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Fashion Market and Its Strategies | Assignment

   

Added on  2019-09-23

18 Pages5298 Words145 Views
INTERNATIONAL MARKETING COMMUNICATIONS1

Table of ContentsIntroduction................................................................................................................................3Difference between the two countries........................................................................................3Table 1: Difference between the two countries..........................................................................5Objectives and strategic differences between the countries.......................................................5Marketing Strategies of Chanel..............................................................................................5Corporate Strategies of Chanel...............................................................................................6Marketing Mix Strategies of Chanel......................................................................................6Organisation analysis..............................................................................................................7Competitor analysis................................................................................................................8Customer analysis...................................................................................................................8Strategies and objectives of a particular country.......................................................................9Internal Context......................................................................................................................9External Context.....................................................................................................................9Political, Economic, Social, and Technological restraints and opportunities..........................10References................................................................................................................................132

Introduction The study is based on the fashion market and its strategies. The study is going to elaborateexploration of the industry in the world fashion market. The chosen brand for the currentassignment is namely Chanel that belongs from that fashion industry of UK. It is one of thevery famous brands which have already spread in the world and which is almost 100 yearsold and has a strong brand portfolio. In this assignment, the two countries the U.K. andNigeria where Chanel has a very strong customer base is being compared and discussed. Theassignment holds the details about the company as well as its strategies and the differentfactors that make it different from the other famous brand. Apart from its very high price ithas a very high amount of profit which clearly indicates that it is a very established business.Difference between the two countries In the development and spreading of the business worldwide there are different cultures inthat a company comes across while spreading the businesses, Geert Hofstede, who hasdeveloped the Hofstede Cultural Dimension Theory framework discusses the culturaldimensions a company has to come across while the spreading of the business (Pedersen etal. 2018, p. 271). Figure 1: Hofstede Cultural Dimension Theory(Source:corporatefinanceinstitute.com)3

Cultural DimensionsUnited KingdomNigeriaPower distance which meansin a society every individualis not equal and hence thisaspect express attitude of theculture towards theseinequalities present in society(Khlif 2016, p.540).It has been found that inunited kingdom individualsthink these inequalities in asociety should be minimized.Hence, according to a surveythey have only 35% of powerdistance in its country. Hence,this influences the marketstructure of the Chanelproduct. Thus, theorganization increased thesales in the brand anddiminishing the inequalitiesamong the people (Martinez-Fiestas et al. 2017, p. 17).Nigerian people think that thisinequality should bemaintained among individualsin a society and hence theyconsist of 80% of powerdistance among individuals.Hence, it has an effect on themarket structure of the Chanelproduct.Individualism that is how asociety is dependent on itsindividual members forrunning of society.According to a survey, it hasbeen found that 89% ofindividualism is in the UnitedKingdom for whichindividuals can live their livesaccording to their wishes.Therefore, this factor is alsohelping Chanel to capture theHowever, only 30% ofindividualism is present inNigeria and so the marketstructure of the Chanel brandis falling here (Choi Lee2016, p.65).4

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