Steve Madden Footwear Marketing Analysis - Essay Example

? Integrated Marketing plan for Steve Madden Footwear The synergistic mix of promotional channels has increasingly become more effective andefficient way to market goods and products. Marketing communication therefore is being conceptualized as an approach to business, making it an integral part of business strategy and planning. Integrated marketing communication helps to exploit various platforms of media to market the products and services and reach wider database of customers. The Steve Madden Footwear would be using three different platforms: television advertising, sponsorship and social media to market its products. The different platforms have successfully delivered the objectives of the business and created credibility of the brand and helped developed committed database of clientele and niche market. Introduction Integrated marketing techniques have emerged as powerful way of processing communication and sending critical messages across wider database of users and customers (Kotler et al., 2007). The synergistic mix of promotional channels has increasingly become more effective and efficient way to market goods and products. Marketing communication therefore is being conceptualized as an approach to business, making it an integral part of business strategy and planning (Wilson and Gilligan, 2003). It is vital element of business as it helps to develop committed clientele whose changing preferences are met through customization of products and services that meet their requirements. Indeed, in the age of advancing technology, customers have become more informed and put greater pressure on the marketers. Looking at these various compulsions, Steve Madden footwear would use three different formats of media to market its products which are described as below. Part 1 Media choice 1: Broadcast advertising Broadcast advertising encompasses television and radio based advertising. Steve Madden is well-established footwear brand that needs to maintain its niche market position through unique advertising that can reach mass customer base to maintain its competitive edge in the industry. Television advertising at prime time would be used to target segmented demographic market. Television is powerful medium that influences consumer behavior through its visual and textual content that are able to connect with people’s ideas regarding the products and services. Its major objective would be to influence the buying behavior of the customers and motivate them to use their products. The secondary goals would be to maintain its visibility and create awareness regarding the robustness of the Steve Madden shoes that are preferred by the celebrities who endorse them on advertisements. The main advantage would be that it would create mass awareness of its new product lines and help people to evaluate and process the information as visual content tends to be remembered longer than print media. It exploits modelling theory that relies on observing the behaviour of others that often results in positive outcome (Schiffman & Kanuk, 2007). People identify with models and events and eventually get motivated to buy the product. The key disadvantage is the massive budget that could be difficult to maintain for long. Television advertising is expensive but as it is also the most effective platform of marketing goods, the decision would be beneficial for the company on a macro basis. The advertisement would use sports celebrity for showcasing its rough and tough product line in sports channel during rugby and baseball matches. It would use local channels and regional distribution channels as advertising platform. Entertainment channel at prime time on local television would target women and children. Advertisements on sports channel would target teenagers and young professional. The entertainment channel would focus on women and children and would use emotional appeal to influence their purchase behavior. The advertisements would be shown on break-time till matches last or the soap or entertainment program runs in the slot. Rugby players wearing Steve Madden shoes would be shown as more agile players with faster reflexes that would help them to gain goals. The players would also be shown on adventurous sports which would further emphasize the footwear as tough and reliable product that would take one to the wining post. ‘Rough and tough and smart for everyone and everyday use’ would be the tagline for the product. Children’s program and sports channels would be exploited to highlight the quality and variety of shoes. There would be strong element that would help in connecting with the target market as envisaged. The advertisements would be designed to be appealing to the target market. To ensure continued attention of the target group, the advertisement would also depict short quizzes for viewers with attractive discount coupons for winners. This would ensure that advertisements are watched intently. Part 2 Media choice 2: Sales promotion through endorsements and sponsorship of events and festivals Sales promotion techniques encompassing sponsorship of events and cultural festivals would be used as it helps to enhance the experience of onlookers and sends positive feedback to the customers. The key objective is to showcase the public consciousness of the company and develop people friendly image that is sensitive to the needs and requirements of the society at large. The main advantage of the medium is that it highlights the proactive participation of the company in the community development. It not only brings the products on the limelight but also enhances the credibility of the firm and inculcates greater trust in its products. The only disadvantage is that sponsorship programs are run occasionally and therefore, its exposure is limited to the events as and when they occur. The company would be open to sponsor social events like cultural festivals, college festivals, sports events and green programs that promote environment conservation. It would not only give the sponsor money to the organizers of the programs but it would also promote its footwear by giving them as prizes. This would help the company to popularize them and encourage mouth to mouth publicity to create awareness of its different products. It would target different demographic segment depending on the type of events that it is sponsoring. When it would sponsor sports events, it’s rough and tough sports shoes would be the main attraction for youngsters. The social events and green programs would target family. The core values of the company are crucial elements of its business strategy that are aligned intrinsically with business objectives. Business sustainability is vital elements of its core values and therefore sponsorship of events would extensively use the creative concept of sustainability of resources to highlight the importance of environment conservation. The tagline of advertisements of Steve Madden footwear at sponsorship events would be ‘Steve Madden footwear use sustainable resource so use Madden shoes and promote environment conservation’. The role and techniques of traditional marketing need to be redefined in terms of broader parameters of business performance vis-a-vis environmental compulsions to gain advantage (Pujari & Wright, 1999). By using sustainability within its core values, the company would create long term credibility amongst the masses. The advertisement of Steve Madden footwear at sponsorship events would be stark in their visual display which would use nature in its various phases to depict how Madden Company helps to conserve nature and promotes sustainable development. It would use big posters and signature campaigns during events to enhance awareness for environment conservation and preservation and exhort the participants to use their creative ideas for sustaining the natural resources for posterity. The social and cultural events would therefore provide the company with huge opportunity to interact with public directly and influence their behavior with regard to environment as well as how they view Madden footwear. This would be a good platform for the company to create special bonds with the public and indirectly promote customer relationship based on trust and mutual respect. Part 3 Media choice 3: Interactive marketing and use of social network In the current digital age, internet has significantly widened the scope for companies. It has provided firms with revolutionary platform where they can directly interact with end-users to understand and evaluate the changing needs and requirements and satisfy their demands through new products development. The live shows, blogs, videos, social networking sites etc. emphasize the superiority of emerging innovative approach to contents and formats that would have mass appeal (Kotler & Keller, 2010). Thus, the company would develop its own website which would have interactive module to connect with its customers and be constantly aware of their changing preferences. The main objective of using digital space would be to interact directly with the customers on 24x7 basis and use the media to popularize its products across greater geographically area. The main advantage of the medium is that products have wider database of customers and are exposed to them on 24 x7 basis and it is the most cost effective way of marketing and promoting its products. Moreover the medium facilitates greater interaction with the customers and who can voice their grievances and give feedback for improving products that can be launched with speed. The disadvantage is that its rivals also have access to its products and may copy them or innovate on them to gain leverage in the market. The company would use its own website with feedback facility to get the view of its customers. It would also use micro-blogging to enhance its communication with the public. At the same time, social networking sites like Facebook, YouTube and twitter would enable the company to reach its users across the world and help start online community of Madden footwear who can share their experience and promote the ideals and core values of the firm. Shultz (2001) says that it is the end-users who now control the markets rather than the marketers. Indeed, traditional marketing has now shifted from the products to the customers whose needs and requirements have become major imperative for businesses to meet and satisfy for developing effective customer relationship. The cyber presence of the company in its various formats like website, social networking, personalized blogs, twitter and YouTube would target the youngsters and professionals who believe in keeping in touch with the online community for greater information and feedback. It would use appealing background and show its products constantly to ensure that internet users can access them for buying or for getting information about the company. Moreover, it would also involve its users and online community to online debate on socially relevant issues and encourage their participation through prizes and awards for best ideas that can be utilized for community development. They would also be encouraged to give their inputs regarding online presence and edit visual and textual content to suit the demands of the time. This would ensure committed community members who would be ready to spread the social message of the company while serving as effective advertising platform for Madden footwear. Conclusion The three media used by Madden footwear would help meet the challenges of time with higher efficiency. Customers are the mainstay of any business and therefore all businesses must cater to their changing preferences. Most importantly, internet has significantly empowered people with information and therefore it becomes very important for firms to ensure that their products not only meet customers’ changing preferences but they also conform to the wider understanding of social imperatives that impact the welfare of the people. Thus, marketing must also encompass social consciousness and promote social issues within their business processes. Madden footwear has judiciously exploited sustainable development to create credible image amongst the public and market its products successfully through various facilitating platform as mentioned. (words: 1774) Reference Kotler, Philips and Keller, Kevin Lane. (2010). Marketing Management. NY: Prentice Hall. Kotler, P., Brown, L., et al. (2007). Marketing. 7th edition. Sydney: Pearson Education e. Pujari, D., Wright, G. (1999). Integrating environmental issues into product development: understanding the dimensions of perceived driving forces. Journal of Euro Marketing, 7(4), 43–63. Schiffman, L & Kanuk, L. (2006). Consumer Behaviour. 9th ed. London. Prentice Hall. Shultz, Don E.(2001). Bid Farewell Strategy based on old 4Ps. Marketing news; 35(4), 7. Wilson, R. and Gilligan, C. (2003). Strategic Marketing Management: Planning, Implementation and Control. Oxford: Butterworth Heinemann. Read More