White S 2012 Principles Of Marketing Electronic Version Retr

White S 2012principles Of Marketingelectronic Version Retrieve

The assignment requires completing a comprehensive marketing plan for the company TOMS, including a description of the company, its core products and services, historical background, competitive landscape, a detailed SWOT analysis, and a marketing strategy that covers segmentation, targeting, positioning, marketing mix, success metrics, and international considerations. The plan should demonstrate scholarly research with at least three external references, be formatted in APA style, and be approximately 9-13 double-spaced pages.

Paper For Above instruction

Introduction

The purpose of this marketing plan is to develop a strategic approach for TOMS, a socially responsible footwear and accessories company renowned worldwide for its One for One giving model. This document aims to present a comprehensive analysis of TOMS, including its background, products, competitive environment, internal strengths and weaknesses, external opportunities and threats, and a detailed marketing strategy. The plan also addresses international considerations relevant for expanding TOMS’ footprint globally, ultimately making a compelling case for investment and strategic implementation.

Description of TOMS

TOMS was founded in 2006 by Blake Mycoskie on the fundamental mission of improving lives through business. Its core business involves designing and selling footwear, eyewear, and apparel, each tied to social impact initiatives. TOMS has built a reputation not only on quality products but also on social entrepreneurship, where every purchase facilitates charitable giving. The company's innovative “One for One” model, where for every product purchased, TOMS donates to a person in need, distinguishes it from traditional footwear brands. TOMS also extends its social impact to eyewear and water initiatives, further broadening its brand purpose and consumer appeal.

Core products and services:

• Footwear: Shoes and boots for men, women, and children
• Eyewear: Prescription glasses and sunglasses that support sight-saving initiatives
• Apparel: T-shirts and accessories aligned with its social mission

Additional services include offering optometry programs and water access projects in underserved communities, reinforcing its commitment to social responsibility.

History of TOMS

TOMS was conceived when Blake Mycoskie visited Argentina and was inspired by a remote community’s lack of shoes. This experience led to the development of the One for One business model, which rapidly gained popularity. The company experienced exponential growth through innovative marketing, emphasizing storytelling and social impact. Over the years, TOMS has diversified its product lines and expanded globally, maintaining a focus on social entrepreneurship. Its growth has been supported by strategic collaborations, expansion into new product categories like eyewear and coffee, and a commitment to sustainability and fair trade practices.

Current Competitors

In the highly competitive footwear and apparel industry, TOMS faces several key rivals:

• Vans: Known for casual footwear with a strong youth appeal.
• Converse: Iconic brand with a broad consumer base.
• Allbirds: Eco-friendly shoe manufacturer focusing on sustainability.
• Rothy’s: Sustainable footwear brand employing recycled materials.

These competitors challenge TOMS through product innovation, brand loyalty, and sustainability initiatives, necessitating strategic differentiation and positioning.

SWOT Analysis

The SWOT analysis provides insights into internal capabilities and external market conditions:

• Strengths:
• Strong social mission resonating with ethical consumers
• Brand recognition and loyalty
• Innovation in sustainable materials and practices
• Weaknesses:
• Limited product diversification compared to competitors
• Pricing strategies may limit accessibility
• Dependence on social mission images that may overshadow product quality concerns
• Opportunities:
• Expansion into emerging markets
• Development of new product lines (e.g., activewear)
• Partnerships with other ethical brands or NGOs
• Threats:
• Market saturation in core categories
• Economic downturns affecting discretionary spending
• Competitive brands adopting similar social impact models

Description of the Product/Service for Marketing & SWOT Rationale

The primary focus of the new marketing initiative is on TOMS’ flagship footwear collection, emphasizing its sustainable materials and ethical production. This product embodies the company's core values and appeals to environmentally conscious consumers. The SWOT rationale for marketing this product underlines its strengths—such as brand goodwill and innovative sustainability—while addressing weaknesses like price sensitivity and limited differentiation. The initiative aims to leverage social impact as a central differentiator, aligning the marketing message with consumers’ values and increasing market share.

Segmentation Approach and Rationale

TOMS employs a socio-demographic and psychographic segmentation strategy, targeting consumers who value sustainability, social responsibility, and ethical business practices. Key segments include environmentally conscious millennials, socially minded families, and urban professionals aged 25-45. This approach aligns with the company’s values and branding, aiming to engage consumers who actively seek out brands with purpose-driven missions and are willing to pay a premium for ethical products.

Target Market(s) Description

The primary target market comprises Millennials and Generation Z consumers who prioritize social impact in their purchasing decisions. These consumers are often college-educated, urban dwellers, and active on social media, making them receptive to storytelling and brand transparency. Secondary segments include environmentally conscious older adults and philanthropic consumers interested in supporting brands that align with their values.

Positioning Statement

TOMS is positioned as an innovative, socially responsible footwear and accessories brand that delivers stylish, sustainable products while making a tangible social impact. It appeals to ethically driven consumers seeking both quality and purpose, differentiating itself through transparency and authentic social engagement.

Marketing Mix (4 Ps)

Product

The product strategy focuses on sustainable, durable footwear and accessories that appeal to eco-conscious consumers. Innovations include biodegradable materials, fair trade manufacturing, and product lines supporting specific causes such as sight restoration and clean water.

Place

TOMS utilizes a multichannel distribution approach, including online platforms, company-operated stores, and select retail partners worldwide. An emphasis exists on expanding e-commerce presence and establishing flagship stores in key urban markets.

Price

Pricing is positioned at a mid-premium level, reflecting the product quality and social mission. Special collections or limited editions may carry higher price points, reinforcing their exclusivity and social impact.

Promotion

Promotion strategies include storytelling campaigns via social media, influencer partnerships, and cause-related marketing events. The brand emphasizes transparency about its social impacts and sustainable practices, leveraging user-generated content and community engagement to foster brand loyalty and trust.

Success Metrics

Three key performance metrics to evaluate the marketing plan's success include:

1. Sales growth of the new product line, indicating market acceptance
2. Social media engagement metrics (likes, shares, comments), reflecting brand awareness and activism
3. Impact measurement—number of people benefitted through the social initiatives tied to product sales

International Considerations

Expanding TOMS internationally involves addressing various sociocultural and business factors:

• Legal and regulatory requirements differ across markets, influencing product standards and advertising practices.
• Cultural perceptions of social responsibility vary, necessitating localized storytelling and cause alignment.
• Logistical challenges and supply chain adaptations are critical for sourcing sustainable materials and maintaining ethical standards globally.

Conclusion

This marketing plan affirms TOMS’s capacity to enhance its market share by emphasizing its sustainability and social impact, aligned with consumer values. Through strategic segmentation, targeted positioning, and a well-crafted marketing mix, TOMS can strengthen its competitive advantage and expand globally. The plan’s emphasis on measurable success metrics and international adaptation strategies demonstrates its viability and potential for significant brand growth and social contribution, making it worthy of funding and implementation.

References

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• Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
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• Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2), 62-77.
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