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MKT2700 Retail Marketing in Australia

   

Added on  2020-05-08

27 Pages5533 Words64 Views
Running Head: Retail MarketingRetail Marketing

Retail Marketing 1Executive summary In the report, there is a description about The Iconic retailer, the retailer deals in clothing and shoes of men and women's. The retailer is based in Australia which is one of the leading fashion retailers. The different aspects of the company are discussed starting from History ending with the recommendations. The target market of the retailer gets affected with the change in the atmosphere of the Australia. The report shows the retail marketing strategy applied by the Iconic,to register a good position in the market. The description in context to the website, its physical appearance, design, and layout is shared in the report.

Retail Marketing 2ContentsExecutive summary.........................................................................................................................1History of the company...................................................................................................................4Mission and vision.......................................................................................................................4Target Market..................................................................................................................................4Market positioning...........................................................................................................................5Competitors and competitive advantage..........................................................................................5Fashion e-commerce retail industry.................................................................................................6Factors affecting the retailer........................................................................................................7Changes in industry.....................................................................................................................7Retail marketing strategy.................................................................................................................8Retail format................................................................................................................................8Location and accessibility............................................................................................................8Retail mix.....................................................................................................................................8Pricing strategy............................................................................................................................9CRM or customer loyalty program............................................................................................10Communication Mix..................................................................................................................10Physical bricks and mortar store....................................................................................................11Store design...............................................................................................................................12Customer service.......................................................................................................................12

Retail Marketing 3Visual Merchandising................................................................................................................12Website..........................................................................................................................................14Design, layout and the Visual Merchandising...........................................................................14Benchmark against the two main competitor’s websites...........................................................17Mobile........................................................................................................................................18Recommendation and conclusion..................................................................................................18Retail strategy for retailer..........................................................................................................18Future of retailer........................................................................................................................18Growth opportunities.................................................................................................................19Design and styling.....................................................................................................................19Conclusion.....................................................................................................................................20References......................................................................................................................................21Appendix........................................................................................................................................25Appendix 1.1..............................................................................................................................25Appendix 1.2..............................................................................................................................25Appendix 1.3..............................................................................................................................25

Retail Marketing 4History of the company The Iconic was established in 2011 and was based in Sydney, Australia. The company is one of the largest fashion retailers that access to 700 local and international brands. The company launches more than 200 new products on daily basis to make the customer feel that they are getting the latest styles. The team of the company is working hard to deliver the product as soon as possible such as 3-hour delivery in Sydney, same day delivery to the countries like Adelaide, Brisbane, Melbourne and free overnight around the country (The Iconic, 2017). The Iconic makeuse of the technology to deliver the best shopping experiences in the country.Mission and vision The mission of the company is to inspire the icon within every customer. The vision of the company is to define the future of fashion retail in Australia and New Zealand. The company achieved the personalized cross-device shopping experience (The Iconic, 2017). Target Market Demographic: - The Iconic delivers the stylish collection to both men and women’s. The Products that the company offers to the men and women’s consist of the dresses to jeans, anklet booths to sneakers and watches to wallets. The company major target market in Australia and then New Zealand. There is different age group to whom the company target, the target age group starts from 18-25 and ends at 65+ (Thorson, & Moore, 2013). Psychographic- The target of the company is especially on the person who believes in wearing the stylish and latest dresses. Though, an online mode they keeping launching new stylish dresses which attract most of the female as females love to keep themselves up to date. The

Retail Marketing 5lifestyle of female says that they believe in keeping themselves stylish. The primary target of the company is Females and the secondary target is male (Hollensen, 2015). Market positioning The company established in the year 2011 and this is the Australia’s favorite online fashion retailer that offers the e-commerce stores in Australia. The company is now forming a new position in the market and becoming everyone favorite but before The Iconic, SurfStitch came into the existence in the year 2008, though the company went public in 2014. Despite it, the company, from years the company is maintaining its position in the lifestyle-inspired fashion stores (Slack, 2015). The Iconic is trying to establish the brand position in the market by providing best quality products, less delivery time and the stylish dresses. The iconic is the leader of the online retailer and gradually it is becoming the benchmark company for the online retailers.Competitors and competitive advantageThe strong competitor of the iconic company is SurfStitch. Iconic and SurfStitch are a strong brand that deals in the men and women’s fashion. The brands deal through e-commerce platforms. The Iconic is leading and becoming popular in the market which is a matter of threat for the competitor. The company is having the competitive advantage such as the identification of the product is easy, which is convenient for the customer who visits the iconic site. The company also provide the live chat option that helps the customers if they are not able to find anything on the website. The appearance and the design of the home page of the iconic are testedwhich not need to be fixed and works smoothly. On the hand, this convenient to the customer is

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