Week 3 Marketing Plan Marketing Plan due week 3—Introduction & Situation Analysis (see guidelines P. 762)Submit with Title---Week 3—Marketing Plan

Running Head: Marketing Plan        1
Marketing Plan         
MARKETING PLAN FOR THE ICONIC 2020-2021
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Date of Submission of the Plan:
Executive Summary
    For an organisation like The Iconic, which has its roots in the online fashion retail industry, cutthroat competition is bound to be a major factor influencing the marketing plans and strategies of the business. For The Iconic to stay competent in the market it needs to focus on the target market with better pricing strategies and better distribution channels. The estimated financial cost of the plan is nearly $12 million. This shall include the cost of market research, cost to improve the distribution channels and the cost involved in promotional strategies. The business needs to focus on the satisfaction of its customers to maintain a strong customer base to maximise the revenues.
Table of Contents
Introduction    4
Situational Analysis    4
Marketing Planning    5
Marketing Objective    5
Target Market    6
Marketing Mix    6
Product    6
Promotion    7
Distribution/ Place    7
Price    7
Marketing Research    8
Implementation and Control of the Marketing Plan    8
Summary    8
References    9
Appendices    10
Financial Plan    10
Introduction
    The Iconic is an online fashion and sports retail store with its origin in Sydney, Australia. This online store was launched in the year 2011 and since then has been on the path of success and has managed to be one of the largest fashion destinations of Australia. This online retail store sells more than 1000 clothing brands and has more than 60,000 items to offer its customers. The company has been selling a number of local Australian brands such as Lorna Jane, Sass & Bide and many more. The brand has also been providing its customers with a variety of international brands such as Nike, Adidas and Levi’s. The market share of this online retailer is nearly 15%. The brand has also been experiencing rapid growth in the number of brand partners. The increasing number of employees of the company is also an indication of its growing market share. The Iconic receives nearly 150 million visits annually on its retail platform (Ragtrader, 2019). This report shall discuss the marketing plan for The Iconic for its future growth and development.
Situational Analysis
    Though The Iconic has managed to be one of the major players in the Australian online clothing industry, it is facing tough competition from other online retail stores, who are merging in the market. The estimated revenue of The Iconic is $164 million and this big name in the Australian online clothing industry is facing a serious competition from players like Bacharach, Go Jane, DTLR and KOOKAI Australia. Competitors like DTLR have been attracting customers through their distinctive and high-energy shopping experience. These competitors target the same market segment as The Iconic and have been capturing over a major share of the market. Big names like KOOKAI and DTRL have a $100 million and more empire (Z Directories, 2020). These competitors are likely to capture the share of the market owned by The Iconic as they are focusing on their strengths and have been grabbing on the market...