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Passion Soles is entering their first year of operation. A comprehensive marketing plan is required to reach profitability and ensure future success. Passion Soles offers an unprecedented selection of current women's fashions.
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Passion Soles has captured good information regarding their market and knows a great deal about the common attributes of the most prized customers. Passion Soles will leverage this information to better understand who should be served, their specific needs, and how Passion Soles can better communicate with them.
The profile for Passion Soles' customer consists of the following geographic, demographic, and behavior factors:
Passion Soles is providing the market with a wide range of fashionable shoes with an unprecedented selection. Currently, women must travel up to Seattle in order to come close to approximating Passion Soles' selection. Passion Soles seeks to fulfill the following benefits that are important to their customers.
The market trend for women's fashionable shoes is toward a wider selection of common design elements. Over the last few years, there has been a proliferation of several design variations from a base design. A base design is released and then there are many different spurs that have common elements but include a few distinctive characteristics. While this is great for the customer because it allows them to be fashionable but distinctive, it is tough for most retailers because it increases their overhead in the form of inventory. This trend is ideal for Passion Soles which has a business model that allows for stocking many different styles.
The market for women's shoes is a strong, steady growing market. It is generally not affected by economic downturns. Women seem to consume shoes regardless of the economic climate. In a popular mini-series, a women's habit of buying shoes was described as a release when they are feeling bad, a way to make them feel better, similar to eating chocolate. While this stereotype might not be entirely accurate, women love their shoes and cannot seem to get enough.
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing Passion Soles.
Passion Soles has three direct competitors in Tacoma:
An indirect competitor is a shoe smith that will dye shoes. The shoes are typically dyed to match a specific dress. Not all colors can be dyed, and dying in general is not the ideal situation. Dying shoes creates a new shoe color that is acceptable only 20% of the time.
The two major competitors in Seattle are:
The buying habits for fashion-conscious women consist of typically buying at least one pair of shoes per month. Women generally purchase a pair of shoes to go with a specific dress. Once the woman purchases the dress she will then begin the long search for the perfect pair of shoes.
Passion Soles sells upscale women's shoes. The general categories of shoes that will be sold are:
Passion Soles strives to have the largest selection of shoes in Washington, barring the larger stores in Seattle. Passion Soles will accomplish this by having in stock one size per style as a demonstration model. Passion Soles will then order within two days (rush one day service is available) the style in the needed size. This will be accomplished through a special relationship with the wholesaler who is able to send out on demand the right size in the right style. Often a wholesaler will be unwilling to ship out individual shoes all the time. Passion Soles was able to secure an exclusive arrangement with a particular wholesaler to meet Passion's needs.
Women generally care more about style then fit. This is evidenced by the fact that there are so many high heeled, narrow mid-foot shoes that look incredibly uncomfortable. With this recognized, Passion Soles will meet the customer's needs by providing an unmatched selection of women's fashion shoes. The customers will truly appreciate the selection that will allow them to find the perfect pair of shoes for any outfit.
The keys to success is to meet the demand for an upscale women's shoe store with a wide selection and focused customer attention.
Passion Soles is still in the speculative stages as a retail store. Its critical issues are to continue to take a modest fiscal approach; expand at a reasonable rate, not for the sake of expansion in itself, but because it is fiscally prudent to.
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