solved Need help with my Management question – I’m studying for

Need help with my Management question – I’m studying for my class.

Consult the Business Plan Part III handout. Your commentary should consist of a description of your marketing plan, in the form of the 4 P’s of marketing (a.k.a. the marketing mix). Begin by stating your generic strategy. Note that the handout provides two views of the generic strategy, so use both of them. Explain briefly why your choice makes sense for your product or service.

For each element of the marketing mix, explain what you intend to do, in a way that reflects both your generic strategy and the unique aspects of your business. For example, to market a new kind of high-quality dog leash, you would define (and design) the product to satisfy your customers’ motivation to pamper their dogs. You would logically want to place it in a business that caters to those people (e.g., dog-grooming boutiques). Your price would be relatively high, first because your product is high-quality, and second because it is unique. Finally, you might promote using a combination of third-party placement (seeing it in the boutiques) and a nice website. Importantly, the detail in these choices will differ from business to business, even if the strategies are similar on a more theoretical level.

My Business Plan 2 for clothing store
Clothing Store Expenses
During the first financial year, the expenses for Mye Styles total is an estimate of $2,900 and an estimated cash flow of $27,100. Mye Styles will be both a physical and an online clothing store. The first five months’ expenses will be my delivery cost and the clothes whose average cost will be $ 100. During this period, the office will be home-based to cut on storefront’s rent, internet cost, and fuel cost for to and from work. I will also handle everything during this period, including online marketing and photography which I learnt from my previous job so as to cut the expenses. I will hire an assistant in the sixth month, which is when I hope to open a storefront.
From the sixth to the last month of the first financial year, the expenses will increase and so are the returns. The expenses will include rent and internet, estimated to be $200, and an additional $50 for both interior and exterior décor for the store. An assistant will be necessary at this point to help attend to the customers in the store as I focus on online marketing. An additional $350 will be added for the payroll service firm to ensure that salaries are paid appropriately and on time. Fuel cost to and from the store will also be added, and inventory increase, which is an estimated at $900. The expenses to benchmark to another state will be accounted for in the last month of the financial year. At this point, the business will be built and will be able to afford to cater for the benchmarking expenses.