Cole and Parker case1

1037 words 5 pages
Cole and Parker Case
While there are many risks that are involved with any product launch of a company, there are also many opportunities to seize. Cole and Parker’s business idea is a solid foundation to market to their target market. The biggest opportunity that would need to be identified as their trademark is “Cole and Parker: Socks that Start Businesses” since there isn’t another sock company that would aid entrepreneurs to start their own business. This is the key driver in selling their product and gaining market share over other rivals. Other opportunities are to sell in an area where other competitors aren’t present or where the market is unsaturated, offer a uniquely priced item, and to capitalize on a unique style of sock,
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The middle aged man will be persuaded to buy Cole and Parker’s socks after the marketing plan is introduced to consumers.
All P’s are necessary in the marketing plan but Promotion and Place should be their main focus. Starting with the product, which is the sock, will need to be identified as what the sock will look like. Also, the type of style, quality, and colors will need to be addressed. The biggest opportunity for this product is the ability to help others and grow their own companies in order to have a good economy effect. Customers will use this product because it is starting to be a label item as opposed to a mandatory item that people buy. The product will be used by middle aged men that want to be bold, make a statement, and wear a high quality sock all at the same time. The customers will be based in USA so the funds will go towards helping other Americans start their businesses in the country the items are bought. This will incentivize customers even more to buy the socks that Cole and Parker offer. It will be a secure purchase for customers knowing that a percent of proceeds from their purchase will go towards fellow Americans to help better their life and make an impact on the USA economy. The product will be most beneficial by going with an expensive style in order to capitalize on bigger returns to pass along to