Basically You is a clothing line

Basically You is a clothing line designed to suit all kinds of women. The line will feature clothing for every dimension of women in the modern American society, from slender and bigger women. The clothing line will also feature all color clothing, ensuring that it meets all modern American women's wishes and needs. Products are unique women who are made of cardigas, women who are made out of cotton and silk pants, blouses, bras and skirts. The company will également be offering customers who shop on its online platform shopping and shipping services online. Also, the clothing line will feature clothes of women of all ages who consider themselves trendy and classy.

Possible Future Products and Services

Basically You intends to expand to offer clothes to children in the near future. Even though the immense experience in women fashion is expected to influence the sales positively, it is important to diversify offerings. Therefore, in the near future, Basically You will offer clothes for children at the age between five to fifteen years on its online platform. It is also possible that Basically You will start offering customers its unique clothes in brick and motor stores. The brick and motor stores will be meant to target the elderly customers and other customers who are not technologically savvy.

Customer Characteristics

Women start consuming fashion very early in the western world. Therefore, the buying of fashion items such as clothing and jewelry among women starts very early. Therefore, smart female fashion consumers prefer buying from different layers of the pyramid of fashion. For instance, a lady may buy a Chanel handbag, a skirt from a young designer, and complement the two with a blouse from H & M. The modern women suppose that when they combine the items from the different layers of the fashion pyramid they communicate to others that they are intelligent, independent-minded, and in charge of their images. Also, the way women view fashion differs among the various generations. The young customers are likely to choose many low-quality clothes rather than a few high-quality garments. The youths also prefer that their clothes be cheap and at the same time trendy. The older generation as opposed to the younger ones prefers to buy a low number of clothes that are of high quality. The older generations are also mindless about the high price of the high-quality clothes. Therefore, the target customers need a range of clothes that vary in quality and price to cater for their different consumer characteristics.

Market Segments

Women fashion industry is divided into several segments. The first one is comprising of young women who can afford mid-range clothes. Another section consists of middle-aged women who fancy comfort more than style. The third segment consists of youth wishing high fashion for little money. The group ensures to get the latest fashion for the best bargains. The fourth segment includes young mothers who spend more on their children than themselves. The fifth group comprises young ladies who want good fashion but only afford limited items. Another segment comprises of ladies that have insufficient funds and therefore buy in discount stores.

Target Market

In the beginning, Basically You will target two primary market segments. The first and the most important is the one comprised of women between the ages of 17 and 34. The segment comprises of people born between 1980 and 2000. Therefore, it includes women who are mostly unmarried or cohabiting and those living with their parents. The group of individuals are also technology savvy and therefore are very likely to access the online shop and make sales. The other segment is the one of the individuals between 35 and 44 (Benstead et al., 2015).

Annual Revenues

Basically You projects to earn an annual income of 40,000 dollars in the first year of sales. The projection is expected to rise in the subsequent years with the increase in the number of products and diversification to the brick and motor store. It is expected that 70 % of the revenue will come from the group of people ranging from age 17 to 25.

Competition

The store expects to get competition from other online vendors like ASOS and Ralph Lauren. One more competitor is H&M (H&M, n.d.).

Pricing Plan

Basically You will implement both psychological pricing and promotional pricing to attract customers in the competitive market. An example of psychological pricing is when an item is $20, the item will be sold at $19.99. Promotional pricing will involve the use of considerably lower prices as compared to the competitors to attract more customers. The two techniques will work best on the segment comprising of women between 17 and 25 years of age.

Competitive Evaluation

The brands that the store intends to compete include ASOS, Ralph Lauren, and H&M. All these brands are known for their premium pricing. They are also known for their good quality and therefore have loyal customers (Benstead et al., 2015). In the case of Basically You, the company will be very young and therefore unknown. Therefore, the company may have to struggle very hard to attract customers. However, the fair pricing that will be offered by the pricing strategy and the high quality of clothes that will be sold will give the clothing line an upper hand.

References

Benstead, A., Hendry, L., & Stevenson, M. (2015). Linking the sustainability agenda to location decisions: a multiple case study analysis in the textiles and clothing industry. In EurOMA Sustainability Forum.

H&M. (n.d.). Retrieved on September 26, 2017 from http://www.hm.com/us