This assignment analyzes Selfridge's marketing strategies during the festive season, emphasizing their niche market focus and leveraging their rich brand history. It explores how Selfridge capitalizes on customer perceptions of high quality and positive brand associations to drive sales during this crucial period.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Consumer Analysis1 Culture and Christmas Shopping in Britain This study will establish the fact that Britain has a unique shopping culture compared to other Europeannations.MostBritonsleavetheirshoppingactivitiestojustaweekbefore Christmas.More than half the Briton population is established to experience a thoughtless approach regarded as panic-buying. According to this activity, one in five Briton adults will prepare a schedule of the things he or she would buy for Christmas every year. On the contrary, most Briton adults would buythe first thing that they spot just to 'get it done'. However, there is one third of the population that would leave their shopping to just a week before Christmas. This leaves them in a rush to grab bits and pieces since they try to have things bought in time (Barbu, 2011). introduction The history of Christmas celebration dates back to A.D 336. On the contrary, the celebration has changed with the modern way involving the sharing of food and gifts between friends and family. This celebration is done on the 25thof December in the United Kingdom.However, the days leading to Christmas are included in the season. Way back before Christmas day, people save money and stock their houses with decorations and food. The task is always expensive. About 39 percent of households end up spending about 200 British pounds excludingpresents (La Rosa, Loos and Pastor, 2016).In 2016 alone, the Britons spent about 748 British pounds per person in the Christmas period. In this period, people majorly buy products online. It has also been established that in 2016, Britons spent about 299 British pounds per person to buy products online (NASDAQ, 2017).
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Consumer Analysis2 According to Amazon, 62 percent of Britons performed online research before shopping for products. Mostly, people bought Christmas gift cards. However, there is also a large number that bought electronic devices like computers and mobile phones (NASDAQ, 2017). SWOT Analysis for Food against Non-Food Products 1.Strengths Most British food retailers have sound finances compared to non-food retailers. Such finances give them advantages over other competitors (Analysis, 2017). Other factors are: -Positive cash flow -Growing profitability and turnover -Good credit control and skilled financial management -Proper marketing -Availability of an established customer base -Having an effective offline and online presence 2.Weaknesses Some of the weaknesses affecting food retailers include: -Poor management of finances as a result of inadequate funds. -Lack of marketing focus due to factors such as having unresponsive attitudes to the requirement of customers. -Failure to innovate and complacency -Personnel and management flaws -Inefficient production due to factors such as shabby premises and poor location 3.Opportunities
Consumer Analysis3 Both food and non-food retailers in Britain have a number of opportunities that they could use to increase their sales (PNMSOFT, 2017). Such opportunities include: -Improving access to new markets and customers through opening oversea ventures. -Increasing sales to existing customers -Developing alternative channels of distribution like social media platforms -Introducing financial bankers 4.Threats Some of the threats include: -Emergence of new competitors and improved competitive products -Significant loss of customers -Failure to supply the required quality of products -Legislative, political, or regulatory changes like cost increment (Analysis, 2017). Overall Analysis Since Britons rush to do last-minute shopping, about 45% of the population loses its festive cheer.While around 17% perform shopping activities a month before December 25th, most people buy nonfood products compared to food products (Kissinger, 2017).
Consumer Analysis4 Preparation for the Christmas rush ï‚·One of the most basic and core initiatives taken by Selfridge is the recruitment of extra staff. This is due to the reason that, there will be a huge rush during the Christmas time and it is important to cater to the increased footfall effectively and efficiently. Thus inducting more staffs prior to the festive season helps Selfridge to have adequate man power to deal with the customer rush. ï‚·Another strategy being initiated by them is the enhancement of the stock in all the stores by replacing with that of the older stocks (Thiesse and Buckel 2015). This enables them to offer their customers adequate amount of new stocks in the stores. Delay in delivery is also being prevented by them by having adequate stock in stores.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Consumer Analysis5 ï‚·Sales prediction is also being initiated by them. This is an indirect strategy but it is important due to the reason that based on the sales prediction, all the strategies will be initiated (Xue et al. 2014). Thus, the accurate sales prediction by Selfridge helps them to cater the festive demand effectively. Strategies initiated by Selfridge during Christmas ï‚·One of the key strategies being initiated by Selfridge is to promote their new collections though the social media platforms. According to their policy, they start the social media campaign from 2 months prior to the Christmas. This helps them to communicate with their target customers regarding the new arrivals in the store, and let the customers do the shopping accordingly. ï‚·Another niche marketing strategy being initiated by them is the personalized market strategies for their loyal customers (Dalgic and Leeuw 2015). In order to do so, they sent holiday greetings and wishing them greetings. This increases the brand recall for the customers and during the festive time, the preference for their brand will be more. ï‚·Another strategy is the initiation of discounts and offers for the customers. This strategy is beneficial for the more mass market appeal. Customers who are not loyal to the Selfridge will also get attracted with having the discounts and offers. Moreover, initiation of the discounts and offers will increase the customer footfalls in the stores. ï‚·Initiation of limited edition sales is also one of the effective marketing strategies for Selfridge. It helps them to generate the sense of urgency among the customers during the festive time and thus increasing in the sales chart (Choi et al. 2014). Recommendation and Conclusion To increase overall sales the retailers need to: -Build proper relations with customers and suppliers -Promote proper employee relations -Potential disasters like data theft and cybercrimes should be insured against. -Come up with proper contingency plans to curb potential crises. -Intellectual property invest in should be legally protected (Analysis, 2017). -Customer impression regarding Selfridge is mostly favorable and positive in the market. Thus, it is one of the core competitive advantages for them to push new products in the festive season. This is due to the reason that having positive impression lead to the
Consumer Analysis6 favorable perception of the customers and thus they will increasingly desire to consume the particular product. -Selfridge is catering to the upper class customer segments and thus, they are having the perception among their potential customers that they are offering the top quality products. Thus, it is being recommended that Selfridge should leverage their niche marketing policy in order to generate sales from the market. -Selfridge is having rich history and is operating in the market for centuries. Thus, emotion of the customers is associated with the brand and it also helps Selfridge to cater to the market effectively.
Consumer Analysis7 Reference Barbu, C.M., (2011). Cultural adaptation of products.Management & Marketing,9(1), pp.105- 110. Choi, T.M., Hui, C.L., Liu, N., Ng, S.F. and Yu, Y., 2014. Fast fashion sales forecasting with limited data and time.Decision Support Systems,59, pp.84-92. Dalgic, T. and Leeuw, M., 2015. Niche marketing revisited: theoretical and practical issues. InProceedings of the 1993 Academy of Marketing Science (AMS) Annual Conference(pp. 137-145). Springer, Cham. Kissinger, D. (2017). Nike Inc. SWOT Analysis & Recommendations - Panmore Institute. [online] Panmore Institute. Available at:http://panmore.com/nike-inc-swot-analysis- recommendations[Accessed 17 Jan. 2018]. La Rosa M.· Loos P. & Pastor O. (2016). Business Process Management.14th International Conference, BPM 2016 Rio de Janeiro, Brazil. NASDAQ (2017).NKE Income Statement. [online] NASDAQ.com. Available at: http://www.nasdaq.com/symbol/nke/financials?query=income-statement[Accessed 17 Jan. 2018]. Open Innovation. (2003). Open Innovation :: Open Innovation Community. Openinnovation.net. Available at:http://openinnovation.net/about-2/open-innovation-definition/[Accessed 17Jan. 2018]. PNMSOFT. (2017). Business Process Management.[online] (BPM) Software. Available at: http://www.pnmsoft.com/resources/bpm-tutorial/bpm/[Accessed 17Jan. 2018]. SWOT Analysis. (2017). "SWOT Analysis Of Amazon". Managementstudyguide.Com. Available at:https://www.managementstudyguide.com/swot-analysis-of-amazon.htm. [Accessed 17Jan. 2018]. Thiesse, F. and Buckel, T., 2015. A comparison of RFID-based shelf replenishment policies in retail stores under suboptimal read rates.International Journal of Production Economics,159, pp.126-136. Xue, Y., Janjic, Z., Dudhia, J., Vasic, R. and De Sales, F., 2014. A review on regional dynamical downscaling in intraseasonal to seasonal simulation/prediction and major factors that affect downscaling ability.Atmospheric research,147, pp.68-85.