Marketing plan for rent a runway Essay Example | Topics and Well Written Essays - 3500 words

Marketing plan for rent a runway - Essay Example This report will analyze the strengths of this company in creating the right options for marketing while offering new ways and initiatives which the company can use to continue to expand the product line and interest in the runway. Business Mission The basis of Rent a Runway is to assist individuals who like high fashion but are on a budget or only need a fashion item for one occasion. The objective is to offer individual options from professional stylists while assisting with fashion forward looks for any occasion. The mission is based on women being able to look their best at any occasion while providing fashion forward advice and alternatives to assist with the best looks for any occasion. The team has expanded to designers and professionals that are able to assist in creating the perfect outfits for women and men that are preparing for any occasion (Rent the Runway, 2011). External Marketing Audit: Market Competition The fashion items that are offered through the Internet are con tinuing to grow and bring attention to the runway items of the season. The main competition is coming from emerging fashion stores that are able to offer luxury and brand name items at a lower price. These are combined with wholesale stores that offer even more opportunities for those looking at different fashions and designs. These are known to move higher into the competition based on price, types of designers available and the region which they are located in. They are furthered with competition that is based on finding the right clothes at a lower price. The current marketing competition for fashion is based on an emerging market that is expected to grow by 7 – 15% by the year 2020. These demands are based on the ability to get low priced fashions that are in style for the season and based on luxury and brand names at a discount (BofF Team, 2011). The continuous growth and expectations for online portals is causing several to turn to Internet solutions for their business. There is now advice that is being sent to those who are looking for new ways to promote business to move online, including retailers and those interested in the fashion business. This is leading brick and mortar retailers, wholesale businesses and others involved in creating other links to customers to set up businesses online. This is combined with emerging designers and brand names that are creating the same links to an online presence. Each of these are combining strategies for a stronger presence, leading to competitive alternatives based on customer loyalty and a growing global market. The association is based on creating a stronger sense of customer loyalty through the businesses that are working together (Haley, 2011). Internal Marketing Audit The association with Rent the Runway is one which is taking the main trends with the online presence among fashion lovers and expanding the market into one that holds several strengths. For the online portal to continue to work; howeve r, there is the need to extensively examine the marketing tactics and alternatives that are available. By doing this, there is the ability to create a stronger presence while moving forward with the competition that is online. Operating Results The operations that are a part of the online portal are based on a process that is required for an individual to be a part of. When one goes to the website, they are immediately