Introduction
The creator of Korra Dancewear, Karolina Swietoniowska, initially had a strategy to develop, manufacture, and distribute her original brand of dancewear. Karolina merged her enjoyment of dance with her interest in clothes design to develop a separate business concept. Korra Dancewear has a significant chance to succeed in the Canadian market since not exclusively is dance becoming more prominent, but the Canadian financial and business condition is expanding, giving customers more monetary resources. Despite the fact that her goods have a strong potential to succeed in the Canadian marketplace, she is now hindered by financial constraints and a shortage of orders. Korra Dancewear’s stated mission is to give individuals with dance attire that is simple, fashionable, and appropriate. Her mission approach is founded on her own direct knowledge and past observation related to dancing gear that is presently accessible.
Analysis of Korra Dancewear
In terms of the case analysis, it is feasible to emphasize several essential notions related to the organization’s business activity. Korra Dancewear is facing a marketing issue in advertising its novel dancewear range in general. Due to poor total sales in the previous three years of functioning, the firm’s financial condition is now unstable. Karolina expects that by January 2014, a complete marketing campaign for Korra will enable her to collect $1000 to $2000 in monthly income. From 2012 to 2017, the Canadian women’s clothing business is predicted to grow at a rate of 2.2 percent per year, bringing sales to $15.6 million, a rise of 11.3 percent within only five years. Korra’s line now has exclusively one distribution network, which is digital; however, due to a scarcity of client awareness of the brand, its webpage only receives a small amount of traffic connected to online visitors.
Concerning potential recommendations for the company, it is possible to highlight the following suggestions. Firstly, online purchases require approximately 3-5 working days from transaction to distribution, which might, in fact, deter potential buyers from ordering from Korra if they expect their items sooner. Korra should decide to sell her wares through retail outlets so that buyers can purchase immediately after paying. Another option is for her to modify her target audience and concentrate on the premium end of the market. In this case, the organization can focus on the clients who are interested in spending a bigger cost for higher quality and superior goods, for instance, competitive performers.
Furthermore, Korra should not expand her product portfolio and range of offerings to include youngsters since it does not correspond to her customer base of senior competitive artists and thus will not grow sales volume successfully. To complete the marketing strategy, Korra will have to complete her urgent actions, which include advertising and selling her clothes at retail outlets. A loan from a well-functioning bank will be obtained if funding is necessary for the payouts. These processes will be integrated with the following methods, which will be the implementation of Korra’s affordability and competitive strategies.
Conclusion
To summarize, Korra’s goal is to develop her marketing strategy using efficient and productive tactics in order to increase sales. One technique is to promote and sell her goods at trade shows and in stores. Another method is to improve her marketing strategy and raise awareness of her digital brand. Both of these approaches provide opportunities for sales development, and putting her action plan into action will help her achieve her goal. Korra will have to overcome any difficulties that arise during the action plan and fix them for the future year once she has executed her marketing plans. Korra would return to the business plan regularly to ensure that the operational program is operating effectively in order to meet the company’s needs.