Recycled Dreams - A Bridal Repository
This sample marketing plan was created with Marketing Plan Pro software.
Marketing will be an indispensable activity due to the newness of the industry. In order to raise awareness about Recycled Dreams and the industry itself, Recycled Dreams will undertake several different activities. Advertising will be accomplished through several mediums. Additionally, a website will be developed.
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Recycled Dreams' mission is to provide cost effective use of bridal dresses and accessories for weddings. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall in to place. Our services will exceed the expectations of our customers.
Recycled Dreams will be targeting low- to middle-income brides-to-be as well as the parents of the bride. Traditionally, it is the parents of the bride who are responsible for the costs associated with the wedding. Not everyone follows tradition however, and it is increasingly becoming the trend for the wedding couple to be responsible for the costs associated with the wedding production. For this reason both the couple and the bride's parents will be targeted.
The wedding couple is likely to be interested in the rental of attendee's bridal wear because the couple is usually young, just getting started, not yet financially secure. A wedding in general is a large expense, and the couple is typically looking for ways in which costs can be cut, yet have no real effect on the event. In addition, the couple has other financial responsibilities such as the rings and the honeymoon that they must save up for, so money is obviously tight. Even if the couple does not pay for the rentals and pass the costs onto the attendees, the attendees are likely to be in similar financial conditions as the couple and could in theory put the money saved from the rental into a nicer gift.
The other group that will be targeted is the parent's of the bride. This segment is likely to appreciate the option of renting bridal wear instead of purchasing it for several reasons. They are likely to recognize that the attendees of the bridal party do not typically care about the dresses that they must wear. With this in mind, they are more likely to spend the saved money from the rental on some other expense in the wedding that will be more meaningful. They may also choose the renting option as a way to save the money. As many know, weddings can get very expensive, upwards of $20,000 - $30,000 is not unheard of. Saving a few thousand dollars is certainly appealing.
Recycled Dreams will position itself as the sensible and economical alternative to the traditional purchase of wedding wear. This is a brand new industry and Recycled Dreams, as the first to market in Portland, will leverage their competitive edges to achieve the desired positioning.
The single objective is to position Recycled Dreams as the chosen alternative to buying wedding gowns and dresses. The marketing strategy will be to create customer awareness, develop the customer base, and build customer loyalty and referrals. The objective will be achieved through a multi-faceted marketing campaign.
The first facet is the use of advertising. One form of advertising will be in the local newspaper quarterly wedding section. An additional source for advertising is in the same newspaper, The Oregonian, but at shorter, regularly occuring intervals. This advertising will serve to generate awareness.
Advertising will also take place within the several national wedding magazines such as The Bride and Martha Stewart's Weddings. These ads will serve to generate visibility for the industry in general. While a national magazine has steep advertising rates, Recycled Dreams will be entering into cooperative agreements with the other pioneers in the industry to help diffuse costs. This is attractive to the other market participants as it generates awareness for the industry as a whole.
The last facet of the communication campaign is the use of the website. The website will be useful for the dissemination of information because it allows people to collect information and educate themselves on their own time and schedule. The website will be a rich source of information regarding the product, prices and the industry in general.
These different communication methods will be useful in legitimizing the concept and driving sales.
Recycled Dreams' marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.
During the development phases of the marketing plan, several focus groups were held to gain valuable insight into customer preferences and buying decisions. A total of three focus groups were held. One with each of the two target markets and a third with members of both target markets present.
The focus groups presented the participants with the general business proposition of wedding wear rentals and feedback was collected. In addition to a free-for-all discussion, there was a list of specific questions that was asked of all three focus groups. The results of the focus groups were invaluable, with many of their suggestions eventually incorporated into the current business model.
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