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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).
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.
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.
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 the market significance due to these internal factors. In Mytheresa marketing interrelate with the following functions in the organization:
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).
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.
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).
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.
When developing the marketing strategy of the organization, the marketing teams have to consider the following significant aspect (Ismail & et al, 2017).
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.
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 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 location of production also forms part of a promotion in this case (Micu, Micu, Geru & and Lixandroiu, 2017).
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 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 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 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).
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:
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).
Marketing increases and maintains a high number of customers and hence the need for more production thus employing more human resource hence improving their standards of living. This also led to the generation of higher government revenues which are finally used in the development and improvement of the physical infrastructure. The suppliers also have a widened market hence expansion of their businesses too hence also improving the living standards of the human resource installed and generation of government revenue (Charter, 2017)
Monopoly is not possible in the cloth industry. Mytheresa, therefore, faces competition from similar products providing firms. Mytheresa uses marketing strategy to increase the number of community members aware of the product hence persuading them to buy. The marketing strategy is also used to convince the customers of the antagonistic firms to buy from Mytheresa hence combating competition (Bowie, Buttle, Brookes, & Mariussen, 2016).
Without communication, rarely will the customers know of the existence of the organization and the product it provides. Information exchange between the potential customers builds confidence in them for the product. It also ensures the customers have room for consultation and airing their recommendation on the changes that could be more effective on the product.
Marketing mix the organization has to acquire must employ the use of the strong pillars well known as the mixing strategies. The organization that deviates from these pillars in their marketing plan may incur heavy losses if its plan deviates from these pillars through incurring a higher cost of marketing than the value gained in terms of profit from the sales. The most effective marketing strategy is the one that makes use of the 7Ps of the marketing strategy. The 7Ps is an abbreviation of price, promotion, placement, people, physical evidence and process. All these elements are applicable in Mytheresa in the following description.
Skilled marketing personnel understand that providing the clothes at the cheapest price; there is no assurance the organization will manage the highest number of sale in the market in comparison of the competitors. The price setting must be strategically set to ensure it hits the market and colonizes the market. The following includes the most used price strategies (Palmatier, Stern, & Ansary, 2016).
This is a strategy in price marketing that can be applied through the introduction of the product of concern in the market. The strategy entails launching and introducing the product in the market at a particularly low price. A product introduced in the market at low price attracts the customer as they strive to enjoy the low cost of quality goods. The customers develop a habit for the product and on increasing the cost of the product gradually may be possible without the customer’s consciousness and can maintain their loyalty in the organization.
Products rated high in the market create a perception that they are expensive to the customers. The only people buying the product at this particular are of the high social class. When the price is lowered, the majority of the population member affords and goes for it. The marketing strategy when used by Mytheresa will create the perception that the clothes are of high quality and when the price is lowered the low social class people strive to buy it seeking for the feeling the high social class enjoyed. Eventually the traffic of the customers flowing results to a high volume of sales (Lockrey, 2015).
Introducing a new product in the market can turn out to be challenging. Making the people aware of the product and gain confidence in it require a strong strategy. providing the best quality and providing the product at the lowest price suggest but doesn’t assure the management the organization will combat competition or make a high volume of sales. The popularity of the product in the market is wanting and essential. Promotion is effected through:
Advertising in Mytheresa will be implemented through the use of online articles and blogs, podcast, billboard, magazines, newspaper, audio in the radio and video play on the television. These media are very popular, and a high number of people deduce and obtain information from these sources on a daily basis. Using this strategy to introduce or launch a product in the market will make the product popular hence attracting a high number of customers (Varadarajan, 2015).
Physical interaction of the salesperson and the customers has power in winning the customers will in buying the product. Open air strategy includes the use of roadshows where the product is introduced in the market by people of influence to the community and giving of gifts dominates the event. The celebrities especially the ones in the entertainment industries wear the clothes of the organization to influence their fans to buy and look similar.
Product availability at the place has a lot of sense on the number of customers buying the product. A customer has more confidence in what he sees than what they hear. Placement strategy is achieved in Mytheresa through:
Intensive distribution in marketing avails the products provided in the market. Distribution increases the number of customers aware of the product (Kumar, 2015). Selling only at the point of production limits the number of customers aware of the product. Reaching remote people from production point increases the volume of sales hence profit.
The showroom is an arena accommodating and facilitating the exchange between the customers and the organization. Availing the product in these venues is a scenario that creates awareness of the product to large population hence the profits (Kumar, Rahman, & Kazmi, 2016).
Market controlled by the quality of the product possesses a lot of significance to consumers. First, the price of the product is likely to go down due to competition in the market. However, the organization has to increase further the quality of the product to combat competition. The following means can be used in maximizing the product marketing strategy.
Many products in the market end up failing to make sales in the market. Failure to define the audience or the targeted market is a failure to market the product. Clothes are sensitive to gender size; the organization has to ensure that the clothes are labeled the on matter gender and size. Defining these features is efficient in marketing as only the suitable will spend time on evaluating the product while the less fitted will move on to the next product (Choi, 2016).
Printing the label and the slogan of the organization on the clothes helps the organization in getting the word out on the existence of the firm confirming to the potential on availability of the similar product in the organization. Branding is likely to be the most permanent marketing strategy. When people learn of the logo, theme, and the slogan, the information stick in their minds and any information related to the product is recognized whether the sizes are bigger or less than the sizes familiar (Boscagli, 2019).
Were it not by people, through people for people trading could not exist. The management has to ensure the salesperson has the skills and competency in marketing. The marketing team must be able to demonstrate and explain the effectiveness, use and the quality of the product to customers. No one in and out of the organization should have more information on the product than the salesperson. Ensuring this validates the fact any information the customer may be seeking for about the product (Kolb, 2016).
The sales person should have proper communication skills to ensure that the customer is satisfied with the information he collects on the product from these individuals. The sales personnel’s should be of low temper and should ensure the motivation of the customer is incorporated in the communication.
How the customer is served is a picture that may never be deleted in the mind of the customer. Customer’s service has to be delivered in a polite and decent manner, and the customer should be treated as always right and as the boss. This factor ensures the organization is able to collect the information on the recommendation that can be implemented on the product to make it more efficient in serving the customers (Baltes, 2015).
After sales services like wrapping and giving discounts on a large volume of purchases made are essential, these encourage the customer to come and make other sales in the future.
Evidence serves better and efficient in buying the confidence of the customer than the theoretic description of the product. The management of the marketing department has to ensure the evidence of the effectiveness of the product is available. The efficacy of the product is evaluated through physical evidence by potential customers.
The strategy behind the physical evidence is done through using the celebrated members of the community. Celebrated members of the community have a significant influence on the buying habit of the community members. The community has the tendency of copping the celebrated people in the community, hence dressing these people serve as evidence supporting the endorsement of the product.
Fashion industry is huge and the information about the market is vast and available to all the participants of the market. The buyer has sufficient information on the product, price and quality. The competition is therefore stiff and Mytheresa is a no exception in the industry.
The objective of the organization is to combat competition in the market. Combating competition will facilitate the organization to increase the number of sales hence profit leading to increase in size of the organization.
The strategy Mytheresa is planning to use is premium pricing, advertisement and public relation. The strategies set will increase the awareness of the product and the organization in the public domain hence sales and profit.
Mytheresa marketing team and management will engage in the use of newspaper advertisement, radio, television and billboard as a means of getting the information out.
The sales persons will be installed in various locations of potential customers to persuade the customers. The marketing team will also involve in strategic product placement and utilization of showroom marketing plan.
The marketing team and management is planning to control the market through introducing the products in the market at preferably low price catching the attention of many customers. The customers will develop habit for the use of the product hence becoming loyal. The loyal customers will remain royal to the organization upon adding the price of the product gradually hence earning more profit.
Getting the word out is the most important thing preceded by the production of the product. Managing to provide a product while incurring the least production cost is used to combat competition by ensuring the financial condition and balances are able to support the running of the organization. This is significant in the betterment of the organization well-being and expansion of the organization. The power of this aspect does not surpass the advertisement strategy or the pricing strategy to promote the product. Marketing is a toll of growth hence recommendable to any business setting.
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