Marketing Strategy of Marc Jacobs - Essay Example

Marketing Strategy of Marc Jacobs (Fashion Label) Table of Contents Introduction 3 Values That Marc Jacobs Deliver To Its Consumers 4 Mechanism for Consumer Value (Creation & Delivery) 6 Key Resources for Value Creation and Sustainability 7 Challenges and Opportunities 8 Conclusion 10 References 11 Bibliography 13 Introduction The traditional forms of marketing are fading away with the new challenges that the organisations face in the recent global market. Marketing strategy is an integration of set of choices that will generate and capture values in the longer run for the firm (Massachusetts Institute of Technology, n.d.). The marketing strategy of Marc by Marc Jacobs should focus upon external, internal and dynamic consistencies. Marketing is based upon the consumers’ expectation from the company, merchandise and brand to their satisfactory level. The strategy formation should focus more upon the consumer and the offerings of the organisations to them. Values That Marc Jacobs Deliver To Its Consumers Marc Jacobs launched his first Marc Jacobs Collections in 1986 and had won many awards. Before his collection was launched, he made a tremendous mark in the fashion designing world which increased the popularity of his collections. This drove him to launch Marc brand (Essortment, 2010). Marc Jacobs has developed his brand as a fashionable brand with uniqueness with the intention to attract the consumers. Being in New York which is also known for its fashion trends, it made the brand more successful by the acceptance level of the consumers towards the brand. The value is generated when the consumers are willing to pay and are satisfied with the brands. The innovation technique is important in marketing strategy towards the consumers. Marc Jacobs had an innovative idea for developing a marketing strategy that would attract more consumers’ attentions and make the brand more eminent. Marc extensively used YouTube before it was used in an attempt to generate attention towards the brand. Consumers got attracted towards the brand offerings of different category of fashionable merchandises and till today the brand is successful and it illustrates the brand loyalty (Silverman, 2009). Marc Jacobs offer women and men, ready to wear garments, accessories, bags, shoes, fragrance, eye wear and many more fashionable types of merchandise. Young people are more attracted towards the high fashionable merchandises that are offered by the brand. Mostly the consumers are youngsters who want to engage themselves in fashionable products. Consumers from different regions also visit for the fashionable merchandise for their life style. Marc does not sell clothes but he is selling fashion for everyone which adds value to consumers’ life style (Jacobs, n.d.). The success behind the brand is Marc’s offering unique fashionable merchandise that attracts everyone. The merchandise is mostly crafted by Marc with his innovative style. This is observed in his collections. Mechanism for Consumer Value (Creation & Delivery) The value offered to the consumers is accepted when the added value is provided with any merchandise. Certain uniqueness in the product generates additional value to it and consumers find it satisfactory. The marketing strategy formulation needs to focus upon the value creation and delivery to consumers to generate consumer loyalty towards the brand. When markets are in high competitive stage, brands must increase profits through the value creation. Demanding to capture more value without generating more value will force the consumers to shift to the competitors of particular brand. It is the competition that forces the close relationship between value creation and value delivery to consumers. The marketing activities like innovation, replications and entry and exit of certain merchandises are important in adding value for customers. The motivations behind innovation rely upon the firms’ ability to generate value for consumers and deliver that value to them. The marketing strategy focuses in developing value and delivering value through successful customer base. The objective is to create more consumers and try maintaining them. For achieving consumer success Marc should deliver a particular consumer value offer to a target market segment in order to exist and capture the market. The value will be generated in whatever activity the firm undertakes. Marc has been successful in delivering value in terms of offering innovative fashionable merchandise especially for the fashion lovers. Key Resources for Value Creation and Sustainability For brands like Marc, the value is generated as the merchandises are private level brands. Other merchandises can be easily purchased from different vendors and sold. But here it is developed by Marc Jacobs and the brand offers innovative merchandises to be consumed (Cossin, n.d.). The product innovativeness and its offerings create value for consumers. In recent times, especially in the fashionable merchandises, it plays a major role. Fashion statement and status are things that consumers always want for differential products. The consumers’ demands and expectations are vital in delivery of value. The brand needs to identify the expectation and deliver value as per analysis otherwise the consumers would not be satisfied and will move on to other brands. To generate a sustainable consumer base, it is important for the brands to generate loyalty through meeting the expectations and demands of the consumers. For the private level brands, product innovativeness and offerings and meeting consumers’ expectation and demands are very hard to be copied from the competitors. These are the differential features of the business that are developed by the business in its own way and are very difficult to be implemented in other businesses by simply coping them. There are other activities like creating value by developing knowledge based relationship with the customers. This program supports other initiatives that are taken in value creation and delivery. This process creates an enhanced understanding of consumers’ values and desires and facilitates the delivery of customised merchandise and solutions (Harmon, 1997). Every organisation is distinct and is different from others even being in the similar industry and therefore the marketing strategy varies with different offerings in the market. Challenges and Opportunities The major challenges in this industry are the quick changes in fashion trends. Trends reveal the consumers’ expectation and demand. It is very difficult in this industry to predict the upcoming future trends. Perception at each level can be judged and merchandises are made available accordingly. The biggest challenge that lies is in the change of the fashion tends. Once the trend is over the merchandise becomes idle which were created for that particular trend. Opportunities are also extensive as the market is huge and demands for fashionable items are increasing. The value creation through consumer knowledge provides the opportunities to better understand the consumers’ expectation from the brand and the requirements. To generate better consumer value Marc should focus upon understanding consumers through consumer based knowledge model. Marc is using hybrid marketing models to generate new consumer experiences. The location based services are best for the social marketing mix which helps brand like Marc to grow and be promoted (Wright, 2010). This strategy of marketing mix based upon location will help in the performance of the brand towards providing value to its consumers. The use of social media has made a great impact towards Marc’s consumers’ value delivery. This social media strategy with location based services is an opportunity for Marc to increase its performance in the global market. Conclusion There are various marketing strategies regarding consumer value creation and delivery. Depending upon the situation and environmental analysis the best strategy is planned out to achieve the organisational objectives. Mostly in fashion industry the time or situation plays major role for developing the strategy that will better suit the situation and consumers. To generate consumers satisfactory level and higher margin it is important to act as per the consumers perception and demand towards brands. The strategy varies from industry to industry and also with organisations. The business values and its strategies toward consumers generate the value creation and deliver long term benefit for the business as well as for the consumers. With the help of properly developed marketing strategy, the organisation can achieve a higher level of business with ensuring enhanced consumer value satisfaction. References Cossin, J., No Date. Retailing Strategy. Warrington College of Business Administration & University of Florida. [Online] Available at: http://warrington.ufl.edu/mkt/retailcenter/docs/TeachRetail_Lev81047_ch05.pdf [Accessed November 08, 2010]. Essortment, 2010. Fashion Tips: All about Marc Jacobs. Information & Advice. [Online] Available at: http://www.essortment.com/lifestyle/allaboutmarcj_sfxm.htm [Accessed November 08, 2010]. Harmon, R. R., 1997. Linking Marketing Strategy to Consumer Value. OHSU Division of Management. [Online] Available at: http://www.cpd.ogi.edu/MST/capstone/LinkingStrategyToValue.pdf [Accessed November 08, 2010]. Jacobs, M., No Date. Marc Jacob Collections. Marc Jacobs. [Online] Available at: http://www.marcjacobs.com/marc-jacobs-collection/ [Accessed November 08, 2010]. Massachusetts Institute of Technology, No Date. Marketing Strategy. Lectures. [Online] Available at: http://ocw.mit.edu/courses/sloan-school-of-management/15-834-marketing-strategy-spring-2003/lecture-notes/1_lecture_1.pdf [Accessed November 08, 2010]. Silverman, G., 2009. How Marc Ecko Built His Brand Into A Killer Business. Branding Advice for the fashion business. [Online] Available at: http://fashionbrandingtips.wordpress.com/2009/04/13/how-marc-ecko-built-his-brand-into-a-killer-business/ [Accessed November 08, 2010]. Wright, M., 2010. Marc Jacobs, Foursquare + New York Fashion Week. Fashionably Marketing. [Online] Available at: http://fashionablymarketing.me/2010/03/marc-jacobs-foursquare-new-york-fashion-week/ [Accessed November 08, 2010]. Bibliography Heinemann, B. & Et. Al., 2007. Strategic Marketing: Planning and Control. Butterworth-Heinemann. Holbrook, M. B., 1999. Consumer Value: A Framework for Analysis and Research. Routledge. Proctor, T., 2000. Strategic marketing: an introduction. Routledge. Parry, M. E., 2004. Strategic marketing management: a means-end approach. McGraw-Hill Professional. Wilson, R. & Gilligan, C., 2005. Strategic marketing management: planning, implementation and control. Butterworth-Heinemann. Read More