October 24th 2014
Principles of marketing lecture
Session 03
The Marketing Environment
External factors impacting fashion:
Technology
Cultural
Economical
Political
Globalization (to what extent is our access to globalization and how successful is it)Global fashion
Outsourcing: low cost manufacturing hubs
- Premium brands have adopted such a trend despite its usual local manufacturing and being run by family business’
Intellectual property: technology lead to the copying and producing of product designs
Sustainability and environmental practice: Eden brand by Bono helping local production in Africa
The industry is no longer a sole market rather has no barriers in terms of geography
Marketing strategy
A companies strategy begins with a target audience, depending on the audiences characteristics the certain approach is pursued and initiated
Building upon the audience interest the products and marketing strategy
Microenvironment: factors close to the company that affect its ability to serve its consumer. Evaluation and HR. internal culture of organization. SPICC (suppliers, publics, Middle people (interm), customers, competitors. Do you use a marketing agency/ advertising agency/ service agencies help with product delivery. Customers (STP) segmentation, targeting, positioning
All departments within the company should have the same USP (unique selling point)
Competitors: supplying consumers with similar approach as well as products
Macroenvrionment: larger societal factors, PESTEL analysis required
Political: government stability, trade policy, taxation policy, interest rates inflation, employment levels, currency exchange, foreign trade regulations, social welfare policies
Economic: unemployment, disposable income, consumer spending power (Primark sales income increases due to economic price inflation)
Social and cultural: social mobility, income distribution, lifestyle changes, attitudes towards work (sex and the city example)
Technological: websites, speed