Marketing Plan
Introduction 200
Crafty Socks is an UK-based organization that wants to launch a new product in an
international market. It has small but skilful staff those can accurately perform their works.
This company has also kept some high-end machines. The company plans to launch
premium-positioned socks that will retail at around the equivalent of £20 per pair. For new
business-owners, socks often appear to be a successful starting product. Socks like tees &
phone boxes can be conveniently put on a niche market. Think of it - everybody's wearing
socks. It's quick to find a niche corner of the market to sell with too many aesthetics,
functions and demographics[ CITATION Sho20 \l 16393 ]. Socks for safety are used by men,
women, children and even babies. Athletics and sportspeople also wear special socks. Socks
also protect clothes for their employees in many production processes. Socks come in general
with a wide range of patterns, styles, colours and measurements. The cotton wool, acrylic and
polyester yarn, nylon yarns in differing sizes, consistency and shades are used to make socks
of various styles and designs. This paper presents a marketing plan of Crafty Socks that
consists market analysis of Australia, Segmentation, targeting and positioning of the brand,
and marketing mix. It also discusses the monitoring and controlling the plan and some
proposed risks. The significance of strategic marketing planning for the organisation and
ethical considerations in planning also discuss in it.
Market Analysis for the Country 1000
A country that selects for Crafty Socks’ business is Australia. A market analysis is a
quantitative and qualitative assessment of a market. It examines the market size, various
market segments, and customer buying patterns, the competition, and the economic
environment. Effective market analysis can help in getting valuable insights into shifts in the
economy, competitors, ongoing market trends, demographics, and the traits of customers'
expenditure[ CITATION Var15 \l 16393 ]. Market analysis is one of the vital components to
help business with all the essential information and making wise business decisions. Macro
and Micro factors those can affect the business of Crafty Socks in Australians market
determine as follows:
Macro-environment Analysis