Korra Dancewear Case #2...

Korra Dancewear Case #2... - Executive Summary Karolina...

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Executive Summary Karolina Swietoniowska, the founder of Korra Dancewear, came up with the plan to design, manufacture and sell her own line of dance apparel. Karolina combined her passion for dancing, with her love for fashion design and turned it into a business idea. Korra Dancewear has a great opportunity to be successful in the Canadian market because not only is dance rising in popularity, the Canadian economy is also growing which gives consumers more disposable income to spend. Although her products have a great chance of doing well in the Canadian market, financial limitations and the lack of sales are two things are that are currently hurting her ability to succeed. Korra Dancewear’s mission statement is to provide people with comfortable, stylish and fit dance apparel. Her mission statement is based on her own personal experience with not liking the type of dance apparel available in the market. Korra dancewear has a marketing challenge in promoting their new dancewear collection. The company’s financial position is currently weak, due to low volume of sales in the past 3 years of operation. Karolina hopes that a comprehensive marketing plan for Korra would help her generate $1000 to $2000 in monthly revenue by January 2014. Canadian Women's wear industry is expected to increase 2.2% annually from 2012-2017 which will boost revenues to $15.6 Million, an 11.3% increase in 5 years.
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Currently Korra’s collection has one distribution channel which is online, its website only has low turnout of traffic due to its lack of customers awareness of the product. Ms. Swietoniowska had looked into different promotional options including Facebook Ads, Google Adwords, Living Art centers and social media campaign. Recommendations: Online sales take almost a 3-5 business days gap between order and delivery which may discourage potential customers from purchasing at Korra if they demand to receive their purchases more quickly. Korra should consider selling her products in retail stores because these customers can then receive their purchase immediately after checkout. Another potential idea could be to change her target market and focus on the higher end market. Consumers such as competitive dancers who are willing to pay a higher price for a higher quality product. Korra should not extend her product line to children because it does not match with her target market of mature competitive dancers, and hence will not effectively increase sales volume. In conclusion, Korra’s main objective is to improve her marketing plan with effective and efficient strategies to progress in sales. One strategy involves promoting and selling her product at events and in retail stores. Another strategy involves enhancing her online marketing. Both of these strategies provide opportunity for growth in sales.
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Table of Contents Introduction ---------- Page 5 Problem/Opportunity ---------- Page 5-6 Mission, Goals and Strategies ---------- Page 6-10 SWOT ---------- Page 10-12 Brainstorm Solutions ---------- Page 12-15 Select Solution ---------- Page 15-17
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