Elegant Swimwear Marketing Plan

Instructions:

Asssume that you want to establish a company. prepare a marketing plan for your business and ensure it includes all the key business marketing factors.

Content:

Name

Institution Affiliation

Date

Industry profile

The fashion industry operates in a highly competitive market dominated by various brands. Despite the recent financial crisis, the industry has attained a fast growth and transformation. The global swimwear market is at $18.85, and it’s expected to be $29.1 billion by 2025 (Grand View Research, 2019). The increased customer interest in swimming, increased family holidays and new fashion designs are driving the demand for swimwear. Also, the increased use of e-commerce platforms, spending on lifestyle and the rising consciousness in health is stimulating the swimwear market growth.

Market Analysis Summary

In the American market, swimwear has become a dominant style since 2020, making a purchase rate of 65% (Technavio Research, 2021). The speedy changes in fashion trends and increased disposable income results in the purchase of various swimwear products based on income, fashion appeal, activities, and the industry demand. Luxury swimwear that provides value-added aspects like convenience and trendy prints are gaining popularity among women from various regions in the United States.

Target Market

Elegant swimwear will target the millennial women who love to express themselves through their style, enjoy online shopping and are environmentally conscious. These are consumers who love classical styles, icons of modernity and luxurious designs that complement their inner personality. . The target market will be based on the following characteristics:

Demographics

Age: 23-54

Gender: Female

Income level: $20,000-30,000

Occupation: young professionals

Location: California

Psychographics

Interests- loves shopping and travelling

Value- environmentally conscious individuals

Behaviours- individuals who make online purchases, follow fashion pages and luxury brands on social media, and fashion magazines.

Lifestyle preference- individuals who prefer quality products from recognizable brands.

Competitive Analysis

Swimwear market is highly fragmented, with a mix of wholesalers, high-end retailers and independent luxury producers. The diversity in the market has created a huge competition in every segment. Therefore, E

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