Marketing Plan_Crafty Socks
Marketing Plan
Executive Summary and Introduction
This marketing plan is about Crafty Socks, i.e., a UK based organization. Currently,
this organization closes its production lines due to raised competition. However, it keeps
some high-end machines that have a durable heritage and using superior materials. Claire,
who started Craft Socks with her small but skilled staff, is looking to launch a new product
for men and women. They want to launch a high-end brand of socks that will retail at around
the comparable of £20 per pair. So these premium-positioned socks will not be for everybody.
She wants to grow internationally by launching this new product in the USA market. This
report provides a marketing plan for Crafty Socks that includes many things like a USA
market analysis. The selected country’s macro and micro-environmental factors (USA)
analyze using appropriate frameworks like PESTLE/Porter’s Five Forces analysis. Next, this
marketing plan provides a proposed approach for segmentation, targeting, and positioning the
brand top into some SMART objectives. By considering existing competitors in marketing, a
creative marketing mix, including social media/e-marketing, is recommended. Also, the
importance of monitoring and controlling the plan and risks evolution discuss in it. Last, the
importance of “strategic marketing” planning for the organization and the requirement to
consider ethical considerations when planning briefly explain.
Market Analysis for the country
If anyone wants to reach a new market, expand his company in another country or
strengthen his place in a current one, one must do a country study first. Every business has its
challenges in a region[ CITATION Vyt15 \l 16393 ]. To market its goods, one’s company
needs to conquer those obstacles[ CITATION Med172 \l 16393 ]. Market analysis for the
USA that cover macro and micro factors analyze as follows:
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Macro Factors
The PESTLE system (Political, Economic, Social, Technological, Environmental, and
Legal Analysis) is the best way to analyze countries. It is a method for analyzing a business’s
external macro-environment. Macro factors of the USA that can affect the organization
defines as follows:
Political: The political variables apply to a country’s political climate, political parties, and
movements. The government has the possible to encourage businesses to purchase fabrics
locally, particularly if import tax policy from other nations rises. Compared to those that
export their socks to be sewn abroad, numerous more individuals’ acquisition from
companies who manufacturing their apparel in the US. Also, some organizations such as
PETA refuse firms using authentic animal furs as well as hides. However, we cannot ignore
the political effect on trends in fashion, too. In their wardrobe selections, the first ladies all
found themselves in the limelight.
Economic: This indicates a larger economy that suggests economic growth rates, levels of
jobs, and unemployment. The US is the biggest budget in the world, with a GDP of over
$16.669 trillion. The “economic” arrangement is well-developed and derives its power from
its industrial sectors and services. The world-wide economic world, which is a problem for
the USA, is evolving very quickly. The nation is undeniably a worldwide powerhouse and a
comprehensive leader. However, in terms of “gross domestic” product by buying power
parity, it will be third in the global ranking by 2050.
Social: With an entire population of about 329.1 million as of 2018, this country is the
world’s third most peopled nation. They see one birth every 8 seconds and one death every
eleven seconds. The global stock market can be segmented into specialist socks, sports socks,
women’s socks, trouser socks, “casual” socks, and others in terms of product. The material
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based sock industry is categorized into nylon, cotton, polyester, wool, and others. Men,
women, and children are the end-user category of the market for socks[ CITATION Pat204 \l
1033 ]. Geographically, “North America,” Europe, Asia Pacific, “Middle east” & Africa, and
Latin America are segmented into the socket industry.
Technological: The foundations of the US budget are creativity as well as technology. The
country has been foremost in terms of including and presenting technologies since its
beginning. For too numerous individuals, e-shopping is an imagined. The internet has
sparkled the chance to start your own store and sell your clothes. The market for socks largely
drives socks. In the forecast years, the improved sense of fashion in the population and the
increasing abundance of the e-commerce industry are projected to fuel the socks industry.
Growing demand for different shoes drives the demand for different styles of socks.
Environmental: There is an incredibly varied climate, setting, and biodiversity in the USA.
It faces a few of the world’s worst environmental conditions. Many fashions are made from
cotton, nonetheless first, to be stitched as denim, they must be chosen and then transported all
over. Chemicals quickly discover their way through the cotton that means that those jeans one
wear could be soaked in toxic compounds[ CITATION Kir20 \l 1033 ]. Although materials
such as nylon and spandex are synthetic, they help stabilize the sock structure, ensuring that
the sock remains in place when worn and providing a substantial amount of flexibility to the
sock.
Legal: Every state has its form of government and legal scheme in the USA. Companies
come within the regulatory environment of the jurisdiction in which they live. It upholds
equal protection for indigenous and outsiders. Expatriates must expect an impartial hearing
from the justice system. The US also has a comprehensive regulatory mechanism to protect
intellectual property rights. Companies of socks must follow similar rules and regulations as
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any other company. They follow tax limits, “export” constraints, and the charge of inflation in
order to stay lawful.