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A Marketing Plan for Psyche

EXECUTIVE SUMMARY

This paper presents a marketing plan for Psyche. The marketing plan is formulated by firstly stating the vision of the company. Referring to the vision, the long term missions as well as the short term goals for achievement of that vision are identified. Later, comprehensive internal analysis of Psyche and external analysis on the fashion industry and economy are presented. For this, both SWOT framework and PESTLE analysis had been performed. Depending on the information elicited from both the internal and external analysis, the critical assumptions underpinning the marketing plan are outlined. Once that is accomplished, the target market segment of Psyche is defined. Based on the target market as well as other information obtained from the research previously performed, a viable strategic positioning for Psyche is suggested later, the competitive strategy for Psyche to compete in the marketplace is also identified and formulated. After that, several general marketing objectives for Psyche for the next three years are outlined. Subsequently, the management of the marketing mixes, as consistent with the marketing objectives previously outlined, will be discussed. Based on the key ideas discussed in the marketing objective and management of marketing mix, the action plans for Psyche in the next three years will be suggested. The actions plans are formulated from both strategic and tactical level. With that, the marketing plan is completed. What are left are the implementation and continuous adjustment and improvement works that should be carried out by the management and executives for Psyche persistently.

BACKGROUND STORY

Psyche is a small, but agile and fast growing fashion retailer departmental and online stores from Linthorpe, Middlesbrough, UK. In the recent years, the expansion of the business as well as the attainment of several wards by Psyche is making Psyche a popular and rising star in the fashion industry.

Psyche is currently operating in an economically volatile business landscape, and the fashion industry is experiencing several changes due to changes in technology, globalization process as well as emergence of new threats from new entrants to the industry. This paper will take both internal and external circumstances relevant to Psyche to formulate a concise and yet comprehensive market plan for Psyche.

VISION OF THE ORGANIZATION

The Grand Vision for Psyche in the next three years is to become the biggest and fastest growing online fashion retailer around the world. At that particular time, Psyche will have market presence in the big markets around the world, with revenues generated from UK, US, European countries, China, India, Brazil, Russia and the Middle East.

To achieve the grand vision, several critical missions are identified, and must be accomplished. The various missions can be categorized into three main themes as follow: (a) to tap to a larger customer based, (b) to build up financial muscle for expansion and growth of the company, and (c) to build a world-wide popular brand name in the fashion industry. Under each of these missions, the short term goals that are essential for attainment of these long-term missions are identified in Table 1 below.

 

Table 1: Long-term Missions and the Short-term Goals to be achieved by Psyche.

Mission #1: to tap to a larger customer based.

1.      To build a customer base outside of the Tees-Valley.

2.      Expand to other regions around the world.

Mission #2: to build up financial muscle for expansion and growth of the company.

1.      Attract more female shoppers.

2.      Generate sales growth (from existing and potential customers).

3.      Ensure retention of customers.

Mission #3: to build a world-wide popular brand name in the fashion industry.

1.      Ensure a consistent brand communication strategy.

2.      Expand to other regions around the world.

MARKET OVERVIEW AND SITUATIONAL ANALYSIS

Overview: Trends and Market Environment of the Fashion Industry

In the last decade, there are several trends that had changed and are changing the market and economic environment of the world. These forces responsible for several changes in the business landscape around the world are also changing the industry structure of fashion industry. Generally speaking, the big forces identified to be significantly affecting the fashion industry include: (a) changes in information technology, (b) globalization process and the rise of emerging countries, (c) the changes of consumers tastes and expectation around the globe, and (d) the changes of marketing practices or optimal set of business models to reach the consumers.

Overview: Psyche and its Current Position in the Fashion Industry

Currently, Psyche is still a small player in the fashion industry in UK. Psyche is well positioned as the rising start in UK, and is in the beginning of business expansion to other countries in Europe and the United States. The brand name is popular in UK, and is less well-known in the other countries. The company has not businesses in other part of the world besides UK, US and several countries in Europe. The company currently is relying on traditional departmental stores as the main revenue contributor for the company, while the sales from online channel is picking up.

INTERNAL & EXTERNAL ANALYSIS WITH SWOT FRAMEWORK

In this context, the SWOT and PESTLE framework will be used, whereby the strengths or the weaknesses of the firm will be analyzed and identified, and the potential threats and opportunities facing the firm due to the industry or business landscape will also be identified. With comprehensive internal analysis on Psyche, combined with accurate external analysis on the fashion industry, the strategic fit between Psyche and the macroenvironment can be identified.

Internal Analysis for Psyche

In this section, an in-depth analysis on Psyche will be conducted. The strengths and weaknesses will be identified as follow:

            Strengths of Psyche. Psyche is a pretty successful and fast growing firm, due to the competency and committed management working in the company. The management is ambitious, having wide experience and marketing savvy. Not only that, Psyche is also a rising star in the fashion industry, particularly in UK, as it is one of the multi-award winning departmental stores and website in the fashion industry (Cochrane, 2011). The brand name of Psyche is gaining popularity in the marketplace as well. Apart from that, the company is also selling more than 150 world’s top brands, enabling the company to provide something for everyone, with all sort of budget and requirements (Source: Corporate Website). This essentially put the company as the one-stop solution in the fashion industry. Besides, Psyche is also an agile and flexible company, where the company has been highly responsive to market changes and demands, and is fast in adapting new technologies as well as capitalizing on new opportunities available in the marketplace.

Weaknesses of Psyche. Psyche is largely still a local medium sized corporation in Tees Valley. Currently, the company is employing only 60 employees (Cochrane, 2011). Besides, when compared to other larger retailers, the company may be lacking strong financial supports or capabilities in launching aggressive or large scale marketing campaign. Thus, lacking of financial resources to compete against the big boys may prevent the company from carrying out certain strategies in advertising and promotion activities. Not only that, due to the special business model of the firm, it is also uncertain if the customers are loyal to Psyche, or they are still price sensitive customer that buy from Psyche because they are the loyal customers for the famous brand promoted by Psyche, such as Armani, Boss, Ted Baker, D&G, Paul Smith and etc. There is apparently little efforts spend on building up own brand name through the development of self-branded products to be marketed to the marketplace. This brings us to another weakness of the company: The firm is lacking of designers and design capabilities to bring out its own branded products (Cochrane, n.d.).This essentially put the company in an unfavorable position as people simply can buy from other trading companies if the price offered is low enough. Apart from that, it is also noticed that Most of the revenue for Psyche is contributed by domestic consumers. Only 16% of the online revenue is contributed by foreign countries in 2011 (Cochrane, 2011). Similarly, Psyche is still largely relying on the traditional departmental stores for sales of its products. Only 10% of the revenue is generated online in 2009 (Gale, 2009). Last but not least, the firm is relatively weak and new to online marketing and e-commerce as well. There are too many obvious weaknesses on the corporate internet marketing mix and the company is not utilizing most of the advantages offered by the advancement in information technology to grow the business.

External Analysis for Psyche

To conduct external analysis for Psyche, PESTEL framework will be used, so that a comprehensive picture facing Psyche can be outlined. The PESTLE Analysis is presented as follow.

Political factors affecting Psyche. Currently Psyche is operating mainly in Europe, US and UK, the changes or threats of governmental rules and regulations are minimal. The regulations in these countries are already developed, and major changes on the regulation related to the fashion industry are not to be expected. However, the monetary and fiscal policies in these countries may be adversely affecting the business profitability of Psyche. For example, the monetary tightening as well as the fiscal austerity program implemented by various nations in Europe may affect the macroeconomic of the region, and hence affect the consumer spending in the respective countries (Cardarelli et. al., 2010; Schmidt, 2010). Thus, as the consumer spending reduced, the expected business profitability of the firm may be adversely impacted as well.

Economic factors affecting Psyche. Currently, the unemployment rate in US, UK as well as Europe is high, and this indicate that the consumer spending power will be low as people that do not have any job will less likely to buy fashionable apparels or clothing for stylish living standard. At the time of this writing, the economic situation of Europe and US is in the process of recovery, but the process is slow, and many uncertainties still persist in the economy (Cardarelli et. al., 2010; Schmidt, 2010). It is expected that the economic outlook in the future will be volatile and challenging (Schmidt, 2010). Thus, it is critical for Psyche to think out of the box to implement innovative strategies to cope with the gloomy economic outlook in the near future. From the other perspective, the long term economic outlook in the emerging countries, particular those from the East, such as China, India, Russia, and nations from South East Asia are expected to be on a long term growth path (Cardarelli et. al., 2010). As the globalization process is hastening in the recent decades, such factor is not something can be neglected by the management of Psyche if the firm intends to grow fast and profitably in the global landscape.

Social factors affecting Psyche. Several trends are changing in the fashion industry. Firstly, Shoppers today (in UK) are becoming more mobile, and more willing to travel to experience different shopping atmosphere in the big cities, causing the department stores such as Psyche to slowly lost out as the destination status (Cochrane, n.d.). Secondly, it is found that consumers are becoming more independent in decision making process. As found by Thomas, Peters and Tolson (2007), consumers, as contrast to elite designers in the past, are determining fashion trends and directing the ideal distribution channel in the fashion industry. It is argued that fashion marketing will be dependent on consumers tastes, perceptions and word of mouth. Not only that, it is also found that as the fashion industry and consumers’ tastes are changing fast, efficient and yet responsive supply chain is important (Tyler, Heeley, and Bhamra, 2006). Thirdly, the consumers’ perceptions and expectation on online fashion retailers are also changing fast, and differ from countries to countries. This effectively demanding the company to design different websites and marketing programs to target different markets of different cultures (Siddiqui et. al., 2003).

Apart from that, it is worthy to mention that for a fashion related business as for the case of Psyche, the social factors are the key factor impacting the strategies and value offering to the customers. Luckily, Psyche is concentrating in the Western countries, where the social and cultural factors from these countries are pretty similar. However, it is worthy to mention that the cultural factors in the other region of the world, such as China, India, Japan, Korea and even the Middle East, are of very different from the cultural tendencies in the Western world (Dicken, 2007).

Technological factors affecting Psyche. Technology is playing an increasing important role in affecting the business process and value delivery channel of the business (Doole & Lowe, 2004; Doyle & Stern, 2006). Internet and information technology is expected to change the way businesses are conducted around the world. The various technological factors often considered by marketers in structuring a strategic business plan include the issues related to products or process innovation, the threat of substitutes due to changes in technology, information technology, e-commerce and the ability to deliver services at a lower cost with the help of technology (Fahey, 1999). Psyche is a firm that is starting in capitalizing on the usage of internet and the cutting edge internet marketing platform to reach the target customers. From the web-portal of the firm, it is found that the firm is utilizing Facebook, Twitter, RSS, blogging, and many other forms of e-commerce marketing techniques and strategies to tap into the market.

Out from the many points discussed above, there are threats and opportunities in the external environment and fashion industry. These factors will be outlined in the following paragraphs.

            Opportunities for Psyche. As the economy and technological landscape is changing fast, there are many opportunities for the company. One of the obvious opportunities for businesses is to capitalize on the advancement of technology information to market its products, and this had already been performed by the company. However, there are still many opportunities in such a context not being captured or utilized by the firm. For example, Psyche is not utilizing Customer Relationship Management  program to keep in touch with the visitors to the webpage; and Psyche is also not having any mechanism to generate leads or to request information from visitors to the website so that promotional or company related information can be sent to the visitors in the future. The blogging efforts performed by the company is also minimal, and is it hard to imagine that visitors will come into the web portal of the company often as no exciting or entertaining materials are posted there often. Another opportunity for the firm is that the rising economic activities and wealth of the emerging market offer Psyche a huge marketplace to venture into. Many of the emerging countries, particularly those in Asia, accepted the cultural concepts, ideas from the Western world. Besides, the market potential of these emerging markets is big, and it is possible that the spending power of the citizen from the emerging countries may exceed those from the Western world by 2050 (Cardarelli, et. al., 2010), and thus this offer Psyche the opportunity to tap into a new market segment in the other part of the world.

Threats to Psyche. From the macroeconomic perspective, the economy of the world is volatile. Besides, the economic outlook of the Western world, particularly in the US and Europe, is volatile and uncertain, despite there are sayings that these countries are setting on a recovery path (Schmidt, 2010). The unemployment rate remains high, and the consumer confidence and spending remain sluggish (Cardarelli, et. al., 2010). This will definitely affect the pricing power of strategies of Psyche. Besides, other huge threats for Psyche are that the competition in the industry is great and intense (as we had discussed above). As the competition is great, the margin for the industry ends to decrease.

 

Putting it All Together – the SWOT Framework for Psyche

In the following Table, the various points discussed above are combined into the SWOT framework in Table 2:

 

Table 2: SWOT Analysis for Psyche

Internal Analysis External Analysis
Strengths: Threats:
1.       It is a multi-award winning department store and website. Psyche won the UK retailer Award in 2003 and 2004 (Cochrane, 2011).

2.       It is a new and emerging brand swiftly recognized by people in the national and international context (Cochrane, 2011).

3.       Psyche is an agile and flexible company, where the company has been highly responsive and adaptive to market changes and demands.

4.       The founders and management team in Psyche is capable, competent and passionate about the business.

5.       The company is selling more than 150 world’s top brands, enabling the company to provide something for everyone and every budget (Source: Corporate Website).

1.       Psyche is facing great competition from other more established departmental stores or hypermarkets that have deep pockets and strong financial arms (Cochrane, n.d.).

2.       Shoppers today (in UK) are becoming more mobile, and more willing to travel to experience different shopping atmosphere in the big cities, causing the department stores such as Psyche to slowly lost out as the destination status (Cochrane, n.d.).

3.       Monetary tightening as well as the fiscal austerity program implemented by various nations in Europe may affect the macroeconomic of the region, and hence affect the consumer spending in the respective countries (Cardarelli et. al., 2010; Schmidt, 2010).

4.       Unemployment rate in US and Europe remain high. It is expected that the economic outlook in the future will be volatile and challenging (Schmidt, 2010).

5.       As the fashion industry and consumers’ tastes are changing fast, efficient and yet responsive supply chain is important (Tyler, Heeley, and Bhamra, 2006).

6.       Consumers’ perceptions and expectation on online fashion retailers are also changing fast, and differ from countries to countries. This effectively demanding the company to design different websites and marketing programs to target different markets of different cultures (Siddiqui et. al., 2003).

 

Weaknesses: Opportunities:
1.       Psyche is largely still a local medium sized business in UK; the company is currently employing a total of only 60 employees (Cochrane, 2011).

2.       Due to its smaller scale, Psyche does not have strong financial back-up or deep-pocket to be dependent on.

3.       Most of the revenue for Psyche is contributed by domestic consumers. Only 16% of the online revenue is contributed by foreign countries in 2011 (Cochrane, 2011).

4.       Psyche is still largely relying on the traditional departmental stores for sales of its products. Only 10% of the revenue is generated online in 2009 (Gale, 2009).

5.       The firm is lacking of designers and design capabilities to bring out its own branded products (Cochrane, n.d.).

6.       The firm is relatively weak and new to online marketing and e-commerce (Source: personal observation).

7.       There is apparently little efforts spend on building up own brand name through the development of self-branded products to be marketed to the marketplace.

 

1.       Internet is becoming the shopping channel for consumers. For example, 93% of people plan to purchase their Christmas gift online according to eDigital research; and internet sales are expected to grow at 18% rate per annum (Gale, 2009).

2.       The long term economic outlook in the emerging countries is expected to be on a long term growth path. The market potential of these emerging markets is big, and it is possible that the spending power of the citizen from the emerging countries may exceed those from the Western world by 2050 (Cardarelli, et. al., 2010), and thus this offer Psyche the opportunity to tap into a new market segment in the other part of the world.

3.       Internet and information technology is expected to change the way businesses are conducted around the world (Fahey, 1999).

 

PRINCIPLE ASSUMPTIONS UNDERPINNING THE PLAN

Critical Success Factors

Several critical success factors in operating as a fashion retailer are identified as follow. Firstly, it is crucial for the fashion retailer to reflect upon the congruence of the product range as well as brand image with the underlying culture and trading conditions of the market it is serving. Secondly, fashion retailer should have the marketing intelligence to become responsive to market needs, while organize marketing activities to attract consumers attention to the corporate website and departmental stores (Wigley, Moore & Birtwistle, 2005).

Life Cycle Projections

It is reasonable to expect that the life cycle for fashion is short, and consumers’ tastes may change abruptly due to various and possibly unpredictable factors. Thus, it is becoming highly critical for the company to be responsive to the market.

Probable Competitors’ Move and Changes in Competitive Structure in Fashion Industry

There are many competitors in the marketplace in the fashion, apparel and design industry. The main reason is that the barriers to entry are low, and many entrepreneurs are apparently seeing great potential in the industry. Different competitors are available in different market segment, and it can be reasonably expected that new entrance into the industry is great as many designer or entrepreneur with a passion in fashion may choose to start its new venture in the industry. Besides, the competition of selling fashion related clothes and apparel online is great, as the costs of starting an online business are very low.

Probable Development and Changes of Customers Needs

Generally, speaking, it is expected that the customers will demand something of quality, appealing to their personal tastes, consistent with the trend in the market as well as to purchase the branded products at a cheapest price possible. It is also reasonable to expect that consumers are becoming more demanding and knowledgeable.

THE TARGETED MARKET SEGMENT FOR PSYCHE

Currently, Psyche is focusing on a lot of categories of customers, ranging from women, man, and children and is selling all sorts of fashion related products. The market served by the company is huge, and it is hard to define the precise market segment the company is focusing on. However, it is noted that all the fashionable products sold are trendy and stylish, and is promoted as high quality and high-class in the marketplace. Thus, the market segment served by the company should be defined very clearly as to serve the fashion conscious and stylish individuals in the marketplace. All the marketing efforts of Psyche will then be focused on delivering information, education, promotional and advertising materials to such group of individual. The products and value offering will also be concentrated to fulfill the needs and requirement of customers that seek to demonstrate a stylish, fashionable, noble, sexy and high class impression in the society.

STRATEGIC POSITIONING OF PSYCHE

Commons sense will inform us that the battleground of the fashion industry can be divided into two main sections, namely the traditional retail stores as compared to the online-oriented web portal. There are also many players that have both traditional retail shop and online web portal to reach the target market segment. Psyche should belong to the third category – i.e., combining the departmental and online stores to reach customers. As it is easily understood that having both channel to reach the customer is crucial for the profitability of the firm, it is suggested that Psyche should remain so.

From another perspective, there are businesses targeted to quality conscious or price conscious customers in the market. Each type of business aim to fulfill the respective demand of the customers, either lower price or higher quality. However, that presents a strong opportunity to Psyche as the firm can continuously and simultaneously focusing on delivering high quality products to the marketplace with a cheaper pricing than the competitors. Consistent with the marketing philosophy discussed above, psyche should try hard to fulfill customers’ needs. It is not hard to understand that customers needs, as all customers would like to buy high quality product with the lowest price possible. If that can be done by Psyche, the business can be brought to greater height in the industry.

Thus, the strategic positioning of Psyche can be formulated as follow: to deliver high quality and branded fashion products, at the most affordable price, primarily through online stores to consumers globally.

COMPETITIVE STRATEGY

As discussed previously, it is critical to be able to focus on both quality and pricing of the business. Thus, the competitive advantage to be furnished and sharpen by Psyche is to be able to deliver the high quality products for customers at the cheapest possible pricing, to wipe out the other small retailers that lack economic of scale or is not having such passion to truly deliver what is required by the customers. Besides, consistent with the changes in information technology, it is critical for Psyche to utilize such opportunity to gain brand presence and economies of scale by expanding fast through online stores to other countries around the world.

DEVELOPMENT OF MARKETING OBJECTIVES

Considering the facts and discussions presented in several sections above, a few marketing objectives can be outlined as follow.

To enhance customer-oriented culture in the firm. In order to become a successful and fast growing customer, it is important that the management and the firm focus intensely on fulfilling customers’ needs, to understand the customers well and to deliver the value proposition and promises honestly and passionately to the marketplace.

To define the brand name and positioning of Psyche in the marketplace. It is critical to further define the positioning of Psyche and to craft strategies to enhance the brand name of Psyche in the marketplace.

To further leverage on the internet marketing technologies and platform. Consistent with the changes in the technological landscape, it is critical for Psyche to tap into the full potential of internet marketing technologies and infrastructure to reach the targeted market.

To tap into emerging market in Asia. It is important to set the company presence in the emerging market such as in China, India, Russia, Indonesia, Malaysia, and other developed countries such as Japan, Korea, Singapore in Asia, as these countries offer gigantic market opportunities to the company.

To promote and advertise Psyche more frequently and seriously through effective marketing channels and strategies. It is important for Psyche to engage in continuous improvement and to carry out persistent and aggressive marketing promotional and advertising events and activities to enhance the brand name and its presence in the marketplace. It is crucial to keep in good contact with the customers and to enhance the brand awareness within the consumers’ mindset and perceptions.

MANAGEMENT OF 4Ps OF THE MARKETING MIX

Having defined the key strategic focus and the competitive advantage to be pursued by Psyche, the following marketing mix can be formulated.

Price. It is hard for Psyche to become the lowest price leader in the market place, because the key products sold are of high quality and trendy, which is supposed to be expensive. However, Psyche can lower the price of these stylish and trendy products slightly lower than those offered by the competitors, to shows its commitment to deliver value to the customers. This, discounted price is to be offered through its online web portal, and emphasis should be given to build layers of loyal customers so that the wide public will believe that Psyche is sincere in offering the very best quality products at the cheapest price in the comparable marketplace.

Product. The products to be offered should be stylish, and marketed ad trendy and of high prestige. Thus, the branded products should be continuously marketed to the customers. Besides, it is also important for the company to start selling products of its own brand name, to enhance the brand presence in the marketplace. By selling own branded products, the profit margin can be further enhance, while at the similar time building brand awareness, brand presence and customer loyalty in the marketplace.

Promotion. Promotional activities are the most critical part of marketing mix in the fashion industry. The promotion activities should be focus on the internet platform as that is consistent with the big direction of the firm to enhance profitability while lowering the operational costs. Online marketing is perhaps cheaper if compared to the traditional methods in reaching the target market.

            Place. As discussed before, Psyche is having both the traditional and online distribution channel. However, going forward, the company should focus on building up the marketing power of the online selling channel, as that is consistent with the changes in the technological and societal trend in the world. However, the different channels of the online business can be further improved. For example, more attractive and frequent blogs should be presented. Email or SMS related marketing should be conducted. The proper Customer Relationship Management and Customer Management System should be established, to collect the leads and prospect email and contact information. Free e-book on the company products, designed with beautiful graphics and state-of-the-art designs should be provided to websites visitors that they are informed on any promotion of new products offered by Psyche. Besides, this offer Psyche the opportunity to collect email from those who sign up to obtain free e-book from the company. Overall, such measures will deliver value to the customers, while enhance and support the marketing activities of Psyche online.

THE ACTION PLAN

Considering all the information presented above, a detailed and yet comprehensive action plan is developed. The details of the plan is separated into a three years time frame, whereby each of the plans formulated are the short terms goals to be completed by Psyche for the respective years. The action plan is presented in Table 3 below.

 

Table 3: Action Plan for Psyche.

Year 1:

 

Key Strategies

1.      Adoption of marketing oriented philosophy in the firm.

2.      Communication of strategic positioning and corporate missions to the employees. Obtain employees agreements to work together for attainment of the various goals.

3.      Use of online sales portal to reach larger customer based in the most economical way.

4.      Development of the corporate brand – i.e., the image of selling the best brands with the cheapest pricing in the market.

 

Key Techniques

1.      Provision of online coupon and discount to attract more female shoppers (to enhance profitability while building up financial strengths for further expansion purposes).

2.      Perform market survey to obtain consumer feedbacks to ensure customer satisfaction, which in turn enhance customer retention rate in Psyche.

3.      Business structure reinvention to ensure leaner supply chain that is more responsive to market changes.

4.      Partnership with other local fashion retailers in sourcing and marketing activities – to lower promotional and advertising costs while enhance brand presence in UK.

5.      Training of employees to think from a customer-oriented culture and mindset.

6.      To capitalize on information technologies and to acquire knowledge in the field to set up a fully owned internet marketing team under Psyche.

7.      To start Customer Relationship Management (CRM) Program in UK to get closer to customers, for launching for marketing promotional plans in the future as well as to form stronger relationships with customers.

8.      To start development of products of its own brand name to enhance its brand presence in the marketplace, as well as to increase profit margin of the firm.

9.      To use internet marketing as the main platform and vehicle for growth:

a.       Start email marketing campaign.

b.      Provide free e-book on corporate website to collect Leeds from the web portal.

c.       Start SMS marketing to inform customers on promotional activities and new products.

d.      Start i-Phone stores for people to buy Psyche product from i-Phone.

e.       Put emphasis on blogging activities and RSS services to keep close contact with customers as well as to enhance brand presence.

 

Year 2:

 

Key Strategies

1.      Expand and focus expansion in other Europe countries and US through online sales stores (i.e., duplication of its success to other places).

 

Key Techniques

1.      Translation of webpage to the foreign languages.

2.      Market research to investigate consumers tastes and needs in US and other countries in Europe.

3.      Development of special websites to cater for the needs of the new market.

4.      Selection of strategic alliances for expansion to US and other countries in Europe.

5.      Duplication of CRM program to the foreign countries.

 

Year 3:

 

Key Strategies

1.      Expand and focus expansion to Asia through online sales stores and a new departmental store in big cities in the respective countries (i.e., duplication of its success to other places).

 

Key Techniques

1.      Translation of webpage to the foreign languages.

2.      Market research to investigate consumers tastes and needs in Asia.

3.      Development of special websites to cater for the needs of the new market.

4.      Selection of strategic alliances for expansion to Asia, particularly in Singapore, India, Korea, China and Japan.

6.      Duplication of CRM program to the foreign countries.

 

IMPLEMENTATION AND CONTROL

Considering all the points and the suggested marketing strategies to be implemented, it is best if Psyche can form a market-oriented organizational structure (Doyle et. al., 2006). The organizational structure should be similar to the one presented as follow.

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CONCLUSION

This article had successfully presented the crucial elements in a strategic marketing plan for Psyche. The strategies formulated are viable and logical, and now it is dependent on the execution skills of the management to implement these strategies, while continuously improve it in the process of growing the business in the future.

 

 

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