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Concept of Marketing and Entrepreneurship

   

Added on  2019-11-26

16 Pages3330 Words144 Views
Running head: MARKETING AND ENTREPRENEURSHIPMarketing and EntrepreneurshipName of the Student:Name of the University:Author Note:
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1MARKETING AND ENTREPRENEURSHIPTable of ContentsIntroduction......................................................................................................................................2Background......................................................................................................................................2Product/Service Specification..........................................................................................................3Target Market..................................................................................................................................4Situational Analysis.........................................................................................................................5SWOT Analysis...............................................................................................................................5Porter’s Five Forces:........................................................................................................................8Marketing Strategy (4P’s of Marketing)........................................................................................10Conclusion.....................................................................................................................................13References......................................................................................................................................14
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2MARKETING AND ENTREPRENEURSHIPIntroductionBusiness and entrepreneurship is the distant category of business. Each of the largerorganisations was once the startup business. These businesses grew eventually by applying theeffective marketing strategies. The application of the suitable marketing strategies is necessaryfor every company to sustain in a competitive scenario. It is noticed that majority of the startupcompanies have been facing challenges due to the enormous competition with the giantorganisations (West, Ford and Ibrahim 2015). The limited startup budget is quite challenging tothese companies to survive in this competitive scenario. The study would describe the relevantmarketing strategies that can contribute more efficiency to the business functionalities ofStylerunner, a startup fashion company in Australia. As a result, the business would facilitate theprofitable revenue for the future prospects. Furthermore, the study would also present thesituation analysis to understand the effects of the internal and external market. Accordingly, thedevelopment of the theoretical background would be helpful to understand the possibleimplications for the future improvements in business. Background Stylerunner has captured the leading position in the digital fashion retail market ofAustralia. The company is the leading active wear seller that has the remarkable digital presenceas per the convenience schedule of the customers (Stylerunner.com 2017). The mission of thecompany is to offer and deliver the most fashion-forward off duty and active garments to theglobal audience in an innovative way (Payne and Frow 2014). The company offers garmentsover more than 70 brands to the people worldwide. The online presence of the company over 100other countries are quite demanding to the fashion devotees around the globe. The demands for
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3MARKETING AND ENTREPRENEURSHIPactive lifestyles are quite opportune for the company to ensure growth for the future prospects. Inorder to strengthen the market position, it is now necessary for the company to adopt some of thefruitful marketing strategies for structuring the profitable future and sustainable position. Therepeated adoption of the advanced technologies has been signified for the enormous success ofthe company. Product/Service SpecificationStylerunner undertakes the supports from the advanced technologies to offer the luxuryactive wear to the customers. The major focus of the company is to provide the commendabledigital shopping experiences to the customers by offering them the fashionable active wear. Thecompany targets the customers who are quite fashion devotee and prefer the active style. Thecompany offers the fashion clothes and casual shoes that influence the fashion sense among thecurrent generation. The demands for the luxurious brands and convenience shopping experiencesare the considerable opportunity for the company to strengthen the sustainable position (Kim,Shin and Min 2016). Apart from this luxurious clothes and shoes, the services offered by thecompany are also much appreciable. The company has paid attention towards the impressivepackage system by following the hand-wrapped packaging. The products are then dispatchedfrom Sydney, the global headquarter. Apart from these clothes and shoes, the company has engaged a community of fitness andhealth enthusiasts through the touch points. It takes active participation in their onlinepublications named TRIPLE WHITE, which is an exclusive platform for future upcomingdesigners. The extensive supports from the social media are much beneficial for fulfilling theirpurpose of influencing fashion segment all over the world. The company has even established a
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