Question

working on a business plan for my business 101 class. what is a good marketing plan and location analysis for a renting clothes business running in New York

Answer 1

A Rental clothing business has a good market, a good marketing plan enables for the long term sustainability of the business. A good marketing plan should have a proper goal to achieve , so in this case the long term goal of the renting cloth business could be to sustain and grow in the market and short term  goal would be to increase sales and reach customers by satisfying their requirements. The renting clothing firm, at first has to identify the target market which is key factor determining the further activities of the business.The target customers can be women, men, couples, artists, kids, bride, groom, pregnant women etc , depending on the type of target the product has to be designed. If the target market is women then the renting cloth shop has to provide dresses from casual to party wears meeting the current trend. For attaining these goals at first the business must identify and understand the requirements as well as taste , preference, trends, models etc. The business could rent varied range of items such as cloths for wedding, graduation, gala, formals, theme based wears, weekend party wears etc Continuous or up to date refreshment of stocks and in store according to season and customer feedback is important. The rental clothing business could attract more customers by providing service of an experienced stylist. Online placement of orders as well as providing proper details about mode of payments, return etc make customers loyal . Use new technology and approaches for providing better services. The business should provide a good platform for pick up , exchange as well as for return. Customer service oriented approach enables for long term success. Setting a theme in store would attract more customers. Setting a drop off box makes it convenient for customers to return. Offering cloths at an affordable price with exclusive offers and discounts ensure sustainability. The business could depend on digital or online advertising for promotional activities , word of mouth has a significant role in this business. Analyzing the extend of competition in the market or from other competitors, and taking a different approach to meet competition. for example , Providing rentals at a discounted price, offering membership subscription , offering services like dry cleaning, shipping, members only special discounts, rental insurances etc are some of the ways to meet the competition and attract customers.

Location analysis: A convenient location at the prime point is important to attract and retain customers. Convenient location enables customers for visiting the store multiple times for picking up rentals, for swapping , returns etc. One of the most appropriate location for rental cloth business in New York is in NYC flagship. The selection of location for a rental cloth business service outlet influenced by factors such as transportation facilities, supporting industries and services, exend of competition, risk elements, customer base etc.

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