Running head: LADYLATRICE DESIGNS MARKETING PLAN TWO
LadyLatrice Designs Marketing Plan Two
Margret Barwick, Nicole Kayler, Shannon Maxwell and Latrice Sharp
Indiana Wesleyan University
Strategies in Marketing Management
MGT 421
Darryl Cloud
April 24, 2012
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LADYLATRICE DESIGNS MARKETING PLAN TWO
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LadyLatrice Designs Marketing Plan Two
At LadyLatrice Designs we are dedicated to fulfilling our mission of “enhancing the lady
in you”. Therefore it is vitally important that we produce a product that is appealing to women
from all walks of life. Creating a product that caters to many diverse cultures requires planning
strategies that will attract women to our product exclusively. In order to survive in an already
highly competitive market, LadyLatrice Designs must produce an impactful product and pricing
strategy that will put us above the rest. These strategies must set us apart from those competitors
who have staked their claim in the market.
While we believe LadyLatrice Designs offers a fantastic product to the market, we
understand product strategy encompasses so much more than creating a good product. A good
product strategy also includes a plan to ensure customer satisfaction in all aspects of the sale.
Hence, it is important that we look beyond the product to include plans for customer service and
follow-up, brand names, package design, positioning of our products in the marketplace, and
new product development.
Fortunately, because LadyLatrice Designs is a relatively small company, we can provide
a personal touch with each sale. Furthermore, follow-up can usually be accomplished with a
short phone call to let the customer know we appreciate their business and to gather valuable
feedback. If we find a client is dissatisfied with their purchase, a remedy can normally be found
quickly and inexpensively. As LadyLatrice Designs grows and becomes more involved in online
sales, we hope to be able to increase staffing to maintain similar contact with these valued
customers as well.
LadyLatrice Designs also benefits from a strong and unique brand name. Therefore,
despite the wide variety of products offered at LadyLatrice Designs, we feel it is important at this
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time to bring all of these products under one umbrella to build the brand and create familiarity.
Because of the vast array of customized products LadyLatrice Designs offers, packaging can
become an issue. It is important to find a balance between an attractive package and an overly
expensive package. We want to attract high-end buyers, so simple boxes and plastic bags may
not be the best option. However, we want to avoid increasing costs to the consumers by investing
in over-the-top packaging. Achieving this balance continues to be a primary concern at
LadyLatrice Designs.
Product positioning is also important at LadyLatrice Designs. Currently, our company
benefits by having a close working relationship with several boutiques in the area. By placing
our jewelry and other specialty items in these shops, we hope to build a loyal customer base.
LadyLatrice Designs also hopes to gain a foothold in the online market by expanding its website
and featuring up-to-date photographs of our online catalog.
LadyLatrice Designs is always looking for new ideas and fresh ways to express
individuality. Many of our unique products have been realized by listening to customer feedback
and exploring the feasibility of these requests. In an environment where our products are as
unique as our customers, such feedback has proven an invaluable asset.
LadyLatrice Designs pricing could be based on a few different variables, such as
competitive pricing so we stay current with what businesses providing the same goods are selling
their products for. This also gives us a chance to be at the forefront of the consumers mind when
they are looking at “ours vs. theirs.” LadyLatrice Designs will have the advantage since our line
of designs is more intimate. The skimming pricing strategy is another variable by which
LadyLatrice Designs could operate; due to being a more personalized designer product we do
have the ability to up charge consumers for specific or specialty items. Product line pricing is a
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strategy that could also be used by LadyLatrice Designs. This strategy would consist of grouping
items that are similar such as hats, scarves, jewelry, and tea sets in their own categories, and
depending on the basic to the more intricate designs will determine the price range in that
category. There can also be price points made for special orders that will take extra time and
manual labor.
To further expand LadyLatrice Designs part of our focus should be towards culture
influences. Culture is values, beliefs, preferences and tastes handed down from one generation to
the next. Culture can be the broadest environmental determinant of consumer behavior. It will be
necessary to learn the cultural differences to attract the international marketers. Each culture
includes numerous subcultures which are groups with their own distinct modes of behavior. To
develop an effective marketing strategy, LadyLatrice Designs will have to understand the
differences among subcultures. The United States has significant subcultures that differ by
ethnicity, nationality, age, rural versus urban location, religion and geographical distribution. The
advantage of understanding the diversity of cultures will help our market grow.
LadyLatrice Designs' focus is geared towards social classes. We want to reach the upperupper class, lower-upper class, upper-middle class, lower-middle class, along with the working
class and lower class. It is our desire to accommodate everyone through our carefully planned
product and pricing strategies that will offer affordable costs without compromising the quality
of the product. We are determined to capture the interest of all women by providing specialized
service and personalized care.