this is it will lead to increase wastage of time and
resources of the organisation. It will also lead to increase in unnecessary expenses of the
organisation.
Quality of human resources : It is also essential for Rowlinson Knitwear to manage its
human resources in the efficient manner. This can be done by hiring and recruiting talented
employee's, so that they can help in implementing better plans for social media marketing.
Chances of complicated situation can be reduced if the human resource in Rowlinson Knitwear is
skilled and talented.
Physical resources : This type of factor is related with using better tools and equipments
for completing the work in the efficient manner. If the organisation is using inappropriate
machinery for stitching its dresses than overall growth of business can be negatively affected. It
will also result in negative affect in the demand and supply of Rowlinson Knitwear(Miles and et.
al., 2015).
External business environment
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These are those factors which cannot be controlled and managed by the management of
organisation. This is because such factors are external to the organisation. These generally
include-
Political factors : It is concerned with rules and regulations imposed by the government
of particular country. These include- taxation policy, importing and exporting, etc. If
there is any change in the rules and regulations made by the government of UK than
business of Rowlinson Knitwear will be negatively affected. Due to Brexit organisation
was required to make changes in its working structure because its sale and profitability
was getting affected.
Economic factors : This factor is related with economical condition of the country and
organisation as well. If there is situation if inflation than business of Rowlinson will be
affected. The demand of its product may increase or decrease. For this organisation will
be required to implement better pricing strategy so that Rowlinson Knitwear is able to
sell its product in the efficient manner(Morrish and Gilmore, 2011).
Social factors : It is related with norms, values , belief and preferences of the customer's
of particular area. There are various kinds of individual who generally prefer wearing
formal dresses according to the situation. So management of Rowlinson Knitwear can try
to make its product keeping this factor in mind. By doing this organisation will be able to
attract more and more customer's in the efficient manner.
Technological factors : It is related with implementing and using latest technology for
increasing awareness among customer's. Rowlinson Knitwear can try to focus on using
latest technology for manufacturing its products and also for its promotion. As there is a
trend of promoting products on social media. So management of Rowlinson Knitwear
can also adopt this strategy for enhancement of their overall business(Sarsby, 2016).
SWOT analyses
This method is generally undertaken by various organisations for identifying their
strength and weakness with the motive of implementing better strategies. It is also known as a
strategic technique and method in which best use of opportunities is done for the achievement of
competitive advantage. With the help of this method Rowlinson Knitwear will be able to make
better plans for its social media marketing(Sheehan and Bruni-Bossio, 2015). SWOT analysis of
this organisation is mentioned below-
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Strength
The organisation aims at providing
better quality of products.
Wide range of products are also offered
by the organisation so that customer's
needs can be satisfied.
Rowlinson Knitwear has skilled and
talented employee's who contributes in
its growth and success.
Weakness
The competition level in this type of
industry is very high.
Innovative tools and method is not
being used by the organisation.
Opportunities
Organisation has opportunity to expand
its business at the online platform.
Rowlinson Knitwear can also expand
its business by providing casual and
fashionable products to its customer's.
Threat
The organisation is not financially
stable. Due to this future goals may not
be achieved.
Due to large organisations functioning
of Rowlinson Knitwear is getting
affected because its customer's are
shifting to another brand.
Rowlinson Knitwear faces tough competition from Marks and Spencer due to
engaging in same clothing sector and providing clothing products at an affordable prices.
Here are the SWOT Analysis of such rival:
Strengths Weaknesses
Offers latest industry trends and having
strong e-commerce infrastructure.
Having an effective CSR
Attaining strong customer base.
Weak financial performance.
Too much depend on UK market makes
it vulnerable to market situations in the
local nation.
Future of company in China and India
are not as per expectations.
Opportunities Threats
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Try to bring out traditional clothing to
achieve success in Indian market.
Should invest more to increase their
online presence.
High competition in UK food sector
Fluctuations in clothing trends makes
difficult to sustain.
Objectives.
There are various kinds of objectives made by the organisation. These can be for long or
short period of time. The objective of Rowlinson Knitwear is to create awareness among
customer's on social media. This target needs to be achieved within the period of 4 months. With
the help of SMART objectives management of Rowlinson will try to achieve the target.
Business objectives :
To get maximum 20 percent sale before the end of 4 months.
To get maximum 12 percent sale from website within 4 months.
Social media objectives :
To enhance awareness among customer's on Facebook by 5 percent in 4 months.
To be active on Instagram and attract 2000 new customer's from it in 4 months.
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Gather insight into target audience.
In this section focus will be emphasised on targetting a particular set of customer's for
the achievement of goals and objectives. In this targetting will done the basis of characteristics
and wants of the customer's which belong from a particular group. Various factors on which
audience and customer's will be targetted are discussed below-
Demographic segmentation : They also targets the students or married people. It is
related with segmenting the customer's according to their income, gender, location, etc.
In this type of factor Rowlinson Knitwear will focus on producing its products for
schooling going and professional customer's. Its target customer's will be males as well as
females who belong from various parts of UK.
Psycho graphics segmentation : In this type of factor customer and market will be
divided on the basis of their social class and lifestyle. This means in this Rowlinson
Knitwear will focus on such customer's who prefer buying formal dresses. Plans will be
made for attracting such customer's on social media.
Social media millennials : In this type of factor customer's who end up buying the
product after getting attracted from social media advertisement will be considered by
Rowlinson Knitwear(Zanoni, 2011). At present, huge number of social media users
prefer to shop on digital platform which invites organisations such as Rowlinson
Knitwear to advertise their products on such platforms (Social commerce: How willing
are consumers to buy through social media?. 2016).
Social media zones and vehicles.
Relationship- It is concerned with forming and making better relationship with potential
customer's. If the management of organisation is successful in formulating plans and strategies
for the same than better products can be offered to customer's as per their need and demand. It
will increase the experience level of customer's. As their needs and demands will be taken into
consideration by Rowlinson Knitwear. Collecting feedbacks and resolving queries of the
customers increases the trust and loyalty towards an organisation which makes easy for company
to survive in competitive market for longer period of time with maximum number of customer
base.
Social Publishing- In this focus can be emphasised on providing necessary information
to customer's by publishing various things. In this information and content can be shared in the
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systematic manner so that customer's are able to understand what the organisation is actually
offering. With the help of this Rowlinson Knitwear will be able to gather feedback from
customer's for making major changes in this products and services. The company regularly
conduct programmes which provides an opportunity to their customers to create artwork for
permanent display at the garment manufacturer’s multi-million pound UK headquarters in
Stockport and win the prizes. Recently, Rowlinson Knitwear announces “Art Competition
Winners” which easily grabs an eye of maximum number of new customers (Rowlinson
Knitwear announces Art competition winners, 2018).
Facebook- It is considered as one of the best method for connecting with large number of
customer's within limited period of time. Content about the products and services can be posted
on the Facebook page of Rowlinson Knitwear. By doing this organisation will be able to achieve
its objectives and target within the period of 4 months. Among the total number of internet users
in UK, 78% of them i.e. 40 million people are using Facebook platform (The Latest UK Social
Media Statistics For 2019). Thus using such platform by Rowlinson Knitwear to advertise their
products and services along with their updated strategy maximises their number of customers
which results in increasing their market present and stability. The company currently active on
Facebook where they updated their customers about their new offerings (Rowlinson Knitwear on
Facebook. 2019).
Instagram- This social networking site is also in trend, as large number of customer's
prefer using this for socialising with one another. So manager of Rowlinson Knitwear can also
post different kinds of information on this Instagram profile for increasing their sale and
profitability. Approx. 42% of the UK population is active on Instagram due to which it brings
most beneficial result to company by advertising this products and services on such platform.
Rawlinson Knitwear is currently active on such platform (Rowlinson Knitwear on Instagram.
2019).
Create an experience strategy.
If the organisation wants to promote there products and services than best use of
Facebook and Instagram sites can be done by the organisation. With the help of these Rowlinson
will be able to provide better experience to customer's. It will also guide the organisation in
making necessary changes in this offers and pricing strategy. As in this price of the product will
be decided as per the paying capacity and demand of customer's. This will directly lead to overall
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growth and development. Rowlinson Knitwear is active on Twitter where they
advertise their current products and services along with new updates which
can easily attract huge number of customers within shorter period of time
(Rowlinson Knitwear, 2019).
Activation plan
The activation of plan will be done by providing products to customer's at lowest possible
price. This is management of Rowlinson Knitwear will make strategies and tactics for providing
good to final customer's at discounts rates. By doing this more and more customer's will be
attracted towards the organisation. Promotion of this strategy can be done on Facebook and
Instagram pages of the organisation. This will be done for the achievement of objective related
to 4 months. Achievement of desired objective makes strong market position of
Rowlinson Knitwear among their rivals by attracting new and retaining
existing followers on social media platform by providing them sufficient
information about their current offerings and its benefits.
Manage and measure.
Measurement of business objectives
The objective will be measured and evaluated by observing the sale which organisation
has received from its social medial page. By this Rowlinson Knitwear will be able to know that
its organisation has achieved the target of sale maximisation by 20 percent within 4 months or
not.
Measurement of social media objectives
Social media objective will be measured by analysing the number of followers on
Facebook and Instagram page(Sussan and Acs, 2017). Organisation will see total number of likes
and comments on the post. By this organisation will be able to analyse that objective of
Facebook and Instagram has been achieved or not. The marketing manager of
Rowlinson Knitwear who have an adequate knowledge about using various
marketing tools such as social is held responsible to measure the social
media objectives by analysing the number of followers on social media
platform in the past and present. This will enable them to identify the
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effectiveness of using social media platform and increases the customer
base as well.
CONCLUSION
From the above given report it has been concluded that entrepreneurial marketing is very
much essential for the fulfilment of goals and objectives. With the help of social media
innovative plans can be made for promoting any new products and services in the best possible
manner. If effective plans are made for the management of social media marketing than large
number of customer's can be attracted and profitability of the business can also be increased. It
will also lead to increase in brand image and value among customer's within limited period of
time.
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