Report on Marketing Principles
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5644 Downloads I Published: 01 Jun ,2017
This present report is based on the case study of Ben Sherman. It is one a famous retail American based corporation that provides all kind of consumer related goods and services (Ben Sharman, 2014). The report basically showcases the concept and process of marketing with respect to the given case study along with this it also depicts about the aspect relating to the segmentation, targeting and positioning related benefits for an enterprise like Ben Sherman. In addition to this, it also explains the importance of the extended marketing mix such as people, process and physical evidence.
Ben Sherman uses various elements of marketing process in business. The explanation of those marketing process is as follows:
Market audit: Marketing audit is a systematic, critical, impartial review and appraisal of all marketing operations. Ben Sherman uses this process for knowing the methods, procedure and personnel employed by them for implementing the policies and objectives for achieving goals (Banhegyi, 2007).
Integrated marketing: Ben Sherman applies different marketing methods such as mass, one-to-one and direct marketing. This is uses to complement and reinforce the market impact on each method.
Environmental analysis: Environmental analysis is done by Ben Sherman to identify all external and internal elements that affect the performance of business. Company can know the factors where is lacking and by making changes in this the objectives can be achieved.
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SWOT analysis: This is used for identifying the strength, weakness, opportunity and threats of Ben Sherman. SWOT is straight forward model that assesses what company can and cannot do as well as potential opportunities and threats. After doing this analysis organization knows what may support the firm in accomplishing its objectives (Dalgic, 2006).
Marketing objective: Ben Sherman apply marketing objective for a particular product might include awareness among targeted consumers, providing information about its feature and reducing buyer resistance to buying the product (Kotler, 2008).
Ben Sherman Marketing orientated approach will help the company to meet consumer needs in form of desired quality which is accurate, complete and has usability in it. Using the approach, the firm will get a chance to make relationship with user. The industry mainly focuses on giving satisfaction with product which increase their repeat purchase and brand loyalty. If company understand the customer need then this allows marketers to build sensitively appeal in ads and generate business. This leads to long term profitability and make one time buyer into repeat purchaser (Evaluate The Benefits And Costs Of Marketing Orientation Essays and Term Papers, 2014).
This approach offers various benefits but it requires heavy expenses in market orientation. Planning for launch of innovative one is a kind of investment work. The product they are introducing consist much time and money which create challenges for employees. For maintaining brand loyalty of Ben Sherman should use quality raw material in its products. All departments’ production, finance need development according to demand as well as market research about product approval also needs organisation outlay and services they are providing needed investment (Young and et. al., 2008).
Marketing decision of Ben Sherman is influenced by macro environmental factors in as following way:
Political legal factor: Whenever Ben Sherman opens its store at a new place, it finds some difficulty as every country has its own rules and regulating factors which force firm to change their decisions. For example Ben Sherman has store in UK and Australia and there is so much difference between their incomes. In comparison to Australia, UK person’s income is low. So they have to make the low price products from them (Keegan, 2011).
Economic factors: For expanding business Ben Sherman has to open his stores in various places. The economic condition of all countries is different. Suppose they had store in Singapore and India. Both have different economic state and of Singapore more better then India. This can affect their pricing strategy.
Socio-culture factors: Cultural factor affect the marketing decision of Ben Sherman. For example if they want to open their shops in Pakistan then their women are not allowed to wear western outfits (Keegan, 2009).
Suppose Ben Sherman want to launch the new apparel at new market. Then it uses geographic and demographic segmentation. Geographic segmentation is collection and analysis of information according to physical location of customers. Demographic segmentation is differentiating product according to age, gender, income and size (What Is Demographic Segmentation in Marketing? - Definition, Advantages & Disadvantages, 2014). For launching product Ben Sherman can use demographic segmentation because it is easy to implement. For this segmentation formation of marketing plans by staff for targeting customers are simple. Company manufactures various yields according to different age, gender and income. In age factor they can made diverse apparel for kids, elder and older persons. Some people belong to high income group so prefer royal quality of apparel and medium earning group choose low price clothes (Mourdoukoutas and Siomkos, 2009).
Ben Sherman deals in various products such as accessories, shoes and apparel. It can target its market according to the segmentation it has made. This strategy is required in organization to differentiate consumers in two segments that is age and gender. According to age, clothes for kids, teenage and elder are dissimilar (Banasiewicz, 2005). For kids, company can provide funky clothes and in various patterns as well. For attracting the competitor’s buyers, it will be very helpful. Teenager’s choice is different, fashionable and generally they do not focus on quality. But elders are conscious on quality of manufactured goods and they want them to be simple. Ben Sherman manufactures all kinds of variety to target more user as compare to others. Firm make the different kind of accessories for male as well as for female too so that more customers are covered up. Male wants belts and wallets which is totally diverse from female choice. Both these target customers can never compromise on their preference. This makes Ben Sherman to manufacture goods in a different way (Caemmerer, 2009).
As every individual is different from the other, their buying behavior also differs. For this reason, Ben Sharman needs to study the behavior of target market based on their distinct age groups (6 Content Marketing Principles Every Business Needs To Follow, 2013). The culture from which individuals belong provides a great impact on the attitudes and beliefs of people. By knowing these values, company can manufacture its products in accordance to that. As if these issues are being ignored, there can be a huge loss to the organization. Behavior of individuals decides the success and failure of a product. Ben Sharman has to study the supply and demand in market so as to manufacture products accordingly and sell them to consumers. If promotional activities like advertising are made in accordance with the needs and desires of people, it will be able to earn high profits as well as help in retaining customers for a long duration. Pricing plays an important role in it as if prices will be too high, people would not be ready to purchase the product and organization will have to bear losses (Freytag and Munksgaard, 2011.).
As the selected product is clothes and apparels, Ben Sharman can use advertising in order to promote it. To position this manufactured good, a specific message is being used which would show its features and differentiation from other products in such a way that it can attract the target market easily (Hawkins, Bulmer and Eagle, 2011). Through this, the benefits of selected commodity can be compared with the others and company can make customers aware about it. The main advantage of this tool is that it has a very high speed as well as information can be send to a very large area in a very short time period. Ben Sharman can position its product in such a way that people who are style conscious can be captured easily. For this it can set different prices for different age groups and advertisement should also differ accordingly. Comparison with competitor’s products can be used in it so as to create differentiation. As company has used latest technology and innovation in its products as well as they are according to the current trend, so its additional features should also be shown. It will be very helpful in grabbing the attention of people in an easy way (Lee and Yoo, 2012).
Ben Sharman is having a lot of competitors of it in market from which it is having threat as these firms can take its market share which is a loss for it. This is the reason; this organization needs to develop its product in such a way that it can have a competitive advantage over others. For this purpose, company can use different pricing strategy (Rosenbloom and Dimitrova, 2011). Like if it provides its item for consumption at a lower price than that of competitors and in superior quality as well, people would prefer the product of Ben Sharman only. So it should manufacture them by using latest technology which can reduce its cost and company can provide them to customer at low fair. It would ultimately increase the sale of it and firm would earn high profits. By studying the latest trends in the market, if items are being manufactured, than its success can be ensured. When people will purchase it, revenues for enterprise can be generated. On the other hand, if Ben Sharman develops its products by using innovation like different texture of clothes that is more comfortable, it can be very beneficial to stay in market for a long duration (Ewing, 2009).
In order to make it convenient for people to buy product from anywhere, Ben Sharman should open various department stores as well as showrooms in areas which are nearby to the target market. There should not be very much distance in between two stores as if people find problem in reaching there, they would prefer to buy their things from any other store. Distribution of product states the future sales of it as when it will be available at every required place, its sales would definitely be increased (Matsuno, Mentzer and Rentz, 2005). Ultimately it helps in increasing profits and so as the brand name. Ben Sharman can take the use of online delivery of products. From this way, it can easily be ordered by number of customers and also it does not involve a high cost. In a short period of time, these products can be purchased from buyers. It proves to be very helpful in gaining a competitive advantage over other firms and so as building the brand image. By the use of online shopping, more number of people can be attracted by Ben Sharman and even customers of competitor firms can also be captured. Along with all these factors, it will increase the market share of company as well.
Profits and losses of Ben Sharman are determined by the prices set by it for its respective products. There are various pricing strategies which this firm can use for setting its prices in order to charge from customers (Cheong, Gregorio and Kim, 2010). Company should make that pricing strategy from which it can charge money from people in order to provide them the value for what they spend. Sometimes dynamic pricing can be used so as to adjust it as per the demand in market. In this situation, cost of the product is decided on the basis of competitor’s price also. For Ben Sharman, dynamic pricing will proves to be the most beneficial one.
The organization like Ben Sherman has a sole objective of achieving profits within an enterprise. However, this particular aim of an organization can be fulfilled by them by complying with the practice relating to the promotion (Knezevic and Szarucki, 2013). With the help of promotional type of practices corporation are able to present their in front the desired customers in an effective way. This will ultimately leads to corporation in terms of increased profits and sales. In this respect, there are various kinds of promotional practices can be used by Ben Sherman with an aim to promote its apparel brand product. Television mode of advertisement can be used by managers of Ben Sherman with an aim to target and attract kids and young customers towards the brand. On the other hand, by complying with the practice relating to the online mode of advertisement customers of high and middle income group can be attracted toward the product in an effective way. On the other hand, by placing hoardings at varied location information with respect to Ben Sherman apparel brand can be provided to the customers that are not known about the services offered by them (Narwal and Singh, 2013).
The list with respect to the extended marketing mix is being comprises of following such as people, process and physical evidence. With the help of these marketing mix sales of Ben Sherman apparel brand can be enhanced in an effective way. These are all enumerated as below:
People: It involves employees of an organization that plays very important role in an enterprise. It is with the efforts and help of workers working in an enterprise only managers of an organization such as Ben Sherman are able to present their product in front of the desired customers in an effective way.
Process: There are various process involved in it such as process of handling the complaints of customers along with scheduling the orders of buyers etc. These all thing must need to be done in an effective way (Thrassou, Vrontis and Kotabe,2011).
Physical evidence: The importance relating to the physical evidence can be occurred within an enterprise when manages of Ben Sherman tends to direct their efforts in terms of opening number of outlets at varied location of the country. This basically showcases the interior and exterior decoration of an organization.
Marketing mix is being identified for the two different segments of Ben Sherman apparel brand in consumer market. In this respect, product of Ben Sherman is being divided into segments such as age group and income level of customers. These are all enumerated as below:
Product: The changes in the features of the product must need to be done as per the age and income level of customers. Best quality product must need to be offered to that customer that tends to belongs at high income group related segment. In the similar way, as per the age group of customers various changes need to be done in the design of cloths. For example, famous cartoon printed cloth must need to be offered to those customers that belong to the age group in between 5-12 (Payne and Pressley, 2013).
Price: The pricing strategies of Ben Sherman apparel brand related product must be set as per the income group of customers. Here high prices must be charged from those customers that demands for quality product. On the other hand, low price must have to be charged from those customers that does not possess high income.
Place: In order to perform the distribution of product managers of Ben Sherman can rely with direct and indirect mode of transmission.
Promotion: By placing advertisement in television individual with all age group along with people with low income category can be attracted towards the product. On the other hand, by placing ads in famous business magazines like business today high income group can be informed about the goods and services.
There are wide difference is being seen when goods are to be marketed to an individual customers and to the business consumer etc. The difference between all these aspects can be explained as below:
Convince: When product are being offered to the customers at that time marketers have to thinks about convince related aspect. In order to fulfill this purpose of their customers corporation like Ben Sherman uses varied kinds of distributing networks such as opening up the outlet in the city along with using online shopping mode etc. However, while selling in business to business market organization need not have to rely on this condition (Gordon, 2013).
Relationship oriented: The aspect relating to the maintaining cordial relationship largely applied in the situation when firm offers their product in the business consumers. It is with the help of such type of relationship only sales of an organization can be increased in an effective way. However, such type of condition cannot be seen in the case of business to consumer market because of the presence of large amount of buyers.
There is a difference is being seen between domestic and international marketing. Domestic marketing is the type of marketing which tend to enable producer in a way to sell the goods and services within the boundary of nation. However, with the help of international marketing wider area of market can be covered by the manager of an organization. There is a limited use of technology is being seen in the domestic marketing (Russell-Bennett and Wood, 2013). But in international marketing sharing of latest technology can be done. International possesses numerous kinds of barriers such as cultural difference, language difference and currency etc. However, this type of limitation is not seen in case of international marketing.
From this report, it can be concluded that Ben Sharman is earning high profits for its organization and is successful in maintaining its goodwill too. It is using various measures so as to stay in market for a long period of time. Through its segmentation, targeting and positioning strategies, it can enhance its scope of business and also can increase its number of customers as well. All these initiatives taken by the firm are successful in earning high profits in market and sustaining it in a long run.
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