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Marketing management- next - Article Example

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Table of Contents A – Area of Study Page 2 B – PLC Stage Page 2 C - Target Market Page 3 D – Product Repositioning Page 3 E – Pricing Strategy Page 3 F - Distribution Strategy Page 3 G – Ethics Page 4 A - Area of Study Next was founded by Joseph Hepworth in Leeds in 1864 as a tailor under the name of Joseph Hepworth & Son…
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Marketing management- next
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Download file to see previous pages It is a British retailer marketing clothing, footwear, accessories and home products. In India the growth of retail business is at its budding stage. Organized retail business has a grasp of nearly 7% in Indian Market and there is umpteen opportunity for its development. Off late big brands and fashion houses are aiming towards the Indian market. Due to the immense cross culture factor or globalization, trends from across the globe are getting accepted by far and large. Even in India, people are getting influenced by various other cultures and the Indian crowd is happily embracing it. Apparently growth of retail business in Indian market is at its best. Under such circumstances, it would be the accurate time for Next to hit the Indian market. Even though it has three branches in India, it should start eyeing other locations in India. Not many people are aware of Next plc, so Next should keep in mind of having phenomenal launch in India. Lot of retail chains are getting established in India. Indian players like Future Group, RPG Group, reliance Retail, and global players like Wal-Mart, Metro etc are having their presence in India. Still the organized retail sector in India is not very big. Hence Next can enter into Indian market and it has lot of potential to grow with its wide product range. I have considered area of study to be clothing. There is lot of competition in apparel industry because people have started becoming more brand conscious in clothing segment. Hence it is very important to position yourself well in such an industry. B - PLC Stage PLC (Product Life Cycle) is the course of product’s sales and profits over its lifetime. It involves five distinct stages. Product Development Introduction Growth Maturity Decline Clothing is a necessity for every human being. In a country like India the scope for branded product (in clothing) is very high. India is a country which is fast developing and the purchasing power of people in India is increasing. So the share of wallet for branded apparels is surely increasing. That is the reason why all big names in the clothing segment exist in India. But the entry of these companies has happened recently and they have still not captured the market. Next in India is at introduction stage. As it has entered the Indian market recently and at the moment has only three stores in India. As far as Boston’s Matrix is concerned “next” has low market share but the market they are in has high growth. So “next” is in the question mark quadrant. C - Target Market India is one of the emerging markets and it is becoming more and more important buyer in our global economy. India has a nice percentage of world total population so if not right now, in few years, India will be one of the most important buyers in the world (sayeconomy.com). Hence it is very important to choose the right segment in Indian market to succeed. “Next” has three stores in India (Two stores at Delhi/Gurgaon and one store at Mumbai). This clearly shows that the segment they have targeted is the urban/metro segment. The purchasing power of people in these area is comparatively more than those who stay in small cities and villages. “Next” has also targeted the middle class and upper middle class. When you sell products which are luxurious item and not necessarily necessities, then an organization usually target middle class and ...Download file to see next pagesRead More
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