Marketing Plan for Wesfarmers Sportswear Launch, Fall 2023

Desklib offers solved assignments and past papers to help students succeed.

Assessment 2 Marketing Plan
1

Executive Summary
The marketing plans are important for the businesses to provide the blueprint for the
marketing of any new product launch within the market. This report is prepared to present the
marketing plan of the company Wesfarmers for the launch of their sportswear and pieces of
equipment products. There will be included the complete marketing analysis, target market
strategies, SWOT analysis as well as relevant discussions. The main ambitions of this
marketing plan include using the indirect as well as direct mail marketing expertise in order
creates the local marketing and promotion literature. The objective of this marketing plan is
to promote the launch of a new product and create effective marketing strategies and prepare
the budgets for the company. The situational analysis will also be conducted in the report to
identify the market opportunities as well as the threats for the company. The marketing plan
is prepared to ensure the long term growth of the organization and making a smooth
transition into the retail sector.
2

Table of Contents
Executive Summary...................................................................................................................2
New Product Review..................................................................................................................4
Introduction............................................................................................................................4
Purpose of the marketing plan................................................................................................4
Mission...................................................................................................................................4
Marketing objectives..............................................................................................................4
Financial Objectives...............................................................................................................4
Strategic plan and focus.............................................................................................................5
Marketing Strategy.....................................................................................................................6
Target Markets...........................................................................................................................7
Positioning..................................................................................................................................7
Strategies....................................................................................................................................8
SWOT analysis and Issue analysis.............................................................................................9
Issue Analysis.........................................................................................................................9
Micro Environment analysis....................................................................................................11
Porter’s Five Forces Analysis...............................................................................................11
Marketing Research.................................................................................................................12
Marketing Mix Strategies.........................................................................................................12
Target Market Segmentation....................................................................................................14
Timescales................................................................................................................................15
Budget......................................................................................................................................18
Control......................................................................................................................................18
Ethical Consideration...............................................................................................................19
Recommendations....................................................................................................................19
Conclusion................................................................................................................................20
3

References................................................................................................................................22
4

New Product Review
Introduction
This marketing plan is prepared for the company Wesfarmers which is already a very large
multinational company having the diverse business operations such as outdoor living, office
supplies, home improvements, apparel as well as the chemical, energy and safety products.
The company is planning to expand its business operations by entering into the market of
sportswear and sports equipment. There is already high existing competition in the
sportswear market but the company is going to provide the best quality products on the most
affordable prices to the customers. The report will also provide the marketing mix strategy
for the business to promote the new products into the market and facilitate their sales (Fan, et.
al., 2015).
Purpose of the marketing plan
The marketing plan is the document covering all the marketing strategies and the financial
aspects of any business or any new product launch. This helps define the objectives as well as
the marketing strategies of the business. This plan will help bring everyone on the same page
and will help the company to align with the objectives of the organization (Fard, et. al.,
2016).
Mission
The mission of the company is to provide the customers with the best sportswear and
equipment at the affordable prices and with great quality. The company is existed to attract as
well as retain the existing customers. The mission of the company is to exceed the
expectations of its customers by providing the best products and customer services.
Marketing objectives
 Making the Wesfarmers Company the best destination for the sportswear and the
sports equipment and achieving the large market share of this segment.
 To capture 30% of the market share by the end of the year 2020.
 To be a vocal and active member of the community and sponsor two or three charity
and community events every year.
Financial Objectives
 To achieve the sales of $200000 in one year.
5

 To continuously grow the sales by a minimum of 12% every year.
 To maintain the minimum contribution margins of 30% every year.
 To maintain a minimum cash balance within the company’s account of $20000.
Strategic plan and focus
The strategic plan of the company includes developing the recognition as well as the
popularity for the newly launched sportswear brand along with maintaining the loyalty. The
launcher can lead to the success of the new product as well as the whole organization by
creating brand awareness among the customers. Furthermore, it is also important to comply
with all the changing preferences and requirements of the customers because it will further
help the company in satisfying the demands of the customers.
The launchers will be using great marketing strategies for the launch of the product and the
strategy of the company will mainly be focused on the preferences of the customers and
fulfilling their requirements.
6

Marketing Strategy
The company is going to use effective marketing strategies to launch their product and make
the products easily accessible and available to the clients. The company will be building
strategic partnerships with the sports associations to make them aware of the products offered
by the company. Further, the company will also compete with its competitors and get a
competitive advantage through aggressive advertisements as well as the promotional
campaigns. This will also help demonstrate the company's support as well as the
commitment. The company will also build awareness regarding the retail stores through
direct mail and web campaigns and the word- of- mouth marketing (Scott and Scott, 2016).
7

Target Markets
The company will be mainly focused on three different groups of the customers that will be
interested in purchasing the sportswear and sports equipment for outdoor activities:
 The outdoor participants having limited financial resources: The Company will
target the people who have discretionary income and who have an interest in enjoying
and spending their time in outdoor activities and sports. For them, such outdoor
consignment retail store will be an ideal place because they will be able to purchase
the sportswear and sports equipment on the most affordable prices without spending
any extra money.
 Gear heads: This group of the people is involved in collecting the outdoor gear. They
use the stuff just like to have the right kind of clothing for the right kind of outdoor
activity. They will be able to purchase the different sports outfits for the same amount
of money they are paying to buy one pair of sportswear. This store will be more
convenient as well as affordable for them.
 The bargain hunters: These kinds of people buy any kind of products because they
find it as a great deal to crack. This kind of group can be excited to purchase such
products not only for their use but also because they would prefer to crack the right
deal for the products on the affordable prices for them.
The Wesfarmers will target the people who need such sportswear but do not have enough
financial resources to purchase them. The company will provide them the best outfits for
them on the most affordable prices to satisfy them. There is a large population of outdoor
enthusiasts who have not enough financial resources to have such equipment as well as the
sportswear.
Positioning
The company Wesfarmers will position itself as a reasonable and affordable priced outdoor
and sportswear as well as equipment retail store. The customers have a high demand for
discounted outdoor games equipment. The positioning of the company will be leveraging the
competitive edge of the organization. The stores will be positioned as the community-
involved organization creating the value for the community as well as minimizing the
environmental impact (Jovanov, 2015).
8

Strategies
The main focus of the marketing strategy will be to focus on the overall experience required
by the customers. The strategy will be consumer-centric and will be focused on catering the
requirements of the customers while minimizing the frictions to be taking places among the
customers.
9

SWOT analysis and Issue analysis
Strengths Weaknesses
 Wesfarmers has a great market
presence already in the market.
 Company is offering a wide portfolio
of the products to its customers.
 There is a high growth rate of the
company in the market.
The company provides the best products
along with customer-oriented services
(Hasan, 2016).
 The market is highly competitive and
there are already so many competitive
firms existing in the market.
 There are strong business risks
identified.
 There is a low graphic presence of the
company in the market.
Opportunities Threats
 There are chances and opportunities
for expansion in the global as well as
domestic market.
 The company can have the leadership
ability to be the best company among
all the competitors.
 Chances of increasing the profits due
to the product differentiation within
the business.
 There is a continuous increment in the
costs of the raw materials within the
market.
 There is a very increasing rivalry in
the Australian market.
 There may be lower demands of the
customers due to the economic
downturn in the market.
Issue Analysis
This section will provide a detailed description of the issues identified while launching the
new products and preparing the marketing strategies which are required to be resolved in this
marketing plan. Following are such issues identified:
 Will this new chain of the sportswear and equipment offered by the company will be
able to attract the customers and earn their brand loyalty with the help of the quality
and the features of the product?
 Will the company be able to capture the market share in such sports apparel and
equipment industry?
10

 Is there any need to increase the involvement of the costs in making the research
regarding the market and product development?
 Are the launchers effectively engaged in making marketing strategies to gain a
competitive advantage in the market?
11

Micro Environment analysis
Porter’s Five Forces Analysis
Threats of the new entrants: The threat of the new entrants in the market for sportswear and
equipment is not much high because there is need of making an investment of large capital in
the establishment of such stores. There are already many key players exiting in the market so
this kind of threat is not much higher for the company (Jackson & Ahuja, 2016).
Bargaining power of suppliers: The bargaining power of the suppliers is low because the
company is purchasing the raw materials from different suppliers due to its wide range of
products. There are many suppliers in the market for such kind of products hence they have
not that much higher bargaining power (Whitaker, et. al., 2018).
Bargaining power of buyers: The buyers have very high bargaining power because there are
already so many competitors in the market are available. If they do not find the prices
appropriate at Wesfarmers, they can go to any other store and can purchase the required
product.
The threat of substitute products: The sportswear and accessories cannot be substituted
with any other products hence it can be said that the threat of the substitute products for the
sportswear and sports accessories is low. The high-quality products offered by the company
can help it to get a competitive advantage in the market (Hanssens, et. al., 2014).
Competitive rivalry: The market of Australia is already dominated by the company
Wesfarmers as a large market share is captured by such a company. But as there is the launch
of the new product and there are already so many of the competitors exist in the market then
the competitive rivalry can be high for such new product development (e Castro, et. al.,
2018).
12