The aim of the assignment is to conduct research on one of the most popular fashion store in Kenya which is the Mr. Price. Detailed analysis is done regarding the branding and the marketing strategies which must be further implemented by the company to further reach the level of the brands like the Gucci which is the most famous brand in the fashion industries. The branding and the marketing strategy plays significant role in the development of the business growth in the future. The conducted research is based on techniques which are needed to be applied by Mr. Price in order to achieve huge success like Gucci and for that effective marketing strategy is significant.
The key methodologies which are considered in the research is quantitative research design dealing with the descriptive and analytical approach regarding branding and marketing tactics which must be adopted by Mr. Price. The brand strategy of the famous fashion industries mainly depends on the brand management of the organization which further deals with the concepts like the differentiation of the products, target consumers and brand consumer relationship which is known as the brand personality for the identification of each brand. Marketing strategy plays a significant role in making the brand much more famous and helps the organization to reach the large amount of potential or rather the interested customers in the market (Baker 2016). The above two discussed techniques are considered as the key methodologies in the conducted research which is descriptive and observational in nature.
In this modern world, fashion is popular style in the lifestyle which involves lots of creativity and improvisation in the techniques. Uniqueness in the fashion industry plays a significant part in order to compete with the other fashion companies. The concepts used in the fashion styles vary according to the nature and the growth of the company (Ryan 2016). Big brands in the fashion have different stand or uniqueness in the product quality and the branding strategy which is quite a stand out compared to the lining contemporaries in this industry. The taste and preference of the customer’s changes frequently and for that there lies huge expectations from the customer’s end that the product will be of high quality than it was previously. The fashion industry changes accordingly as per the taste and the preference of the celebrities or the top fashion experts working in this industry (Som and Blanckaert 2015).
The competitors in the fashion industries tries to work out on the branding and the marketing strategy in order to expand the growth of the business. The companies in this industries tries to concentrate on improvisation or creativity in order to bring some uniqueness or useful meaning in the brand personality in order to further attract the potential customers in the market (Churchill 2017). Luxury brands adopt various strategies to improve the business or the business growth of the company. This must be taken in to consideration by the small business like the Mr. Price and the other strategies which the luxury brands implements must be also considered by the small brands in the fashion industry.
Mr. Price is the chosen industry which is online fashion store dealing with variety of clothing and the luxury items in such store. In order to compete with the top most fashion brand like Gucci it needs to adopt some of the important techniques or measurement. In the fashion world the key element which matters the most is the style and the appearance and in order to make it complete and authentic the elegant designs in the clothing plays a significant role in this case. Further creativity and improvisation from the fashion experts will further help the brand to get more success by attracting the potential enthusiast personalities in fashion. In case of giving extraordinary visual appearance attractive photo gallery is needed to be added in that case in order to make the online website store much more attractive (Rosenbaum-Elliott, Percy and Pervan 2015).
In the websites of the store there must be improvisation of the feedback from the customers and fashion guidance’s from the top fashion experts will automatically enthusiasts the customers about the company. Customer’s feedback for any kind of business plays a significant role in the development of the industry as the changes in the fashion industry is completely relied upon the taste and the preferences of the customers in this industry. In order to compete with the luxury brand like Gucci, the management system of the company must be effective in that case to improve the overall business of the company. Business growth of the company is significant for any kind of business and for that marketing strategy must be improvised in order to stay ahead among the competitors of the company. Giving strong competition to the luxury brands is important and further providing support to the customers is important to improve the brand loyalty and the customer’s relationship must be enhanced in the fashion industry. Strong advertising strategy is important to get the customers reach and opening more showroom in the metropolitan cities is considered to be crucial in order to meet the potential customers in the market. This will further enhance the customers reach in this domain and effective pricing strategy will further improve the customer’s loyalty toward the business. Online fashion store must be further improved in order to support the customers in the buying and the selling of the products in the online and getting feedback is subsequently important in that case.
Fashion digital marketing plays significant role in the modern technological era and Mr. Price have to adopt effective digital tools to generate more sales in order to compete with the competitors of the huge fashion brands which are the Gucci, Armani and many more. The key strategies which must be adopted in that case is that retargeting the customers with the help of the Facebook advertisement to increase the conversion rates. This will further help the company to achieve the potential customers in the market. It is important to run the promotion which falls under the promotional strategy in the marketing mix in order to increase the sales when the buyers are more aware and in that particular time it is the opportunity for the company to attract the customers in the market by declaring the discounts of the products. The most important strategy which must be adopted by the company is to generate the style guide which is based on seasonally, special occasion and for more tropical themes which are travel work weekend and breach (Heding, Knudtzen and Bjerre 2015).
The marketing objectives of the company must be achieved which further deals with the effective marketing plans (Okonkwo 2016). The marketing strategy deals with the product, price, place and the promotion of the company which is further known as the marketing mix. In the fashion industry maintaining the customer’s relation which is known as the customer’s relationship management of the company plays significant role in maintaining the relationship with the customers and getting feedback to further improve the business growth of the company. Promotion of the new product and services plays significant role in the marketing strategy as strong promotional plan will help the organizations to increase the revenue of the business.
Creativity in the fashion industries matters a lot and the celebrities and the fashion enthusiasts must be interested with such kind of creativity and then only the brand will be successful in that case. Getting the ideas from the fashion experts and the key celebrities who have real potential in their interest must make promotion with them or disclose them with the brand in or to further make the brand popular. Creativity and improvisation matters a lot in case of putting a tough competition to the huge brands.
Advertising with the help of the social media will further help the company to get more reach to the customers (Godey et al. 2016). Attracting the customers by giving discounts and offers will further help the company to generate revenue and further giving the seasonal discounts and the occasional discounts will also help the company to achieve success in the long run. Advertising with the help of the digital world which further means the online websites will help the customers to get much more insight into the fashion world (Choi, Ko and Kim 2016).
The company needs to achieve the online marketing website goals or the effective digital marketing strategy to accomplish the desired goals. According to Kotler et al. (2015), the digital marketing campaigns must be launched in order to generate more sales in the area of marketing. This view has been supported further by Chaffey and Ellis-Chadwick (2019) that the marketing plan of the company must be based on the certain strategies which must be implemented by the business in order to accomplish the business goals. Effective advertising strategy forwarded by Armstrong et al. (2015) through the media and channel will further help the company to achieve the organizational goals regarding the social media of the company.
Giving advertisement in the social media which are the YouTube, Facebook, Instagram and many more will be main target in order to generate customer’s interest in that case (Lee and Watkins 2016). Looking for the opportunities in the market must be taken in to consideration while developing the brand level in the market of the fashion industry (Smilansky 2017). The main argument in the research work is related to increase the brand value of the company and the issues or struggles faced by Mr. Price to enhance the brand value of the business and further to compete with the luxury fashion brands which are the Gucci, Armani and many more.
Building a strong brand involves business performance in the organization and brand management system of the company must be taken into consideration. Creativity and uniqueness in the brand is important to provide effective message in the company and the customer’s loyalty, persuade the buyers for the products and further establish an emotional connectivity with the customers will further help the business to generate revenue in the long run. Effective brand strategy will automatically attract the potential customers will further increase the revenue of the business (Atwal and Williams 2017).
Pricing strategy in case of the business plays significant role in order to give competitive pricing to the competitors of the company. Hence, pricing of the products must be done in such a way that the company will be able to maintain the quality of the products as well as to further give competition to other company like the huge fashion brands in this case. Maintaining the product quality will further keep the satisfaction level of the customers and this will further enhance the relationship with the customers and strong relationship will improve the business performance of the company.
Improvising the digital platform and providing constant support to the customers are important in that case to give tough competition to the other luxury brands and uniqueness is important to make a stand out in the domain of the fashion industry (Ko, Phau and Aiello 2016). The gap in the research work is that the work does not concentrate on the impact of the financial aspects of business as the topic is based on the marketing aspects and hence the dimensions unrelated to the topic is avoided in the conducted research.
Conclusion
From the above discussion in the conducted research analysis, it can be concluded that the marketing tactics which is discussed in the above must be implemented by the chosen company which is the Mr. Price. The brand management of the company must be effective in order to generate revenue from the business. The business strategy of the company must be effective and the online website measures must be adopted by the company in order to generate huge revenue in the nosiness to further give tough competition to huge brands in the fashion industries which are the Gucci, Armani and many more. Competitiveness and the uniqueness must be maintained in case of the thriving in the fashion industry and to further stay ahead in the competition with the luxury fashion brands.
References
Armstrong, G., Kotler, P., Buchwitz, L.A., Trifts, V. and Gaudet, D., 2015. Marketing: an introduction.
Atwal, G. and Williams, A., 2017. Luxury brand marketing–the experience is everything!. In Advances in luxury brand management (pp. 43-57). Palgrave Macmillan, Cham.
Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.
Chaffey, D. and Ellis-Chadwick, F., 2019. Digital marketing. Pearson UK.
Choi, E., Ko, E. and Kim, A.J., 2016. Explaining and predicting purchase intentions following luxury-fashion brand value co-creation encounters. Journal of Business Research, 69(12), pp.5827-5832.
Churchill Jr, G.A., 2017. Marketing. Editora Saraiva.
Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R. and Singh, R., 2016. Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of business research, 69(12), pp.5833-5841.
Heding, T., Knudtzen, C.F. and Bjerre, M., 2015. Brand management: Research, theory and practice. Routledge.
Ko, E., Phau, I. and Aiello, G., 2016. Luxury brand strategies and customer experiences: Contributions to theory and practice. Journal of Business Research, 69(12), pp.5749-5752.
Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson Higher Education AU.
Lee, J.E. and Watkins, B., 2016. YouTube vloggers’ influence on consumer luxury brand perceptions and intentions. Journal of Business Research, 69(12), pp.5753-5760.
Okonkwo, U., 2016. Luxury fashion branding: trends, tactics, techniques. Springer.
Rosenbaum-Elliott, R., Percy, L. and Pervan, S., 2015. Strategic brand management. Oxford University Press, USA.
Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Smilansky, S., 2017. Experiential Marketing: A practical guide to interactive brand experiences. Kogan Page Publishers.
Som, A. and Blanckaert, C., 2015. The road to luxury: The evolution, markets, and strategies of luxury brand management. John Wiley & Sons.
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