Discuss About The Engages In Successful Strategy Marketing Techniques.
- Marketing is considered to be an essential aspect of the organization and it is very important for the firm to ensure that it engages in successful strategy and marketing techniques in order to achieve success in the long run (com 2018). The report will be concentrating on the analysis of the external and internal environmental analysis and develop strategies for the same (Turnbull and Valla 2013). The AIDA model of promotion will be used for the same. The company which has been chosen for this purpose is the Ted Baker Company. The report will be following a structured format.
- The Ted Baker plc company is British Luxury Company which offers various goods and services to the different consumers and is one of the most popular brands present in the world. The brand offers handbags, clothing’s, shoes and other accessories to the customers. The products are priced high.
- Ted Baker can be highly categorized as a customer oriented company which aims to fulfill the needs of the people with their unique brand identity and fashion sense.
Before any new strategy can be formulated, it is very important for the organization to ensure that they evaluate and analyze their external environment extensively so that they are able to understand the presence of various factors which may have an impact on the business of the firm.
- The first important analysis is to understand the Strengths as well as the Weaknesses. Through the understanding of the Strengths as well as the weaknesses, the opportunities and threats can be identified. Some of the Strengths of the brand are that the locations of the stores is a good aspect as it helps to attract the right kind of audience. It has a well-designed merchandise window which shows a wide variety of products. Additionally it sells high quality products (Banerjee 2017). Moreover, it has an iconic and simple Logo which is easy to remember. Moreover, there are several weaknesses as well. Not much staff present in the given store and the store does not have a comfortable layout. In addition to this, the online store is not very well designed (Mooradian, Matzler and Ring 2013).
- A confrontation matrix helps in mapping the Strengths and Weaknesses with the Opportunities and Threats. The opportunities of the firm are that the social media marketing is very good and brings attention to the stores. Moreover, Lanyards can be used to display the staff members. Lastly, the clothes which are matching together can be sold as sets at a discount.
- There are various threats of the brand which are Michael Korrs, Mint Velvet, Jigsaw (Payne and Frow 2014) and All saints. Moreover, cheaper options like Topshop and H & M are also available.
- Along with this, external analysis also plays a great role in helping the firm to decide the external factors impacting the firm. Ted Baker operates in several countries and thus for that reason it becomes extremely important for the given organization to ensure that it looks out for the different political factors present in the different organizational components and sees to it that the laws are followed easily. The different laws which the firm needs to abide by are laws related to favored related partners, Taxation, Mandatory Employee benefits, Risk of military invasion and other such factors. The different economic factors which the given organization has to abide by comprises of different factors like the exchange rates, stability of the host country, labor costs, Economic growth rate, inflation rate and the purchasing power of the different people who are present in the given economy in which the firm operates in. The demographics of the different people will be measured accordingly. The leisure interest of the people play a huge role, the fashion choices and interests of the people will also be measured in order to analyze what kind of target market needs to be targeted accordingly. The rate of technology in the countries, the kind of automation present and other such factors also have an influence. The legal aspects relate to the different laws which are related to the functioning of the firm in the countries. These laws can be laws relating to business, environmental and other aspects. The materials used in the products, the environmental emission laws and the other related laws need to abided by in case of Ted Baker.
- All these aspects, help in the evaluation of the fact that there are several opportunities which can be taken advantage of by the brand in order to ensure that the firm is successful in its endeavors. It can expand into the men`s wear and take advantage of the digital platforms to advertise its products.
- The fashion industry in which the firm operates is a multibillion global enterprise which is devoted to manufacturing and selling of the clothes. The industry has expanded considerably and there have been various organizations working in the domain. The competition in the industry is very large in nature and everyday new brands and companies are working in the industry to make their stand.
- Hence, after analyzing the different internal as well as the external environmental factors it could be stated that the strategy of Ted Baker needs to be such that it is able to successfully cater to the need of the target market and the communications strategy which is to be adopted is such that it can communicate well. Hence, the given has been recommended after the analysis.
- The selected target market for the given campaign and for the achievement of its objectives are given as follows:
- Men and Women aged under 30 years of age
- People who have acute interest in the fashion domain
- People with a salary of $10000 above annually.
- The objectives of the campaign will be provided as follows:
- To reach out to the different customers and ensure that maximum sales is achieved
- To expand its product line and make the different customers aware of the given scenario.
- To ensure that the brand popularity of the Ted Baker is increased.
- To increase the designated target market and to meet up with competition.
- Hence, the given campaign will be contributing to the overall strategy of Ted Baker as well. The overall strategy of Ted Baker comprises of ensuring that the company is popular enough in the market and is able to meet up with the different competitors and their strategies (Moutinho and Vargas-Sanchez 2018). The completion in the fashion industry has been increasingly considerably and thus for this reason it is extremely important for the firm to ensure that this given campaign is successful and that the organization is able to take a dominant position in the market.
- The strategy will be contributing in the following manner:
- It will help the brand to become increasingly popular
- It will help in increasing the target market segment (Banerjee 2017).
- It will contribute towards increasing the sales of the given organization.
- The message that needs to be given out is as follows:
- The company wants the customers to know that the brand offers different products to the customers at premium prices (West, Ford and Ibrahim 2015). The products are of premium quality and are made from environmental friendly products and they are up to date with the latest technology and trends. Moreover, the tagline- `Love is in the air` will be used. Moreover, this tagline shall be displayed in all major cities where the atmosphere is suitable.
- Model used-AIDA:
- Awareness- the awareness of the brand will be created with the help of using various advertisement techniques and print media. Social media shall also be used like Instagram ad other digital channels.
- Interest- the Company will try to create interest in the products and services by offering initial discounts and gift cards.
- Desire- The emotional connect of the different customers will be done by offering quality and premium products to the customers which are top most in fashion.
- Action- This initiates the different customers to actually take interest in the product and join the different offers. Refer to Appendix 1
Conclusion
Hence, from the given analysis, it can be stated that the company Ted Baker is one of the leading companies in the Fashion Market and has gone a long way in establishing itself as a firm (Foxall 2014). The report highlighted different aspects of the organization and made use of the AIDA model in order to determine the areas of success for the organization. Certain recommendations for the same have also been provided.
References
Banerjee, S.B., 2017. Corporate environmentalism and the greening of strategic marketing: Implications for marketing theory and practice. In Greener Marketing (pp. 16-40). Routledge.
Foxall, G., 2014. Strategic Marketing Management (RLE Marketing) (Vol. 3). Routledge.
McDonald, M.A.L.C.O.L.M., 2016. Strategic marketing planning: theory and practice. In The marketing book (pp. 108-142). Routledge.
Mooradian, T., Matzler, K. and Ring, L., 2013. Strategic marketing: Pearson new international edition. Pearson Higher Ed.
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI Tourism Texts. Cabi.
Payne, A. and Frow, P., 2014. Developing superior value propositions: a strategic marketing imperative. Journal of Service Management, 25(2), pp.213-227.
Proctor, T., 2014. Strategic marketing: an introduction. Routledge.
Tedbaker.com, 2018. www.tedbaker.com Retrieved from: http//. www.tedbaker.com on [June 6, 2018]
Turnbull, P.W. and Valla, J.P., 2013. Strategies for International Industrial Marketing (RLE International Business): The Management of Customer Relationships in European Industrial Markets. Routledge.
West, D.C., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press, USA.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
