Marketing Fashion-Ch 04-2-2-1-8

Part 2 Opener

Cover Slide

Chapter 4

Crea4ng a Company Marke4ng Strategy

What Do I Need to Know?

Rath, Petrizzi, Gil Chapter 4

3 Published by Fairchild Books, an imprint of Bloomsbury Publishing Inc. Copyright © Bloomsbury Publishing Inc. 2012

Planning for Success

•  Plans – steps to reach your goals and maximize poten4al for success

•  Marke*ng plan – wriSen document detailing a company’s marke4ng strategies and goals •  Helps assess marke4ng objec4ves •  Determines what strategies will help customers understand the value of a product

•  Establishes how marke4ng goal will be reached •  Serves to “iden4fy how these strategies will be implemented, monitored, and controlled”



Planning for Success

Which of these two people do you think had a plan before leaving the house?



Types of Marke4ng Plans

•  Strategic: execu4ve decisions designed to achieve long-‐range goals impac4ng mul4ple departments

•  Func4onal: middle managers within organiza4on develop and monitor short-‐term plans

•  Opera4onal: supervisors or front-‐line managers create short-‐term ac4on plans and coordinate

•  Con4ngency: appropriate levels of management create backup plans in case of unforeseen problems



The Planning Process

•  Decide what is important; iden4fy goals •  Figure out what the company does well •  Segment, priori4ze, and target customers

•  Using demographics (stats) and psychographics (values)

•  Establish a marke4ng niche •  Learn about targeted customers •  Use marke4ng mix tools to communicate with customers; determine relevant media



Specifying the Company’s Mission

•  Mission statement: declara4on that concisely conveys big-‐picture goals

•  Tory Burch example: •  Design the most stylish clothes possible for the least amount of money

•  Target: the contemporary, style-‐seeking, confident women with a consistent mix of everyday oucits



Types of Marke4ng Analyses

•  Situa4onal •  SWOT: Examines of quan4ta4ve and qualita4ve factors; poten4al impact on marke4ng situa4on •  Internal (can control): Strengths and Weaknesses •  External (no control): Opportuni4es and Threats

•  G-‐PESTELC: Macroenvironmental tool that examines external factors •  Global Perspec4ve: Poli4cs, Environment, Sociocultural, Technology, Economics, Legal, and Compe44on



Marke4ng Analyses G-‐PESTELC

Analyzes macroenvironmental factors within global framework



Globalization Awareness Drivers Innovations, educated consumers, and diverse marketplaces

Marke4ng Analyses

Sample SWOT analysis Rath, Petrizzi, Gil Chapter 4


Compe44ve Analysis

Focus on products and companies that compete directly with the marketer



Developing a Marke4ng Strategy

•  Strategy – spells out methods or tac4cs to use in achieving specific goals

•  Marke*ng strategy – plan of ac4on designed to iden4fy target market and shape marke4ng mix •  Sa4sfies target customers’ needs •  Propels the marketer towards its goals

Rath, Petrizzi, Gil Chapter 4 13 Published by Fairchild Books, an imprint of Bloomsbury Publishing Inc. Copyright © Bloomsbury Publishing Inc. 2012

What a Marke4ng Strategy Accomplishes

•  Key objec4ves of a marke4ng plan include: •  ASract customers •  Build and expand customer rela4onships •  U4lize appropriate communica4ons •  Adapt to the marketplace •  Deliver value

14 Rath, Petrizzi, Gil Chapter 4 Published by Fairchild Books, an imprint of Bloomsbury Publishing Inc. Copyright © Bloomsbury Publishing Inc. 2012

Developing a Marke4ng Strategy

Canadian Tire Corpora4on con4nually reviews its stores’ marke4ng strategy to ensure that customers’ needs are being met



Types of Strategies •  Differen*a*on: company communicates to customers its

dis4nct solu4ons to their wants or needs •  Exit: company no longer provides product it has marketed

in past or sells it to another organiza4on •  Expansion: company extends business beyond current

status •  Includes market development, penetra4on, product development, brand extension, and diversifica4on

•  Ocean: head-‐to-‐head (red ocean); or uncontested (blue ocean)

•  Segmenta*on: marketers iden4fy poten4al customers who share similar traits then target that group



Example: Product Development Expansion Strategy

Louis VuiSon Created new items such as pet carriers that are consistent with the company’s signature style



Marketplace Segmenta4on Categories



Strategy for Growth •  Fashion life cycle: new products go through stages

•  Introduc4on, rise, peak, decline, and obsolescence or rejec4on •  Growth strategies within a marke4ng plan will implement tac4cs to

keep product in rise phase as long as possible



Strategy for Growth

A successful growth strategy requires adding value for customers, such as services, ameni4es, and ambiance



Iden4fying SMART Objec4ves

•  Specific: focus on the goal as much as possible •  Measurable: quan4fy wherever possible •  ASainable: formulate/jus4fy achievement goals and not mere “wishes”

•  Results-‐driven: describe the end result •  Time-‐based: specify 4meline checkpoints that lead to the achievement of your goal



Posi4oning the Product

•  Posi*oning: using various marke4ng tools to determine how product fits in a marketplace



Example: Reposi4oning

•  Adap4ng to changes in the marketplace or changing buyers’ percep4ons •  Jamba Juice added food items to its original smoothie offerings




•  Perceptual map: a visual interpreta4on of data •  Depicts the rela4onships between compe44ve offerings and factors or percep4ons used by customers in making buying decisions among those choices




•  Using all available marke4ng tools in posi4oning a product to offer value to target customers



Capturing and Measuring Results

•  Return on investment (ROI): value (sales and profits) company realizes aler expenses



Summary

•  Develop and sustain a compe44ve advantage •  Plan •  Implement appropriate strategies •  Monitor the results •  Adapt to the marketplace

•  Deliver value-‐added solu4ons to the target market

27 Rath, Petrizzi, Gil Chapter 4 Published by Fairchild Books, an imprint of Bloomsbury Publishing Inc. Copyright © Bloomsbury Publishing Inc. 2012

Marketing Fashion-Ch 04-2-2-1-8

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