Marketing Plan Wedding Day Consignment By Amy Wallace Marketing MK150 March 20, 2011
Wedding Day Consignment • Seeks to make an impact on the second-hand market for goods related to all things wedding
Not a lot of consignment competition for items related to wedding • Ability to offer budget friendly options • Tons of inventory available in different outlets such as craigslist, eBay, garage sales, blue bird shopper, outlet malls, etc. • The value of the inventory is much more than what the selling price is. Because the items are usually only used once before (on a wedding day), their conditions are like new. • The current economic state requires many brides to be budget wise. SWOT Analysis Strengths
New store for wedding consignment just opened in Burnsville, MN creating possible competition. • Ability to find inventory year round can be limited. • No previous business experience • No start-up money • Not a lot of knowledge of wedding gown designers • Staffing • Staff benefits such as health, 401K, and reasonable pay rates. • Not accredited • No referral available since it is a new company. • No IT person to create website. SWOT Analysis Weaknesses
Create a chain shop with convenient locations all around the state and country. • Expand inventory to more than just dresses, such as • Referrals for different vendors. For example, a kiosk in stores that provides information for other vendors for things like reception locations, ceremony locations, caterers, photographers, bakeries, etc. And in turn have these vendors do the same for Wedding Day Consignment. • Possible partnerships with other vendors • Online rentals • Online Sales • Online Consignments SWOT Analysis Opportunities
Depending on the shop location, there might not be a market for consigned items. • Need a staff that knows the price ranges and quality of an array of designers. • Finding start-up money • Paying back start-up money. • Finding employees and managers that you can trust to help run the business while I am not there. SWOT Analysis Threats
Marketing Objectives • Without objectives, there is no basis for measuring the success of marketing plan activities.
Market Segmentation • Women 18+ • Gross $18k-$40k • Any type of ethnicity • Budget Conscious
Target Market Strategy Concentrated Targeting, which understands the needs, motives, and satisfactions of the segments’ members and on developing and maintaining highly specialized marketing mix.
Marketing Mix Strategy The four Ps designed to produce mutually satisfying exchanges with a target market
Marketing Mix Product Place Located in the suburbs of Minneapolis, making it easily accessible to those in the city and its surrounding areas. • Bridal gowns • Bridesmaid’s dresses • Mother of the bride dresses • Prom dresses • Flower girl dresses • Reception supplies
Marketing Mix Promotion Price Set lower than retail Based on quality and fashion • Craigslist • eBay • Bluebirdshopper • Misc. wedding vendors • Newspaper • Internet
Bank loan • Location • Inventory • Set Prices • Promote • Sell Implementation The process that turns a marketing plan into action
Evaluation Gauging the extent to which the marketing objectives have been achieved.
Wedding Day Consignment will say on top of its marketing objectives to ensure its success in one year. Control Provides mechanisms for evaluating marketing results.
References • Charles Lamb, J. H. (2011). MKTG4 (2010-2011 ed.). (M. Acuna, Ed.) Mason, OH, USA: South-Western. • Target Market Selection. (n.d.). Retrieved March 2011, from Internet Center for Management and Business Administration: http://www.netmba.com/