Fashion marketing - target customer- stravarious brand research - Essay Example

Fashion Marketing - Target - Stradivarius Brand Research Table of Contents Introduction 3 Findings 3 Discussion 5 Conclusion 7 References 8 Appendix 9 Introduction Inditex is regarded as one of the biggest fashion retailers throughout the globe, which operates in excess of 6,390 stores employing huge figure of workforce. The company was founded in the year 1963, which initiated its business as a small workshop manufacturing clothing especially of women. The brands of the company are quite well known to the customers, belonging to diverse regions of the world. These brands comprise of ‘Zara’, ‘Bershka’, ‘Oysho’, ‘Massimo Dutti’ and ‘Pull&Bear’ among others. Recently, Inditex is planning to launch another of its renowned global brand i.e. Stradivarius in the business market of the UK (Inditex, n.d.). With this concern, the essay intends to research the current retail environment as well as market competition prevailing in the UK business and also the campaign surrounding the launch of Stradivarius. Apart from this, an evaluation of the scale of the launch of the brand, assessment of how the brand will attract the existing along with new customers of Inditex and ideas about generating greater awareness about the brand, will also be highlighted in the essay. Thus, based on this research, a pre-framed questionnaire will be compiled, which will help in building a complete picture of the customers and their expectations in the market sector of retailing. Findings It is quite essential to evaluate the current retail environment prevailing in the business markets of the UK, as Inditex is planning to launch its another globally renowned brand Stradivarius in this region. According to the report published by Crown (n.d.), it can be apparently observed that the current retail environment prevailing in the UK largely contributes in developing the economy of the nation through employing huge figure of skilled workforce and generating approximately £17.5 billion taxes among others. The report also highlighted the fact that the retail sector of the UK is viewed to be a foremost leader in the arena of innovation. The international retail brands operating in the business markets of the UK are recognized as magnets for making inward investments that eventually transformed the region, as the shopping capital of the world (Crown, n.d.). The business market competition persisting in the UK is found to be quite fierce both at local as well as global levels. This can be justified with reference to the fact that there lays the presence of more than 189,000 retail companies, which are VAT-registered in the UK, making the retail business market more competitive as well as fierce. Apart from this, there also exists another reason due to which it can be claimed that there lays a fierce competition in the current UK retail environment. The reason is that the above discussed VAT-registered retail companies does not rely much on government for gaining greater financial support, rather they tend to make massive investments with the objective of gaining superior competitive position as compared to their respective competitors (Crown, 2013). In this respect, it can be affirmed that Inditex may need to adopt certain significant strategies including making huge figure of investments and effectively utilizing available resources for coping up with this fierce and competitive retail business setting prevailing in the UK business markets. The major retail companies dealing with clothing and apparels operating in the UK including Zolfo Cooper Growth and Zara among others are often found towards conducting numerous campaigns for the purpose of attaining several significant benefits. These benefits comprise enhancing profitability along with productivity and attaining superior competitive position over chief business market competitors. The above discussed retail companies are widely observed to conduct various sorts of promotional campaigns including in-store along with social channels, outdoor and television among others (Melton, 2014). Similarly, in order to launch the other global brand Stradivarius in the UK, Inditex may conduct outdoor, in-store along with social channels and print media promotional campaigns for raising its competitive advantage. In order to evaluate the scale of the launch of the new brand i.e. Stradivarius in the business markets of the UK, it can be stated that Inditex needs to frame certain launch goals in relation to the brand. In this similar context, these launch goals might include setting competitive environment and fixing appropriate product prices among others. Moreover, the company i.e. Inditex may opt for “full-scale launch” wherein, the brand will be fully ready to serve the customers with generating greater value to them. It is worth mentioning that this particular scaling might engage the customers procuring existing brands of Inditex and will attract new audiences through maximizing awareness about the product and generating maximum leads/sales among others (Slideshare Inc., 2014). Discussion Based on the above research and discussion, a pre-framed questionnaire has been compiled (see Appendix) in order to build a complete picture of the customers and their expectations in this market sector. It is projected that the questions framed in this questionnaire would aid Inditex in acquiring a brief idea about how it would raise market awareness about the brand Stradivarius and appeal the same to new customers. First few questions presented in the questionnaire certainly aided in building a complete picture of the customers, who prefer buying clothing products that are offered by the major retail companies of the UK. Justifiably, the first and second question of the questionnaire revealed that most of the people belonging to varied regions of the UK purchase their respective preferred clothing products frequently from leading retail companies operating in such regions. Subsequently, in relation to third and fourth question, it was found that huge figure of people purchase clothing products from the leading retail companies by looking into their respective branding as well as positioning and feel much satisfied while conducting the same. With regards to question five and six of the questionnaire, data has been collected stating that most of the people remains much aware about the clothing products offered by the major UK retail companies due to their effective conduct of promotional campaigns, resulting in complying with their respective expectations. Specially mentioning, relating to question number seven, maximum number of people responded that their expectation from a new brand like Stradivarius is to feel comfortable and look attractive after using the brand. Accordingly, with regards to question number eight, huge figure of people responded that changes in employing effective raw materials and resources need to be made in order to improve any sort of new brand. In relation to question number nine, maximum number of people stated that renowned and highly accepted features persisting within a new brand will make them more attracted towards it rather than the existing ones. Finally, with regards to question number 10, a huge portion of people could find certain differences persisting in a new brand like Stradivarius with that of the existing ones, in terms of making decisions while promoting a product to the audiences. Conclusion Based on the responses obtained from the questions framed in the questionnaire (see Appendix), it can be affirmed from a broader understanding that greater market awareness about the brand Stradivarius is required to be made in order to fulfill the expectations of the audiences or the users. In this regard, generating greater market awareness about the brand of Stradivarius through conducting social channel, print media and advertisement promotional campaigns will certainly support Inditex to enlarge its customer base and also to attain superior competitive position. Apart from this, it will be vital to mention that the company may appeal the new brand Stradivarius to new customers through various ways. These ways entail offering the brand at reasonable costs and providing greater designs as well as color choices to the audiences or the customers. References Crown, No Date. Introduction. UK Retail Industry: International Action Plan. [Online] Available at: https://www.gov.uk/government/publications/uk-retail-industry-international-action-plan/uk-retail-industry-international-action-plan [Accessed August 01, 2014]. Crown, 2013. Introduction and Summary. A Strategy for Future Retail, pp. 2-39. Inditex, No Date. Inditex at a Glance. About Us. [Online] Available at: http://www.inditex.com/en/our_group/at_glance [Accessed August 01, 2014]. Melton, N. M., 2014. PayPal Launches New Brand Campaign and Logo. FierceRetail. [Online] Available at: http://www.fierceretail.com/story/paypal-launches-new-brand-campaign-and-logo/2014-05-01 [Accessed August 01, 2014]. Slideshare Inc., 2014. Full-Scale Launch. How To Run A High-Impact Product Launch. [Online] Available at: http://www.slideshare.net/aipmm/launch-4962283 [Accessed August 01, 2014]. Appendix Questionnaire 1) Do you purchase clothing products frequently? Yes No 2) Do you prefer leading clothing retail companies while purchasing your preferred clothing products? Yes No 3) Do you purchase clothing products by looking into the branding, positioning or naming of the major retail companies? 4) Are you satisfied with the clothing products that offer by the leading retail companies? Yes No 5) Are you quite aware about the clothing products offer by the major retail companies? Yes No 6) Are the clothing products offered by the major retail companies comply with your expectations? Yes No 7) What is your expectation for a new brand as per your choice and expectation? 8) According to you, what changes need to be made in improving any sort of new brand? 9) What do you like the most in purchasing clothing of a new brand with that of existing ones? 10) Can you find any sort of difference persisting in a new brand with that of the existing ones? Read More