Table of Contents INTRODUCTION...........................................................................................................................4 TASK...............................................................................................................................................4 1.) Background statement, market positioning with unique selling proposition.........................4 2.) Audit of market with attractiveness and having an potential market growth........................8 3.) Competitor analysis of three industry players.....................................................................12 4.) Marketing Mix and need to achieve gaps and having in between strategy and external environment...............................................................................................................................15 CONCLUSION..............................................................................................................................15 REFERENCES..............................................................................................................................15
INTRODUCTION In today's market, there is a cut throat competition and accordingly variety of strategies and decisions are required to be produced as this could help in reaching to direct consumers or the segmentation of market. Particular procedure is followed and used in maximising values of customer, revamp opinions and it gains firm's perceived values in great way. Although all such aspects does help entities to earn profit and attain or accomplish there targets and goals. Marketing department is that which helps a business to bring proper strategies related to creation, innovation, promotional activities and advertising which do make company in increasing the sales for receiving great long term benefits. The report specifically talks about BOSS Store in Malta which was founded in the year 1934 by Hugo Boss. They do serve large number of people with their clothing products and accessories. it is needed to have better marketing strategy for the position in market with having an unique selling scenario or proposition that do help in creating an positive image in many other countries too. Moreover, for such marketing, audit has to be done with potential of market growth. Even for such procedure, marketing mix is having an action which needs to attain a gap in between the strategy and external environment is there. TASK 1. Background statement, market positioning with unique selling proposition Marketing Management has an effective procedure that should help in analysing the firm's resources and tasks and which do make entity to desirable targets in effective way. Therefore, for retail industry, it is quite important for an effective marketing strategy that builds a direct and accurate relationship with customers. Even though, various approaches are related to beneficial aspect for having a development of product in market\ task and activities are those which do help in enhancing the growth and sales of products in target market. BOSS Retail Store is considered as the fastest growth firm in retail industry in Malta. Firm is that who uses a great different and creative plan which does build their own market share in ease manner too.
Background of Retail industry: Retail sector is fastest growing industry which does contribute in the development and growth of procedure in an effective way. Main objectives of this are too sell quality goods with services to target customers which do have a multiplication of dispersion channels. They are those who bring an effective strategy and ideas in there working structure so that proper working can be done in an organization. Even though marketing management is such which do help company to analyse the demand and needs of products and services. Although, they do have a higher satisfaction to target customer in building positive image and relation with ultimate customers with ease. Hence, it has also seen that retail store do provide an employment opportunity to various people having an skill and experience in particular field so that such can direct their career in development side. Organization as BOSS also knows that customers have become a rationale in nature and they want proper satisfaction from products and services for which they are spending money in great way. There is a motto of such stores as it help in maximising values of monetary and also provide some luxurious services with its users. It is that industry who does adopt the raid changes through which they need to have a digital technology by having self-servicing to online procedures in effective way. In country like Malta, different retail set is there which do help in supplying the contribution for development of economy and growth in an effective way. Malta is a country that also supports the retail store like BOSS, which do help industry to grow as more and more in an effective way. Market Positioning: Marketing management helps a company to bring out there products and services in great way so that the mindset of different kind of people can be changed. Various people as well as an individual have a different mindset for particular brands and companies Moreover, for this aspect, variety of strategies and creativity with innovation is bought up that do help in building a better image and goodwill for targeted market and with they are able to earn higher profit and attainment of goals and objectives in right context.
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(Source: Agarwal. S, 2017) BOSS is famous among Malta and many other countries as well. Even though it was somewhere hard for the boss to have a huge market share and to develop a market positioning in country. They did used marketing is perfect way which helped organization to introduce their offers and various things in proper way so that they can attract the large number of people in effective way. The manager of any firm tries to keep prices according to market requirements and variable prices are set to sellproducts or services at reasonable rates so that customer can be attracted towards the entity. BOSS is in various countries and also lead to work according to the requirement of country and build effective strategy and decision so that impactful market share of firm can be earned with some of the locations in ease way. Generally, they do provide some of the services to its number of users in settle down with money and income in better way. However, BOSS is having effective market share and even they do set their prices accordingly having a proper plan with creativity do make them to cheaper and merchandiser division which leads to revamp things in better way. Moreover, with this they need to serve the increase in sales and leads to maximise sales with values and funds too. Firm is having penetrated with target and also lead new market by having impactful strategies in great way. Research does say like having a beneficial move with management with the specific market positioning and goodwill can make company to earn a good amount of profit in great way. Illustration1: Hugo Boss, share in sales, 2017
Unique selling proposition: -It is having a strategic approach of a company that do build somewhere creativity and uniqueness which lead to differentiate in between from the further competitors. for this management of organization is such which do have an quality servicing, Cost effective methods and also having some promotional tool that do lead to attract the customers in effective way and also make them to pay attention toward some of the services. Here, BOSS uses various tools and techniques that does help to grab a consumer eye's in an effective way Different thing is there which has a unique proposition as:- Requirement of unique selling: -In an organization, it is such which do require to have an analyses with requirement with procedures in business. Through, analysis it has to make and they can easily gain competitive advantages in market. Even, this is such which needs to have creative approaches in firm activities. Impactful strategies:Determining analyses with the procedure and even entity is such which needs to build the impact and effective strategies for having a customer loyalty for the organization. Basically, in these scenarios marketing manager is such which provide a contribution in the requirement of having a need for some specific product with services. Ideal customer:BOSS is that company who always look for that customer who needs proper satisfaction for amount they are paying as it increases the chances for firm to makehim/heranidealcustomerforfirmandcustomerbecomesthelong-term beneficiary for the entity.This is such which also help in building a better customer relation is selling their quality product and services to various people. Implement effective ideas:BOSS is such company which do bring in effective tools and techniques so that implementation of ideas can be done in perfect way. Company need to think for creative ideas, thoughts and innovation so that firm can satisfy large number of customers in better way. Hence, all these aspects and approaches are beneficial for a selling proposition. Even though, activities thus also help in enhancing growth and income of them all. 2. Audit of market with attractiveness and having a potential market growth In this cutthroat competition, it is required to have an analysis of each and every element that is related with marketing services. Even though with this understanding the customer's
requirement is there which is having a specific services and products. BOSS is considered as famous among the retail store in different country too. There a service is related with providing a quality clothing products with accessories to large customer in huge way. When a firm is working at such high level then they must organize and conduct research in market by audit method that needs accurate data regarding customer opinion and views for having an product and services in effective way. Having an such information do help in making an effective alteration and modification in the product and services in right context too. It is that which has an activities that also lead to build an effective image of firm in target market for having an proper and positive relation with the target customers too. In process, marketing management procedure of firm that also provide some of of there contribution to identify every elements of having an target made in proper way too. Boss is such which do require for having an proper audit and also help in getting information for each and every elements as:- Market growth rate:-Boss is that company which is an fastest growing retail chain store. Firm has bought many changes in there services and product in last few years to attract and satisfy customer needs and wants in great way. Th growth was increased by around 3% in a year and in 2017 the company had an net income of around 231 million Euros. Although also had an revenue of almost 2732 million Euros which is very high in generating income and revenue. Even though it can be said that firm is covering the large market with there own product and services in great way (Liu, Kasturiratne and Moizer, 2012). Basically, it is required to have an effective market strategy with organization that also help in having an build proper connection in with relation of customers with rapidly grow in worldwide.
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(Source: BOSS Growth rate, 2017) Market share:-BOSS is known to be the multinational retail chain store and located in various parts of country. Therefore, company is having an innovative products and services which make customer to buy there commodities and take there services, that do help in covering the large market share. Advanced technology does make them to perform better in respect what earlier they were performing and utilisation of technology is being done in effective manner although. Market size:-Firm is having an great market size and earn in millions by satisfying customers with there product and services in effective manner too. They do have an great market share according to the regions as well (Moutinho and Vargas-Sanchez, 2018). BOSS do have many competitors although for them they do make an proper strategies and decisions that help them to get stand in market and sell there product and services in large market and earn higher money and profits. Illustration2: Growth rate of BOSS, 2017
(Source:-Azuogu. U, 2017) Market segmentation:Segmentation of market is done on the basis of demographic scenario so that every customer which is of any kind of age group can buy the products and services in better way. Basically, firm is leading to develop and also formulate the brand, food and stores for with clothing compliance in mind for the different marketplace segment. Market attractiveness factors:-in an organization, it is required to determine the different factors which do help company to bring an attention of various customer towards there products and services in effective way (Mudie and Pirrie, 2012). Basically, there are some of the major factors of BOSS that should have an market leaders as market forces, Competitive intensity and having an market access. Basically, it is such that also involve the growth and market size, buying power, number of rivals as well with substitute, channel access and customer familiarities for entity. Illustration3: Revenue By Region, 2017
Market sales analysis:BOSS is among the famous chain store who sales clothing product on the basis of demographic region. Firm leads to analyse the market as market environment do keep on changing and need to gather information related to such only. Sales of entity do increase when customer is getting satisfied and they also goes to work according to the needs and wants of customer and same scenario will lead to increase in sales and earn profit in proper way. Physical Distribution channels:Boss is that firm which do have an distribution channel which is having an effective working and they do have an both store and non store facilities as because they have an accurate media channels like advertisement, social media and promotion with public relation, sales promotion with shopping (Zimmerman and Blythe, 2013). This concept is such which that also include some of the major functions and activities like having an rendering the finished products at every stage with manufacturing step and end customer in right context too. Some of the other channels of distribution is like order processing, packaging, transportation, inventory control and logistics with material one. Market attractiveness factors: McKinsey Model-It is being considered as that which do analyse the company design in having looking forward with the 7 key internal components which do include strategy, structure, system and shared values as well which do assist in having recognition in proper align with entity that leads to achieve an goals and objectives in great way. Some of those are as follows: ◦Strategy--: Various plan is there which is prepared by the BOSS for accomplishing the sustained benefits and it leads to have an activity that should be completed in large market place in perfect way. ◦Structure--: It is such that do represent some business department and having an unit that leads to conduct different thing that also involves major information which is liable for them. Although, terms and structure is having an analysis as firms chart of the company in great way. ◦System--: System is having an proper procedures of firm that do identify the business operations in there regular activities and also determine how they will be making an accurate decision in perfect way.
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◦Skills--: Ability and capability is that which company works and also lead to perform in better way and manner too. It is such which do include employees competence and capacity while having an work. ◦Style--: In this, Style is such which do present firm that can be managed by the top managers and also lead to analyse some reaction on each action too. ◦Shared values--: It is considered as the core of McKinsey of 7's Model. Even though there are some major rules and standard that also provide some of the guidance to employees behaviour and organization actions. 3.) Competitor analysis of three industry players. In organization, it is required to have an analyses of the competition in proper and impactful strategy that should build some of the appropriate positioning market in right context too. Basically, BOSS is an large level retail market chain store for having an strong competition from some of several industries like ALDI and TESCO (Dekker and et. al., 2013). Even though they both retail chain are working at large context. For competitor analysis model of the porter's fiveforcesmodelwhichisusedtoascertainsomeofcompetitivenessofmarketwith organization as:- Porter'sFiveforces model BOSSALDITESCO Threat of New Entry.BOSS do face various kind of competition in marketwhennew entries of organisation isthere.Manynew firms and rivalries do decreasevaluationof firm and its growth as well.Basicallyfor this,BOSShasused domeofstrong strategy that also lead It is do considered as themediumbecause enteringintoretail sector field requires to have an huge amount of capital on firm and caneasilyenterinto theindustry.Some threat is new entrants can attract people but established firms have anstrongbrand This is that which do faceanstrong competitionfrom variousfirmsserving in similar sector. Even though they do provide an effective services to there customers on low cost.Normally,these kind of things are there whichattractan customerinease
providesomeof qualityservicesto there customerin an reasonableprices. Even it is quite hard for haFrom the above prepared report it has beenconcludedthat marketing managementis important process that involve managing the marketing function in effectivemannerso thatultimateaims could be accomplished in set time period. The reporthighlightsthe case of BOSS which dealsinclothing segmenthence,itis verymuchimportant to carry out marketing managementfunction efficiently.Company havetoconstructits positioning and unique selling criteria in order tomaintaintheir imageincustomers mind.Constructing connectionand effective strategy too. mannertowardthe newservicesin effective way.
healthyrelationship with customer is also important in order to retain them for longer periodoftime. Marketingmanager playsavitalrolein thisregardasthey have to carry out all the functions results in achieving final targets of the company.ving an position for the new entries and it is said thatBOSSishaving an less threat with new entrants(Desbordes, 2012). Threat of substituteSubstitute product and servicesaresuch whichdoreducethe customerrequirement fromhavingan specificaspect.In clothretailstore industry,lotsof retailers are there who deal in with some of foreignimportsby providinglowcost servicestoconsumer Organisations are there whoservevarious kindofgoods.As there are huge threat, in this sector number ofrivalriesarethere whichislowas becausecustomers wantstogetquality productandservices as well. Foodindustry, customer always wants tohaveanquality services at any cost in manner.Itissuch which do harmful and havingansimilar servicestocustomer thatalsoconsider variouslowquality. Even though, it is such whichdoleadto provideservicesits
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in effective way. It is suchwhichcanbe involvedasbiggest threatfortheBOSS becauselowcost services easily attracts customersingreat manner. user, so that threat of substitute is low. Power of customersCustomers are those in retailindustrywhich doplayaneffective role because there are some of the buyers has finishedwith fashionableclothsat anykindofcost. These all such have an greatimpactonthe BOSS as because they do provide an quality productsatstandard cost.Soitissuch whichdoneedto affordcostinease manner. In this, it is considered as high as because in this if one company is offering an high prices to customer and other companylowprices for the same product thenit'snatural customerwillswitch himselftoanother company's commodity (Meffert,2013). Customerneeds satisfaction for amount they are paying, even customersarenot loyaltocompanies too. TESCOisthe companywhichdo provideaneffective servicestothere severalcountryin bettermanner.Then they need to have an strong chainof loyal customers who is too believinginproduct andservices. Sometime, firm is such which uses in to have cost effective services to attract customers in ease way. Power of suppliersSuppliersarethose whodocreatean manufacturingcost and for there products It is somewhere low as because,thereare severalsuppliersof raw materials which is Entityishavingan experiencedsuppliers andalsoleadto provideeffectiveand
in ease way. BOSS is havingandirect purchasingwith sellingprocess.As they do have an low suppliersastheydo provideservicesin variouscountries. There are some of the thingsinwhich products and provided to customer according to the requirement and need. somewhere needed for day to day activity of business. having an manageable servicestocustomer. They need to have an individual who should bemanagecostof variousservicesand products too. Industry rivalryThiscompanyis havinganstrong competitionfrom havingansubstitute productandwith organisation.Firmis thatwhichhasan strong competition that isduetomarketat similar location. They all are such who uses fashionableclothings are that which do have an similar cost to there users in various ways. Process is such which is having an threat for ALDIishavingan highcompetition which do have rivalry becausethisisthat sectorthathaslarge numberofcustomer andcompany. Basically,mostof enterprises are selling therevarietyof products but there cost is having an different cost that create an high and great competition too. Firmisfacingan strong competition by the rivalry of food and groceryretailers (Sarenandet.al., 2012).Thisissuch whichfaceandirect competition by ASDA and Waitrose etc.
firm in different ways. 4.) Marketing Mix and need to achieve gaps and having in between strategy and external environment. Marketing mix of BOSS is that which involve the 7P's as Price, Place, promotion, Product, People, Process with physical evidence. Even they are described as: Product:-BOSS is considered as the famous retailing company which is serving millions of people with there clothing products in various part of Globe. There portfolio is too divided into various groups as men, women and kids. Price:-BOSS does follow the rules which is gaining popularity while changing in environment related to needs and wants of customers, producing product according to customer requirement will make firm to increase there sell in great way (Gellynck and et. al., 2012). They set those prices of there product which is reasonable for every level of class whether high, middle and lower. Place:-Organization is multinational brand which is having an a lot number of stores around the globe. Even though the company is having its own sites from which customer are directly buying the innovative and creative goods and services from there home. They do also provide and alternative globally distributing for having an effective goods and services. Promotion:Marketing Mix is such which will adopt and use the different promotion tools which do help in having awareness of company at large market place. Basically, BOSS do use better advertisement method to reach the large market share and can communicate wit them in proper way too (Preston, 2012). Process:Company is having and better process techniques while having an effective working with impactful procedure. They do have an full concentration on target to analyse customer's demand new marketing trends etc. main objective is to have an proper satisfaction to customers with services. People:BOSS make many strategies and policies which do help them to get connected with the customer in great way. They generally adopt digitalisation for performing business activities in with international users.
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Physical evidence:It is such which has an strategy towards the eye's towards services. In this process that do recreate there stores and also provide an attractive facilities to customers (Barile and et. al., 2012). It includes variety of services like clothing an accessories for any age group people. CONCLUSION From the above prepared report it has been concluded that marketing management is important process that involve managing the marketing function in effective manner so that ultimate aims could be accomplished in set time period. The report highlights the case of BOSS which deals in clothing segment hence, it is very much important to carry out marketing management function efficiently. Company have to construct its positioning and unique selling criteria in order to maintain their image in customers mind. Constructing healthy relationship with customer is also important in order to retain them for longer period of time. Marketing manager plays a vital role in this regard as they have to carry out all the functions results in achieving final targets of the company.
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manager plays a vital role in this regard as they have to carry out all the functions results in achieving final targets of the company.ugo-boss-q2-2017-results/27810>. RevenuebyRegion,2017.[online].Availablethrough: <https://www.slideshare.net/AzuoguUgochukwuAAT/hugo-boss-brand-powerpoint>