Discuss about the potentiality of Arket in the market of Singapore.
Management is concerned with organizing, planning, monitoring controlling, directing motivating and coordinating of various business practices. Marketing is serving the consumers with the desired level of satisfaction (Hollensen, 2015). And hence, the term marketing management is the process of managing the marketing activities. On the basis of the research executed by management Guru Philip Kotler, it has been analyzed that the marketing management is the process or a program that is designed for the execution of desired exchanges with the target audience with an objective of personal and organizational gain. This approach can be adopted by the business entity for gaining a competitive advantage in the market, bringing a decline in the distribution expenses by making use of improved methods etc. This process can also be termed as a discipline which s made focused on the practical application of marketing mechanisms and the management of the resources and activities of the organization is known as marketing management. This approach focuses on the psychological and physical components of marketing. The marketing managers are the authorities which are held responsible for stimulating the level, timing, composition of customers demand accepted a definition of the term. The psychological elements focus on the needs and want, the changing patterns of buying behavior etc. whereas the physical factors include fulfillment of these needs by making use of better products, mediums of distribution etc. The below-executed analysis has been made focused on an investigation made on Arket, that is one of the leading fashion brands. The prime objective of conducting the analysis is to identify the main segments of the market and also to design a marketing mix.
On the basis of the executed research, it has been analyzed that the Arket is one of the leading fashion brand name and hence enjoys a large market share. The business entity is having a diverse range of marketing segments and the business entity is required to make identification of them. The marketing segments are the groups of consumers for which the business corporation is required to develop and design products and services for offering a high level of satisfaction (Sheth and Sisodia, 2015). The further investigation of the targeted segments will enable the company to understand the complexity of the behavior of the segment and how it operates. Target marketing is the approach which is gaining prominence where a firm is making identification of the segments with similar needs and wants and then selects one market segment and then focus is given on developing the products accordingly. In this process, the business entity splits the total demand of the several segments and only a few segments are chosen those are best equipped to handle. As Arket is a leading fashion brand the business firm has various marketing segments. The prime marketing segments on which the business entity can develop division are geographic, demographic, psychographic, and behavioral segmentation. These are the basic elements on which Arket can develop marketing segmentation. Developing marketing segmentation will aid the marketing team in various aspects. The below mentioned are some of the advantages which of developing marketing segmentation by Arket:
The below presented is the marketing segmentation of Arket which has been developed on the basis of various consumer segments:
Geographic: Under this segment, Arket needs to analyze all the geographic conditions of the regions of Singapore , This research will aid the business entity while developing and designing the products. For instance, the climatic conditions of Singapore are classified as tropical rainfall forest and uniform temperature, high humidity and abundant rainfall and due to which the business entity is required to design the clothes and select the color themes as per the climate.
Demographic: This type of marketing segmentation is developed on the basis of the various elements such as the age, income level, and standard of living and interest of the consumers. These all the elements will aid the entity in designing better and improved range of products for the consumers (Baker and Saren, 2016). While considering the age element is considered the products will be designed as per the taste of the age groups, such as the taste and preference of the age group between 18-28 will vary from that of the 30-45. Same is with the income level, the products should be designed as per the income level of individuals. Affordable pricing strategy should be adopted for lower and middle-level groups. Tastes and preferences of the consumers should be considered as an empirical element of this segment as they are very much capable of stimulating the demand for the products (Foxall, 2014).
The above-executed analysis has been made focused on the marketing segmentation of Arket which is one of the leading fashion brands and is also trying to establish its brand image as an eco-friendly brand. Marketing segmentation is one of the crucial approach and which should be adopted by the business entity for delivering better and effective outcomes (Baker, 2014). There is number of advantages of executing marketing segmentation approach. As per the above analysis, it has been concluded that the business entity should focus marketing segmentation for developing the products and improving the quality. If the business entity will focus on a single marketing segment then the efforts will be centralized and the outcomes will be more effective (Bhasin 2018). The business firm will experience advancements in the performance and delivery of services and which will enhance the satisfaction level of consumers. Market share and customer base will be enhanced and this will also enable the entity to attain a leading position in the competitive environment and thus maintaining a sustainable position. It will also bring a hike in the competitiveness (Pasquier and Villeneuve, 2017). For attaining all of the above-mentioned benefits the business entity should make efforts and focus towards demographic marketing segmentation for designing and developing products.
Demographic segmentation is all about the age, income level, and standard of living and interest buying patterns of the consumers (Solomon, 2014). By focusing on these elements the business entity will be developing the products and services as per the requirements of the consumers which will attain maximum level of satisfaction. Focusing on these elements will provide Arket a wide range of advantages and the same are described as follows
The processor mechanism has been concerned with the set of actions or business practices that a business corporation is utilizing for promoting the products and services in the market. The marketing mix is a well-blended mixture of the four components that are product, price, place, and promotion. These are also termed as the 4p’s of the marketing mix. By analyzing the above-mentioned 4p’s the business entity will enable development of products and services which will deliver the high level of satisfaction to the consumers (economic times.indiatimes 2018). Arket is a fashion leading brand and is now focusing to develop and design eco-friendly apparels so as to tackle the issue of environmental degradation. The below mentioned is the marketing mix of Arket:
Product: The products are the offerings for which the consumers pay an amount or a value. As Arket is one of the leading fashion brands and deals in apparels for men, women, and children. The business entity is having a diverse portfolio ranging from fashion products to household and home décor etc. The business entity has maintained a sustained position and approach and is also having a set of suppliers and vendors for a smooth flow of delivery of materials. Designing products as per the perceptions and requirements of the various consumer segments will enable the attainment of organizational goals. Moreover, the business entity is facing the challenge of environmental degradation and therefore it is planning to develop and design eco-friendly products. These products will be manufactured by making use of environment-friendly ingredients which will have less impact on the environment. This will enhance the brand equity of the firm as safeguarding environment is a social cause and which will aid the entity.
Price: Arket has a high level of diversity in the products portfolio as it is dealing with various products categories such as fashion garments, household, and home décor. And due to this, the business entity will also have to adopt various pricing strategies (Parente and Hutchinson, 2014). The pricing range of the products is developed on various elements such as the perceptions, interest, buying patterns of consumers etc. For instance, an affordable pricing range has been developed in the fashion products and garments for the consumers that belong to lower and middle-level income group (Blakeman, 2018). The business entity is required to maintain a balance between prices and the quality of the products.
Place: Distribution of products and services at the right place and on right time will enable the entity to deliver benefits and attain consumers (Hunt, 2014). Arket is making use of various contemporary and traditional mediums for distributing the products and services. For instance, the business entity is having physical stores, outlets and online websites through which the business entity is making the availability of the products. The outlets and stores are located in the main cities of Singapore and offer a high quality of services to the customers. These stores are easily accessible and this has also been proven as one f the biggest element in delivering the high level of satisfaction to the consumers.
Promotion: Promotion means marketing and publicizing the products and services. This approach generates awareness in the market and which further leads to an increase in the market share and customer base (Sharma, 2013). Promotion brings a hike in sale and profitability which is one of the prime objectives to be attained by the business corporation. Arket is making use of various mediums and platforms for promoting the products and services in the markets of Singapore. Contemporary platforms include online and offline modes that are the most effective means of promotions. Online is one of the biggest platforms for promotion and social media is one of the most effective tools from the online platform (Babin and Zikmund, 2015). The business entity can make use of social media websites such as Facebook, Twitter for promoting the products. Moreover, the business corporation can also sponsor various types of events and hire celebrities as brand ambassadors for promoting the products and services.
Conclusion
In the limelight of the above-executed analysis, it has been inferred that Arlet is one of the leading fashion brands that is facing issues due to environmental degradation. And hence the business entity is planning to design eco-friendly products in the markets of Singapore by making use of environmentally friendly ingredients. And for which segmentation has been executed, that has analyzed the various marketing aspects of Singapore. And after analyzing these marketing aspects the establishment of marketing activities and operations will be properly executed.
References
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economictimes.indiatimes, 2018, Definition of marketing mix, Assessed on 19th January 2018, https://economictimes.indiatimes.com/definition/marketing-mix.
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