Posted at 10.14.2018
Splash is a brandname which bleeds and breathes fashion. It is the fashion arm of Landmark group which is a high street fashion store leading in the Middle East. It offers a variety of fashion apparels for the teenagers, men and women. It is famous for its current plan with the change in fashion and also because of a high competitive value. A distinct segment has been carved by splash for itself. Splash has retail tag of a total 120 stores and has 60 brand stores and covers 1. 3 million rectangular feet of retail floor space. Present in around 10 countries including UAE, India and Egypt etc. and is also spending so much time to inaugurate over 35 stores more in around three more countries till 2012. (About Splash, 2011)
Splash chooses its products in line with the present fashion declaration. And to stand up to in the competition in the present market, splash has implemented the plan of product differentiation from its opponents. And its selection of brands are also well chosen like--Lee cooper, Kappa, Maui & Sons, UMM, Yishon, Zodiac, Arrow, Smiley world. This all brands are maintained by Splash due to its immense focus on its product development.
It is the total amount which a buyer will pay for its desired product. The increase or reduction in the price tag on the product depends on the business. As splash shows a reduction in prices of its clothing's when the other competitive store also has the same product.
It is the spot that the product can be purchased. It includes the physical stores like the syndication channel or the electronic store like the internet where online buying is performed. Splash has its extension in both the domains of real and virtual stores. Thus the decision of the area done by the landmark group hasn't gone wrong.
It represents all the methods of communication that a company may use in the market to develop its image in the minds of the buyers. But this is the only field where Splash has lacked in back of. Regardless of its brand value and competition the company has not marketed its positive factors among its customers unlike its competitors. So this is the one drawback which could harm the business in future as its stores are increasing daily so will increase its pressure for the turnover. This portion of the company needs entertainment.
Each store of splash is made up of 35 brands among which 24 from it were created in-house and rests 11 are top international brands. Thus the company does not need any disruption in this field. It includes well enough tie ups with leading brands. Its management is also well enough as its all stores are included in the latest fashion cloths so it is also not the management which needs to be disturbed. Therefore the question is which field requires recreation. As earlier mentioned it is the advertising sector which requires some huge change to be done. The brand value is increasing so the range of stores and also the variety of countries. Thus the old plan of advertisement is not enough for the company to consolidate its position in the approaching years. Serious steps are required.
Advertisement, public advertising, sales campaign and public relations are the tactics that ought to be played in order to the competence with the competitors. A adjustable amount of cross over will take place when the above mentioned tactics will be utilized by the business. Its earlier ways of advertisement were sufficient for those times only when it experienced limited stores, limited market, and limited customers. But now being an international brand its advertisements programs should change. The options it should take are
It is going for advertisements, radio advert, internet advertisements, print out media and costs boards.
It's that sector where direct pay is not made for communications it offers sponsorship deal, news release, conferences, exhibitions, seminars, trade fairs or events for the advertising of the merchandise.
Now the company should fix its focus on that besides increasing its stores it should also pay attention on its advertising campaign also in order to avoid the problem of stagnant sales, lower conversation ratio and the reduction in its earnings as it took place couple of years before. So the only drawback which the company has is having less advertisement. All things of the company has evolved accept its advert plan thus increasing this will surly lead to success.
Marketing, once we hear this phrase many definitions' and many meanings comes in our head like buying of goods, offering of goods, advertising of product and several similar things can deal with our head. So briefing all these point alongside one another we can explain marketing as some group of instructions, or exchange offerings or any activity or process for creating, communication and delivering that contain some value for the clients of the business, the clients or for just about any society all together. By using this we can know the sales techniques, how exactly we have to speak. By this company build hefty relationships with the customers and also create a value for the business by creating beliefs for his or her customers. So after obtaining a brief knowledge about marketing we discuss its type. Marketing can be done in two ways, either it is company platform or it is customer based.
So why don't we first discuss what marketing predicated on customer. Everyone present here is aware that every business works for customer, they make it through on the market by attracting more and more customers towards their product. They have to make what the customer want to make it through. So because of this constant survey needs to be done as customer need and flavor changes as time passes so a firm should monitor each one of these changes and have to work matching to it. This means that organization focuses its actions and products based on the customer need and demand. We know that the tactical marketing decisions are powered by customer needs, for each and every process in a firm the starting place is always the customer. Any product which is officially sound but if it's of no use for the customer can't survive. The procedure which is focused on customer marketing is known as SIVA (solution, information, value, access). This model includes four Ps in it. They are a symbol of; product, price, place and campaign and if any of these were not included in the marketing factor than the business enterprise may have some problem and it might happen that customer demand for the merchandise decreases. Every firm wants to build a strong relationship using its customer, which is a excellent need in this competitive world. A great deal of money is spent for the database and technology which must support a customer centric way. In this the organization has to gratify the old customer and also have to catch the attention of the new customers and increasing their business. We can say that customer is the king and the business is a slave. As we know slave do just what a king needs and make him meet and happy, likewise a firm works to make his customer happy and satisfies him. So finally we can say that a strategy is to be planed which value the customer and which deal with the customer romance with the company quite nicely. (International Marketing)
Now we discuss about organizational orientation as the name suggest focus is on the business. All the online marketing strategy is done in line with the organization. This won't imply that customers have no role but the main focus is directed at the organization. In this kind of marketing best importance is directed at the marketing office of the business. Which means that during practical part organization is at prime focus. Now every action used the business is in line with the organization's marketing office. It guides almost every other division of the firm how to work, by using the information from the marketing office. The marketing division of the firm does a market research; in this they are able to know what a customer want, what are his requirements. Do they want a fresh product or they need some improvement in the existing one. After repeating this job now they have a plan in their mind that what direction to go and how to proceed. Now they guide the R&D department that what they need to make, which kind of service or product is usually to be given. After led by the marketing office the production team start its work and start to manufacture the product and during this time the marketing department would promote the merchandise, what will be the price? And after its manufacturing is done they also give attention to the syndication of the merchandise. Also the department of money is consulted as fund is important part and there should be appropriate funds available for production, promotion, syndication of the product. So we were holding some tips about marketing to firm and marketing to customer.
Now let's dicuss about the differences involved in international and domestic marketing. By both words international and local everyone here can inform something about any of it. By the word international we realize enlarging the opportunity of business and heading global whereas home means not heading global.
So preceding our conversation we will discuss international marketing. Globalization, exactly what does this term means, as mentioned above it means increasing the scope of business, widening its range; we can say that taking the business to a higher level. Increasing in globalization of business is because of several reasons. One of the most important and significant reason is usually that the bettering technology and because of this the facilities like communication and transportation has improved in today's world. Now trade is becoming more practical. So now consumers have a wide range of products to choose from as well as possess the best products from different countries of the world that they can choose. Competition is also increasing because every country wants to have the latest technology to truly have a new product and the best one of all. In a worldwide market the focus is on the complete world market and the decisions are created according to the response for the product in the world market. If you want to take an example of a worldwide company, the best example is of extremely popular company, everyone must have noticed its name, its coca cola. Yes this is a good example of a global company. One important indicate share is the fact that mostly globalization is made for large company rather than for each company as not absolutely all the business can get reap the benefits of globalization somewhat some do good in home market. By using globalization countries can get forex easily which really is a must need of each country. Within the international trade, exchange rates come in two varieties the first is floating and other is fixed. In floating type, there is an open market where in fact the currencies are place for source and demand for each of the money. In fixed type one money is fixed for other, for example for one dollar the pace of rupee is set which is 45. It could fluctuate some amount but not change more. When exchange rate fluctuate the demand for the currency decreases which decreases rate entice other countries for trade. Now concluding the conversation on international trade we just discuss how laws and regulations are establish. Now if two countries have different laws than which country law is usually to be followed. In this example a committee is made and by common understanding such regulations are formed which are beneficial for both the countries and will give income to both of these. (Exactly what is a Domestic Marketing?)
So now last part in our today's discussion is approximately the local marketing. Exactly what does this means; it indicates doing business or doing endorsement of the merchandise is done in the country only. In this the company trading markets its product under the nationwide authority without taking into consideration the sound files of the global contest. Your competition is local and the consumer group is also local. They need to do everything for the people of their country only they have nothing to do with depends upon. The downside of the home market is that they could loss their market in future as the global dealers can enter the neighborhood market but the local traders do not know about the global trade. The merchants are targeted only on a single market which is the national market. The down sides of local market are that since there exists less competition so the customer might not get what they want. As they don't have much competition so they work according to their earnings and also to increase the income the rates of product are also high and for this also the reason is same that is because of less competition. Also the grade of the product may also be not of that level just what a customer needs. A monopoly situation occurs as of fewer merchants, so they do everything matching to them. The limited professionals set their areas and exploit folks there, and people have no choice they need to pay what they are asked to. The benefits associated with local market is that the merchants who don't have much money so they can not do business at global level. So domestic market is an excellent path way for them to start out their business and arranged themselves in the market.
So this was all for today, by this you might have learned a lot of things and enlarged your knowledge about some aspects of marketing.