Family Purchasing Behaviour

The Effects of Gender on Family Purchasing Behaviour

Family Purchasing Behaviour – There is a great need to conduct research on purchase behaviour and patterns of families. Democratization of the society has been on the rise, and this has affected the way gender is viewed by both the members of a family as well as the entire society. Due to the changes caused by the democratization of the society, the traditional family model which involved a define hierarchical organization and where role played by each member of the family were clearly defined, has been reduced into a new family model, with less hierarchical organization and that includes new family patterns. Some of the modern family models include single parents, multi-nuclear families, cohabiting couples, homosexual couples among others. In this dissertation, there will be extensive use of the terms such as ‘couple’, ‘husband/man’, as well as ‘wife/woman. This is mainly because these are the key elements of a family.

Family Purchasing Behaviour
Family Purchasing Behaviour

Family purchasing behavior is a complex unlike individual purchasing behavior. The process involves complex stages right from making the decision to the real purchasing. There are several factors that affect the family purchasing behavior. This study will investigate the effects that gender has on the family purchasing behavior. It is of great important to understand how gender affects the family purchasing decisions. This understanding will help in predicting the purchasing pattern in spouses. This study is therefore very important to the firms as well as institutions of higher learning. By understanding the family purchasing patterns, the firms will be able to adopt marketing strategies that will help in achieving increased sales. The institutions of higher learning will benefit from this study since by understanding the family purchasing patterns; they will adopt the best strategies in training marketers. This dissertation will investigate the effect of gender on family purchasing behaviour.

The dissertation will use a quantitative research design and an open-ended and closed questionnaire for data collection. The sample will be made of 150 couples, making it 300 individuals from London. Data analysis will be done by the use of SPSS. The findings of the study will be useful to both the firms as well as the institutions of higher learning. This dissertation aims at investigating the effect of gender on family purchasing behavior.

When making the purchase decisions for the family, both the husband and the wife are likely to disagree due to the diversity in their tastes and preference and the fact that they both want their viewpoints considered in the purchase decision. Many academics suggest that the power of the spouse in the relationship has a greater impact on the decision making. For instance, if the wife believes that her husband has more power over her, she will be very comfortable with her husband making most of the decisions. In the other hand, there are instances where the wife will influence the purchase decision of particular products. For instance food stuffs. This is because; women are taken to be very conversant with household goods.

Dissertation Objectives

  • Investigating the way through which couples make purchase decisions
  • Investigate the conflict between couples when making purchase decisions
  • Investigate the influencing tactics in couples while making purchase decisions

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Direct Marketing Dissertation

Direct Marketing

Direct marketing is a combination of methods that facilitates marketing of goods and services by an organization directly to customers (business-to-customers or B2C). It is an active method of marketing that takes the item and services to probable customers instead of sitting tight for them to go to a store or other areas e of access. It is a type of ‘non-stop’ shopping and is once in a while alluded to as ‘exactness marketing’ or ‘one on one’ advertising. As opposed to the advertising firm conveying a general correspondence or sales message to a substantial gathering of potential customers, regardless of the fact that these constitute a very much characterized market area, direct marketing tends to target particular people or households (Dobkin, 2007). In a business-to-business (B2B) setting this would be an individual or a particular association or firm.

Direct marketing is a direct communication to a customer that is designed to create a feedback in the form of a direct request, a demand for more information or a visit the business places to buy a specific goods or services. It put emphasis on face to face marketing communication. It can also be said to be a process that is an interactive system of promotion that uses one or more promotion media to influence the response of the customer and transaction at any location.  Its goal is the provision of information to customers about their taste and needs.

Direct marketing is not simply concerned with marketing correspondences. It is likewise concerned with the movement of goods and services. In utilizing direct marketing, the firm is settling on a decision to remove the utilization of marketing agents and offer the goods and services direct to consumers (Ellsworth, 2009). This has implications for both channels of circulation and logistical choices.

Direct has many forms. It is one of the quickest developing areas of advertising and is being accelerated by specialized advances, especially in the field of computer innovation (Ellsworth, 2009). Scholars and experts have brought up direct marketing with excitement and have driven the subject forward both mentally and for all intents and purposes.

Growth of Direct Marketing

Direct marketing is not new since many organizations have sold items direct to general society for a considerable length of time e.g. Kleeneze and Avon, who have sold items door to door for a long time. (Ellsworth, 2007) Regular postal mail through the post and mail request catalogs have been used for quite a while and all are types of direct marketing. Direct marketing started in the mid-1900s, and the Direct Marketing Association (DMA) was built up in the USA in the year 1917. Direct marketing turned into an imperative power in the UK in the 1950s, however at this phase of its advancement it was concerned with post office based mail, mail request and door to individual door offering. Today the extent of direct marketing has extended significantly to a great extent because of the utilization of the phone and specifically the utilization of the Internet (Ellsworth, 2009). Direct marketing incorporates all advertising interchanges components that permit an association to correspond directly with a prospect. This incorporates standard mail, phone advertising, direct feedback promotion, door to individual door offering and the Internet.

Party arrangement organizations have been offering items direct to consumers in individuals’ homes for a long time. The phone has been utilized for B2B deals for quite a while especially for the recovery of “scheduled” requests and for making deals arrangements. It is presently being utilized progressively as a part of local direct advertising programs regularly to ‘follow up’ a posted customized mail shot. Motoring associations, for example, the RAC and AA in the UK, have utilized direct individual offering for a considerable length of time to offer membership of their organization and today utilize post office based mail broadly to keep individuals educated about the item and the benefit of the service (Ellsworth, 2009). Nonetheless, as it has already been said, direct marketing has developed with the advances in computer innovation. The utilization of computers to store, recover and control client data has revolutionized the way direct marketing firms work. Direct advertising firms can make utilization of the Internet and systems databases which permits them to get to information “warehouses” and gives them the capacity to sort and total or “wire” information to build its worth as a marketing asset.

Objectives of Direct Marketing

Much of direct marketing actions are expected to subject to sales. However, in a few circumstances a Direct sale may be impossible or inappropriate. In such cases some other type of quantifiable responses may be utilized. For instance, a direct mail campaign and a phone marketing system may be utilized as a part of the engineering business to welcome and urge purchasers to go to a machine tool display. A flyer drop for double glazing may contain a free telephone number for the prospect to ask for a leaflet or evaluation. The outcome may not be a sale, but rather some particular, quantifiable activity that will ideally add to an extreme sale. In spite of the fact that a sale may not be the quick target of a direct marketing effort, some direct responses for the benefit of the beneficiary of the message will be (Ellsworth, 2009). Hence, this will add to the possible sale. Thus, direct marketing is not the same as direct sales. It may be utilized to keep customers educated of new item improvements or to send them particular discount offers.

Strategic Role of Direct Marketing

Direct Marketing ought not to be utilized as a simple strategic Marketing Communications device, yet should be incorporated with whatever remains of the communication blend. All promoting communication components interface to some degree. (Ellsworth, 2007) Direct Marketing is prone to frame a noteworthy piece of Communication Strategy of numerous organizations and not just shape a sort of strategic adjunct. Different types of communication are prone to be utilized as a part of conjunction with Direct Marketing Programs regardless of the fact that these are just broad corporate promoting programs. Numerous organizations utilize direct marketing overwhelmingly, however not to the rejection of other communication systems. Direct marketing is regularly utilized as a major aspect of incorporated customer relationship management (CRM) programs. CRM projects are by their tendency long haul and key in nature.

Phases of Direct Marketing

The following are the steps that need to be undertaken when performing a direct marketing to customers (Ellsworth, 2009):

  • The imaginative stage and design stage, where the plan to market is developed, and relevant channels of communication are selected.
  • Data collection, where both inner information, for example, customer records and outside information from a database of the organization or rundown broker is gathered in planning for the stage three in the project
  • Database organization, where data is ‘mined’, ‘melded’, collected or disaggregated, improved and institutionalized for use in the system
  • Database examination, or satisfactory tuning the database that further spotlights on an ideal target market
  • Implementation and completion where client request and orders are followed up on and data on response rates are gathered from definite post program examination
  • Response examination where the aftereffects of the campaign are inspected for viability before the cycle starts once more

Direct Marketing Media

While numerous individuals partner direct marketing with direct mail, direct mail is one of a few promoting media used by direct marketers. Other major direct advertising media incorporate the phone, magazines, daily papers, TV, and radio. New innovative improvements are giving direct advertisers an extended scope of decisions from video cassettes to home-shopping systems, interactive TV as well as the Internet.

Direct mail

Direct mail is the most vigorously utilized direct advertising medium and the one most direct advertisers learn first. Direct mail has been utilized to offer a wide assortment of products and administrations to buyers and additional organizations, and it keeps on developing in spite of postage increments. Direct mail offers a few points of interest over other media, including selectivity, personalization, adaptability, and test-ability. It permits organizations to target people with known buy histories or specific psychographic or demographic attributes that match the advertiser’s customer profile. Direct mail can be focused on a particular geographic territory given postal districts or other geographic variables. (Ellsworth, 2009) Personalization in the Direct mail means not just addressing the envelope to a man or family by name, additionally maybe including the beneficiary’s name inside the envelope.

Direct mail bundles come in all shapes and sizes, making it a standout among the most adaptable of the direct advertising media. A standard regular postal mail bundle incorporates an envelope, a letter, a handout, and a response gadget. The envelope’s occupation is to inspire the beneficiary to open the package. Despite the volume of mail, a man gets, the envelope must separate itself from other mail by its size, appearance, and any duplicate that may be composed on it (Ellsworth, 2007). The letter is a direct mail advertisement and gives the chance to address the intrigues and worries of the beneficiary straightforwardly. The letter normally spells out the advantages of the offer in the subtle element. While the letter informs the beneficiary concerning the advantages of the offer, the pamphlet shows them. Delineated pamphlets are utilized to offer administrations and, also, items. At last, the bundle must incorporate a response gadget, for example, an answer business card, that the beneficiary can send back. Response rates are for the most part higher when the response gadget is partitioned from, (Ellsworth, 2009) instead of a portion of, the pamphlet or letter. Without toll numbers are regularly conspicuously shown to permit the beneficiary to respond using the phone.

Direct Marketing Dissertation
Direct Marketing Dissertation

Direct mail is the most effectively tried publicizing medium. Each variable in fruitful direct advertising—the right offer, the correct individual, the right configuration, and the right timing—can be tried in standard mail. Computer advancements have made it simpler to choose a randomized name test from any rundown, with the goal that mailers can run a test mailing to decide the response from a rundown before “taking off,” or mailing, the whole rundown. Distinctive bundles containing diverse offers can likewise be tried. (Ellsworth, 2009) Other media permit some level of testing; however regular postal mail is the most advanced. In connection with the next direct advertising media, Direct mail is considered to offer the most financially savvy method for accomplishing the most noteworthy conceivable response. Telemarketing ordinarily creates a higher response rate, however at a much higher expense for each respond

Telephone-Based Direct Marketing

The utilization of the phone in direct marketing has developed drastically in the course of recent two decades. Users now may be equivalent, or even surpass, those of direct mail. Telemarketing may be outbound and inbound. Inbound telemarketing is called the servicing and more often includes taking requests and responding to request. Outbound telemarketing for purchasers may be utilized for one-stage offering, lead capability, and offering and overhauling bigger and more dynamic clients. In business, telemarketing can be utilized to reach littler records that don’t warrant an individual deals call and additionally to create, qualify, and catch up leads.

Telemarketing has the benefits of being close to home and intelligent. (Ellsworth, 2009)It is a successful two-way correspondences medium that empowers organization delegates to listen to clients. Phone sales representatives normally work from a script, yet the medium permits the adaptability of updating the script as required. It likewise considers up-and cross-offering. While clients are on the telephone, it is conceivable to build the measure of their requests by offering them extra decisions—something that tends to prompt perplexity in other direct marketing media.

Telemarketing likewise has its impediments. For instance, it is costlier than regular postal mail. It additionally does not have a changeless response gadget that the prospect can set aside or utilize later. It is not a visual medium—however, the innovation to make it one may soon be accessible. At long last, it is seen as meddling, producing buyer grumblings that have prompted authoritative activities to direct the telemarketing business.

Magazines

Direct responses print promotions in magazines must make a positive offer or demand that requests that the reader accomplishes something. Normally, such promotions require a reader to send in a coupon or answer card or call a without toll number. With well more than 2,000 purchase magazines now being distributed, magazine promotions permit direct advertisers to achieve groups of onlookers with identifiable hobbies. (Ellsworth, 2009)Notwithstanding publicizing vigorously in extraordinary premium magazines, direct advertisers use mass buyer magazines and exploit provincial promoting space to target particular gatherings of people.

Dissimilar to general publicists, who measure the viability of their print advertisements regarding span and recurrence, direct advertisers measure the adequacy of their print promotions as far as expense viability—either cost-per-request or cost-per-request. Magazine advertisements offer the upsides of good shading proliferation, a moderately long notice life (particularly contrasted with every day daily papers), and a lower expense. Imaginative expenses for magazine advertisements are additionally generally lower than for regular postal mail. (Dobkin,2007) Be that as it may, coordinate advertisers locate magazines’ long lead times, slower response, and scarcer space than standard mail to be a drawback.

Newspapers

While Direct Marketers publicize in magazines more than daily papers, daily papers have some distinctive focal points. These incorporate the assortment of areas offered inside of a daily paper, shorter shutting dates, a prompt response, and expansive scope of a substantial and different crowd. (Dobkin,2007) Weaknesses incorporate poor advertisement multiplication and the constrained accessibility of shading. Article substance can likewise have a greater amount of an antagonistic impact on promotion response than in magazines. Notwithstanding promoting in the general pages of a daily paper, direct advertisers additionally publicize in unattached supplements (FSIs) that are normally dispersed with the Sunday releases of daily papers.

Television

Direct Marketing on TV is expanding. Early cases of direct responses promotions on TV that ought to be well known to viewers incorporate those for blades, garden equipment’s, exercise gear, records, and books, which request that viewers bring in and request a particular item. Later advancements in direct response TV publicizing incorporate an arrival to a lengthier arrangement, regularly known as the infomercial, where an item or another offer is clarified in some point of interest over a period stretching out to 30 minutes or more. (Dobkin, 2007). Advocates of this arrangement point out that the most noteworthy length gives the promoter the chance to construct an association with the viewer and overcome introductory viewer suspicion, and in the meantime exhibit a persuading story spelling out item components and advantages in the subtle element.

Direct Marketing Lists and Databases

Lists are regularly utilized as a part of direct mail and telemarketing. The two essential sorts of records are response records and assembled records. Response records contain the names of the considerable number of prospects who have responded to the same offer. These people ordinarily share a typical hobby. (Dobkin, 2007) Names on a response rundown may incorporate purchasers, inquirers, supporters, progression club individuals, or sweepstakes participants. They may have responded to an offer from one of a few media, including post office based mail, TV, or a print notice. Response records are not as a rule leased; rather, they are an in-house rundown accumulated by a specific business. Gathered records are regularly leased by direct advertisers. Aggregated mass buyer, a specific customer, and business records are accessible for an extensive variety of hobbies.

Direct promoting databases are like mailing records in that they contain names and addresses, yet they go much further. They are the storehouse of an extensive variety of client data and may likewise contain psychographic, demographic, and registration information accumulated from outside sources. They frame the premise of direct promoting projects whereby organizations set up closer ties with their clients.

Database marketing got to be one of the popular expressions of the direct promoting industry in the 1980s, and it has kept on advancing in the twenty-first century (Dobkin, 2007). Whether it is called relationship marketing, significance promoting, or holding, the normal topic of database advertising is reinforcing associations with existing clients and building associations with new ones. Databases permit direct advertisers to reveal an abundance of pertinent data about individual buyers and apply that information to build the likelihood of a fancied response or buy.

Similarly, as with mailing records, there are two fundamental sorts of advertising databases, client databases, and outside databases. Client databases are ordered inside and contain data around an organization’s clients taken from the relationship-building procedure. Outer databases are accumulations of particular people and their qualities. These outside databases may be mass-ordered from open information sources; they may contain monetary information given private credit records; they may be aggregated from surveys; or they may be a blend of every one of the three sources.

Database Marketing, and particularly the possibility of utilizing private data for advertising purposes, has made security a vital issue in the Direct marketing industry. (Ellsworth, 2007) A few states have passed enactment constraining access to already open information or restricting the utilization of such information as car enrollments, records as a consumer, and medicinal data. The Direct advertising industry has endeavored to act naturally policing as to the utilization of touchy information. On the other hand, the battle between industry self-regulation and government regulation will most likely proceed for quite a while.

Advantages of Direct Marketing

Traceability and Quantifiable of marketing Viability

Direct Marketers offer the reached clients (potential or genuine) the chance to respond to the promoting communication, more often in a given period. (Nash, 2000) This helps advertisers to track the response rate and response classification (positive or negative) and get a ready examination, given which they can adjust or streamline their marketing endeavors and correspondence for better results in future.

Well organized approaches

Direct Marketing includes getting ready and keeping up a client database. (Nash, 2000) A database characterizes the objective portion into a limited gathering and every person in this limited gathering is spoken with through individual and direct correspondence stations, for example, phone, content, voice message, door-to-door correspondence, and so on. (Ellsworth, 2007)As it were, direct advertisers get a closer brush with their clients and in keeping their databases upgraded and staying in contact with their clients, such advertisers have a superior shot at altering their correspondence and conveying significant offers to just those clients who are well on the way to profit by it.

Less demanding Campaigns

Most direct marketing effort and correspondence are simpler and modest to plan and make. (Nash, 2000) Direct marketing channels, for example, messages and content additionally make making the correspondence snappier and less expensive contrasted with setting up gigantic hoardings and paying truckloads of money for notices that could conceivably be seen or heard by the intended interest group. This additionally makes it simpler for direct advertisers to dispatch test battles in new markets or sections as the expense and hazard are significantly lower.

Disadvantages of Direct Marketing

Hard to gain information vital to getting client database ready

While a client database is the spine of direct advertising and its vicinity is one of its greatest points of interest, obtaining such information may be a mammoth undertaking. (Nash, 2000) Not everybody may to take an interest in the business sector and client reviews and give out their own and expert points of interest. Additionally, information merchants and administrations that offer caught client information to advertisers likewise charge a high cost to part with such information. Along these lines, the introductory production of a database may be a significant tough assignment for an advertiser. Clients dislike nosy correspondence.

This is an undeniable disadvantage of direct promoting. Many people don’t like their inboxes, phone message boxes and cell phones to be overwhelmed with advertising and limited time content. (Nash, 2000) To cure this, individuals frequently utilize email and phone message channels and the advertiser’s correspondence either land straight in the SPAM envelope or gets erased without being opened by the focused on the client.

Limited Reach

While having a limited characterized gathering of target clients acts as a preference from multiple points of view by centering marketing efforts, this can likewise be a prohibitive component insomuch as the advertisers achieve stays constrained. (Nash, 2000) In spite of database overhauls and expansion of new clients, the scope of direct advertising can never touch the range of mass marketing routines.

Environment and Law

Different nations have laws against spamming and littering. (Nash, 2000) Direct advertising correspondence as flyers and flyers are inefficient practices as they advance lingering and utilization of paper.

Recommendation

Direct Marketing costs a great deal more than general purchaser media to achieve one thousand gathering of people individuals. Be that as it may, it is imperative not to judge direct advertising on the premise of a rough CPT correlation with other media. Keep in mind that direct ways to deal with individual buyers empower messages to be focused with noteworthy exactness, guaranteeing that the advancement goes just to those individuals well on the way to be keen on the substance of the message. (Ellsworth, 2007)This alone ought to be sufficient to raise doubt about the value of CPT correlations in assessing direct marketing.

Direct Media additionally convey publicizing messages and offering chances to potential buyers in the solace of their homes’. Responses are simple; generally, the buyer makes a phone call. At the point when direct channels are utilized, the messages have negligible competition for the shopper’s consideration from other promotions, the timing can be exactly controlled, and contenders will be less mindful of the crusade. However, most basic examination of media performance is the measure of response it creates.

In general consumer advertising, it is regularly hard to attribute battle results with total sureness to the publicizing, because different components may have been grinding away in any deliberate change, whether that is enhanced deals or expanded attention to an item on the objective business sector.

With Direct Marketing, contending media can be all the more surveyed for their adequacy by measuring the accurate level of response that they fortify. Here the measure is not the expense of coming to one thousand individuals from the gathering of people, yet the expense of getting only one of them to respond in the fancied way

Conclusion

Direct Marketing is a branch of advertising that has experienced fast development and mechanical change in the course of recent years. It is a vital marketing procedure, and a few associations construct their whole advertising methodology in light of direct promoting routines. (Ellsworth, 2007) Around the world, the Direct Marketing industry is enormous. As firms look to methods for getting more esteem from advertising spending plans, direct promoting is liable to wind up considerably more grounded later on. Direct promoting alludes to a gathering of techniques that permits organizations to correspond with, and get a Direct response, from prospects. It permits firms to target clients more decisively than traditional non-direct marketing procedures and is alluded to as exactness promoting.

Direct advertising procedures are continually being enhanced, and created, and new imaginative media are prone to be produced later on (Ellsworth, 2007). At present, the fundamental strategies utilized inside of the direct marketing industry are the utilization of the phone, regular postal mail, the web, direct ‘eye to eye’ individual offering and direct response publicizing utilizing TV, radio and daily papers, exchange diaries and magazines. The business is being driven by a craving for more noteworthy precision and economy in promoting operations and by advancements in IT that can be connected to direct marketing. Database promoting specifically has reformed the way associations utilize direct marketing and has expanded effectiveness in ranges like post office based mail and phone advertising. Direct advertising is not exclusively determined by IT. (Ellsworth, 2007) Some conventional strategies that were utilized as a part of 1917 when the Direct Marketing Association was established in the USA are as yet being utilized effectively, especially eye to eye direct individual offering. (Ellsworth, 2007) On the other hand, these strategies have profited from the data upheaval regarding recovery of client data and enhanced focusing on. Direct marketing is a noteworthy power inside of promoting and is prone to increment in future.

References

B.V, Elsevier. “Direct Marketing.” Journal of Research in Interactive Marketing (2009): Voulme 3: 58 – 59. Print.

Dobkin, Jeffrey. Direct Marketing Strategies: Forget Theory – Here’s What Really Works! Merion Station, PA : The Danielle Adams Publishing Company, 2007. print.

Ellsworth, Belinda. Direct Selling For Dummies. River Street: For Dummies, 2015. Print.

Nash, Edward. Direct Marketing: Strategy, Planning, Execution. New York: McGraw-Hill Education, 2000. Print.

John Wiley &. Sons, The New Direct Marketing: How to Implement A Profit-Driven Database Marketing Strategy. New York: McGraw-Hill, 1999. Print.

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Brand Equity Marketing

International Marketing Plan

Since the beginning of time, men and women have always remained fashionable in one way or the other. From clothing made out of loin to cloaked attire, from gown and coats to the fascinating accessories of the 19th century, fashion has indeed been prevalent in every season from year to year hence renovating their way of dressing from time to time (Miller & Mills, 2012, 1471-1479). Brand Equity Fashion in the past, can be also contributed to the elite fantasies held by people, right up to the mid-1850s, when the first Paris based British professional fashion designer emerged. Initially, Paris was the only place that reined the fashion industry, however soon other names such as Milan and London caught up, introducing their own line of fashion niche. If the fashion industry remained stagnant then it would have already become unstylish and died. Subsequently, today there are endless designs and customer segments, prevalent within the fashion sector (Miller & Mills, 2012, 1471-1479).

In today’s fast paced world of fashion, the success of global retailers depend a great deal on their ability to be able to put the right items in the right style or size in the hands of the consumers but at the right time. This may seem to be a simple concept but can at times be quite tedious to execute (Li, Li & Kambele, 2012, 1516-1522).

After meeting with Andrew Ramroop and hearing the success story, I have decided to follow his example and penetrate the international market with my newly established fashion clothing and accessory brand, called El Lujo.

SWOT Analysis

SWOT analysis, a form of strategic planning, is ideal for volatile fashion industry. The SWOT analysis evaluates “strengths, weaknesses, opportunities and threats” involved with the set business objectives (Barney, 2008, 99-120). They consider both internal and external factors. The analysis then defines the favorable and unfavorable factors and their potential impact on the ultimate goal.

A SWOT analysis covers four areas of consideration. First, the “strengths” take into account the internal attributes that positively influence the business objective. The second area, “weaknesses”, identifies possible weak points within the control of the company which may result in a negative outcome (Barney, 2008, 99-120). The third category, “opportunities”, analyses the external conditions that favor the achievement of the final goal. Finally, there are the external “threats” that are beyond the control of the company to be assessed.

Strengths

Some of the strengths of El Lujo include clearly manifested competence, adequate financial resources, the high competition, a good understanding of consumers, clearly articulated strategy, the use of economies of scale, its own unique technology, a reliable distribution network, high fashion R & D and etc.

Weaknesses

Any unusual or unnecessary cost, lack of reputation in the high-end fashion market or lack of presence in a particular region are considered as weaknesses. The loss of certain aspects of competence, lack of access to finance, lack of analysis of information about consumers, the weakest market participants, lack of a clear strategy, inconsistencies in its implementation, high costs of production, obsolete technology, the loss of depth and flexibility of management, weak distribution network, weak positions in R & D etc. are all weaknesses that El Lujo may face.

Opportunities

Entering new market segments, expanding the range of luxury goods, complacent competitors, the reduction of trade barriers, enabling economic, political and social conditions, resource availability, etc. are the opportunities that El Lujo will be considering as opportunities for business profitability (Barney, 2008, 99-120).

Threats

Economy and the politics are the principle threat to a fashion brand. Political instability in the region of raw materials supply, trade embargoes, and financial crises result in limited consumption expenditures etc. are some of the threats to the accessibility of raw materials, distribution, exposure of brand and brand recognition, and consumer buying (Barney, 2008, 99-120).

Marketing Analysis

Fashion orientation is considered as an important source of new market research related to the worldwide clothing industry. Consumer behaviour, lifestyle, and shopping purpose can affect activities throughout the fashion supply chain. However, the fashion industry is an increasingly global business with considerable variations in the cultural, social, and economic aspects of the participants (Cadogan, 2009, 119-130). Consequently, the practice of fashion marketing is not uniform at a national or international level, and differences are necessary to appeal to different subcultures. That’s why researchers and managers have been paying increasing attention to the effects of acculturation on fashion orientation. Most fashion designers allocate 20-30 percent of their expenditures to marketing efforts, partly funding customization of marketing campaigns to appeal to different subcultures(Li, Li & Kambele, 2012, 1516-1522).

Luxury fashion brands have become a powerful force in the world and have grown not only in numbers, but in terms of influence and visibility. They have, “moved from backstage to center stage in world market, and are exerting their power and influence in every aspect of international relations and policy making” (Cadogan, 2009, 119-130). Today, international fashion brands play a major role in reducing boundaries and creating international successful brands. Although very numerous, the international business sector is highly consolidated with the largest 20 international organisations accounting for 50% of revenues and sales (Gilbert, 2007, 25-26).

Brand Equity
Brand Equity

Fashion advertising studies have revealed that consumers have definite preferences for advertising. According to findings by Bowman, (2010); apparel styling affected evaluations of advertising appeals. Bowman, (2010) additionally observed that high self-monitoring subjects were willing to pay more for items if the item was publicized with a picture, and were all the more ready to buy an item if the image appeal was promoted. Low self-monitors responded all the more positively to item quality oriented advertisements and were willing to pay more for items if they were publicized with a quality orientation. Low self-monitors were additionally more eager to pay more if the item be promoted with a quality orientation, and all the more ready to buy an item if it had a quality claim.

Brand Equity

In addition to the challenges of increased competition, international organisations are facing a crisis of brand equity. Bowman, (2010) suggests that at the root of this crisis, is the extent to which international organisations lack brand representation and accountability to the consumers. In addition, critics argue that international organisations lack proper branding strategies to justify their products and services in terms of values.

Current environments with high levels of globalization have led to large enterprises manufacture their products in less developed countries to reduce their production costs, while firms in developing countries do in other developed countries to take the prestige of those markets (Barney, 2008, 99-120). From the demand side, consumers rely heavily on extrinsic signals, such as trademark, perceived quality or price in the when evaluating products. Under such scenarios, it is increasingly difficult to achieve sustainable competitive advantage by Porter. One of the attributes that have the potential to achieve sustainable competitive advantage, both domestically and internationally, is the country of origin or the country image of a product for (Barney, 2008, 99-120). Therefore, it is becoming of greater interest to countries to implement marketing strategies would achieve a position against other countries. Furthermore, include the strategic role played by brands to the great diversity of offerings undifferentiated, saturation in the media and the influence of new technologies information (Azuma & Fernie, 2003, 4). The increase marks the perceived usefulness and the desire to possess them, are indicators of safety for consumers and sources of origin, since activated signs of its origin among consumers when they come into contact with the same (Li, Li & Kambele, 2012, 1516-1522).

Li, Li & Kambele, (2012) suggests that luxury fashion brands like El Lujo have three strategies open to them: incremental change (which he suggests may be “too little too late”); global marketing, defined as the aggressive marketing of the organisation’s brand; and third, new branding strategy, that leverage change by working in collaboration with “markets, businesses, ideas and attitudes.” It is this third option that Li, Li & Kambele, (2012) consider potentially the most attractive route forward for international organisations.

To focus on the impact of a particular segment of the market, luxury fashion brands like El Lujo must use commodity branding and develop appropriate and develop the theme of Brand Equity or Brand Value. The strategic management of brands is to design and implement marketing activities and programs intended to create, measure, and manage brands to maximize value.

One of the key concepts of this process is called “brand equity”, defined as the value added which provides products and services. This value is reflected in how they think, feel and act consumers regard to the brand, or price, market share and profitability that creates the brand for company (Aaker & Joachimstaler, 2000, 347-356). For branding strategies to be successful and generate brand equity, consumers should be convinced that there are significant differences between brands of the same category products or services. This is the reason for the branding: promote the differentiation of a mark for its competitors and its products very similar (Aaker & Joachimstaler, 2000, 347-356).

To achieve high brand value it must achieve a series of attributes that are indicative of their strength. (a) “Differentiation” refers to a strong brand should be unique and distinguishable from other brands by consumers. (b) The “relevance” indicates the attractiveness of the brand: to what extent my brand communicates attributes important in satisfying the desires of my customers? (c) A strong brand should achieve “high estimates “, a high degree of appreciation, affection and respect that the brand receives. (d) The brand strength is associated with a “high knowledge” and level of familiarity and intimacy of consumers with the brand. Finally, a mark must be achieved through communication symbols and a (e) shows strong associations Identity positive light on what it means and what the brand promise to consumers (Aaker, & Joachimstaler, 2000, 347-356).

A strong brand is not just about trademark, logo or name. Branding is a procedure that relates to communication, company strategy and target market (Abell, 2008, 45-58). There are many elements attached to branding such as images, association, culture and stories. The elements of brands can be inspired by consumers and Internet users. Strong brand is exists among consumers, as it is hard for individuals to switch from one strong brand to another brand and abandon their original conventions. Due to the nature of strong cultural collectivism in China, the social context of brands becomes an important characteristic (Abell, 2008, 45-58).

Strong brand can help consumers by reducing the perceived risk in their purchase behavior. Perceived risk is about the acceptance of uncertainly and the complex result of purchasing product or service (Abell, 2008, 45-58). There are 6 dimensions included in perceive risk: “performance, financial, opportunity/time, safety, social and psychological risk” (Azuma & Fernie, 2003, 4). Strong brands can give consumers a promise of suitable value on the goods or services they offered. Through getting this promise consumers can make a stronger purchase decision on the strong branded products.

Creating a strong brand can also drive shareholder value. The initial target of the boardroom is to create and sustain shareholder value, and get return from the competition process. One way to achieve this target is to build a brand with strong brand equity. Tim Ambler proposes: “Brand equity is the reputation assets that any successful business builds in the minds of customers and other stakeholders” (Azuma & Fernie, 2003, 4). It is also one of the reasons that capital in the market is higher than the value that set before. The future financial performance of a brand can be predicted according the strength of its brand equity.

Marketing Mix

Product: Marketing facets of products as per the details of their products or services, and how it identifies with the needs of consumers. The extent of a product mostly incorporates supporting components, for example, guarantees, warranties and product quality that is principally focused.

The wide range of fashion product by El Lujo is safe to use and are produced through natural resources that focuses the beauty of the customers. The fashion products are more focused and are taken into account through the advertisements and promotional strategies. The products of the body shop are more focused on the quality.

Price: This means the procedure of price fixing of product, together with discounts. The price does not require to be fiscal, yet it may be what is traded for goods or services, for example, time, attention, or energy.The price remains a fundamental component of the marketing mix given its impact on market share and profitability. Despite popular belief, fashion products do not cost more than conventional products, and are therefore addressed to a wide audience. It takes on average 500€ to 1000€ for the fashion products to be purchased by the customers, who love them. It is found that the economical premium brands are even less expensive than their conventional counterparts.

Placement: This involves to how the goods reach the consumers, for instance, position of retail or point of sale. The third P has additionally been called Place, which refers to the channel which is used to sell a product or service (e.g. retail versus online), which geographic area or market, segment (young generation, families, business, and so on.).

Promotion: The promotion activities consist of sales promotion, advertising and personal sales. Branding alludes to the different strategies for promotion of product, brand or organization. Distribution systems are turning out to be more diverse, they are no more restricted to traditional clothing store and accessory store, but reach out to all circuits: perfumery, beauty products, online stores, etc

References

Aaker, D. A., & Joachimstaler, E. (2000). Building strong brands. New York: Free Press. Aaker, J. (1997). Dimension of brand equity personality. Journal of Marketing Research, 34, 347-356

Abell, D. (2008). Strategic Market Planning: Problems and Analytical Approaches, London, Prentice-Hall, 45-58

Azuma N., Fernie J. (2003) Fashion in the globalized world and the role of virtual networks in intrinsic fashion design, Journal of Fashion Marketing and Management, Vol. 7. No. 4

Barney, James. (2008). Firm resources and sustained competitive advantage.” Journal of Management 17.3: 99-120

Bowman, D. (2010). Market response and marketing mix models: trends and research opportunities. Boston. 77-90

Cadogan, J. W. (2009). Marketing-mix strategies – distribution strategy and pricing strategy. Los Angeles U.S.A.: Sage. 119-130

Gilbert, D. (2007) “Retail Marketing Management and Brand Equity”, New York, Prentice Hall, pp.25-26

Ko, E., & Megehee, C. M. (2012). Fashion marketing of luxury brand equity: Recent research issues and contributions. Journal of Business Research, 65(10), 1395-1398.

Li, G., Li, G., & Kambele, Z. (2012). Luxury fashion brand equity and consumers in China: Perceived value, fashion lifestyle, and willingness to pay. Journal of Business Research, 65(10), 1516-1522.

Liu, F., Li, J., Mizerski, D., & Soh, H. (2012). Self-congruity, brand equity attitude, and brand loyalty: a study on luxury brands. European Journal of Marketing, 46(7/8), 922-937.

Miller, K. W., & Mills, M. K. (2012). Contributing clarity by examining brand equity and luxury in the fashion market. Journal of Business Research, 65(10), 1471-1479.

Moore, C. M., Doherty, A. M., & Doyle, S. A. (2010). Flagship stores as a market entry method: the perspective of luxury fashion retailing. European Journal of Marketing, 44(1/2), 139-161.

Click Here To View Marketing Dissertation Titles

Marketing Fashion Dissertation

An Investigation into the Effectiveness of International Marketing Strategy Among UK Fashion Brands

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International marketing strategy includes detailing showcasing system over a scope of nations. Various distinctive methodologies have been taken in examining worldwide promoting method, including the exchange cost viewpoint, institutionalization / adjustment, arrangement/coordination point of view, worldwide incorporation point of view, and the transformative viewpoint. Commonly, every spotlights on diverse choices or parts of worldwide promoting method and relates in numerous regards to contrasts in the experience of the firm in global markets. Contingent upon the level of involvement in universal markets, the firm must manage issues identified with starting operations in worldwide markets, refining and creating worldwide showcasing method, or merging/incorporating worldwide procedure. In this dissertation, the proponent intends to evaluate the effectiveness of the international marketing strategies being used by various fashion brands in UK.

Fashion-Dissertation
Fashion-Dissertation

In this study, the researchers used survey questionnaire focusing on the respondents profile such as age, sex, educational attainment, and employment status. The chosen respondents accomplished documentation by answering all the questions posted in the questionnaire. The researchers followed the step by step gathering procedure in conducting the study. First, the title was formulated and then approved by their adviser. Second, the researchers asked the approval of the professor for the research to be conducted. Questionnaires were then distributed which was immediately followed by the collection of data. The data were tallied, analyzed, and interpreted using the appropriate statistical treatments. Through these methods, the researcher was able to see that the international marketing strategies being made by the observed fashion brands were performing effectively.

Research Objectives

  • To investigate the group of writing identified with international marketing procedures and practices
  • To investigate British Fashion brands regarding international marketing methods viability
  • To conduct a near study with respect to the benefit of diverse international marketing methodologies
  • To conduct an interior and outer industry examination of British Fashion brands and its vicinity in today’s globalized economy
  • To make suggestions for British Fashion brands through compelling internationalization exercises in today’s very focused environment

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Marketing Strategy Japan

Marketing Strategy for Minister of Economy, Trade and Industry to Attract SME’s in order to Bring FDI in Japan

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The research and analysis was conducted on the topic of marketing strategy for Minister of Economy, Trade and Industry to attract SME’s in order to bring FDI in Japan. Five objectives were designed in order to get vital information and understand the importance of foreign direct investment and the effect of different marketing strategies on foreign investment. The objectives were related with government policies, METI’s marketing strategies for acquiring and motivation of foreign investment, different promotion strategies used by METI and recommendations for influence of potential investors towards investment. In this regards author have collected important information and data regarding foreign direct investment.

Marketing Strategy Dissertations
Marketing Strategy Dissertations

Mostly respondents’ age was between 35 to 45 years which indicate that they were young and have strong knowledge about foreign direct investment regarding issues and different strategies that need to be used for acquiring of investment in the country. There was 5-likert questionnaire which comprised on 21 questions and 6 questions for interview have designed. Total 57 respondents’ responses on 5-likert questionnaire and 11 respondents’ responses through interview were collected. Mostly respondents stated that foreign investment plays an important role if government should take initiatives towards motivation and with the help of marketing strategies and also provide some incentives for foreign investors. In this regards, METI is playing an important role for acquiring and motivating of foreign investors in order to get more satisfaction and growth in country’s economy. In which METI have introduce some promotion activities and legal actions such as social medial, technological interaction, intellectual property protections and other aspects that influence the foreign investors to invest more and more.

Dissertation Objectives

  • To identify problems involved in hampering FDI in Japan
  • To study the relationship between the foreign investors and METI
  • To perform a validation for current marketing strategy of METI and propose a new framework for the marketing strategy depending upon the research
  • To devise and suggest appropriate strategies for Japan that are based on the use of modern marketing tools and techniques
  • To know how Social Media Marketing, E-Marketing, and internet promotional tools specifically can be brought to use to develop a positive repute for investing in Japan

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