Marketing Plan for HotStep Shoe Heaven
College of Science Technology and Applied Arts of Trinidad and Tobago
Executive Summary 4
Company History 6
Vision and Mission 7
Problem Statement 7
Market Description 11
Environmental Findings 13
Competitor Analysis 15
Marketing Strategy 17
Action Programs and Budget 19
Appendix I - Questionnaire 28
Appendix II – Data Analysis Represented by Graphs and Charts 30
It is said that a woman can never have too many friends or shoes. The owner of HotStep Shoe Heaven believes in this saying. Opening three stores in three years and hoping to open a fourth one in the fourth year of existence, Ms. LaTisha Hospedales ensures that the needs of her female shoppers are fully met by stocking her stores with high quality products as well as providing high quality service. With the number of stores and vendors catering to the selling shoes clutches and accessories, it is important that HotStep stands out from the rest. She would like to make HotStep a household name in Trinidad and Tobago while reaching its niche market of bridal parties, graduates and the career woman.
HotStep Shoe Heaven is a retail store in Trinidad and Tobago specializing in ladies shoes, clutches, accessories and handbags for all occasions. Their selection is very unique and the key focus at HotStep is complete customer satisfaction. Although the store has been in existence for the last three years it is yet to become a household name and attract mostly their niche market, being females looking for formal styles such as bridal parties and graduates as well as the career woman. By doing an internship with HotStep which would include creating a marketing plan among other things, I intend to assist them in achieving their objectives which are to increase market share, increase customer database by 50% by the end of year 2014, develop effective advertising campaigns to attract at least 10% of the niche market and to increase profitability by 30% by end of 2014. In order to ascertain the best way to achieve these goals, market research had to be done to get customers feedback on the store, its products and its service. A descriptive research methodology in the form of customer surveys was used as well as observational research. The sample was taken from the company’s customer database which consisted of 400 females from across Trinidad and Tobago. The target market of HotStep Shoe Heaven are females between the ages of 18 and 70 who reside in Trinidad and Tobago and fall in the middle to upper income bracket.
Along with the analysis of the data collected; a SWOT, a PESTLE and a Competitive Analysis were done to determine the more feasible marketing strategies to be used. These strategies include direct marketing, advertising, sales promotions, public relations and building strategic alliances. HotStep Shoe Heaven’s marketing plan will serve as a guide and a stepping stone in cementing the stores brand and making the store a household name. Monthly sales figures, repeat and new customers as well as the number of bridal parties serviced are some areas that will be monitored and evaluated over the remainder of 2014 to determine the feasibility of the implementation of the action programs. Based on all the information accumulated, it is recommended that HotStep have a budget in place and a person to assist with the marketing of the store. It is also recommended that they revisit their pricing structure in order to retain customers, attract new ones and have a higher turnover of goods which will lead to a higher profitability.
HotStep Shoe Heaven is owned and managed by Ms. LaTisha Hospedales a Carnbee, Tobago resident. While studying Mathematics at Florida Memorial University, USA, shoe-shopping was a stress reliever for her as she would literally purchase pairs every week. “By the time I moved back (to Trinidad), I had about 300 pairs of shoes. I hoped to be like Imelda Marcos one day," she laughed. “Even my closet now is colour-co-ordinated and that was how HotStep was born in 2010.”
HotStep Shoe Heaven is a retail store specializing in shoes, bags, clutches and accessories for all occasions. HotStep Shoe Heaven is now in its third year of operation and every year since inception they have opened an additional branch. So three years later there are three branches, two which have been converted into one in Scarborough, Tobago and one in Arima, Trinidad. HotStep caters for the working woman, the bride, the bridesmaid, the party goer, the church goer and carries all types and styles of shoes. There is something for everyone.
The main goals of the company are making a profit, building a brand and last but definitely not least 110% customer satisfaction. While making a profit is one of the goals of the company, the main goal of HotStep is customer satisfaction. Seeing customer’s reactions on entering the store, on looking at the shoes, at trying on the shoes and at the final purchase is priceless. Nothing beats a happy customer and a happy customer means a repeat customer and by extension more customers via great reviews.
Vision and Mission
Mission Statement: To be the number one shoe store in Trinidad and Tobago while ensuring complete custo...