Final
marons2
msimmons_rough_draft_.docxRunning head: ROUGH DRAFT 1
ROUGH DRAFT 5
Rough Draft
Marion Simmons
Rasmussen College
Rough Draft
Introduction
It is important for the businesses to reach to their esteemed clients through adopting and applying efficient marketing strategies with intentions to raise the company sales. It is evident that there have been tremendous changes in both business and technology sector, and therefore competition is on the rise and for that reason it is necessary for companies to design strategies readily adaptable to the changing patterns (Kerin, 2006). Looking at the fashion industry we can list a lot of endless changes that have taken place in a short period and for that reason the topic was of interest to me. The demand for fashion clothes in untimely and keeping up with the market trends calls for setting and implementing effective strategies. For any new entrances, it is important that the companies understand the markets effectively in order to successfully venture into the markets. For example, it is important that they understand their entry strategies and their marketing strategies in order to be successful in the markets. The new entrances should begin by analyzing the markets (Vollmann, 2014). The analysis may be able to provide enough information on how they can strategize in order to effectively venture into the markets. In addition, it is important that they consult with already existing companies, which may provide vital information on how to successfully venture into the industry. The paper is intended to focus on the designing flexible marketing campaigns especially for fashion based businesses and various ways to implement these marketing campaigns in the fashion industry.
Current fashion marketing strategies
It is necessary to focus on the present strategies and look at what other markets are doing and what need to be adopted of changed. It is the case because different industries will use different strategies but learning the current fashion industry strategies will give a starting point. Based on other companies’ strategies, it is important that the company understands the markets fully(Vollmann, 2014). It can do this through understand all the strengths, weaknesses, opportunities, and threats that it has in relation to its competitors or in relation to the markets it is venturing into. This may be done through conducting a SWOT analysis to its markets, which will provide a basis on how it should carry on with its activities and the strategies to use(Vollmann, 2014). Through conducting a SWOT analysis, the organization shall be able to formulate strategies base on its internal and external environments.
Taking Advantage of SWOT Analysis in its Marketing Strategy:
The fashion company has different forms of strengths over its competitors. For example, the company is a newly founded company, which implies that it has advantage of producing up to date fashion products. Further, it is using up do date technology, which other companies within the markets may ot be using. It is further seeking to use the best employees as well as the best management system to remain competitive in the market(Vollmann, 2014). Based on strengths, the company may be able to come up with different strategies on how to use the strengths to take advantage of the market and remain competitive within the fashion industry.
In addition, the company may also analyze the markets in order to understand its opportunities. The company has different forms of opportunities in the market it seek to venture into. For example, the company has the opportunity to attract consumers, especially consumers who appreciate quality products that are currently fashionable(Vollmann, 2014). Further, the company has the opportunity to become competitive through taking advantage of its quality of production. Based on these opportunities, the company should be able to come up with quality marketing structures and management techniques in order to take advantage of the opportunities within the fashion industry.
Further, it is important for the company to understand its weaknesses before entering into the business. Understanding its weaknesses may play a major role in determining the success rate of the business. Through understanding its operations and conducting research, the company may be able to understand the different weaknesses that may affect its operations(Vollmann, 2014). Once it has been able to understand the weakness, it should come up with strategies that may help in improving these weaknesses to make sure that the company’s activities are not affected in any way. This may play a major role in ensuring that it remains successful.
Lastly, the company should understand the threats that may affect its operations. In every market, there are different forms of threats that usually affect businesses operating within the industry, if they are not well monitored. For this company, it should be able to research and understand about these threats. Based on their findings, the marketing strategies and strategy management should be based on ensuring that the threats to not affect the normal functioning of the company(Vollmann, 2014). When the company understand the strengths, weaknesses, opportunities, and threats it has, it can be able to come up with a quality marketing structure to ensure success in its operations.
Taking Advantage of the 4Ps in its Marketing Strategy:
Product:
Before creating a marketing strategy, the company should understand its products. It should be able to define the type of products and their characteristics for the consumers to understand what the company is providing (Frazelle, 2012). This may be incorporated within the marketing strategy. When consumers are able to understand the products and their advantages and downsides, they may be able to acquire them at an increased rate. However, if the company does not define its products properly, these products may not appeal to consumers, which may affect the company’s sales.
Price:
Positioning/Place:
In addition, it is important that the marketing structure is able to position the products in the right place at the right time. The company should clearly understand its target markets. Through understanding the target markets, it shall be able to know how to effective position the products in areas where the target markets can easily access(Mentzer, 2011). The marketing strategy should have information on the best way and time to position the product in order to maximize on sales and the company’s profit making abilities.
Promotion:
Promotion is the most important aspect of marketing any product. The extent to which products are promoted determine the extent to which consumers will know that the products exist. Further, promotion should be conducted at the right place and at the right time. Once the company understands its prices and its target markets, it can be able to successfully promote its products(Mentzer, 2011). A will design marketing structure shall ensure that consumers are aware of the products and are able to access these products at the stated market prices, which shall improve the company’s profit making abilities.
Benefits of using marketing strategies
In this case, some advantages arise with using marketing strategies and there is great importance to ensure that the benefits are stated. Through having a marketing strategy, the company has different forms of advantages over its consumers. For example, the company shall be able to take advantage of the opportunities it has within the markets it operates (Mentzer, 2011). It can be able to use the strategy to ensure that the opportunities are fully utilized to the advantage of the company’s success. Further, using a marketing strategy will ensure that the company is able to reach out to the untapped markets. Within the fashion industry, there are different markets that are no ventured into. Having a marketing strategy may help in reaching out to these markets. In addition, marketing strategies usually provide organization non how to perform different activities and responsibilities, which provides greater chances of ensuring that the activities of the company remain successful(Mentzer, 2011). However, I not well utilized, marketing strategies may cause different forms of setbacks to any organization. For example, an organization may spend more on marketing, which may affect financing of other activities. In addition, some marketing strategies, if not well researched, may lead an organization astray, which may affect the general operations of the company. It is important that the company uses a well-researched marketing structure.
Target population
In this situation, it is necessary for the marketers to locate the target population. It is crucial to have in mind the target population to design marketing strategies in line with their interests. For instance, the marketing strategies a fashion business can use on marketing children clothes is different from young people designed clothes marketing strategies(Mentzer, 2011).Understanding the target market is quite important for the company. Understanding the target market shall affect its type of production, its time of production, the quantity of production, and the marketing strategies. Understanding the target market is quite important since it shall determine different factors that affect production. It is important that the company conducts research to understand the best markets to venture into within the fashion industry. This may help in saving unnecessary cost and increasing the rate of consumption of its products. It shall further affect the profit making abilities of the company.
Innovation
It means that it is important to make sure that the marketer is innovative enough to attract clients. It is expected because we are aware of the increasing competition in the fashion business.It means that change does not take place in a single fashion department, therefore for innovation in the overall unit it has to begin and take place in all departments. Innovation is quite important in the fashion industry. It is quite important to be uniquewithin the industry, which relates to innovation. Inventing better and more attractive products shall ensure that the company remains successful at all times. In addition, the company shall be able to increase its profit making abilities through increased consumption (Mentzer, 2011). Through innovation, the company shall be able to come up with different forms of products that may be appealing to consumers. Attracting more consumers shall ensure that the company remains successful at all times through constant sales and increased profit making abilities. In addition, innovation may help the company in winning its consumers loyalty, where consumers shall only seek the services and product of the company despite the competitionwithin the industry.
Conclusion
It is important to have in mind that marketing is one of the strategies that make customers embrace a brand in the target market (Paley, 2005). It is important to have an efficient marketing strategy to succeed in raising sales.The demand for fashion clothes in untimely and keeping up with the market trends calls for setting and implementing effective strategies(Frazelle, 2012). For any new entrances, it is important that the companies understand the markets effectively in order to successfully venture into the markets. For example, it is important that they understand their entry strategies and their marketing strategies in order to be successful in the markets. The new entrances should begin by analyzing the markets. The analysis may be able to provide enough information on how they can strategize in order to effectively venture into the markets(Frazelle, 2012). In addition, it is important that they consult with already existing companies, which may provide vital information on how to successfully venture into the industry. Conducting a SWOT analysis, understanding the 4Ps, and understanding how to be innovative may help the business to remain successful in the fashion industry.
References
Frazelle, E. (2012). Supply chain strategy: The logistics of supply chain management. New York: McGraw-Hill.
Kerin, R. A. (2006). Marketing. New York: McGraw-Hill/Irwin.
Mentzer, J. T. (2011). Supply chain management. Thousand Oaks, Calif: Sage Publications.
Paley, N. (2005). The manager's guide to competitive marketing strategies. London: Thorogood.With Best
Vollmann, T. E., &Vollmann, T. E. (2014).Manufacturing planning and control systems for supply chain management. New York: McGraw-Hill.
