Lexmall 1 Page Business Plan
Overview
Lexmall has a clear business objective to distribute Black and white clothing products and services. These products and services have been developed over 0 months with a core focus on addressing the key customer problem and associated opportunities.
The Business Objectives
When as a key component of our growth strategy we consider it critical to identify and outline our business objectives, and align these objectives with clear and measurable development milestones. Our key long term business objective is to acquire new customers. Customer acquisition is considered to be the critical activity and we are seeking to grow the number of customers. We understand that customer growth could be at the expense of profitability, and that there is a cost associated with customer acquisition. Our long term objective is to build a clear customer acquisition process.
The Customer
Lexmall has been created with a clear focus on the needs of our customers. Through a structured customer discovery process, we have validated the key customer problem as Challenges of target market The problem faced by the people in this category is that most boutiques stock different kind of clothes for different purposes. The boutiques most times do not have the trendy outfit in plain white color and when there do the available size is probably not the size of the customer or the price is too high. Hence is faced with the challenge of having to visit about five shops in order to get the required outfit.. This is a critical issue for our selected target market of Female law students.
The Value Proposition
Lexmall is uniquely positioned to deliver value to Female law students. "Lexmall will Meeting the needs a female law student as regards clothing will be our specialty we will tailor our inventory to meet the specific needs of our clientele. Lexmall will provide clothing trendy and fashionable clothes It will achieve this through a selection process by team members who will be female law students. It provide clothes at affordable prices. It would achieve this through skilled sourcing, negotiation and wholesale purchase. It will stock all sizes of the same design. It would solve the problem of having to visit multiple stores By stocking variety of the required clothing having taken to into consideration the style size and price, The stress of having to shop for the items would be eliminated through the use of the online platform lexmall would provide. The goods will be delivered to the customers and there would be a flexible return policy.." In order to be deliver on this value proposition, we Competitive Edge Lex mall is an online store This makes the store it accessible to people regardless the location As we know the internet is a global village There is no boundary to the location and access to the store. Compared to most boutiques which are physically located in specific locations. Customers have access to a wide range of high quality product pictures and can browse through easily. This saves a lot if stress compared to physically having to browse through clothing in a rack. Lexmall will have a team of fashionistas selected from the various target market institutions. This team will provide styles that are trendy and represent the needs of the people in their institution. Lexmall will then procure clothing based on the items and styles selected by this team. This process would ensure that lexmall provides the adequate type of clothing for its target market, The process of selection is an added advantage to lexmall as most boutiques procure clothing based on personal preferences, fast selling items and what they think their consumers want on the other hand lexmall would procure based on the actual needs of its consumers. Members of this team will also be lexmall's representatives in their various schools. Lexmall will have low delivery rates. Free delivery will be applicable in selected areas.this will be used as an incentive to encourage purchase. Lexmall would also have a flexible return and refund policy to ensure that customers get the best from their shopping experience.this would encourage more purchases since the customers know that they can return items easily. This would creat trust and boost sales. This factors and more are the competitive advantages lexmall would have over competition in the industry. This capability has taken considerable time and resources to develop and forms the cornerstone of our competitive advantage.
Competitors
We have a number of competitors within the Black and white clothing market. We consider our key competitors to be: Jumia, konga, fashpa, and other online stores . Our understanding of these competitors has been used to refine our strategy and value proposition. We believe that we can compete effectively with Jumia, konga, fashpa, and other online stores by Low prices and effective delivery .
Key Strategies
Over the next 6 months our focus will be to Marketing strategy
5.2A penetration strategy will be advertisement through visual and physical adverts.
Lexmall will be advertised through google link words. Words related to law will be used as link words.
Lexmall will use social media integration strategy. This includes
Managing a Facebook account: the Facebook account will be targeted towards law students
Instagram. The Instagram page would have pictures of the clothing and pictures of customers wearing the clothing.
A picture contest will also be organized from time to time.
This would ensure that specific target market visit the website and Instagram page.
Advert will be placed on people's page that have a lot of followers to help publicize.
Twitter account. Publicity will also be done through twitter. Lexmall will get highly influential people on twitter to tweet and creat awareness about lexmall.
This section of marketing will be handled by a social media integration company.
Sales representatives.
Lexmall will have representatives in each target school and selected areas.
This people will help boost sales and distribute flyers and catalogues. Wear publicity shirts and also help customers with the return and refund of items.
They will also help collect emails of target market.
Email marketing will also be used as a penetration and sales growth strategy.
Period emails will be sent to people with good offers.
5.2.B The sales growth strategy
Huge discounts will be given an the website.
A loyalty card reward program.: here loyalty cards will be given to customers and they earn points when they purchase items to a set value. The earn points will then be used to purchase an item for free.
This program will be used as an incentive to increase sakes and also as an advertising strategy.. This task will be undertaken in the context of our broader strategy to Sale of male clothing. These strategies are a tactical implementation of our overall business goal as outlined above.
Milestones
Measurement of the successful implementation of our strategies will be governed by measurable development milestones. The milestones that will be achieved over the next 2 years are: Obtain 10000 customers Get customers to purchase at least fifteen items at once The world largest online store
About this document
Black and white clothing Business Plan
This document was created by Dunni of Lexmall using the 5 minute Business Plan App. This technology and approach is powered by HyperQuestions.
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