MRK201 Marketing Mix Assignment Help
You are required to develop a detailed marketing strategy for the introduction (or launch) of a new product or service into the Australian market, for the company which will be chosen by your group from one of the following industries; Australian Retail, Australian Fashion or
Australian Online B2C marketing.
Your marketing plan must include detailed analyses of customers and competitors as well as the general marketing environment in addition to a comprehensive positioning strategy.
1. Choose a company from one of the following industries; Australian Retail, Australian Fashion or Australian Online B2C marketing.
2. Identifying, describing and implementing market segmentation
3. Organisational resources and sustainable Competitive advantage
4. Planning for New products, New product development process
5. Competing through new marketing mix
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Introduction
The report focuses on significance and implementations of marketing strategies and concepts with respect to Ally Fashion. The company started their business in 2001, and at present they have 145 stores across Australia.
Objectives
Here in this context, the management of Ally Fashion is going to introduce denim jeans for women with some special features in the Australian clothing market.
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Specific
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To expand the operating area of Ally Fashion, even in the international market
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Measurable
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To increase the annual revenue of Ally Fashion by at least 10%
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Achievable
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To successfully compete with other branded women denim jeans available in the Australian market
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Time-bound
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To launch the product within six months of the announcement
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Market segmentation
Ally Fashion is a fashion retailer in Australia and is engaged in providing clothing and accessories to customers based on geographic, demographic, psychographic and behavioral market segmentation (Allyfashion.com, 2019).
The management of Ally Fashion is well aware of the preferences, decisions, and choices of the Australian women regarding clothing selection due to the experience of providing clothing for a long time
Organizational resources and sustainable competitive advantage
The four key resources of the company consist of human resources, financial resources, physical resources and information resources. They have 145 stores across Australia that supports market capability and market research. Financial resources consider revenue, assets, property, equipment etc. In the case of human resources, total 74 employees are working under this company.
Planning for new products and new product development process
Idea Generation:
The company introduced Denim Jean's for women in the market.
The idea generation from the external resources includes idea suggestions from supplier, dealers and tow stakeholders in the marketplace.
Idea screening:
The screening of the idea includes matching the product features with the current requirement of the market.
Development of the concept:
In order to develop the product line, they need of resources, raw material, suppliers, investment, budgeting and forecasting for turning the idea into reality.
Development of the business strategy
The company uses various strategies in price, promotion distribution to get maximum benefit from the market. The differentiation market strategy and cost-plus pricing strategy is most suitable for denim jeans.
Product development
Proper strategic application by the company provides them competitive edge to a great extent.
Marketing mix:
Due to introduction of new type of denim jeans for women, Ally Fashion certainly face challenges and strong competition by other companies, even by the similar kind of available products offered by Ally Fashion itself;
Product
The product comes at the first in the discussion of the marketing mix as it is the only visual element that attracts the customers for the first glance.
Price
It is opined that the successful marketing of a product hugely depends on its price that means, if the price range is affordable by all groups of the customers, the management of the company can gain a large customer for selling the product.
Place
Place of the marketing of a product is important as the availability of sufficient customers, necessary resources and market opportunities declare the market position and acceptance of the product.
Promotion:
According to Išoraite (2016), the companies get the primary opportunity to impress the customers by bright and attractive promotional activities.
People
Concentrating on providing excellent customer service, the management of Ally Fashion has the aim to select efficient new staffs and salespersons.
Process
The management of Ally Fashion aims to repeatedly provide products by time, maintaining good quality to carry on their excellent marketing process
Physical evidence
The new product denim jeans for women by Ally Fashion will be delivered by attractive and colourful packaging to create an impressive primary image of the product.
Conclusion:
The report emphasize on marketing positioning of Ally Fashion in Australian market. The company has been able to its own brand value in the market by creating a reliable customer base, product positioning and brief evaluation.
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