Marketing Essentials Report: Marketing Strategies for Mytheresa

This report provides a comprehensive analysis of marketing essentials, specifically focusing on the fashion company Mytheresa. It begins with an executive summary and introduction outlining Mytheresa's business model, which includes online and physical stores. The report then delves into the role of marketing, its interrelationship with other organizational functions such as management, production, finance, and IT. Key marketing areas like segmentation, targeting, promotion, and evaluation are discussed, along with a detailed marketing plan. The report analyzes the 7Ps of the marketing mix (Price, Promotion, Placement, Product, People, Process, and Physical evidence) and then explores a SOSTAC marketing plan (Situation, Objectives, Strategy, Tactics, Action, Control). The conclusion summarizes the main points, emphasizing the importance of marketing in driving business growth, customer relationship management, and economic contribution. The report uses various marketing concepts and applies them to the context of Mytheresa, providing a practical understanding of marketing principles.

MARKETING ESSENTIALS 1
Marketing essentials
Institution
Student name

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Marketing essentials
Executive summary
In business, producing the best product in terms of quality and selling it at the least price is not
an assurance of attracting the highest volume of sales in the market. Getting the word out is the
most important mechanism to establish and maintain high sales of the product in the market. This
document is a report on the most effective marketing strategy, the role of marketing and how
marketing interrelates with other functions of the organization.

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Marketing essentials
Table of Contents
Executive summary.....................................................................................................................................2
Introduction.................................................................................................................................................5
Marketing....................................................................................................................................................6
Lo1 Role of marketing..................................................................................................................................6
The interrelationship between marketing and other functions of Mytheresa............................................6
Management and production..................................................................................................................7
Finance....................................................................................................................................................8
Information and technology department................................................................................................8
Key areas in marketing................................................................................................................................8
Segmentation..........................................................................................................................................9
Targeting and positioning........................................................................................................................9
Promotion................................................................................................................................................9
Monitoring and evaluation....................................................................................................................10
Marketing plan......................................................................................................................................10
Role of marketing in Mytheresa................................................................................................................12
Facilitation of organization growth........................................................................................................12
Contribution to economic growth.........................................................................................................13
Combating competition.........................................................................................................................13
Customer relationship establishment and maintenance.......................................................................13
L02 Elements of the marketing mix (7Ps)..................................................................................................13
Price...........................................................................................................................................................14
Market penetration...........................................................................................................................14
Premium pricing................................................................................................................................14
Promotion..............................................................................................................................................15
Advertisement...................................................................................................................................15
Open air strategy...............................................................................................................................15
Placement..............................................................................................................................................16
Intensive distribution.........................................................................................................................16
Showrooms........................................................................................................................................16
Product..................................................................................................................................................16

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Defining the audience in the product................................................................................................17
Branding............................................................................................................................................17
People....................................................................................................................................................17
Process..................................................................................................................................................18
Physical evidence...................................................................................................................................18
L03 SOSTAC marketing plan.......................................................................................................................19
Situation................................................................................................................................................19
Objectives..............................................................................................................................................19
Strategy.................................................................................................................................................19
Tactics....................................................................................................................................................19
Action....................................................................................................................................................19
Control...................................................................................................................................................20
Conclusion.................................................................................................................................................20
References.................................................................................................................................................20
Introduction

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Marketing essentials
Mytheresa is a cloth, fashion, and design company with more than 200 designers selling both
through online and physical stores in Saint Laurent and Valentino. The organization produces
and sells clothes and fashion materials for children, men, and women. Of the most popular
products produced and sold by My Theresa include sportswear, official wear, gowns, and beauty
products involved in ceremony weddings and graduation (Palmatier, & Crecelius, 2019).
Mytheresa makes a high volume of sales to the community around through the physical stores in
the respective area and makes sales overseas facilitated by the online selling platform. Quality is
the main focus of the organization; the quality competency in the market gives the organization
market competition advantage. The quality factor maintains the relevance of the organization in
both the local and international market (Atwal, &Williams, 2017).
The organization management is also robust and has substantial financing. Stability in finance
enables the organization to explore the market and develop new products based on the research
conducted on the market and fashion change and trend. The employees and staff motivation and
goal is developing new product and dominating the market as fashion pioneers.
The fashions developed have special care to the ages of the people and their preference. Research
on fashion and trend has it that regardless of the same size of bodies, the young generation has a
different preference in fashion. Also, the community and the world have embraced the use of
internet thus marketing and making purchases through the online platform has facilitated the
organization to make higher sales and conduct research on the trend in the market (Hollensen,
Kotler, & Opresnik, 2017).

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Marketing
Marketing refers to the various mechanisms employed by organizations to get the word out on
the existence of the organization and the product it offers in the market and how the potential
customers can reach the organization and make purchases or supplies both physically or
remotely through online platform. The strategies involved include a promotion, price, placement,
and product.
Lo1 Role of marketing
The marketing team in Mytheresa is aware of the impact of marketing in the organization. The
fact that providing the best product at the best price does not assure most sales in the market is
the driver for a need of advertisement. Advertisement in the organization is used as the tool to
create awareness of the product to the potential market. People go for what they are aware of in
the existence hence more sales.
Marketing is also used to persuade and convince the potential customers on why they should buy
the product based on its effectiveness in use, favorable price and quality as well as durability.
The interrelationship between marketing and other functions of
Mytheresa
Effectiveness in the operations of the organization’s operation is based on the interaction and
interrelationship of the departments of the organization and marketing is not an exception. An
organization where departments don’t cooperate and consult other departments is likely to lose

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the market significance due to these internal factors. In Mytheresa marketing interrelate with the
following functions in the organization:
Management and production
Marketing team interacts with the customers through communication to create the awareness of
the product provided by the organization. The marketing team must always have a consultation
on the management and the production team on the purpose, effectiveness, composition, and
quality of the product at hand (Davcik, & Sharma, 2016).
The marketing and the management also interact during the sharing of the findings on the
customers’ requirements and recommendations on the product the organization provides. This
interaction enables the management to provide the product that the customers want in the form
they desire. The efficiency of the organization is based on the management offering the product
in the form the customers want but not how the organization thinks of the product is effective.
Marketing department researches the market trend and predicts the volume of sales that is likely
to be made in the future. This information is crucial to the management and the production team
in controlling the supplies and the volume produced. If the sales are likely to drop the
management and production department lowers the volume of product produced to reduce risks
of loses related to perishability and storage cost. The management is also informed of increasing
the volume of the product produced to cater to the high volume of sales predicted (Amron,
&Mahmud, 2017).

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Finance
The finance department is responsible for the budgeting and allocation of funds to the activities
of the organization. The marketing department must interrelate and communicate the plans on
the marketing strategy to be employed in marketing in the next trading period. The finance
department gives feedback to the marketing department on the possibility of funding the strategy.
Information and technology department
Marketing and information department in Mytheresa have a close interrelationship. The fact that
the organization has an online selling platform suggests that marketing and information
technology system are inseparable. The marketing department communicates the desired changes
that could be made on the product to fulfill the customers need effectively. The management
recommends this change to the production department and the marketing team is informed of the
changes in the market. The marketing team and the information technology team interrelate to
change the information of the product in the portal (Khan, Dongping, &Wahab, 2016).
Key areas in marketing
The worst assumption that has always been made in business is consideration of marketing as
merely making sales. Marketing involves a series of activities performed independently and
concurrently to meet the customers and convince them of the reason they should buy the product.
In other cases where the marketing strategy used is the use of a salesman, the product use is
demonstrated. Demonstration in Mytheresa is applied by salesmen wearing the latest fashion
available in the organization.

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When developing the marketing strategy of the organization, the marketing teams have to
consider the following significant aspect (Ismail & et al, 2017).
Segmentation
The marketing team has to identify the particular groups that are people who constitute the
potential customers, collect their views on the product and perfect on its strength as well as
making amendments on the recommendations raised.
Targeting and positioning
The marketing department has to locate and target the customers depending on the segmentation
and grouping they made. Culture and social classes are among factors affecting the buying habit
of the customer; the marketing department should ensure that the product they are trying to
sensitize the community about is suitable and accepted in their culture accounting on the fact that
different cultures have different clothing styles. Some clothes are right but are too expensive for
some people of a given social class to afford (Wieland, Hartmann & Vargo, 2017). Marketing
these clothes to these people is likely not to attract sales. On the other hand, people of high social
class has a preference for expensive goods and therefore trying to market the lower price tagged
clothes lack effectiveness in attracting sales.
Promotion
Promotion is one of the most effective ways to get the word out. Promotion is broad and
encompasses all the means involved in communicating with potential customers about the
product. Promotion includes media advertisement, open-air events, and discounts or price
strategy in the promotion of the product. Distributing the product and availing it far from the

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location of production also forms part of a promotion in this case (Micu, Micu, Geru & and
Lixandroiu, 2017).
Monitoring and evaluation
The process involves the evaluation of the effectiveness of the promotion strategy in use. The
evaluation is usually done in consideration of the sales made by the organization on account of
the promotion, the profits gained and the cost of the strategy.
Marketing plan
Marketing strategy effectiveness is greatly determined by the policies developed by marketing
management to the strategy does not miss the targeted individual. The effective strategy is the
one that manages to meet the new market at low cost and shortest time to colonize the market
and maintain the old customers. The management of Mytheresa is focused on colonizing the
fashion industry.
Mytheresa management is planning to enter the market in a very strategic way. First the clothes
the produced henceforth will be of outstanding quality, the quality of the product maintains
customer who learnt of the organization by any means (Chng, Shih, Rodgers & Song, 2015).
Whether the customer was passing by and accidentally called in or was referred by a friend or a
relative. The management will have conquered and assured to be ever growing.
Branding and labeling is a very strong marketing plan the management is planning to use. All
clothes and products of the organization will all be branded with a logo of the same theme. This
will sell the product. People like reading and especially articles they come across on daily

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occurrences especially on clothes. They tend to gain interest in searching on what about the
product and the marketing team henceforth takes advantage of persuading them.
The advertisement the marketing team has to take is assured has assurance of its success, the
management is up to putting billboards with printed information selling the product by
describing the quality of the product and explaining the possible available bonuses available and
location of the organization or any information the potential customer may reach the
organization say a web link email or the phone number (Kienzler, & Kowalkowski, 2017).
The fact the Mytheresa has an online selling platform the online blogs and blog has some high-
level priority of being included in the plan. The information technology team in the marketing
department will have the responsibility of ensuring it never goes a day without a post in the
social media and the website of the organization. Research has it that about 80% of the people of
the United Kingdom use social media access to the internet on daily routing. This is an
opportunity for marketing that will draw a lot of customers in the organization.
The showroom in the near future has to experience domination and presence of the clothes and
the products on sale especially the top quality ones and those on discount. Showrooms provide a
good arena for the interaction of potential customers and the organization. When the potential
customers see a product, it draws their attention and the need to know more about product
development; eventually, the customer may end up buying irrationally or in the future (Atwal &
Williams, 2017).
The marketing team is also aiming to employ and maximize the use of strategic positioning of
the clothes and cosmetic’s to ensure that the potential customer attention is captured on the

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entrance in the business store. The plan is to hijack the customer’s attention and utilize it as an
opportunity to convince and persuade him to buy the product. What the customer sees at first has
a lot of impacts and may attract or repel the customer. The front look and the samples at the first
reach of the customer’s site should be as appealing as possible to capture the client’s attention
(Rickard & et al, 2017).
Role of marketing in Mytheresa
Mytheresa appreciates the fact that production and other activities carried out on the organization
are only relevant if the organization make sales (Felix, Rauschnabel, & Hinsch, 2017). Producing
the best quality product in the market and selling it at the least price does not guarantee the
organization to make high sales. Failure to make a relevant number of sales has a negative
impact on the organization hence making a high number of sales accounting on proper marketing
strategy employed plays some of the following significant roles:
Facilitation of organization growth
Marketing facilitates Mytheresa to meet new potential customers; it also helps the organization
to increase the volume of the population making deals with the organization. Increasing the
number of customers dealing with the organization increases the number of sales made per trade
period. A high number of sales suggest that the organization will have to produce more and
hence will have to employ more human resource and machinery. It will also create a need for
more supplies from the raw materials from the suppliers thus increasing the volume of the
organization (Koo, Kim, & Kim, 2016).