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Marketing plan is one of the critical decision and activity to be performed, which will reflect the activities that the company will be consider reaching out to the customer in the potential market along with the strategic recommendation that will be responsible for the customer attraction, customer loyalty and customer retention. The Purpose of the report is to assess the fashion industry in Australia in order to propose an effective marketing plan for Valley girl (valleygirl, 2019).
Valleygirl is one of the popular fashion companies that are offering clothing and accessories focusing over the girls as the target market. Moreover the company is majorly offering products through offline and online mode in order to make the products easily available to the potential customers. The company has 85 stores across Australia and has been focusing over reaching the customer with advanced technological use. Vision of the company is to make the teen available with new trends and make most loved teens brand. (Adam & Kotler, 2014)
The major problem that has been identified is the increase in competition in Australian fashion market. Moreover, the company has been focusing over a particular customer segment, which may have limited the scope of number of customer to be related to the company and attract more customers. Some of the retailing company that have been found as major competitor for the company are Zara Australia, H & M as the market share of Valleygirl is somehow within category of higher market share. Thus the problem statement after analyzing the current environment states that the company is targeting single customer segment and increased competition has impacted the market share and profitability of the company (Balmer & Abratt, 2016).
Threat to new entrant is another major strategic threat for the company as the companies like Miniso can be the disruption cause for the fashion companies that are working in this industry. The reason being this company is Asia’s chain that has been working towards global presence and looking towards expanding 300 stores around nation (smh, 2019). Another problem identified is rapid change in fashion and design. One of the major challenges to sustain in the fashion or apparel industry is that the fashion and design are expected to increase and the customer is looking for new designs to purchase after every small time interval. This rapid change can reflect the huge investment of the crampon in finished goods, where the previous stock could be liability for the company which are not as per the current fashion trends.
The major opportunity that will be considered through the marketing plan is new marketing strategy that will be supporting the financial position of the company and reflect positive impact by increasing the number of potential customer of Valleygirl. Thus it can be said that the key opportunity for Valleygirl that the company could consider is to increase the global presence, retaining customer by increasing the customer loyalty, international expansion, or increasing the customer segment to be target (valleygirl, 2019).
The key marketing objective that this marketing plan would be directed for valleygirl include
The higher level marketing strategy includes integrate strategy based on four concept that is product market strategy, generic strategy, competitive strategy, and consolidated strategy. These strategies include
Product is one of the major constraints that are tangible good which will reflect the major impact on the customer satisfaction. The strategy that the company would be consider for the product related strategy will be new product development strategy as it is important for the company to maintain high product range and increase the product ranges in order retain the existing customer and increase number of customer (Balmer & Abratt, 2016).
Figure 1: (Source: (Aksoy, 2018)
As per the porter’s generic strategy, the model reflects the competitive advantage and competitive scope that must be consider by the company in order to sustain in the competition. This include differentiation strategy, as the company objective is to target broad market in order to increase customer segment to be targeted and the key constraint that may be acting as the competitive advantage include differentiation. This will include the generic model reflecting the competitive strategy of the company (Song, 2017).
The consolidation strategy that seems to be suitable after analyzing company’s environment, it can be said that in order to expand the work and target another customer segment, merger and acquisitions strategy is considered through this marketing plan. This may include merging with another company in order to target other customer segment like men’s apparel and accessories. The reason for being this strategy to be useful for Valleygirl is to increase the number of customer to target and increase the growth scope by increase in investment opportunities and increasing customer satisfaction (Sun et al., 2018).
Among the above discussed strategies the strategies that are selected for Valleygirl in order to work towards the marketing objectives are merger strategy, which would include to invest in new product range that is also include the diversification strategy of the company as generic strategy (Ryan, 2016).
The segmentation targeting and positioning is one of the strategic decision to be made as this may reflect the brand image of the company.
Considering the current targeting segment include female consumers and teenage or young girls for the marketing or product offering. However, the target segment to be targeted through this marketing plan includes the customer segmentation based on
This includes gender as one of the major basis. male and female both will be targeted as per the gender basis which was not considered currently as the company is only targeting female by now which is found as one of the major problems for the company as a tactical customer number decreases along with the opportunity to increase the number of customers.
This include the lifestyle of consumer, for which the target customer segment is college girls and boys, as this group will be more interested into fashion and changing clothes and accessories every day as they are socializing among friends and family in college And parties. Other than this office going population will also be targeted, the reason being they are looking for more formal apparel and accessories, which increases the customer loyalty as they would be using formal products every day and looking forward to words fashion pertaining to the same (Sharma & Gautam, 2017).
Considering the positioning that the company is willing to perceive among the consumers through this marketing plan include changing product range, quality product, latest fashion product and design. Through this it can be said that the company is willing card customer to perceive that the brand that is the valleygirl is working to words latest fashion and best designs for the customers which may provide a unique identity to the customer and reflect their own attitude and style. Considering the industry, fashion and designing is one of the major element that is looking forward by the customer that needs to be improved or enhanced by the brand through this marketing plan and offered to the customer so as to increase the customer retention (Schlegelmilch, 2016).
The marketing strategies would include the strategy pertaining to products, promotion, placing, and price of the products offered by valleygirl. Through this marketing plan, the marketing strategies will be prepared related to the
As discussed in previous section, one of the major product related strategy is new product development strategy. Considering the product strategy, and target market, through this marketing plan of valleygirl the new product to be developed by the company is a complete new range of men’s apparel and accessories.
Other than this the company Can work to words increase in accessory category by offering Footwear, watches, perfumes and make up products as new product development range. This would also be applied to product differentiation strategy considering the genetic and competitive strategy discussed above. Other than new product development company will also be working to words increase in designing and changing stock among each product category as Fashion industry is changing very quickly which needs to be adapted repeatedly by the company and offer latest design to the customer in order to retain them (Skudiene et al., 2015).
Price is one of the major element as the company is targeting college going girls in boys and office going people which reflect that they are purchasing variety of products, customer may prefer to purchase medium price range for each product due to increase in quantity of purchase. This reflects that Price differentiation strategy will be most suitable as the customers from high to low range can be approached by valleygirl and the price strategy can also be reflected through one of the promotional strategy that is sales discount or sales promotion as the young customers are looking for discounts and offers while making purchase decisions through various fashion stores.
Placing strategies include a flying and online mode, where the off-line mode includes increase in stores availability within the nation so as to increase brand recognition and is f File making purchase decision through various fashion store.
Placing strategy replacing strategies include off-line and online mode, where the off-line mode includes increase in stores availability within the nation so as to increase brand recognition and easy for customers to reach to the brand in order to purchase special purpose. The only mode include website development and offering online option for the customer through website and mobile application customers that I’ll be targeted to this marketing plan Must be looking forward convenient options to purchase through their smartphones (Thomson, 2016).
Some of the traditional promotional tools that the company must use through this marketing plan would be social media advertising as the target group is generally young girls and boys who are spent most of the time on social media every day. Other than this the major traditional element will be saved police is offering discounts and offers through off-line and online mode which can induce purchasing decision of the customer. Events and sponsorship is another to that must be used by the company in order to increase brand awareness and brand recognition which includes college events and sponsoring various activities within educational centers.
In order to implement the marketing strategies developed in above section. The major action to be taken by the company in order to implement the marketing plan developed, the valleygirl must include steps like brainstorming activities, increase in fashion designers, increase in production process and manpower. These activities would reflect to words the new product development and product design innovation. Next step would be to implement the brand positioning strategies through promotional and marketing campaigns implemented by including post, images and video marketing through social media websites. The next step and implementation plan building dude designing the store of value girl as per the increase product category so as to increase the experience of customer within the store. Along with the store designing, online website designing would also be changed and designed as per the new product categories. The last step in implementation plan will include evaluation and control so as to take corrective action in case of any deviations (Tiago, 2014).
The resources must be allocated as per the preference in the marketing strategies, maximum resources and located through these marketing strategies that include development of new product categories which may include you want investment. Other than this the restructuring of stores and online portal will be another aspect where the resources or investment will be done. That’s it can be said that the resources will be allocated as per the requirement and optimum utilization of each resource will be considered in order to minimize the cost and maximize the benefit out of the investment (Adam & Kotler, 2014).
Evaluation and control is one of the major step as this will ensure that the planned activities are implemented effectively and are providing outcomes which are expected through the plan or are able to accomplish the marketing objectives. This may include taking four major steps that is to assess Marketing plan objectives, monitoring the current performance of the valleygirl, analyzing the gap among the two above steps, and lastly taking controlling actions that will work to words the correction of the gaps or fill this gap with new strategies. This can be done through monitoring the sales figure, customer feedback and financial report of the company that will reflect statistically the outcome of the new marketing strategies (Schlegelmilch, 2016).
Some of the ethical values or ethical consideration for Valleygirl through this marketing plan will include considering the corporate social responsibility and environmental sustainability. The reason being the company needs to consider the activities or responsibilities towards society and environment. This may include use of clothing or raw material that may not hamper the environment as most of the clothing materials are non-biodegradable, which would be avoided by the company to use while designing and developing the ranges of apparel.
From the marketing plan it can be concluded that Valleygirl is one of the popular fashion companies that are offering clothing and accessories focusing over the girls as the target market. The major problem that has been identified is the increase in competition in Australian fashion market. Some of the retailing company that have been found as major competitor for the company are Zara Australia, H & M. the marketing strategies include new product to be developed by the company is a complete new range of men’s apparel and accessories.
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valleygirl, 2019. about-us. [Online] Available at: https://www.valleygirl.com.au/about-us.
valleygirl, 2019. clothing. [Online] Available at: https://www.valleygirl.com.au/clothing.
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