This report evaluates the marketing strategies of companies competing in the same market as Barkers in Montreal. It proposes a marketing plan to help Barkers succeed in the market.
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Running head: MARKETING MARKETING Name of the Student Name of the University Author Note
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1MARKETING Executive Summary The propose of this report will be to critically evaluate the marketing strategies of the companies who are competing in the same market and same industry, who are marketing and selling their products in the market place of Barkers, the fashion accessories organization based in New Zealand. A marketing plan will be proposed in this report which will help the organization to provide the best chances available to taste the success. A low cot related risk management plan will be designed so that it will help the organization to incur less amount of loss, if faced in the targeted market place of one of the selected North American or Canadian markets. A preliminary market need analysis will be performed in the selected market place, along with the market segmentation and value proposition of the potential customers in the targeted market.A customer profile will also be created, who can be the ideal customer of Barker. Positioning of the product along with the differentiation processes will also be discussed in this report. Branding positioning and branding strategy which needs to be followed by Barkers will also be discussed in this paper. The pricing and branding will be done based on the pricing that the organization follows in the market place of New Zealand. An integrated marketing communication plan will also be laid in this paper, where the promotional mix will cover advertising, public relations and publicity and online and social media marketing.
2MARKETING Table of Contents Introduction................................................................................................................................4 Part 1..........................................................................................................................................4 Selected Market......................................................................................................................4 Strategies by Other Companies..............................................................................................5 Part 2..........................................................................................................................................6 Customer or Market Need..................................................................................................6 Market Segmentation.............................................................................................................6 Geographic Segmentation..................................................................................................6 Demographic Segmentation...............................................................................................7 Behavioral Segmentation...................................................................................................7 Psychographic Segmentation.............................................................................................7 Value Proposition...................................................................................................................8 Customer Profile..................................................................................................................10 Product Positioning..............................................................................................................11 Differentiation......................................................................................................................12 Branding...................................................................................................................................13 Branding Positioning............................................................................................................13 Branding Strategy.................................................................................................................13 Pricing..................................................................................................................................14 Promotion.................................................................................................................................14
3MARKETING Integrated Marketing Communications................................................................................14 Advertising...........................................................................................................................15 Public Relations and Publicity.............................................................................................15 Online and Social Media Marketing....................................................................................15 References................................................................................................................................17
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4MARKETING Introduction The main propose of this report will be to critically evaluate the marketing strategies of the companies who are competing in the same market and same industry, who are marketing and selling their products in the market place of Barkers, the fashion accessories organization based in New Zealand. A marketing plan will be proposed in this report which will help the organization to provide the best chances available to taste the success. A low cot related risk management plan will be designed so that it will help the organization to incur less amount of loss, if faced in the targeted market place of one of the selected North American or Canadian markets. A preliminary market need analysis will be performed in the selected market place, along with the market segmentation and value proposition of the potential customers in the targeted market. A customer profile will also be created, who can be the ideal customer of Barker. Positioning of the product along with the differentiation processes will also be discussed in this report. Branding positioning and branding strategy which needs to be followed by Barkers will also be discussed in this paper. The pricing and branding will be done based on the pricing that the organization follows in the market place of New Zealand. An integrated marketing communication plan will also be laid in this paper, where the promotional mix will cover advertising, public relations and publicity and online and social media marketing. Part 1 Selected Market The selected market place where Barkers is going to expand their business is Montreal, which s one of the three cities which possess more than one million people.
5MARKETING Strategies by Other Companies There are many fashion and lifestyle organizations which have entered the market place of Canada. Sorel, for example is specialized in footwear has a good market presence in Montreal. Apart from this, brands like Gucci and Calvin Klein, who are specialized in apparel, footwear, fragrance and accessories like handbags, possess the marketing strategies which are specific to the customers who are using their brands for a long time in the market place of Canada, especially in Montreal. They have segmented their markets according to the needs and requirements of the people who say there, and which will match their lifestyle, preferences,behaviors,genderandage,apartfromthemarketingtrendswhichthe organizations have faced when they have entered the markets of Canada. It has been seen in recent studies and the marketing strategies that has been followed by the above discussed companies that the organizations have to study the changes in the basic needs and wants of the people of Montreal, as it can be stated that the taste and preferences of the people changes, due to innovation or alterations in the trend of the market places. So, it can be suggested to the senior management of the organization of Barkers that they have to identify the requirements of the people towards the usage of fashion and apparels along with accessories and footwear. They have to perform surveys in the market places on a regular basis, so that any kind of changes in the tastes and preferences, so that it will help the organization to keep themselves updated about the happenings in the market place and will provide fresh and innovative ideas to identify the prospects and turn them into customers by innovative strategies. It will help Barkers to efficiently strategize their plans of entering the market of Montreal and properly allocate the budget in different sections like clothing, suits, shoes and accessories, which will reduce the chances of incurring loss.
6MARKETING Part 2 Customer or Market Need Customer need analysis will help barkers to identify he basic requirements of the people of Montreal possess towards their fashion and lifestyle. What are the basic features that the people uses while buying different fashion and lifestyle products, and the type and amount of value that they are getting from the brands used by them. The value preferences toward a particular product can be different for different people. The type of benefits that the customers are getting by using different lifestyle and fashion need to be identified, so that it will help the organization of Barkers to design their products and target the market of Montreal. The market or customer needs analysis will help the marketing team of Barkers to identify the specific requirements or the present needs of the people of Montreal towards various types lifestyle and fashion products, along with the anticipating the future needs of the people and preparing the organization to cope p with the sudden changes or alterations that may arise in the new market place. It will help to reveal the available opportunities along with the involved risks and possible challenges, and will provide time to overcome the barriers or challenges in order to realize such opportunities. Market Segmentation The market will be segmented according to the basic characteristics of the people towards the various lifestyle and fashion products, which are described as follows: Geographic Segmentation The market here will be segmented in the main areas of the city of Montreal, where people are obsessed about having new style of fashion and lifestyle, towards various types of clothing, suits, shoes and accessories. The place hic posses the most number of modern people will be targeted first.
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7MARKETING Demographic Segmentation In this market segment, mainly the teen and young adults will be targeted, as it has been found in researches conducted by the marketing department that most of the people belonging from these two segments are very much possessed having innovative and fresh style and design of fashion and accessories, and it will help the organization to earn more profit from these segments. Behavioral Segmentation Here, the upper class and upper-middle class of people will be targeted, who do not spend much time on making purchasing decisions towards the fashion and lifestyle products. They have been identified by the market research team of Barkers, and it has been seen that these categories of people want to possess more than one footwear or clothing outfits, in order to show then to the other people, families or friends. Psychographic Segmentation Here, mainly the young and middle-aged people will be targeted, who will possess more interest to visit the store of Barkers and try something new and trendy, and will sot their budget and lifestyle. The personal values and traits of these people towards various line and ranges of fashion and lifestyle items will be assessed and will be targeted by Barkers. The type of values that these people will get from the products of Barkers will be identified and proper planning will be done accordingly.
8MARKETING Value Proposition Barkers are considered to be the company that is into the lifestyle business and is well known for the quality of service and the products that are rendered by them in the market. They have created a better image and customer perception in the market which delivers the brand unique identity as compared to other competitors in the market. The current initiative that is taken by the respective organization is to expand the business in the Montreal city of Canada, which requires understanding the lifestyle that has been adopted by the people residing city of Canada.Some of the major value preposition system that has been adopted by the company to enhance effective marketing strategy in the Canadian market is mentioned as follows: The first and foremost initiative adopted by Barkers in the Canadian market should be by launching their store on a physical or online basis by demonstrating all the availablevariables. This helps them to understand the key requirementof the customers by analyzing the actual demand of a certain product in the market. Montreal is the place that is well known for winter, they must try to focus in such lifestyle products understanding the key requirement of the people, which creates a differentiated brand identity in the current market. They must try to identify a target clothing category analyzing a target market within the respective nation and design it with attractive category of products that makes them unique in the respective nation through their differentiated service offered. Understanding the pricing system and affordability of the customers can be the major part which helps the company to gain profit out of the available outputs. Barkers are considered to be the well-known brand that manufactures the category of products with high price value, while expanding the business to Canada it is important for them
9MARKETING to select a particular city where the affordability range of people are high and effective. By ensuring the system of better accessibility and convenience for the customers through the service rendered by them in the newly expanded market, This can help the brand in maintaining an effective status as compared to any other stores in the respective market.
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10MARKETING Customer Profile CUSTOMER IDENTIFICATION FORMPHOTO Name of the CustomerMartin Abraham Age of the Customer27 Location of the CustomerNew Zealand Languages SpokenFrench and English Area of InterestReading books, Travelling, Shopping Brands Mostly Preferred (In Clothing) Raymond, Van Heusen, Gucci Website Mostly Preferred ( Twitter, Facebook, Instagram) Facebook and Instagram Customer FeedbackNil
11MARKETING Product Positioning Figure 1: Positioning Map of Barkers Source: Created by the Author According to the value proposition of Barkers discussed above, the products of the organization will be positioned as high quality with a moderate high pricing, which will help the organization to maintain a minimum amount of profit earning as well as reducing the risk of incurring losses, while at the same time, but compromising with the quality of the products that are sold by the organization of Barkers in the region of New Zealand. The products mainly will be positioned by using the features or characteristics of the fashion apparels and accessories along with the benefits that the targeted market will get from purchasing the
12MARKETING products of Barkers. Features like durability, reliability or unique value will be used as the positioning strategy of the organization. Differentiation As compared to the function of creating a product different differentiated factor in the organization, they must try to create an effective service to the available customer base by providing and creating a strong business network which can avail facilities that are based on the easy availability of products as compared to their competitors. The target customers can be the upper and upper middle class people residing in the urban society. They offer fashionable clothing and designing as per the needs and wants of the people who consider Barkers as their own unique brand. The promotional strategies that are adopted by the brand different as compared to their competitors in the market. The advertising technique adopted by the brand is by investing a huge amount on the campaigns that creates a unique identity for the respective brand in the market. This also created a better brand awareness for the product in the market. The other major factor that provides a unique identification for the brand as compared to their competitors is that they design and manufacture the cloths as per the needs and wants of customers with preference to their styles. As compared to their competition in the market, the production capacity of the respective brand is 38 million meters and as compared to other competitors of the same product category they are recognized as the only brand to manufacture fabrics that are wool blended and worsted. This gives the brand a differentiated identification in the market apart from their competitors.
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13MARKETING Branding Branding Positioning As a part of taking initiatives regarding the system of physical and online marketing strategy, this function will help the brand to identify the key product category where they must give major focus on. A differentiated marketing strategy can help the respective brand to ensure a better and systematic method of positioning the product categories as compared to their competitors in the market. They must try to adopt effective pricing strategies in the market, where the products must be delivered to the customers at reasonable and affordable value measuring brand value in the market. The product must be segmented and manufactured understanding the demographic, psychographic and behavioral factors that are associated with both the market and the customers. Branding Strategy Proper branding strategies need to be implemented in the market place of Montreal, which will help the customers to aware about the range and line of products that will be introduced in the market place of Montreal. Strategies like name brand recognition can be used and implemented, which will be beneficial to the people of Montreal. As the name of Barkers is only familiar with the people of New Zealand, so it is required for the management of the organization to use brand hitting, as it will help the prospects or the interested people of Montreal will be able to identify the brand name of Barkers and differentiate then from the products of the rival companies that are selling same types of products in same market place. Attitude branding strategy can also be used by the management of Barkers, as it will be using
14MARKETING the customized experience towards the fashion and lifestyle products of them. Barkers will manufacture and sale those products which will be preferred by the people of Montreal. Customized experiences will help the organization to gain a competitive edge over its rival companies. Pricing The management has decided to follow the price ranges of the products that they use in the region of New Zealand. There will be no variations between the pricing strategies that are followed in the region of New Zealand and that will be followed in the city of Montreal. Penetration strategy can be followed by the organization of Barkers, where the initial prices will be set at a low margin in order to capture the market share in Montreal at a fast space. It has been found in researches that it is preferable to capture the market share in the fashion and lifestyle industry, because people might lose interest of visiting the stores or outlets of the newly launched organization, and fashion and lifestyle industry is very vulnerable to ever- changing of tastes and preferences of the people of a particular area. Economy pricing is another option available for the organization of Barkers, as it has been stated that the costs on the advertising and other market related costs will be low, though the main focus of the organization will be to capture the market share of the city of Montreal as much as possible. The pricing of the products will be marked accordingly so that most number of people can be attracted with the least amount of bucks spend on the targeted market place by Barkers. Promotion Integrated Marketing Communications A proper integrated marketing communications will help to boost the morale of the management of Barkers to receive good results from the market of Montrealrelating to the
15MARKETING marketing campaigns as well as reducing the market related costs and maintain the profit margin of the organization, which will provide to gain the competitive edge over others. It will help to attract the potential customers or the targeted market of Montreal and sale the different lines and ranges of products to the identified prospects. It will include the following mediums: Advertising As Barkers is totally new to the market place of Montreal, they have to advertise their range of products effectively and efficiently, so that it will help to attract the eyeballs of the identified prospects and turn them into the customers of Barkers. Innovative ways of advertising offers need to be provided in order to again the maximum amount of market share in Montreal. Inaugural offers and discounts can be provided to the people, the details of which will be provided in the leading newspapers and fashion and lifestyle related magazines to aware the people. Happy hours can be implemented on selective number of days in a week in order to increase the number of footfalls in the stores of Barkers to increase the sales of the products. Public Relations and Publicity Engagement of the people towards the brand of Barkers needs to be done, as it will help brand awareness in the market place of Montreal, along with publicity about the organization and its products. Online and Social Media Marketing It can be stated that most of the people now possess Smartphone due to the advancement of technology, and most of them possess more than one account in different social media accounts. So, it will be mandatory for Barkers to provide advertisements in the social media platforms of the people of Montreal, so that they will be able to know about the
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16MARKETING offers and discounts along with the details of the fresh arrivals on stores, which will ignite the interest level of the people, and will lead them to visit the outlets of the organization and purchase the products that will be able to satisfy the requirements of the people.
17MARKETING References Barkersonline.co.nz. (2019).Men's Shirts, Suits, Pants, Shoes & Accessories - Barkers Mens Clothing and Barbers. [online] Available at: https://www.barkersonline.co.nz/ [Accessed 27 Sep. 2019]. BILGILI, B., & OZKUL, E. (2015). Brand awareness, brand personality, brand loyalty and consumer satisfaction relations in brand positioning strategies (A Torku brand sample).Journal of Global Strategic Management| Volume,9(2). Brito, P. Q., Soares, C., Almeida, S., Monte, A., & Byvoet, M. (2015). Customer segmentation in a large database of an online customized fashion business.Robotics and Computer-Integrated Manufacturing,36, 93-100. Brydges, T. (2018). “Made in Canada”: Local production networks in the Canadian fashion industry.The Canadian Geographer/Le Géographe canadien,62(2), 238-249. Campaniaris, C., Murray, R., Hayes, S., & Jeffrey, M. (2015). The development of an apparel industry business model for Canada.Journal of Fashion Marketing and Management,19(3), 328-342. Da Silveira, C., Lages, C., & Simões, C. (2013). Reconceptualizing brand identity in a dynamic environment.Journal of Business Research,66(1), 28-36. Esmaeilpour, F. (2015). The role of functional and symbolic brand associations on brand loyalty: a study on luxury brands.Journal of Fashion Marketing and Management,19(4), 467-484.
18MARKETING Lenssen, G., Painter, M., Ionescu-Somers, A., Pickard, S., Bocken, N., Short, S., ... & Evans, S. (2013). A value mapping tool for sustainable business modelling.Corporate Governance. Liozu, S. M., & Hinterhuber, A. (2013). Pricing orientation, pricing capabilities, and firm performance.Management Decision,51(3), 594-614. Olbrich, R., Jansen, H. C., & Hundt, M. (2017). Effects of pricing strategies and product quality on private label and national brand performance.Journal of Retailing and Consumer Services,34, 294-301. Ozdamar Ertekin, Z., & Atik, D. (2015). Sustainable markets: Motivating factors, barriers, and remedies for mobilization of slow fashion.Journal of Macromarketing,35(1), 53- 69. Parmentier, M. A., Fischer, E., & Reuber, A. R. (2013). Positioning person brands in established organizational fields.Journal of the Academy of Marketing Science,41(3), 373-387. Payne, A., Frow, P., & Eggert, A. (2017). The customer value proposition: evolution, development, and application in marketing.Journal of the Academy of Marketing Science,45(4), 467-489. Sirianni, N. J., Bitner, M. J., Brown, S. W., & Mandel, N. (2013). Branded service encounters: Strategically aligning employee behavior with the brand positioning.Journal of Marketing,77(6), 108-123. Venter, P., Wright, A., & Dibb, S. (2015). Performing market segmentation: a performative perspective.Journal of Marketing Management,31(1-2), 62-83.
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