UNIQLO Marketing Plan Analysis
Added on 2020-02-24
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Running head: MARKETING PLAN1A MARKETING PLAN TO GROW UNIQLOStudent NameStudent IDDateWord count: 1730
MARKETING PLAN2I. Situation Analysis UNIQLO is a Japanese fashion giant and has been operating in Australia for over three years since it opened up its first store in 2014, which is located in Melbourne. It is one of the world`s leading dealers in textile fashion wear for women, men, kids and babies [ CITATION Dav122 \l 2057 ]. Its sales rose 47% to $174.5 million in 2016. It is projected that the net sales of the fashion store will reach $1 billion by 2020. The key goal of the company is to be the globe`s fashion dealer of choice and continually expand its market share in Australia and globally. A SWOT analysis given in Appendix 1 shows the likely weaknesses of UNIQLO`s fashion products within the highly competitive fashion industry with further adverse impacts by the macro-environmental factors. Following a vivid assessment of the market, I inference that social trends are the chief such factor impacting UNIQLO products [ CITATION Dou15 \l 2057 ]. There has been a rise in the spending among the Australians particularly in Melbourne and this is highly attributed to its touristic nature, an increase in status and non-status seeking teenagers, and a rise in informal and casual fashion preferences. These emerging social trends are the ones fashion giants are articulately tapping into, Uniqlo inclusive. Additionally, demographics are another factor. The primary target market for the company is generation X and Y and the baby boomer generation. It comprises of people of ages 18-25 and 25-40. These are particularly professionals. Also, babies and international students form a key niche of the market [ CITATION Hel12 \l 2057 ].II. Marketing goalOpen a store in Gold Coast (in November 2017); attain $310 million in revenue and increase our sales by 69% by December 2018.III. Marketing strategy Target customers Appendix 3 provides a vivid profile of the target market. Geographically, the segmentationof our products will be mainly focused in urban area markets, particularly those of Sydney,Gold Coast, and Melbourne. Sydney and Melbourne are tourist centers and hence thisprovides a perfect central market for our affordable and trendy fashion textile wear [ CITATIONJun12 \l 2057 ]. The CBDs of the three cities are also instrumental in providing alluringcentral locations to showcase and sell our products. Here, our consumers will include:tourists, city residents and commuters from other places. However, Melbourne and Sydneyrequire quite prudent product offering since the two cities experience periodic changes inseasons/climate compared to Gold Coast. Regarding the assessment of the demographics, the targeted consumers will range fromthose of low income, middle income and high income [ CITATION Ram15 \l 2057 ]. This isbecause our aim is to give our customers the value for their money by offering affordablefashions. 21% of Australia`s households earned an income of $2,500 or more weekly in 2016
MARKETING PLAN3[ CITATION Tsa14 \l 2057 ]. This partly informs our decision to target this particularsocioeconomic class. However, we still highly target the rest of the socioeconomic classes.For instance, one can get a basic item like a plain white men`s T-shirt for $7.90. As such, ourproducts are affordable across all the socioeconomic classes in the country.Value proposition UNIQLO products are highly creative, trendy, affordable, high quality and stylish. We differentiate ourselves from the rest of the competitors by providing a broad range of colors for our items [ CITATION Hub14 \l 2057 ]. A majority of the items are made of special fibers, particularly the HEATTECH which creates warmth regardless of the fact that it is light and thin. Furthermore, we are able to provide a huge selection of clothing products throughout the year despite the changing seasons, different styles that include casual, professional and fashionable, they come in highly distinctive colors and most importantly they are all of the high quality. The value proposition of UNIQLO is by providing high-quality stylish clothing at prices which are affordable to all. The prices of the attires are set in such a way that every person can afford them regardless of the socioeconomic class that they come from and hence they are assured of getting value for their money [ CITATION Sus15 \l 2057 ]. UNIQLO products need to be continually positioned within the affordable or pocket-friendly yet high-quality range. This is because universal affordability is a key factor in determining whether your products can move out of the shelf at a high rate or not. It is also a determinant of whether your items can be accessible to every of your target customers or not. It gives you a competitive edge in that your customers can buy as much as their purchasing power can allow them anytime. High-quality items also aid in popularising and cementing our reputational brand among our loyal and potential customers.IV. Marketing tactics Product UNIQLO products are presently distinctive in the market compared to the products of the competitors in the industry. Our items are made of high-tech fabric materials yet they are availed at affordable prices to the customers. Furthermore, currently, our products come in the latest styles or trends to meet the increasing and diverse styles and preferences of women,men, kids and those of babies (based on the styles and preferences of their parents since the babies certainly cannot choose for themselves). Studies indicate that consumers` purchase instincts are largely guided by affordability and variety in terms of colors and the number of product selection available to them [ CITATION Tim11 \l 2057 ]. As such, Uniqlo has extensively capitalized on this since its present products come in a wide variety and are affordable to both the loyal and potential customers. UNIQLO needs to further develop and polish itself as a stylish, classier, attractive and a fast fashion retailer providing creative and customer-centered products while continually redefining the association between affordability/price and quality. Customer preferences
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